Guyana gives Frontera and CGX Energy 30 days notice to cancel their Corentyne license
The Canadian energy companies reported that the Guyana government has given CGX Energy a 30-day warning to cancel the joint venture license of the Corentyne Block. The South American nation expressed earlier a lack confidence that the companies would be able to secure a partner for their project. In a letter, the government stated that it would cancel the petroleum agreement and license with the joint-venture. It also said that there were no "reasonable" grounds to extend the period. The letter also asked that the joint venture submit any representations before February 22, so the government can reconsider its decision.
Vaar Energi raises dividends, Q4 profits in line

Vaar Energi, a company listed in Oslo and majority owned by Eni of Italy, raised its dividend on Tuesday, while reporting a fourth quarter operating profit that was in line with expectations. Vaar's earning before interest and taxes (EBIT) rose from $399 to $1 billion in the quarter of October-December, a rise that was in line with the $1.03 billion average forecast of 13 analysts polled by the company. The company announced that it would increase its dividend to $300 million or 1.213 Norwegian Crowns per share for the first three months of 2025, up from $270 million in the fourth quarter.
Sources say that US energy company Talos is set to name Shell CEO Goodfellow its next CEO
Two people with knowledge of the matter confirmed on Sunday that Talos Energy is preparing to appoint veteran Shell executive Paul Goodfellow, as its new CEO. Sources said that the appointment of Goodfellow who is currently the chief internal auditor for Shell is expected to be made this week. They requested anonymity as the matter was confidential. Goodfellow succeeds Tim Duncan, the long-time founder and CEO of Talos. Duncan abruptly left the firm in August after 12 years of service. He had helped it become the fifth largest oil and gas producer in the U.S. Gulf of Mexico.
Infinity Natural, backed by Pearl Energy, valued at $1.3 Billion as shares soar in NYSE debut
Infinity Natural Resources, a company owned by private equity, was valued at $1.3 billion after its shares rose 10.8% on their New York Stock Exchange debut on Friday. Morgantown, West Virginia based company opened its stock at $22.16, over the $20 per share offer price. Infinity, supported by Pearl Energy Investments, NGP and other buyout firms, sold 13,25 million shares between $18 and $21 in order to raise $265 millions. The listing coincides with a Trump administration that is more pro-fossil fuels, and a constant stream of energy IPOs.
Staatsolie will raise 250 mln dollars, 50 mln euro through bonds due in 2033
Suriname’s state-owned power company Staatsolie launched on Friday a new debt bond offer maturing in 2033. The company hopes to raise $250m and 50m euros ($52m) to finance its participation in an important project off the coast of the country, it said. To secure a 20% share in Block 58 being developed by France’s TotalEnergies, and U.S. company APA Corp, the company must raise $2.4 billion via different financing mechanisms. This includes up to $1.5billion in bank loans. Suriname's flagship project, the $12 billion Gran Morgu, is expected to begin offshore oil and natural gas production in 2028.
Trinidad and Tobago auctions 26 deepwater oil and natural gas blocks at the largest ever auction
Official notices state that Trinidad and Tobago offered 26 offshore oil and natural gas blocks on Tuesday in its largest ever auction of deepwater exploration and production areas. In order to fully utilize its gas processing capability, the twin-island Caribbean nation, Latin America's biggest exporter of LNG, is pressing producers, particularly those offshore, to increase natural gas production. Trinidad and Tobago is trying to secure sufficient gas supplies for its LNG and Petrochemical sectors by offering new blocks bordering Venezuela and Guyana.
Kazakhstan's daily crude oil production at a record high amid Chevron led expansion
Official data show that oil production in Kazakhstan hit a record of 278 499 metric tonnes on Sunday, just a few days after the country began expanding its largest oilfield - Tengiz led by Chevron. Kazakhstan, which depends on Tengiz, and two other large fields, Karachaganak, and Kashagan for the majority of its production, is subjected to output targets because it's a member of OPEC+. This alliance of OPEC, other top producers, led by Russia, has set out specific output goals. OPEC+ named Kazakhstan, Iraq and Russia…
Energean UK forecasts higher production in 2025 on the strong Israel growth
Energean, a UK-based producer of gas, said it expected higher production levels in 2025. The company is betting on increased sales in Israel, its main market. The company, which gets its main production from a gas field offshore Israel, wants to double production in the next few years. It will do this primarily by developing new prospects in Israel including the Katlan Field. In 2024, the company produced 114,000 barrels equivalent per day (boepd) from its operations. Of this 112,000 boepd was sourced from Israel. Energean anticipates that production will increase to between 120,000 and 130,000 boepd by 2025.
Enverus says that US energy mergers could slow down in 2025 due to smaller deal sizes.
According to an Enverus report released on Tuesday, the pace of U.S. public-to-public upstream mergers in 2025 could slow from its recent average of five mergers per year and deal sizes may also decrease. Consolidation in the U.S. Energy Sector, which resulted in deals worth $250 billion by 2023, continued into 2024, and will likely continue into this year as companies seek to increase their oil and natural gas reserves. As a result of the wave of mergers, fewer companies were available and fewer pockets were empty. Some announced combinations, however, have been delayed by either antitrust regulations or contract arbitration challenges.
Industry Award for Sustainable Drilling Waste Solution

Specialist drilling waste management company, TWMA, has been announced as a finalist in this year’s SPE Offshore Achievement Awards.Shortlisted for the Sustainability Project Award, this recognition celebrates TWMA’s RotoMill technology, an innovative offshore processing solution that decarbonises drilling waste operations by more than 50%.Now in its 38th year, the Offshore Achievement Awards is the largest and longest established industry awards for the UK offshore energy sector. This nomination is a testament…
BP to slash over 5% of workforce

BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss last year said he would cut the British company's costs by at least $2 billion by the end of 2026 to boost returns and…
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's new oil producer became the fifth largest crude oil exporter in the region, after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global growth of oil supplies. Minister Vickram Bharrat announced that detailed figures about output and exports would be released this week. He said that the government will ship 28 cargoes from the crude oil produced by Exxon in 2024.
Norway awards 53 stakes to the latest offshore oil and gas exploration round
Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas. The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier. Norway's plan to extend oil and gas production in the coming decades is based on the annual predefined area (APA) rounds. This policy, however, is strongly opposed by environmentalist groups.
EIA: Cushing Crude Stocks fall to Decade-low levels

U.S. crude stocks fell last week, driving the Cushing, Oklahoma hub to a 10-year low, while fuel inventories surged, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week ended Jan. 3, the EIA said, compared with analysts' expectations in a Reuters poll for a 184,000-barrel draw.Brent and U.S. crude futures extended losses following the report. "A ramp-up in refinery maintenance in the coming weeks should usher in a return to crude inventory builds…
Equinor's Hammerfest liquefied natural gas plant closed for a week due to compressor failure
Equinor announced on Thursday that its Hammerfest LNG facility in Arctic Northern Norway suffered an unexpected outage because of a compressor failure. The company said the plant's output was halted for a week. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. A spokesperson for Equinor said that an Equinor compressor, which re-injects the CO2 removed from the gas stream into the ground…
Bloomberg News: Biden will ban new oil drilling in vast areas of US Atlantic and Pacific waters
Bloomberg News reported that President Joe Biden will ban any new offshore oil and natural gas development on 625 million acres of U.S. coast territory (250 million hectares), effective immediately. According to the report, which cited unidentified sources familiar with the issue, the ban will be announced on Monday and prevent the sale of drilling licenses in certain areas of the Atlantic, Pacific and eastern Gulf of Mexico oceans. The report stated that Biden leaves the door open to new leasing of oil and gas in the western and central areas of the Gulf of Mexico. These two areas account for 14% of America's fuel production.
Norway's gas production will be slightly lower than the record set in 2025.
The Norwegian Offshore Directorate said that the Norwegian natural gas production is expected to decline slightly this year. It rose 6.9% to a new record of 124 billion cubic meters (bcm). Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union. The NOD published data on Thursday showing that Norway's output of gas increased from 116 billion cubic meters in 2023. This was a year heavily affected by maintenance issues. It also beat the record set in 2012, 122.8 billion cubic metres.
US Storm, Weaker Dollar Push Oil to 12-week High

Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or 0.4%, to $74.23.Both crude benchmarks gained for a sixth-straight day with Brent on track for its highest close since Oct. 14 and WTI on track for its highest close since Oct.
Equinor extends Norway LNG Outage by 10 Days
Equinor announced in a Wednesday regulatory filing that it has extended the outage of its Hammerfest LNG facility in Arctic Northern Norway by 10 more days, to January 19, as they continue to repair a faulty compressor. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. On Jan. 2, the company reported that an outage had occurred in a compressor which re-injects the CO2 removed from the gas stream into the ground.
Shell downplays Namibia's oil discovery as a blow to the country
Shell has written down $400 million in oil discoveries offshore Namibia, which it considered commercially unviable. This is a major blow to Namibia's attempts to become a crude-producing country. Shell, its partners QatarEnergy, and Namibia's National Oil Company discovered hydrocarbons in block PEL39 2022. This discovery along with a second TotalEnergies in a block nearby sparked colossal global interest in this southern African nation that has no oil or gas production. Shell has drilled nine wells on the license in the last three years. In a different licence offshore.