Shell to Add Up to 12 million Tons of LNG Capacity by 2030
Shell, the world's largest trader of liquefied natural gas, will add up to 12 million metric tons of additional capacity between now and the end of the decade from projects under construction, a top executive said on Wednesday."(There is) up to 12 million tons of additional (LNG) capacity that we're adding between now and the end of the decade," Cederic Cremers, Shell's president of integrated gas, said at Wood Mackenzie's Gas, LNG and the Future of Energy Conference in London."That is not an ambition. Those are all projects that are currently in construction…
Sources say that Hokchi Energy, frustrated by Mexico's Pemex and its refusal to buy oil from them, pushed for a change in who purchases their oil.
Three sources said that Hokchi Energy in Mexico, frustrated with months of late payments from the state-owned company Pemex for its oil, gas and natural gas, sought to amend its contract so that it could do business with PMI Comercio Internacional. Hokchi Energy’s attempt to change the buyer of its production shows the difficulties in doing business with Pemex. One source stated that PMI, which imports and exports refined fuels like gasoline and diesel and exports crude oils, is seen as a much more reliable partner than Pemex.
Africa Energy to produce first gas from South Africa's biggest gas field in 2033
Africa Energy Corp, a Canadian-listed company, aims to begin production of South Africa's biggest gas discovery by 2033. Its CEO made the announcement on Tuesday as it pushed ahead with a project that former operator TotalEnergies abandoned. The company is waiting for regulatory approval on a revised environmental authorisation in order to survey Block 11B/12B of South Africa's south coast. South Africa is diversifying away from coal-fired electricity generation by using domestic gas. A flurry new projects are being pursued, including the first liquefied gas import terminal on the east coast.
Petrobras CEO: Africa will be the main exploration region for Petrobras outside Brazil.
Petrobras wants to develop Africa as its primary region outside Brazil. The CEO of the state-run oil company said this in a broad interview on Thursday. Petrobras CEO Magda Chabriard said that Ivory Coast extended the "red-carpet" to Petrobras when it granted the company the preference for buying nine offshore exploration blocks on Wednesday. She said that Nigeria, Angola and Namibia also expressed an interest in working with Brazil's giant. Chambriard said, "We are experts on the eastern margins of Brazil," citing similar geological features between the region and Africa.
Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582,000 barrels per day over the next five years with investment from Western energy companies.At the Baku Energy Week conference, SOCAR and Exxon signed a memorandum of understanding for the exploration…
Trinidad and Tobago Increases LNG Production in May at Atlantic Facility
Exports of liquefied natural gas from Trinidad and Tobago's flagship Atlantic LNG export facility increased by 43% in May compared to April, according to LSEG preliminary ship tracking data.Trinidad is Latin America's largest LNG exporter and its flagship plant, Atlantic LNG, is jointly owned by Shell and BP with a capacity to produce 12 million metric tons per annum (mtpa) of the superchilled gas.In May Atlantic exported 0.83 mtpa of LNG, up from 0.58 MT in April, LSEG data showed.Similar to the U.S., Europe bought the majority of cargoes sold by Atlantic, while the rest went to Asia and Latin America.BP has made Trinidad and Tobago one
Colombian oil and gas E&P investments could increase by 8% in 2025 according to an industry group
Colombia's top industry group warned on Thursday that the country's investment in hydrocarbon exploration and production could increase by 8% to $4.68 billion this year. However, this will not prevent a decline in gas production. The Colombian Oil and Gas Association, ACP, said that the resources will maintain the current crude oil production levels in the South American country. According to ACP, the ACP reported that investment in 2017 was $4.33 Billion. He added, "We are not able to increase gas production or replenish the reserves.
Gas producer Energean wants to copy the East Med model for West Africa
Energean, a gas producer, is interested in buying discovered gas fields that are not on the radar of larger rivals in West Africa, CEO Mathios Riga said Thursday. This would be a replica of its business model for the Eastern Mediterranean. Energean developed gas fields near the coast of Israel over the past few years. These fields are primarily used to supply the domestic market through long-term contracts worth $20 billion in the next 20 years. Everyone is focused on the FLNG (floating, liquefied gas) mega-projects that will export natural gas. As we've seen in Israel, this isn't the only way to get gas.
Russian Arctic LNG 2 Starts Second Production Train
Russia's Arctic LNG 2 plant, which is subject to U.S. sanctions, has started production at its second train even after it has been unable to sell liquefied natural gas from a first train, a source familiar with the matter told Reuters.Russian energy company Novatek declined to comment.It owns 60% in the plant located on the Gydan peninsula that juts into the Kara Sea and had been set to become one of Russia's largest LNG plants with an eventual output of 19.8 million metric tons per year at three trains.Novatek began production at Arctic LNG in December 2023…
Norway's oil & gas production higher than expected in April
Norwegian Offshore Directorate said that Norway's combined gas and oil production in April exceeded the official forecast by 1,2%, despite a slight decline year-on-year. In April, the total oil, gas liquids, natural condensate and gas production was 0.663 standard cubic metres per a day, which is equivalent to 4,17 million barrels. This represents a 2.4% decrease year-on-year. Norway is Europe's biggest supplier of natural gases and oil. The output varies month-to-month depending on maintenance and other stops at more than 90 offshore oil fields.
Petrobras wins in Amazon drilling but licensing is in doubt
The Brazilian environmental agency Ibama announced a decision on Monday that will allow state-run Petrobras to move closer to drilling oil in a highly sought after offshore region. However, it also came with a warning for future permits. The documents seen by us show that Ibama's Rodrigo Agostinho warned against the "disorderly multiplicity of future requests for environment licenses" near the mouth the Amazon River. Petrobras considers this area to be the most promising oil frontier in Brazil. It shares geology with Exxon Mobil's huge fields being developed in nearby Guyana.
Haddad, Brazil's Haddad, supports research on oil deposits near the mouth of Amazon
Fernando Haddad, the Finance Minister of Brazil, said that while the search for oil near the mouth the Amazon River must continue in Brazil, any discoveries made should not slow down the country's transition towards cleaner energy. The mouth of the Amazon, a vast area stretching between Rio Grande do Norte (Northern Brazil) and Amapa (Southern Brazil), is the area that has the most potential for oil discovery in Brazil's Equatorial Margin. "I'm in favor of doing research. I think it is important to find out what there is.
SBB, a debt-laden landlord, ends its losing streak in the first quarter with a profit
SBB, a Swedish landlord, announced on Tuesday that it had turned a profit before tax in the first quarter 2025, after 11 consecutive quarterly losses. Separately, Aker Property Group, a Norwegian company, was named as its largest shareholder. The real estate group that owns hospitals and care homes, but is heavily indebted, has reported a profit of 1.9 billion Swedish crowns (194 million dollars) between January and March, compared to a loss of 1,18 billion crowns a year ago. SBB is one of the many European real…
Documents and sources indicate that Mexico's Pemex intends to reopen its wells in order to boost production.
According to four sources and two documents, the Mexican energy company Pemex is planning to reopen some old wells to increase production. It's a desperate attempt to meet a government-set target. Pemex has said that in a recent filing with the United States Securities and Exchange Commission, it expects to see production fall to 1,58 million barrels per daily (bpd) instead of the 1.8 millions bpd officials had consistently touted. Angel Cid Munguia wrote in a May 6 internal document that the company was progressing with "reactivation" of closed wells, but did not specify the number.
EDP Renovaveis Expects Core Recurring Profit in 2025
EDP Renovaveis, the world's fourth largest wind energy producer, said on Thursday it expects core recurring profit to grow 13% in 2025 on the back of a solid operational performance, despite a 24% drop in net income in the first quarter.The renewables arm of Portugal's EDP said earlier that its first-quarter net profit fell to 52 million euros ($59 million), despite a solid revenue increase. That was slightly below the 54.8 million euro average forecast by analysts polled by LSEG.EDPR said it booked no capital gains…
Texas Pacific Land misses its core profit forecast for the first quarter due to lower oil prices
Texas Pacific Land, a land and royalty company focused on the Permian region, missed Wall Street's expectations for its first-quarter core profits on Wednesday as lower oil prices offset increased production. Brent crude futures dropped on average by a year in the first quarter on fears that President Donald Trump’s trade policy will slow economies worldwide and slash demand for energy, while OPEC+ increases supply. The Trump administration's tariffs have led to macroeconomic insecurity, which has caused oil and gas producers to cut production.
Agency says there are undiscovered oil and natural gas reserves in the US Gulf Coast.
The U.S. Geological Survey released a report on Wednesday that outlined the potential for undiscovered oil in two formations beneath much of the U.S. Gulf Coast, from Texas to Florida. The Hosston formation and the Travis Peak formations have a total of 28 million barrels and 35,8 trillion cubic feet (or natural gas) of technically recoverable reserves. In a recent note, the agency stated that the assessment revealed enough gas to supply the United States at current consumption rates for 14 months. USGS energy assessments focus on areas that have not yet been discovered by industry.
Aker BP will raise dividends as long as oil remains above $40 per barrel
Aker BP will increase its dividend annually by 5% if North Sea oil prices remain above $40 per barrel. The company announced this on Wednesday, while also reporting first-quarter earnings that were in line with expectations. Brent crude fell to a four year low of $60 per barrel from over $80 per barrel in January, as OPEC+ decided to accelerate output increases. This decision stoked concerns about an increasing global supply during a period when demand is uncertain. Aker BP announced a dividend of $0.63 per quarter on Wednesday. The company also maintained its plan to pay $2.52 per share in this year.
Norway Parliament orders restart of frontier oil and Gas Exploration Licensing
The Norwegian Parliament on Tuesday directed the Labour Minority Government to launch a round of new oil and gas exploration licenses in frontier areas, setting the stage towards increased oil drilling. 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 Centre Party, who quit the government last January, backed the motion, which was originally brought forward by the Conservatives. On the request of the Centre Party…
Exxon's Guyana oil production rose to 668,000 barrels per day last week
Alistair Routledge of the U.S. After receiving the floating production facility in Guyana waters in February, the group is now working on installing it. The companies produced 627, 000 bpd in March. Data from the energy ministry of the country showed that the average 631,000 BPD achieved during the first quarter is 3% more than the previous year. After the fourth facility has been plugged in, the Exxon consortium will increase its output capacity from 500,000 bpd to 900,000. This will result in increased revenue and royalties to the government. Guyana wants Exxon to deliver more natural gas over the next few years.
