In Brazil, oil majors have united to oppose the Subsea7/Saipem merger
Public documents show that oil majors in Brazil are united against a merger proposed between energy contractors Subsea7 & Saipem. Cade, the antitrust agency, has requested new data from both firms on Friday for its investigation. In a filing in November to Cade, the Brazil oil industry group IBP stated that a new company, called Saipem7 would be strong enough to impose extra costs, delay projects, and force some clients into exclusive, long-term contracts. Cade, weeks after IBP's comment, which represents the oil majors of Brazil, sent Cade a request for additional data on Friday.
Sources say that RPT-Gunvor is weighing the US energy push, which could strengthen Washington ties.
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S. investment even before the failed Lukoil bidding, but such a move would now help it improve relations with President Donald Trump's administration…
Documents show that Alberta oil regulators stopped enforcing gas flare limits after government pressure.
Documents seen by have revealed that the regulator responsible for environmental enforcement in Canada’s largest oil-producing province, bowed to pressure from both the provincial government and major oil companies in order to remove a limitation on natural gas flare ups as Canadian oil production increased. Alberta's decision to remove its 20-year old flaring limit, after companies exceeded the limit twice in a row with no objections by the federal government is a good example of Canada's challenges in reconciling environmental commitments and a renewed focus of economic growth.
Gunvor considers US energy push, which could strengthen Washington ties
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S. investment even before the failed Lukoil bidding, but such a move would now help it improve relations with President Donald Trump's administration…
Lukoil Trading Arm Falls Apart Under US Sanctions
U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.Cut off from the global financial system, Litasco has dismissed most traders and operational staff…
White House hosts oil and biofuel discussions as Trump administration closes to a decision on refinery exemptions
Four sources familiar with these discussions say that the White House held separate meetings this week with oil refiners as well as biofuel producers to try to resolve an ongoing dispute about billions of gallons in biofuel blending requirements waived by the U.S. for small refineries. Discussions indicate that the Trump administration will soon make a final decision about whether or not larger refiners are required to compensate for the waived gallons. This decision was originally expected at the end of October, but the shutdown of the federal government delayed it.
Chevron: Argentina's costs are still challenging, despite reform progress
Mark Nelson, Vice Chairman of Chevron, said that the cost of doing business remains high in Argentina despite the promising geology. The government of Javier Milei has made progress to promote the oil industry. Mark Nelson, Vice Chairman of Chevron, said that the geology in Argentina is excellent despite the progress made by the government under President Javier Milei to promote the oil economy. Chevron holds exploration and development interest in the Vaca Muerta Formation in southern Neuquen Province, where the estimated ultimate recovery is 50% higher per well than the average in the Permian Basin in Texas.
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. President Donald Trump's push to end the war in Ukraine.Four sources with knowledge of the matter told Reuters…
Canadian Natural Resources barely beats estimates for quarterly profits on record production
Canadian Natural Resources posted earnings for the quarter that were just a hair above analysts' expectations. Record oil and gas production offset the decline in crude price. Canadian Natural Resources and other oil sands producers in Canada have shown resilience in the face of the downturn in the global oil industry. They have been buoyed by their years of investment, which has made them one of the lowest-cost operators across North America. Acquisitions and strong performance on the operational side drove a 19% increase in quarterly production from a year ago to a new record of 1,62 million barrels equivalent per day (boepd).
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than analysts' expectations of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, down 13% over the same period a year ago. Exxon is the largest U.S. oil company.
Amapa Governor: Brazil's Petrobras is studying a logistics base for Amapa
Clecio Liu, the governor of the Amazonian State of Amapa told reporters that Brazil's Petrobras had authorized studies to build a logistics centre in the state. Last week, the state-run oil company began exploring a promising offshore area. Luis explained that the company's Transpetro logistics subsidiary would do the studies. He added that the center will support Petrobras in the event of an important discovery. Petrobras did not give any further details. Magda Chabriard, Petrobras' Chief Executive, had previously said that the oil company could begin production within seven years if a significant find is made.
ConocoPhillips will lay off Canada employees by November, a company memo shows
According to three sources, and according to a memo from the company, ConocoPhillips will be laying off workers at its Canadian operations as part of its plan to reduce its global workforce to up to one quarter by next year. The memo didn't specify how many layoffs were to take place, but it said that they would start at the Canadian operations of the company in the first week November. The memo stated that employees in Calgary would be notified in a virtual manner on November 5, and those at the company's Surmont Oil Sands operation in northern Alberta, and Montney Shale Play in British Columbia in person the next day.
Saudi Aramco CEO: Saudi Aramco's maximum oil production capacity can be sustained for an entire year at 12 million barrels per day.
Saudi Aramco's Chief Executive Amin Nasser said that the company can maintain crude oil production of 12 million barrels a day (bpd), for an entire year, without incurring any additional costs. Saudi Arabia has a large share of the world’s spare oil supply – idle oil that can be quickly brought to market. Nasser, speaking at the Energy Intelligence Forum held in London, projected that global oil demand will rise by between 1.1 and 1.3 million barrels per day (bpd) this year, as well as by 1.2 to 1.4 millions bpd by 2026. Nasser stated that Aramco's oil extraction costs were $2 per barrel equivalent (boe), and $1 for gas.
Milei's Argentinean counterparts could face challenges if Vaca Muerta oil production slows down.
The Vaca Muerta oil field in Argentina, which is the fourth largest unconventional oil reserve in the world, has plateaued due to low oil prices and increasing costs. This slowdown could complicate Javier Milei's political agenda. The Vaca-Muerta formation, located in western Argentina, accounts for 64% the country's total oil production despite only 8% being under development. It's vital for Argentina's future economic and Milei's Government, who needs to increase Argentina's energy exports in order to boost Argentina's dollars reserves and build trust in the government's capability to maintain a currency stable.
Brazil may not introduce 16% biodiesel mix into diesel on deadline, official says
An official of the Brazilian Ministry of Mines and Energy stated on Monday that Brazil may not have the ability to increase the mandatory biodiesel blend in diesel from 15% to 16% by the March 2026 deadline set by the government. Marlon Arraes said, during an event for industry in Sao Paulo, that the government may not have enough time to complete the necessary studies to implement this measure. It's possible we won't meet the deadline of March. "It's very challenging," Arraes stated, adding that the government still has to complete a report in order to implement the next phase of the policy.
Brazil environmental agency approves Petrobras emergency drill results in Foz do Amazonas
Documents seen by revealed that Petrobras passed the emergency response test set by environmental regulators for the Foz do Amazonas Basin on Wednesday. This marks a major victory for the state oil company in its goal to drill in this environmentally sensitive area. The company's long-awaited drilling license will be decided by the Brazilian environmental agency Ibama, following the August inspection. Documents show that Ibama requested adjustments to the emergency plan in its decision before the licensing process was completed. This exercise was designed to test Petrobras’ response to an oil spill.
Enverus, an analytics firm, says that US shale costs will rise to $95/bbl in the mid-2030s.
Energy analytics firm Enverus stated on Tuesday that the marginal cost of producing U.S. shales oil could rise as much as 15 dollars a barrelle to $95 per barrel within 10 years as stagnant production forces companies to drill at locations with less proven resources. Enverus reported that the average cost of producing a barrel in the United States is $70. According to a Dallas Federal Reserve survey, many producers need oil prices above $65 per barrel to make a profit. However, prices have been below this level all year. Alex Ljubojevic is a director of Enverus Intelligence, an Enverus unit. He said that as the U.S.
Head of industry association says that Canada's oil supply is not as reliable as Japan's, but the Canadian market is still tough.
The head of an industry association in Japan said that Japanese refiners need to diversify their supply sources, as 95% its crude oil imports are from the Middle East. However, importing Canadian oil may be difficult due to its heavy nature. According to two sources who are familiar with the issue, Canada's largest oil-producing province, Alberta, is considering investing in Japan's refinery sector as a way to reduce its dependence on the United States for oil exports. The sources stated that the Alberta government…
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy. According to a report from the IEA for 2021, there should be no new investment in oil, coal and gas projects if we are serious about meeting our climate targets.
Lula: Brazil's environmental agency must be satisfied with Petrobras tests in offshore areas.
Brazil's president Luiz Inacio Lula Da Silva said that the environmental agency Ibama must be satisfied with results of a emergency drill conducted by the state-run oil company Petrobras within the Foz do Amazonas Basin. Petrobras already conducted the test. Ibama must be happy with the results, and Ibama is now going to grant us the permission to conduct the first experiment," Lula stated in an interview given by local news channel Rede Amazonica. Petroleo Brasileiro SA (as the company is officially known) considers the drill as a pre-operational evaluation…