Norway loses an appeal over oilfield development
The Norwegian Court of Appeal ruled against the government and in favor of environmentalists on Friday, confirming the lower court's ruling that the approval by the Energy Ministry of three offshore oil-and-gas fields was invalid. The court said that production from the oilfields affected would not stop, but the government could correct any deficiencies in the original approvals. Greenpeace Norway…
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. Carlyle private equity firm is looking at options to purchase foreign assets of Russian oil giant Lukoil. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked its attempt to sell assets ahead of the November 21, sanctions deadline. Lukoil produces 2% of the world's oil at home and abroad.
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. private-equity giant Carlyle is looking at options to purchase foreign assets of Russian oil major Lukoil. As part of its efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked Lukoil from selling assets to Swiss-based Gunvor before the deadline of November 21, 2015. Lukoil produces about 2% of the global oil production at home and abroad.
Lukoil Declares Force Majeure in Iraq as Operations Strain Under US Sanctions
Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S.
Lukoil declares Force Majeure in Iraqi oilfield following US sanctions
Four sources familiar with the situation said that Lukoil declared force majeure on Iraq's West Qurna-2 giant oilfield on Monday after Western sanctions against the Russian oil major hindered its operations. Lukoil didn't immediately respond to an inquiry for comment. Last month, the United States and Britain imposed sanction on Rosneft, Russia's largest oil company, and Lukoil. Three sources confirmed that Iraq had stopped all crude and cash payments to the company.
US sanctions threaten to disrupt Lukoil's international assets
The sale of Lukoil's overseas assets to Swiss commodity traders Gunvor has been blocked by Washington, which is a result of U.S. sanctions. Lukoil has a global footprint that includes upstream oil and natural gas projects, refineries, and fuel distribution networks in Europe, Central Asia and the Middle East. The company produces a half-million barrels of crude oil per day, 0.5% of the global oil production, outside of Russia in countries like Iraq, Kazakhstan, and Azerbaijan.
INTERVIEW-Iraq's prime minister: Iraq can only disarm its factions when the US leaves.
Iraq has promised to put all weapons under state control, but this will not happen as long as a U.S. led coalition is in the country, which some Iraqi factions see as an occupier force, said the prime minister on Monday. The Prime Minister Mohammed Shia al-Sudani stated that a plan is still in place for the multinational anti-Islamic State Coalition to leave Iraq by September 2026, as it was one of Iran’s closest Arab Allies.
INTERVIEW-Iraq's prime minister: Iraq can only disarm its factions when the US leaves.
Iraq has promised to put all weapons under state control, but this will not happen as long as a U.S. led coalition is in the country, which some Iraqi factions see as an occupier force, said the prime minister on Monday. The Prime Minister Mohammed Shia al-Sudani stated that a plan is still in place for the multinational anti-Islamic State Coalition to leave Iraq by September 2026, as it was one of Iran’s closest Arab Allies.
EIA data show that US oil and gas production reached a new record high in August.
The Energy Information Administration reported on Friday that U.S. gas and oil production reached record levels in August despite fears of a market surplus. The record U.S. production of oil has been a major factor in the slumping commodity prices that we have seen this year. Brent crude, the global benchmark, traded just above $65, or 14% less than it did at the same time last. This is partly why the OPEC+ has decided to reverse years of severe supply cuts in order to regain market share.
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western sanctions over Russia’s war in Ukraine that began in February 2022. The sale of assets is being conducted under an OFAC wind-down license.
SLB beats profit estimates on North America demand, ChampionX deal boost
SLB surpassed Wall Street expectations for the third-quarter profits on Friday as steady demand in North America, and contributions from its ChampionX acquisition, helped offset weakening activity in oilfields in other regions. After months of reduced expenditure, the U.S. Oilfield Market appears to have stabilized, but SLB's main profit generator, international demand, is still tepid. Baker Hughes' latest data confirms increased oilfield activity across North America.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 early in February.
Peru Minister touts Saudi mining interests and Chevron offshore Potential
A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world, is pushing to jumpstart investments, which have slowed down over recent years due to political unrest and social conflict.
Iraq signs contract with BP for development of Kirkuk oilfields; initial target is 328,000 bpd
Iraq's oil ministry announced on Thursday that it has signed a contract with BP for the development of Kirkuk oilfields. The initial production target is 328,000 barrels a day. The agreement was signed in early this year and involves BP and Iraq's North Oil Company and North Gas Company working together to rehabilitate the Baba and Avana Domes of the Kirkuk Field, as well the Jambour Bai Hassan and Khabbaz field.
TotalEnergies sells Norwegian oil assets Vaar Energi to reduce debt
TotalEnergies announced on Wednesday that it had agreed to divest its interests in mature oil fields offshore Norway. This is the latest step in an overall divestment plan aimed at reducing debt. French oil major announced that the transaction should close by the end of the fourth quarter this year. In order to reduce the company's leverage, it is focusing on assets that are more profitable. Patrick Pouyanne…
In August, Kazakhstan's oil production and condensate output increased by 3% compared to the previous month
Official data released on Friday showed that Kazakhstan's oil production and condensate output increased to 8,885 metric tons from 8,631 metric tons in July due to the growth of Tengiz and Karachaganak oilfields. Calculations show that the August figure is equivalent to 2.150 million barrels of oil per day. Kazakhstan has reaffirmed its commitment to the pact despite exceeding the quotas established by the Organization of the Petroleum Exporting Countries (OPEC+)…
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration.
Sources say that Exxon has signed an initial agreement with Rosneft in order to map out a possible route to recover Russian losses.
According to sources familiar with these talks, U.S. oil giant Exxon Mobil signed an initial non-binding agreement to help Exxon recover a $4.6 billion loss it took on its Russian activities in 2022 due to Moscow's invasion in Ukraine. The agreement is a first step in repairing the commercial ties between the two nations, but little progress will be made until Moscow has made enough progress towards…
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombian state energy company Ecopetrol will exceed its goal of drilling 10 oilwells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in the Caribbean city Barranquilla, "I think we'll do more than 10 times the amount planned. Ecopetrol’s daily production…