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.
APA's strong natural gas demand helps it beat third-quarter profit expectations
The oil and gas company APA surpassed Wall Street's expectations for the third quarter profit on Wednesday as strong natural gas demand helped offset weaker production of crude oil. The average natural gas price jumped by 26% compared to the previous year to $3.25 for a million British thermal units in the third quarter. This was primarily due to the surge in demand for power from data centers that are dedicated to artificial intelligence (AI) and cryptocurrency. APA reported that the average quarterly realized price of natural gas is $2.25 for every thousand cubic feet.
Devon Energy exceeds third-quarter profit expectations
Devon Energy beat Wall Street's expectations for the third quarter profit on Wednesday as it benefited from increased output. The company was able to benefit from a 26% increase in U.S. Natural Gas prices from the previous year during the period of July-September, due to a surge in demand for data centers and an increase in exports of liquefied gas. Energy sector is benefiting from the increase in demand for LNG and increased power consumption as a result of hotter temperatures. Devon's third quarter production increased to 390,000.0 barrels of crude oil per day from 335,000.0 boepd one year earlier.
Suncor Energy's strong production and refining margins helped it beat its quarterly profit goal
Suncor Energy, a Canadian integrated oil and natural gas company, beat its third-quarter profit expectations on Tuesday. Higher production and high refining margins offset lower prices. Refiners' demand and margins are improving after last year's slump. Profits were down from the highs of post-pandemic levels and there was disruption in supply due to Russia's invasion. The refining segment of the company reported adjusted operating earnings of C$894 ($637.48) million, up approximately 85% over a year ago. The refinery was used at 106% of its capacity, up from 105% last year. The company also enjoyed higher upstream production.
Energean CEO: New $400 million Israel to Cyprus gas pipeline is awaiting approval from government
The head of Eastern Mediterranean gas producer Energean said on Tuesday that a $400 million pipeline will transport natural gas between Israel and Cyprus. Israel has also expressed its support. Energean signed on Monday a letter-of-intent with Cyfield, the leading Cypriot energy and industrial group, for the possible supply of natural gases from Israel via the new pipeline to Cyfield’s planned power station, according to Mathios Rigas, CEO of British firm. Rigas said in an interview at the ADIPEC conference in Abu Dhabi that gas could be flowing through the pipeline in 12 months after the approvals are granted by the government.
Coterra Energy misses quarterly profit, raises 2025 production forecast
Coterra Energy, an oil and gas company, missed Wall Street's expectations for the third quarter profit on Monday as lower oil prices offset an increase in production. However, it raised its production forecast. In after-market trading, shares of the company fell 3% to $23.66. U.S. president Donald Trump's policies on trade fueled uncertainty in the energy sector, as trade tensions escalating threatened to slow down global economic growth and weaken demand for energy. Crude oil prices in the quarter of July-September averaged $68…
Diamondback Energy sells unit's assets at $670 million to top profit estimates
Diamondback Energy beat analyst estimates for the third quarter profit on Monday and announced that it would sell Viper Energy's non Permian assets to an affiliate of GRP Energy Capital & Warwick Capital Partners for $670M. Shareholders are more interested in steady growth and disciplined spending than rapid growth on an uncertain oil markets. The transaction is expected close in the first half of 2026. Diamondback benefited during the third quarter from an increase of production. This was despite the fact that the Benchmark Brent crude average fell by more than 13% compared to a year ago…
ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet). The company stated that this is the first well in the Otway Exploration Drilling Program for the development of new gas for Australia’s eastern domestic market.
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. The EIA data revealed that the U.S. crude output increased by 86,000 barrels a day, to a new record of 13.8 million barrels per daily.
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange. Sinopec Corp, a domestic rival, reported a flat third-quarter net profit. However, the company's first-nine-month net income dropped by 3%. CNOOC increased its revenue by 5.7% on an annual basis in the third-quarter to 104.9 billion Yuan.
Kuwait Oil Company will spend $3.9 billion by 2030 on exploration, says deputy CEO
Kuwait Oil Company (KOC), a senior executive of the company, said in an interview that it plans to spend $3.92 billion on its exploration drilling programme through 2030. Khaled Al-Mulla, the company's Deputy CEO of Exploration and Drilling, explained that the spending was part of the 9.8-billion-dinar (the largest budget ever) allocated to drilling and maintaining up to 6,193 oil wells before the end of the decade. The OPEC producer has announced a spending plan to increase its oil production to 4 million barrels a day by 2035 and to maintain that level until 2040, from 3.2 millions bpd.