MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary
Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture. Szijjarto, after meeting with Turkish Energy Minister Alparslan bayraktar, said that efficient production on new fields could help Hungary cover some of its consumption needs. Hungary imports the majority of its crude oil via the Druzhba Pipeline, which brings Russian Oil through Belarus, Ukraine and Hungary to Slovakia.
CNOOC Q1 profits down 7.9% due to lower oil prices but production grows
CNOOC Ltd, the Chinese offshore oil company, saw its first-quarter profit fall 7.9% due to lower oil prices. However, higher production helped offset this decline. According to the filing made by the company on Tuesday at the Hong Kong Stock Exchange, the net income for the period January-March was 36.56 billion Yuan ($5.03billion), down from 39.7 billion Yuan during the same time last year. A higher production led to a revenue drop of 4.1% to 106.85 bn yuan for the first quarter.
Raoni, the indigenous leader of Brazil, says he opposes drilling for oil in Amazonia
Raoni Metuktire of the Kayapo tribe, an indigenous leader, said that Brazil should not explore for oil reserves in the Amazon because it could have a dangerous impact on the local communities. Raoni made his comments at Acampamento Terro Livre as the debate intensifies over Petrobras's bid to drill off the coast of Amapa in the Foz do Amazonas Basin, a sensitive area of the Amazonian State. Raoni said…
Maurel & Prom, a French oil company, has seen its sales growth fall due to a drop in revenue from the main fields
Maurel & Prom, a French oil company, reported a sharply reduced first-quarter growth rate on Thursday. Revenues declined in its main oil fields of Gabon, Angola, and Tanzania. The revenue for the quarter ending March 31 dropped by 70% compared to a year ago, falling from $64 million. The group reported that sales were down due to the lifting of imbalances which resulted in a $76 million negative impact - net of inventory valuation - as well as the absence of oil trade.
Tullow Oil, UK, to sell Kenyan assets for at least $120 Million
Tullow Oil, a West Africa-focused oil & gas explorer, said Tuesday that it will sell its assets in Kenya for at least $120 millions to Gulf Energy Ltd as it seeks to reduce its debt. Tullow said it would receive three payments of $40 million, as well as royalty payments. It also stated that Tullow had the right to a 30% share in future development phases, at no charge. It has not yet been possible to fully produce the oilfields in Kenya…
YPF's earnings could be affected by lower crude oil prices
A Friday presentation to investors revealed that the state-owned oil company in Argentina could have its core earnings fall this year due to lower crude prices. According to the firm's current estimates, its earnings before interest taxes depreciation amortization (EBITDA), in 2025, will range from $5.2 billion to $5.5 billion assuming Brent crude at $72.5 per barrel. The firm estimates that if crude sold for $60 per barrel, projected EBITDA would drop to between $4.2 and $4.5 billion.
Brazil prepares a new oil auction amid trade war threats to budget, sources claim
Four people with knowledge of the situation said that Brazil is planning to auction off stakes in offshore oil fields this year as a way to increase revenue. The plan has gained momentum amid declining oil prices and increasing global trade uncertainty. Two sources who spoke under condition of anonymity said that the auction would involve smaller and uncontracted portions of the Tupi, Mero, and Atapu pre-salt fields.
US refiners are unlikely to spend large amounts to process more domestic crude oil
It can be expensive and time-consuming to change refinery configuration. The margins and yields of refineries can be affected by using different types of crude. By Arathy S. Analysts and industry sources said that U.S. refiners do not plan to invest heavily to process more crude oil domestically and less oil imported from Canada and Mexico. This is a major obstacle to President Trump’s plan to increase oil production. Trump's pledge of unleashing U.S.
Oil below $60 puts US producers in a tough position regarding growth and capital returns
Analysts have warned that a drop in oil prices to below $60 per barrel as a result of an intensifying trade war could cause anxiety throughout the U.S. Oil Patch, forcing companies to take additional measures, including reducing share buybacks or capital expenditures. Brent crude and West Texas Intermediate futures (WTI) fell to their lowest levels since February 2021 as tariffs introduced by U.S.
US EPA approves Texas' first CO2 injection well
The U.S. Environmental Protection Agency issued the first permit in Texas to oil company Occidental to allow drilling for carbon dioxide storage and injection on Monday. Oxy Low Carbon Ventures, a subsidiary of the company, received a Class VI permit for drilling three CO2 wells at Ector County within the Permian basin. The project is part of Stratus Direct Air Capture joint venture between BlackRock and Oxy Low Carbon Ventures to inject 8.5 millions metric tons CO2.
Officials say that Libya offers 22 areas for oil exploration with attractive terms to investors
Libya will offer investors new and attractive terms in its first bid round in over 17 years. The country's top officials in the oil sector told a Libya Bid Round Roadshow held in London on Sunday. Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries(OPEC), is looking to increase its oil production. According to the National Oil Corp. (NOC), the country's crude production is currently over 1.4m bpd.
Petrobras has completed the animal care center needed for offshore license
Petrobras, Brazil's state-run oil firm, has finished the work required to get an environmental permit in order to drill offshore. The company announced this on Saturday. The Animal Care Center in Oiapoque in Amapa State is designed to help animals in case of an oil spill. Ibama, the Brazilian environmental agency, made this demand in response to Petrobras’ proposal to drill offshore near Foz do Amazonas.
Colombia's Ecopetrol resumes Cano Sur and Rubiales field operation
Ecopetrol, Colombia's state energy company, announced on Friday that it had begun to resume oil field operations in Rubiales and Cano Sur after reaching an agreement with the local Indigenous association which had blocked the area. According to the company, the two oilfields, located in the Meta province near the city of Puerto Gaitan, produce approximately 100,000 and 40,000 barges per day. In a protest…
India increases gas prices starting April
India's government website revealed on Monday that the price for its locally produced oil field gas has increased by almost 4%, to $6.75/million metric British Thermal Units (mmBtu), compared to $6.50/mmBtu the previous month. This is the first price revision for gas produced in old fields in two years. India set a price cap of $6.50 for two years in 2023. The third year will see a 25-cent increase per annum.
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions.
Tullow Oil UK returns to profitability on the back of lower impairments and asset revaluation gains
Tullow Oil, an oil and gas exploration company based in West Africa, reported on Tuesday that it returned to profitability last year. This was largely due to a decrease in impairments, and asset revaluation. The company's shares rose by 3.9% early in trading after it reported a profit after taxes of $55 millions for the year ending December 31, 2024. This compares to a loss in 2023 of $110,000,000 when the company reduced the value of one of its West African Oilfields.
Iraq plans to increase oil production above 6 million barrels per day by 2029
Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields.
Petrobras animal center at Oiapoque will be ready for inspection by April
Documents seen by on Monday showed that the environmental agency Ibama should be able to inspect the veterinary center operated by Petrobras Brazil in the Amazon region in April. The center is designed to help animals in case of an oil spill. Petrobras has not yet met the demands of Ibama to build an animal care center near the Amapa state town of Oiapoque. This is a requirement that Ibama made in…
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding.
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron to work in Venezuela citing President Nicolas Maduro’s lack of electoral Reforms. The opposition leaders took advantage of the situation to increase pressure on Maduro.
