PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan. CNOOC Ltd, a domestic peer, reported a 11.5% drop in net profits to 122.08 bn yuan on Thursday.
Inpasa, a corn ethanol producer, opens a new plant in Brazil
Inpasa, a corn ethanol producer in Brazil's Bahia State, announced?that it had started operating at its new facility. It aims to produce 470 million liters of biofuel per year. In an interview, Gustavo Mariano said that the plant was now operational and the company would have a supply within a few days. In recent years, corn ethanol production has increased dramatically in Brazil. This is a long-controlled industry by sugarcane farmers.
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply. However, growth in renewable energy sources like wind and sun raised doubts over long-term demand for oil.
Russia's Threatens to Divert LNG Cargo From Europe, Options Limited
Russia's threat to halt liquefied natural gas (LNG) deliveries to Europe and divert cargoes to Asia would prove difficult to achieve because of its long-term contracts and need for more Arctic-class tankers, industry analysts said.President Vladimir Putin said in a TV interview early in March that Russia could stop gas supplies to Europe with immediate effect and seek longer-term commitments from other buyers.The impact of the U.S.-Israeli war on Iran has caused a surge in gas prices…
Sources say that India is looking for raw materials to make steel from Argentina, Indonesia and Oman
Two sources with direct knowledge said that India would hold talks next month with Argentina, Indonesia, and 'Oman to increase supplies of steelmaking raw materials like coking coal and ore and access technology. The talks ?are ?expected to begin next month at a global steel summit, described by the Indian government as the country's largest international conference-cum-exhibition, said the sources who did not wish to be identified as the plan was not yet public.
Chevron reports gas outage in Australia due to Cyclone
Chevron announced 'on Friday that it is working to restore the production at its Gorgon and Wheatstone liquefied natural gas facilities in Australia, following production outages likely caused by Tropical Cyclone Narelle. The Wheatstone 'Platform', located about 225km (140miles) off Australia’s west coast at midday local time (0400 GMT), experienced an outage. This caused a suspension in onshore gas production.
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling. Brent crude, the global benchmark oil, has averaged $97 per barrel so far in March. This is up 33% compared to $69 in February. It's even higher than $65 in January. The U.S.
TotalEnergies honours all LNG contracts in Qatar despite outages
TotalEnergies CEO Patrick Pouyanne stated?on Thursday? that the company decided not to declare force majeure for any of its customers of liquefied gas and would honor all LNG contracts in terms of volume and price. Qatar, the largest LNG producer in the world, declared force majeure after it was attacked by Israel and the U.S. during the war against Iran. Pouyanne stated, "We told our customers that we would not invoke force majeure or refuse to deliver gas...
Argentinian Energy Exports Could Reach $50b in 2031
Argentina's energy exports could reach $50 billion per year starting in 2031, driven primarily by sales of liquefied natural gas (LNG), the chief executive of Argentina's state-run oil and gas producer YPF, Horacio Marin, said on Thursday.The executive, who spoke at an energy conference in Houston, said he estimates $130 billion will be invested in the country through 2031 for the development of crude oil…
CNOOC 2025 net profit drops 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer has reported a net profit for 2025 of 122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%…
CNOOC's 2025 net profits drop 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer reported a net profit for 2025 of?122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%…
NNPC: Nigerian LNG cargoes are attracting more buyers.
A senior Nigerian National Petroleum Company official said that the West African producer is experiencing a stronger demand for its LNG cargoes due to the energy disruptions caused by the Middle East war. Olalekan Ogunleye, Executive Vice President of NNPC, stated that buyers are looking more to Nigeria because of its proximity and size of its gas reserves. Nigeria LNG (NLNG), of which NNPC, the largest shareholder is a part…
Chilean mining industry warns that new fuel tax will threaten competitiveness
The top mining body in the world's biggest copper producer has warned that a temporary tax adjustment on Diesel?driven by Chilean government?to mitigate increasing fuel prices?will hit the mining sector?s competitiveness. * The measure by the government reduces recovery of a diesel tax specific to certain companies in order to finance mitigation measures, without increasing fiscal spending. Chile's…
EnQuest confirms production forecast for 2026, but UK windfall tax hurts profit
EnQuest, a North Sea oil producer, reaffirmed its production forecast for 2026 on Wednesday. The company is banking primarily on investments in Britain and South East Asia after Britain's windfall tax levies impacted last year's profit. EnQuest, like its competitors, continues to be challenged by the UK's Energy Profits Levy which has raised questions about the competitiveness of North Sea producers.
Arafura Australia says South Korea and Germany are exposed to a rare earths shortage.
The United States, Japan and Australia are locking down rare earths supply, leaving industrial giants Germany and South Korea vulnerable, according to the CEO of Australia’s Arafura Rare Earths. This company is currently negotiating final agreements for supply. The U.S. is leading a global push to diversify supply chains and secure new sources of supply after China, the world's largest producer of rare earths, placed export restrictions last year.
US shale companies unlikely to drill $100 per barrel unless prices remain high, executives claim
Shale executives?said that oil prices above $100 a barrelle would 'not trigger a meaningful increase in production in the U.S. unless the price remained high for a period of more than a year, at the CERAWeek conference?in Houston. This is troubling news for the consumers who have been hit by the energy 'crisis during the U.S. and Israeli war on Iran. Because they can produce crude oil relatively quickly, shale producers have helped the U.S. become the largest producer in the globe.
Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.
Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran. Energy, fertilizers, and petrochemicals costs are rising as the world loses up to 20 million barrels of crude oil per day due to the Iranian closure of the Strait of Hormuz shipping chokepoint.
Australian energy and uranium in high demand after the Iran crisis - IEA
The head of the International Energy Agency stated on Tuesday that Australia is a vital source of minerals and can help to'stave off' a greater supply shock than the world faces right now due to the Iran War. Fatih Birol is the executive director of the IEA. He said that the world was facing its worst energy shock ever due to the U.S. and Israeli war against Iran. The equivalent of 10,000,000 barrels of crude oil per day are being lost, according to Birol.
Australia's Santos temporarily closes Darwin LNG Plant amid Mideast Supply Squeeze
Santos, an Australian company, announced on Tuesday that it had temporarily closed its Darwin liquefied?gas plant. This would disrupt exports of a newly restarted?supply chain during a period when the markets were tightening because of disruptions in the Middle East. This outage occurs as LNG exports from Qatar to Europe and Asia have already been under pressure due to disruptions in shipments. Australia is a major LNG supplier to Asian buyers.
Andy Home: Every missile fired against Iran burns through US tungsten stock
Israel and the U.S. have used thousands munitions in their air campaign to combat Iran. The majority, if they don't all, of these munitions contain tungsten, which is a super-hard material that allows missiles to penetrate armour and underground bunkers. The tungsten in munitions, unlike a tungsten-carbide drill bit that can be recycled is destroyed by detonation. It is gone forever. Iran's war on top of Ukraine, now in its fifth-year, is draining stock not only of?missiles?