BP and Chevron top the list of bidders in Trump's first Gulf of Mexico Oil and Gas auction
BP, Chevron, and Shell were the top bidders at the first U.S. Government sale of oil and natural gas drilling rights for the Gulf of Mexico since 2023. The auction ended with a total of $279.4 millions in "high" bids. It was the first out of 30 required by President Donald Trump's tax cuts and spending bill that he signed in July. His administration's plans on offshore leasing represent a major departure from those of his predecessor President Joe Biden. Biden had planned a historically low number of oil and?gas?auctions in an effort to shift away from fossil fuels while addressing climate change.
US auctions first Gulf of Mexico Oil and Gas since 2023
On Wednesday, the Trump administration will conduct the first government sale of oil-and-gas drilling rights in Gulf of Mexico?since 2023. This is a test of the industry's appetite?for offshore acres at a moment when the United States?is trying to increase domestic fossil fuel production. The auction is one of the 30 required by President Donald Trump's tax-cut and spending bill that he signed in July. His administration's plans are a major departure from those of his predecessor President Joe Biden. He had planned…
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same spending targets of $28 billion - $30 billion annually through 2030. Exxon said its updated corporate plan reflects the company's efforts to reduce costs and?"increase profits" even during periods of oil price volatility. Upstream, the oil producer's focus includes expanding its liquefied gas business.
TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field. QatarEnergy holds the second largest stake in PEL56 and 91.
Document shows that Shell has been approved as the majority partner of PetroSA in the block offshore South Africa.
A document obtained by revealed that South Africa's national oil company PetroSA has approved the deal for Shell Offshore to receive a 60% share in Block 2C off its west coast. The agreement, if it is successfully concluded, will increase Shell's exposure in the Orange Basin. This area has been dubbed one of the most sought-after exploration zones around the globe after the major oil discoveries made in Namibia. In a short note, PetroSA's priority programs stated that the company approved the farm-in agreement to…
Oil Firms in Norway to Drill 18% Less Exploration Wells by 2026, Survey Finds
A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf, such as Equinor Aker BP Vaar Energi, intend to drill 37 exploration wells by 2026. This is down…
EIA data show that US oil production reached a record high in September.
The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply.Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last.According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd.The oil output of New Mexico…
Energean increases annual net debt forecast for expansion plans in Israel
Eastern Mediterranean-focused gas producer Energean raised its annual net debt forecast on Wednesday, as the company ramps up spending on major projects in Israel and Croatia amid geopolitical disruptions. The London-listed firm secured $4 billion in Israeli gas offtake contract during the first half of this year. This brings its contract pipeline up to $20 billion for the next 20 years. Energean’s production has taken a significant hit since the firm stopped operations at its floating production storage and loading facility located off Northern Israel in June, due to the geopolitical tensions in the Middle East.
Equinor plans to drill 250 oil and natural gas exploration wells by 2035 in Norway
Equinor plans to drill 250 oil-and-gas exploration wells in Norwegian waterways in the next ten years in order to achieve a goal that will maintain production in 2035, at levels of 2020, due in part, according its CEO, Tuesday, to expectations of continued fossil fuel demand. Anders Opedal, the CEO of Norwegian Energy Company, said at an energy conference that the company will invest 60 billion Norwegian crowns (5.86 billion dollars) per year over 10 years to maintain production on Norway's aging continental shelf.
Ghana wants to take over Springfield oil block as a state-owned company, says ministry
Ghana has begun talks to acquire Springfield Exploration's share in a block offshore that holds an estimated 1,5 billion barrels worth of oil. The energy ministry announced this as Ghana seeks to boost its economy by reversing the decline in production. The ministry announced on Wednesday that it would pursue a state-led acquisition of Springfield's interests in the West Cape Three Points Block 2 via state oil company GNPC. The potential takeover aims to unlock the long-term value of the block and protect Ghana's oil output, the ministry stated. Springfield has not responded to the request for comment.
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, Young Friends of the Earth Norway, and other environmental groups will file a lawsuit in 2023 regarding the approval of Equinor’s Breidablikk field and Aker BP’s Tyrving and Yggdrasil.
Norway oil companies raise 2026 investment outlook, survey shows
A survey by the Norwegian Statistics Office of industry participants showed that their estimated investments for 2026 have increased compared to three-month estimates. Norway is the world's second largest oil producer, and after Russia invaded Ukraine in February of 2022 it became Europe's leading natural gas supplier. According to estimates made in August, the country's largest business sector is expecting to invest a record amount of 275 billion Norwegian crowns (approximately $27.38 billion) by 2025. This represents an increase of 7.3% over last year.
Occidental Petroleum predicts flat production and lower spending in 2026
Occidental Petroleum, an oil and gas company, said Tuesday that it expects a flat growth in production and lower spending than the current year levels by 2026 as crude prices fall. The U.S. shale oil producers are coping with a global oil crisis, as prices remain in the $60 per barrel range. This is due to OPEC+ production increases and a slowing of global demand. Benchmark Brent crude prices have fallen by about 12.7% this year. Sunil Mathew, Chief Financial officer of Occidental, said in a conference call that the company expects production to remain flat or increase by 2% between 2026 and 2027…
SBB sells community property portfolio worth $3.4 billion in a deal with Sweden
The struggling Swedish real estate group SBB announced on Tuesday that it would sell its portfolio of community properties to Public Property Invest, a publicly listed company in Oslo. This transaction valued the assets at approximately 32 billion Swedish crowns (3.40 billion dollars), and was part of its efforts to reduce its debt. SBB, which is a property firm that owns hospitals and care homes among other properties, has been forced to restructure its debt and reduce it due to high interest rates, and the economic downturn, especially in Sweden.
TotalEnergies and Petronas get the green light for exploration in Guyana
TotalEnergies and Petronas are oil producers who have signed an agreement for five years with the Guyana government to explore shallow-water blocks, officials and executives of both companies said on Tuesday. Guyana is struggling to diversify its industry. Its energy sector is currently dominated by an Exxon Mobil-led consortium, which controls all oil and gas production since Guyana became a producer of crude oil in 2019. Block S4, which is located between 50 and 100 km (between 30 and 60 miles) off the coast of Guyana…
Gulf Interconnection Authority invests $3.5 billion to become regional hub for electricity export
The GCC Power Grid, which connects six Gulf States, will invest over $3.5 billion in the next 10 year to strengthen the grid and integrate renewable resources, as well as to open up new export opportunities for neighbouring countries. This was revealed by the head of GCCIA, the grid operator, on Tuesday. Ahmed Al-Ebrahim CEO of the Gulf Cooperation Council Interconnection Authority said that the GCC grid will connect to Iraq in April next year, which is its first external connection outside the region. It is also planning to connect to Jordan, Egypt, and Syria in the future.
Occidental Petroleum exceeds profit forecasts for the quarter on higher production
Occidental Petroleum surpassed Wall Street's expectations for the third quarter profit on Monday as higher production helped U.S. shale oil producer to counter lower oil prices. The U.S. produced more oil and gas in August than ever before, despite Brent crude falling by over 13% during the period reported due to OPEC+'s increased supply and a slowing of global demand. Occidental reported a quarterly average of global production of 1,46 million barrels equivalent per day (MMboepd), an increase from the 1.41 MMboepd ayear earlier.
Kuwait looks to large-scale batteries storage to ease the power crisis
Kuwait is currently negotiating an important battery storage project that will have a total energy storage capacity between 4 and 6 Gigawatt-hours. This will help ease the chronic power shortages in Kuwait, said a senior official at the electricity ministry on Monday. The Gulf State, a major oil producing country and OPEC Member, is currently experiencing severe electricity shortages due to rapid population growth, urbanization, rising temperatures, and delays in maintenance. Since last year, the strain on authorities has led them to implement planned power cuts in certain areas.
Greece signs long-term LNG supply agreement with US
Greece signed a 20-year deal to import 0.7 bcm of liquefied gas each year, starting in 2030. This is its first long term gas supply agreement with the United States. The deal aims to replace Russian gas shipments into Europe. The 20-year agreement comes just months after Trump's administration and the European Union inked a trade agreement in July. Europe pledged to purchase $250 billion of U.S. oil, LNG, and nuclear technology annually over the next three-year period as it sought to phase out Russian natural gas by 2027. Venture Global, a U.S. company, and Greece's largest gas utility DEPA have agreed to supply the product.
ExxonMobil to join gas exploration project in the Greek Sea
ExxonMobil, a U.S. oil company, has signed an agreement with Energean Energy and Helleniq Energy for the exploration of natural gas off Greece's coast. The companies announced this on Thursday. ExxonMobil's global exploration head, John Ardill, said that if everything goes according to plan, it expects the first gas to be produced from Block 2 in western Greece by the early 2030s. He said that the Exxon project would require between $50 and $100 million in investment. Exxon will own 60% of the project, and become operator in case test drilling is successful. The deal increases U.S. offshore interest.