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.
Venezuela wants Trinidad to share details about Exxon field testing, sources claim
According to two sources and an internal document, Venezuela wants to know the location and details of the first Exxon Mobil field tests that will be conducted in a newly awarded ultra-deepwater zone in Trinidad and Tobago. Delcy Rodriguez, Venezuela's vice president and oil minister, demanded details on Exxon plans. She also asked if any potential discoveries could reach Venezuelan territory. This was relayed to Trinidad's foreign minister by Dayne-Marc Chin Slick in a recent meeting with the acting head of their Caracas mission. The company is returning to the Caribbean nation with its dual island for exploration of oil and gas.
Energean, a UK-based company, signs a 15-year contract for the transmission of Israeli gas
Energean, a British gas producer, announced on Friday that it had signed 15-year contracts for the planned Nitzana gas pipeline from Israel to Egypt. The agreement was part of a $4 billion contract with Israel. Energean reported that the deal with Israel Natural Gas Lines, a state-owned pipeline operator, covers a transmission of up 1 billion cubic meters of natural gas each year. There are options to extend and terminate early. Energean stated that the Nitzana Pipeline will run from Ramat Hovav, in southern Israel, to the Egyptian border, near Nitzana.
Vaar Energi Q3 in Norway beats expectations
Norwegian oil firm Vaar Energi reported on Tuesday a stronger-than-expected operating profit for the third quarter and reiterated its production and dividend guidance. Vaar's earnings for the quarter of July-September rose from $740 to $1.07 Billion, a jump of 74%. This is a huge improvement over the $740 Million earned a year ago. Shares of the company rose by 1.7% at 0716 GMT. "With major projects in progress, the company is now better positioned than ever to maintain its dividend and improve the outlook," CEO Nick Walker said.
Exxon consortium executive: Guyana's oil production at 770,000 barrels per day
The chief of Exxon Mobil's South American subsidiary said that oil production in Guyana by the consortium led by Exxon Mobil has increased to 770,000 barrels a day (bpd). This is after the launch of the fourth floating output facility. According to government and consortium data, the average production of The Exxon Group, which controls all the crude and gas in Guyana was 685,000 barrels per day (bpd) in August, and 740,000 in September. It is the largest operation in the portfolio of the U.S. Energy Major. Since it began crude production in 2019, it has increased offshore output and exported rapidly.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early in September as Brazil is preparing to host world leaders at this year's United Nations Climate Summit, COP30, in the Amazonian town of Belem. Brazil's position as host allows it to encourage the international community, and the world at large, to move away from fossil fuels.
Equinor abandons offshore electrification due to rising costs
Equinor, citing rising costs, informed the Norwegian government that it had scrapped its plans to reduce greenhouse gas emissions through the connection of several offshore platforms with the onshore grid. Norway's oil and gas industry is the largest contributor to climate change emissions. It accounts for about one quarter of all emissions. Gas turbines that power offshore installations account for 80% of all industry emissions. The key strategy for decarbonisation has been to replace them with renewable energy from the shore.
Minister: Greece wants to complete the Chevron gas exploration agreement this year
The Greek energy minister announced on Friday that the country is working to complete a contract by the end the year with U.S. major oil company Chevron, and its Greek partner Helleniq Energy. This agreement will cover energy exploration off the coast of Greece. Chevron, Greece's largest oil refiner Helleniq and other companies submitted a joint offer in an annual Greek tender to search for gas in deep sea blocks near the Peloponnese Peninsula and Crete. Stavros papastavrou, Energy Minister at Greek Television Action24 said: "We are working with the U.S.
Ghana's crude output drops 25.9% during the first half of 2025
The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields. The Jubilee South East Project of Tullow Energy and Kosmos was the main driver for this increase in output.