Sources say that the court hearing for Exxon's dispute with Chevron over Hess-Chevron deal will be held on May 26.
Two sources with knowledge of the matter say that, according to the Paris-based International Chamber of Commerce, a hearing has been scheduled for May 26 in Exxon Mobil’s arbitration dispute regarding Chevron’s planned acquisition of oil company Hess. The biggest oil find of the last decade…
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer…
Petrobras reports slight decline in oil and gas production for the first quarter
Petrobras, the state-owned oil company in Brazil, reported Tuesday that it produced 2.77 million barrels equivalents of oil per day (boed), down 0.2% compared to a year ago. Petrobras said that its oil production in Brazil dropped by 1% on an annual basis, reaching 2.21 million barrels of oil per day (bpd).
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the…
Portugal's Galp Q1 profit core falls by 29%, as refinery margins are halved
Galp Energia, a Portuguese company, reported a 29% decline in its adjusted core profit for the first quarter on Monday. This was due to a drop in oil production and a decrease in refining profits that were less than half of what they had been a year earlier. The adjusted earnings before taxes…
Russia will supply Iran with 1.8 billion cubic meters of gas in 2025 at a price to be agreed
The two countries announced on Friday that Russia could supply Iran with 1.8 billion cubic meters (bcm), of natural gas, this year. A price has not yet been agreed. On a trip to Moscow, Iranian Oil Minister Mohsen Pknejad said that the deal was not finalized but both countries were working hard to close it as quickly as possible.
US wants to increase offshore oil drilling through easing of pressure rules
The U.S. Interior Department announced on Thursday that it had implemented new guidelines regarding pressure differentials allowed in certain types of oil drilling, in part of Gulf of Mexico. The department expects the changes to boost U.S. output of oil. The Energy Dominance Council…
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency…
Enverus: Weak oil prices and limited shale acres will impact energy M&A by 2025
Enverus, an analytics firm, said that the U.S. Upstream Oil and Gas M&A Market is bracing itself for the most challenging conditions in the past decade, as oil prices plummet and prime acreage disappears, despite the fact that dealmaking surged last quarter, making it the second best start to the year ever…
Document shows that Russia has reduced its estimate of energy export revenue by 15% for 2025.
According to a document from the Economy Ministry, Russia's forecast for oil and gas export revenue for 2025-2027, which is a major source of funding for state budgets, has been cut by 15% due to lower oil prices. This revision will put additional pressure on the budget already burdened by high defense spending for the war in Ukraine.
MPOC expects palm oil demand to increase in China and India as prices become more competitive.
The Malaysian Palm Oil Council said that demand for palm oil from major global buyers China, and India will increase because the vegetable oil has become more affordable compared to its competitors. The MPOC stated that palm oil was now "reasonably-priced" at 3,900 Ringgit ($889) for a metric ton.
Chevron announces the first oil production at Ballymore Project in US Gulf
Chevron announced on Monday that it had begun oil and gas production in the U.S. Gulf of Mexico. This brings the company closer to its goal of increasing production by 50% from the ocean basin this year. Ballymore is a $1.6 billion project located 160 miles south of New Orleans. It consists of three wells and is expected to yield up to 75…
Trump Administration kicks off plan to expand offshore drilling
The U.S. The U.S. Donald Trump ordered the government to find ways to increase U.S. oil production. He argued that previous administrations had curtailed drilling unnecessarily to combat climate changes. He also rescinded the efforts of former president Joe Biden to stop oil drilling in the Arctic, and large areas along the U.S.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since four weeks. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending April 17 to 585. Baker Hughes published the rig counts report one day earlier on Thursday…
BP shareholders punish Helge Lind with low support
BP's Murray Auchincloss, CEO and Helge Lund, Chair were reelected on Thursday. However, the dramatically reduced level of support from shareholders for Lund may mean that his departure earlier than expected is possible. BP's Board was up for reelection at the annual general meeting.
BP warns about lower production in the first quarter and weak gas sales
Energy group BP said that it expects the first-quarter production of oil and gas to be lower than in the previous quarter. Lower gas output in Egypt and Trinidad and asset sales will offset gains in oil. The trading update provides an early look at BP's performance in its first quarter…
Occidental Petroleum announces higher oil and gas prices in Q1
Occidental Petroleum, a U.S. shale company, said that the prices received by the firm for its oil and gas production in the first quarter of this year were higher than the previous three months. Benchmark Brent crude averaged $74.98 per barrel in the first quarter of 2018, up 1.3% compared to the previous quarter. Meanwhile, U.S.
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.
Chevron will triple-frac half of Permian wells by 2025 in order to reduce costs and time
HOUSTON, 9 April - U.S. Oil Major Chevron plans on increasing the use of a method that allows it fracture subterranean rocks in three wells simultaneously in the Permian Basin, according to the company. This is in an attempt to reduce the time and costs of oil production. Chevron, the second largest U.S.
Inpex, a Japanese company, has begun engineering design work for Indonesia's Abadi Liquefied Natural Gas project
Inpex Corp., a Japanese oil and natural gas exploration company, started Wednesday the front-end design process of its Abadi project for liquefied gas in Indonesia as the government pressed the company to speed up development. Shell's withdrawal from the project, the request by the…
