Sakhalin-1, a Russian oil refinery, will reduce output by 10% by 2025
The U.S. abandoned the 'Sakhalin-1' project in Russia, which was a major oil production facility. ExxonMobil's major ExxonMobil continued to decline last year. It fell by 10.3% due to planned maintenance. The production volume, which is expected to fall 9.8% by 2024, was not provided. Exxon had to take a $4.6bn impairment charge in April 2022 on its 30% operator?share in the project offshore Russia's Pacific?coast. This was due…
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…
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.
TotalEnergies CEO: TotalEnergies did not pay French taxes last year because of a loss in the refining business
TotalEnergies, the French oil giant, did not pay corporate tax in France in 2017 because its operations there generated a loss in excess of 300 million euros (about 356.07 million dollars), said CEO Patrick Pouyanne on Friday. Pouyanne, in an interview, was asked how Total, who on Wednesday reported a 2025 adjusted net profit of $15.6 billion escaped France's surtax on large corporations -- a measure which was supposed to be temporary, but was rolled into the budget for 2026 as France struggles with its high debt.
Russia claims US restrictions on its involvement in Venezuela's oil industry are discriminatory
Foreign Minister Sergei Lavrov stated on Wednesday that the new U.S. restrictions imposed on Russia and other countries' role in Venezuela's petroleum business was blatantly discriminatory. The Kremlin also said it would clarify this matter with Washington. The U.S. Treasury Department issued a license on Tuesday to facilitate exploration and production in Venezuela. The license does not authorize transactions with Russian, Chinese or Iranian entities or nationals.
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft, made an "urgent appeal" to economy and energy minister Katherina Reiche to resolve a standoff with the United States over the refinery's future.The letter outlines escalating problems at the refinery…
The EU's new sanctions plan is designed to target Russian crude exports more severely
The European Commission proposed on Friday a ban on all services that "support" Russia's crude oil exports by sea. This is a far more comprehensive measure than previous EU sanctions, and goes beyond the piecemeal approach in an effort to "stunt" Moscow's main source of revenue for its war against Ukraine. With the assistance of Western shipping, Russia exports more than a third its oil on Western tankers. These are mainly from Greece. Cyprus and Malta.
Russian Oil Stored in Tankers Awaits Sales
Traders are increasingly using tankers to store Russia's Urals crude as demand weakens and customers weigh growing sanctions risks, Reuters calculations based on LSEG and trade data show.Major importers India and Turkey have cut purchases since the end of the last year amid tougher Western sanctions, including recent U.S. measures on Rosneft and Lukoil and a European Union ban on fuel produced from Russian crude. Prices for Russian…
Russian Urals Oil Trades at Close to Widest Discounts Since 2022
Russian February Urals crude oil cargoes traded at close to the widest discounts against dated Brent in Indian ports since 2022 amid intensified pressure from Western sanctions, two sources said.Urals oil cargoes to be supplied in February traded at discounts of $10 per barrel to dated Brent for delivery in Indian ports, a $3-5 per barrel increase from estimates for cargoes loading in the autumn months last year and close to the widest discount on record, the two sources said.Late in 2025 the U.S.
US permits talks about Lukoil’s foreign assets to continue until February 28,
The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies, and Rosneft, the other, as part a campaign to put pressure on Moscow for its involvement in Ukraine. Lukoil listed its assets for sale soon after.
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account. This will be boosted with proceeds from crude shipments sold by SOMO, state oil marketing company. An Iraqi oil manager said that the state-run Basra Oil Company would?cover local salaries…
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…
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…
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refiners. Yet they were barely affected. In an era when energy is abundant, this calm could be the new norm. The year 2025, by any measure, was chaotic in geopolitics, with President Donald Trump's return to his White House and his flurry of trade, diplomatic and policy initiatives dominating the year. On June 12, Israel attacked military, government, and nuclear sites in Iran.
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refineries - but they were not fazed. In an age of abundant energy, this calm could be the new norm. The year 2025 will be remembered as a geopolitical chaos, due to President Donald Trump's return in January, and his frenzy of trade, policy and diplomatic initiatives. On June 12, Israel bombed Iranian military, government, and nuclear sites. This was a pivotal moment in the energy market.
Britain Imposes Sanctions on Russia's Energy Sector
Britain imposed sanctions on Thursday on more Russian oil companies and Canadian-Pakistani billionaire Murtaza Lakhani as part of efforts to ramp up pressure on Moscow over the war in Ukraine.The government targeted 24 individuals and entities, including what it described as Russia's largest remaining unsanctioned oil companies: Tatneft, Russneft, NNK-Oil and Rusneftegaz.The latest measures aim to make it harder for Russia to trade its oil globally. In October, Britain and the U.S.
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
Britain added Egypt's Zohr Gas Field, where Russian oil major Rosneft has a 30% stake - and London-based BP a 10% one – to a list of projects that are exempted from its Russia sanctions. In October, Britain and the United States sanctioned Russia's two largest oil companies, Rosneft, and Lukoil for their involvement in funding Moscow's invasion in Ukraine. The amended?general license, issued on Wednesday, allows for payments and business activities?linked to Zohr up until October 2027.
Russian Syzran Oil Refinery Halted by Ukraine Drone Attack
Russia's Syzran oil refinery on the Volga River halted oil processing on December 5 after being damaged by a Ukrainian drone attack, two industry sources said on Tuesday.Ukraine and Russia have been attacking each other's energy facilities as peace talks have failed to progress.The Ukrainian military said on Friday that it had carried out long-range strikes overnight on an oil refinery in the Russian city of Syzran and the Temryuk port in the Krasnodar region.The sources said the drones hit the plant's CDU-6 crude distillation un
Kazakhstan to Divert Kashagan Oil to China After Ukraine Drone Attack
Kazakhstan said on Wednesday it would redirect some oil from its Kashagan field to China and other routes after a Ukrainian drone attack last month on the Caspian Pipeline Consortium's Black Sea terminal in Russia.The decision was announced by the energy ministry after Reuters reported earlier this week that Kazakhstan plans to supply crude to China directly from Kashagan for the first time after the Ukrainian attack damaged the CPC terminal.The CPC…
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
The UK added Egypt's Zohr Gas Field, where?Russian oil giant Rosneft has a 30% stake? and London-based BP has a 10%?holding?, to a list that exempts Russia sanctions. In October, Britain and the United States sanctioned Rosneft, one of Russia's largest oil producers, for their role in financing Moscow's invasion in Ukraine. The amended general licence, dated?on Wednesday?, allows now payments and business activities linked to Zohr?until?October 2027. BP, Rosneft, Eni and other partners hold a?stake?