Venezuela Reopens Wells as Exports Resume
Venezuela's state oil company has begun reopening some of the wells it and its joint venture partners had shut amid a strict U.S. embargo, as crude exports resume with two shipments departed on Monday, three sources close to operations said.The OPEC country's oil exports had remained almost at a standstill since December, with only U.S. Chevron exporting crude from its joint ventures under a U.S.
Norway awards 57 drilling licenses in offshore oil and gas exploration round
Norway's Energy Minister told an industry conference that the country awarded shares in 57 offshore oil exploration licenses to 19 companies as part of its annual licensing round. The number of permits awarded to oil and gas companies has decreased from 20. Norway's plan to extend oil and gas production in Norway for decades is centrally based on the?annual predefined areas (APA) round of new offshore exploration acres. However, activity will?decrease in the next few years. Norway is Europe's largest energy supplier, but production will begin to fall in a few short years.
After nearly a decade, the Canadian Prime Minister visits China
Mark Carney, Canada's prime minister, will depart for China on February 2nd to discuss trade and security issues. This is at a time when Canada is facing uncertain relations with the U.S. because of a trade conflict and threats by President Donald Trump regarding annexation. The visit is the first by a Canadian Prime Minister to 'Beijing since 2017. It could be a turning point in the relationship between Canada and China as Canada looks for 'new?trade partnerships and security alliances. Carney accepted to visit China in October last year when he met with Chinese President Xi Jinping in South Korea.
US oil lobby group supports repeal of climate rule for vehicles but not power plants
According to its president, the American Petroleum Institute supports EPA's proposal to repeal greenhouse gas regulations for vehicles. However, it does not support the proposal for power plants and stationary industrial facilities. API President Mike Sommers' told reporters that "we would not support the repeal of the endangerment findings for stationary sources". He added that the trade -group believes it has the "best standing" in terms of regulatory stance and that it is obvious the EPA can regulate?greenhouse gases emissions from these sources.
API chief: US oil industry needs to reform its Venezuela policy on security in order to enter the country.
American Petroleum Institute President Mike Sommers said that the U.S. Oil Industry must have in place a number of prerequisites in Venezuela, including a workforce security policy and contract sanctity. He made this statement during a phone conference with journalists on Monday. He said that the U.S. Oil Industry had welcomed the move to remove Nicolas Maduro earlier this month, and added that the energy assets in the country are large enough to attract significant investment. Sommers said that "most of the reforms will have to be done in Venezuela by Venezuelans.
TotalEnergies receives new exploration permit off the coast of Lebanon
TotalEnergies, a French oil company, said Friday that it had 'obtained approval from the government for a new permit to explore offshore Lebanon. Total, who owns 35% of the operating stake, will start 3D seismic surveys in Block 8? with partners Eni (35%), and QatarEnergy 30%. In late 2022 the French company began searching for?natural gases in Lebanon, after the landmark agreement between the government and Israel to establish a maritime border in the Mediterranean Sea. Initial exploration on an adjacent block proved disappointing. Block 8 is the first block to be explored.
Exxon announces a decline in upstream profits for the fourth quarter
Exxon Mobil, the U.S. oil giant, said on Wednesday that lower crude?oil?prices may reduce its fourth-quarter?earnings? by $800 million to $1 billion. The price of oil fell 9.2% in the three-month period ending December 31 as geopolitical risk was outweighed by concerns over supply and tariffs. Brent crude futures lost?about 19% by 2025. This is the largest annual percentage decline since 2020, and the longest streak of losses ever recorded. U.S. West Texas Intermediate Crude logged an annual decline of nearly 20%.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela. Oil exports from the OPEC nation are at a standstill.
ROI-Trump's Venezuela oil grab revives 'petrodollar' debate: McGeever
The arrest and capture of Venezuelan president Nicolas Maduro by the United States on Saturday was likely motivated by many factors, but one that has been little discussed is the White House's concern about the declining global prominence of "petrodollar". Venezuela's oil production is modest, at just 1 million barrels a day. However, its reported reserves are huge - around 300 billion barrels or 17% of global stocks. Donald Trump has made it clear the U.S. wants to tap this huge potential. He plans to get U.S. energy companies?revitalize? the Latin American country's faltering oil industry. Keep all future production in the U.S.
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects within Venezuela.
Norway's oil and gas production in November beats expectations
Norwegian Offshore Directorate (NOD), a government agency, announced on Tuesday that Norway's combined oil and gas production in November exceeded an official forecast by 0.9%. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from one month to the next depending on maintenance and other stops at close to 100 offshore fields. The total oil, gas, liquids, and condensate output in November was 0.694 standard cubic metres, which is equivalent to 4,37 million barrels of oil equivalence. This represents an increase of 0.9% on the previous year.
Petrobras Strike-Hit P-40 Platform Shut Down After Gas Leak
According to the workers' union Sindipetro NF, a gas leak at Petrobras P-40 oil platform located in Brazil's 'Campos basin' on Thursday led to a preventive shut down of all activities. According to the Sindipetro-NF union, the platform in the Marlim Sul oil field was managed by a contingency team due to a workers' strike which has now entered its fourth day.Sindipetro-NF reported that the incident had impacted certain operations in Campos Basin, and that workers were waiting safely for the gas dispersal to occur.Adaedson Cost…
Action Energy will begin trading on the Boursa Kuwait Premier Market on Wednesday
The exchange announced that the shares of oilfield services provider Action Energy Company would begin trading on Boursa Kuwait Premier Market on Wednesday under a ticker symbol ALF?TAQA. Kuwaiti company AEC was founded in 2015. It provides services such as drilling, exploration, production, gas injection, and maintenance for oil and gas installations, wells, refineries, and petrochemical facilities. AEC increased its issued and paid up capital from 20 million dinars to 56,65 million dinars (about 184,80 million?millions) through a number of measures…
BP and Chevron top the list of bidders in Trump's first Gulf of Mexico Oil and Gas auction
BP, Chevron, and Shell were the top bidders at the first U.S. Government sale of oil and natural gas drilling rights for the Gulf of Mexico since 2023. The auction ended with a total of $279.4 millions in "high" bids. It was the first out of 30 required by President Donald Trump's tax cuts and spending bill that he signed in July. His administration's plans on offshore leasing represent a major departure from those of his predecessor President Joe Biden. Biden had planned a historically low number of oil and?gas?auctions in an effort to shift away from fossil fuels while addressing climate change.
US auctions first Gulf of Mexico Oil and Gas since 2023
On Wednesday, the Trump administration will conduct the first government sale of oil-and-gas drilling rights in Gulf of Mexico?since 2023. This is a test of the industry's appetite?for offshore acres at a moment when the United States?is trying to increase domestic fossil fuel production. The auction is one of the 30 required by President Donald Trump's tax-cut and spending bill that he signed in July. His administration's plans are a major departure from those of his predecessor President Joe Biden. He had planned…
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same spending targets of $28 billion - $30 billion annually through 2030. Exxon said its updated corporate plan reflects the company's efforts to reduce costs and?"increase profits" even during periods of oil price volatility. Upstream, the oil producer's focus includes expanding its liquefied gas business.
TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field. QatarEnergy holds the second largest stake in PEL56 and 91.
Document shows that Shell has been approved as the majority partner of PetroSA in the block offshore South Africa.
A document obtained by revealed that South Africa's national oil company PetroSA has approved the deal for Shell Offshore to receive a 60% share in Block 2C off its west coast. The agreement, if it is successfully concluded, will increase Shell's exposure in the Orange Basin. This area has been dubbed one of the most sought-after exploration zones around the globe after the major oil discoveries made in Namibia. In a short note, PetroSA's priority programs stated that the company approved the farm-in agreement to…
Oil Firms in Norway to Drill 18% Less Exploration Wells by 2026, Survey Finds
A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf, such as Equinor Aker BP Vaar Energi, intend to drill 37 exploration wells by 2026. This is down…
EIA data show that US oil production reached a record high in September.
The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply.Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last.According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd.The oil output of New Mexico…