APA exceeds its quarterly profit forecasts as lower costs offset the weak price, output
Oil and 'gas company APA beat the fourth-quarter profit estimate?on Friday. This was helped by lower operational costs that offset the impact of weaker commodity prices & a decrease in?production. The global?crude oil price has been impacted by the growing fears of a glut, and the prospect that Venezuela will add more barrels to supply. WTI crude oil prices fell by about 20% between 2025 and 2026, while they dropped 8% during the quarter of October-December. The company said that the average realized oil price for the third quarter fell 15.7% to $61.03 per barrel…
Woodside posts smaller-than-expected annual profit; CEO update imminent
Australian oil and gas ?producer Woodside Energy posted a ?smaller-than-expected fall in annual profit on ?Tuesday, ?as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026. The company stated at its results presentation that "the appointment of the CEO is an important activity ...(the Board) intends to make a announcement in the first half of 2026." Former CEO?Meg O'Neill has left Woodside for the top position at British oil giant BP. Woodside's shares rose 2.9% to A$27.890 - their highest level since August 2024. The stock closed at a 2.6% increase.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions against Venezuela's energy industry this month by issuing general licences that allow global energy firms to operate oil projects and gas in the OPEC nation.
Cenovus, a Canadian company, beats its fourth-quarter profit expectations and begins redevelopment at the former MEG site
Cenovus Energy announced on Thursday that it has begun drilling new oil wells at its Christina Lake Oil Sands site in 'northern Alberta,' formerly owned MEG Energy. The plan will increase the company’s production this year as well as by 2027. The Canadian oil sands company, which exceeded market expectations for adjusted profits in the fourth quarter on Thursday, bought smaller MEG Energy after a bitter battle with Strathcona Resource. Cenovus' portfolio was immediately boosted by approximately 100,000 barrels of oil equivalent per day. This acquisition cemented its position as the world's largest heavy-oil producer.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month. They issued general licenses allowing global energy companies the opportunity to operate oil projects and gas in Venezuela.
Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit helped offset lower crude?oil?prices. In extended trading, shares of the 'company' rose by nearly 3%. Occidental realized oil prices dropped to $59.22 a barrel in the fourth-quarter, down from $69.73 a barrel compared to 69.73 if you compare it to 68.73 a barrel. Production rose to 1.48 million barrels of oil equivalent (MMboepd), despite Occidental increasing production to 1.48 MMboepd. Brent crude fell more than 9% in the last quarter due to growing concerns over an oil glut.
Exxon is committed to moving quickly on Guyana gas project, but it needs demand sources for the gas, says executive
Exxon Mobil's chief upstream said that the company is 'committed' to moving quickly to develop natural gas resources in Guyana, but the government of the South American country must advance industrial projects if it wants to ensure a long-term demand for the gas. Exxon Mobil, the company that leads the oil consortium operating Guyana's Stabroek Block has been pressed by the 'Guyanese' government to develop and build natural gas projects, including petrochemical facilities and data centers, in order to diversify the country's energy industry beyond oil.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it. Exxon Mobil joined Energean in November to search for gas on another offshore block of Western Greece.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them.
Norway oil investment set to decline by 2026, according to a survey
A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed. Norway is the world's second largest oil producer and supplies about 30% of Europe’s gas after it became its biggest pipeline gas supplier in 2022, following Russia's invasion. Statistics Norway reported that the Nordic countries' largest business sector is expecting to invest 255 billion Norwegian crowns ($27billion) this year. This is down from 273 billion crowns, a record, in 2025.
Aker BP raises dividend despite 2026 output dip
Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite an anticipated decline in production. Its profit for the last quarter of 2017 was below expectations. The company's poll of 16 analysts showed that the group's earnings were below expectations. Karl Johnny Hersvik, CEO of Aker BP said that "our major development projects" had also made good progress. Aker BP stated that until the new projects are completed, such as the large Yggdrasil project…
Energean International CEO: Egypt has told international oil companies to double their output by 2030
Energean International CEO, Nikolas Katcharov, said on Tuesday that Egypt had directed international oil firms to 'double production by 2030. Existing contracts need to be revised in order to encourage new investment. Katcharov stated that the low gas prices which supported earlier phases of development had "expired" and it was necessary to update terms in order to "encourage companies" to deploy capital at brownfield sites, as well as boost production. He stated that Energean owed Egypt more than $200 million and recently received $80 millions.
Norway's Vaar Energi raises production goal, beats profit expectations
Vaar Energi is majority owned by Italy's Eni. On?Tuesday, it raised its production target and reported a higher than expected operating?profit in the fourth quarter. However, Vaar Energi said that they would be cautious with their dividend guidance because of lower oil and gas prices. Oslo-listed Vaar’s earnings before interest, tax and other expenses for October through December dropped 5.8% year-on-year to $947 millions on lower oil prices. This beat the $838 million average forecast of 13 analysts in a poll compiled by the company. Vaar CEO Nick Walker stated in a press release that "we are proud to have delivered transformational...
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade. Petrobras has also made a significant step in its plan to make Africa its primary exploratory region outside Brazil. Oil companies looking to replenish their reserves are flocking to Namibia.
Kuwait Oil Co. in talks with US operators about developing shale gas and oil resources
KUWAIT, February 5, 2019 ( ) – Kuwait Oil Company has been in contact with some?U.S. The CEO of Kuwait Oil Company said that the company is in talks with firms such as Devon Energy and EOG about potential collaboration to develop its shale gas and oil resources. Ahmad Al-Eidan, speaking at the Kuwait Oil & Gas Show, said that KOC "engages with some U.S. Operators to explore how their expertise could support the development Kuwait's shale-oil and shale-gas resources". It would be the very first time Kuwait had sought to develop its "shale" oil and gas resources. This was made possible by technological advancements and reduced costs.
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets as fossil fuel demand is expected to remain higher than forecasted just a few short years ago. Justin Cochrane is the African Upstream Regional Research Director for S&P Global Commodity Insights. He said that of all of the oil and natural gas discovered in West Africa since 2020, 11% or about 8.7 billion barrels equivalent to oil (boe) has been found.
Nigeria's Dangote Refinery will begin full-capacity testing in February
A senior executive at Nigeria's Dangote Refinery said that the facility will start performance testing?runs? in February, after it has completed planned maintenance. This is a crucial step to ensuring a steady operation throughout the year. Africa's biggest oil refinery started operations in 2024. It has run at 450,000 to 485,000 bpd since its startup phase due to difficulties obtaining enough local crude during the ramp-up period. Operating the $20 billion refinery to full capacity would reduce Nigeria's fuel bill…
Sources say that Nscale, a UK AI company backed by Nvidia, has hired banks to prepare for its IPO.
People familiar with the situation said that Nscale Global Holdings, a British artificial intelligence company backed by Nvidia, has hired Goldman Sachs and JPMorgan in order to prepare for a public offering. Sources who asked not to be named because the discussions were private said that the timeline for a potential listing had not been determined. Goldman Sachs JPMorgan Nscale all declined to comment. Nscale's move to a public listing comes after a period of expansion in its data center capacity, which was done to meet the booming demand for AI computing by customers such as Microsoft and OpenAI.
Gas producer Energean warns of possible $356 Million hit due to Cassiopea Reserve downgrade
Energean flagged on Tuesday a potential 300?million euros ($356?millions) impairment of its 2025 results?related to its minority stake in Eni's?Cassiopea?gasfield in Italy. Energean expects that the reserves at Cassiopea will be reduced by 3-4 million barrels due to lower performance than Eni initially expected. Energean holds 40% of the project. Energean said that it was in arbitration with Eni and sought 265 million euro for costs paid without authority, as well as lost revenue. Eni wanted $154 million to settle disputed invoices. Eni did not respond immediately to a comment request.
Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States. Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him. India will have the fastest growing energy demand in the world, according to Hodgson, who added that Canada could provide crude oil, natural gas liquefied and uranium. Kpler data shows that Canada does not currently export crude oil or LNG to India.