Glencore returns $2 billion to its shareholders despite earnings decline
Glencore, the commodity trader and miner, announced its results for '2025 on Wednesday. This was just weeks after Rio Tinto, a larger rival, failed to make a takeover offer. The talks to create a global mining giant worth $240 billion were halted earlier this month due to valuation and ownership disagreements.
Iraq approves an 'amicable agreement' with Russia's Lukoil regarding the transfer of operations for giant fields
According to a press release, the 'Iraqi Cabinet approved a "friendly settlement" with Russia's Lukoil on Tuesday regarding the transfer of the West Qurna 2, a giant oil field in the west of Iraq to the state-run Basra Oil Company. Last month, Iraqi nationalised the oilfields after the U.S.
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.
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…
Data shows that Yamal LNG has resumed transhipments in the vicinity of Murmansk.
LSEG data showed on 'Thursday that Yamal LNG has resumed ship to ship?liquefied gas operations near a port in the Arctic called Murmansk. This could mean a possible resumption for the first time of this winter of fuel exports into Asia. Ship-to-ship allows the company to optimize the…
Gulf stock markets fall due to US-Iran tensions and earnings.
Stock markets in the Gulf slowed in early trading on Thursday, pressured both by a lacklustre earnings report and investor unease over tensions between the United States and Iran. U.S. president Donald Trump met with Israeli prime minister Benjamin Netanyahu on a Wednesday. He later stated…
TotalEnergies CEO seeks clarification on EU ban on Russian gas
Patrick Pouyanne, the CEO of TotalEnergies, said on Wednesday that the company is asking both France's?government and EU Commission for clarification on an EU ban against importing liquefied gas from Russia. Pouyanne said in an analyst briefing that it appears that a European company is unable to market Russian LNG.
Low oil and gas prices affect TotalEnergies' profits, so the company has cut back on buybacks but maintained its growth plans.
TotalEnergies said on Wednesday that it would halve its share buybacks in the first quarter, but was committed to increasing its oil and gas reserve. Low oil and 'gas prices have negated the soaring profit of the fourth-quarter from refining fuels and proceeds from stake sales for renewable assets.
MVM purchases 10% of BP's Shafag Solar Project
The oil giant announced Wednesday that it had sold a 10% share in its Shafag Solar?project? in 'Azerbaijan? to MVM Energetika Zrt of Hungary. BP?said that BP owns 40.01 % of the project. SOCAR owns 39.99% and MVM and Azerbaijan?Development?Fund each own 10 %. BP announced the news a day before…
Saudi and US firms partner on northeast Syria Energy Project
Two people with direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in the northeastern part of Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project…
MORNING BID EUROPE-Yen roars back as US consumer engine sputters
Tom Westbrook gives us a look at what the European and global markets will be like today. The earnings season and data drove markets on Wednesday, while a rebound of the yen was gaining steam. TotalEnergies, ?Siemens Energy, Deutsche Boerse, Heineken, ?Schindler and EssilorLuxottica are among ?the ?companies reporting in Europe. The delayed U.S.
BP suspends share buybacks to reduce debt, sending shares down 7%
On Tuesday, BP suspended its share buybacks. It also took charges of about $4 billion on its renewables assets and biogas assets. This sent its shares down by 7% during afternoon trading. The oil major said that it will shift money from its buybacks into shrinking debt and refocusing investment in oil and natural gas projects…
Saudi and US firms partner on northeast Syria Energy Project
According to two sources with knowledge of the plans, two Saudi Arabian firms and three U.S. companies are planning to form a consortium to explore and produce oil and gas in the?northeastern?Syria. The sources stated that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with Saudi Arabia's ACWA Power, and TAQA to complete the project.
Brazil's Raizen names Pinheiro Neto and Cleary Gottlieb to try to improve its fortunes
Three people with knowledge of the matter confirmed on Monday that Brazil's Raizen has hired law firms Pinheiro Neto & Cleary Gottlieb to help it strengthen its liquidity and turn its fortunes. Raizen, the joint venture between Brazilian oil giant Cosan, and London listed oil company…
Oil Prices Rise After US Urges Caution for Vessels Traveling Near Iran
Oil prices rose more than 1% on Monday after the U.S. Department of Transportation issued an advisory to U.S.-flagged vessels to stay as far as possible from Iranian territory while voyaging through the Strait of Hormuz and Gulf of Oman.Brent crude oil futures were up 89 cents, or 1.3%, at $68.94 a barrel by 11:24 a.m. EST (1624 GMT). U.S.
US takes on Chinese dominance in the race for African minerals
Diplomats, executives and analysts have said that the U.S. uses offtake agreements and state-backed financing to compete with China?in a short time frame? in order to secure supplies of African cobalt, copper and other essential minerals. Washington is focusing on Zambia, Guinea and the Democratic Republic of Congo.
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction"…
BP does not intend to honor the National Oil Bargaining Agreement, says union
The union representing hundreds of workers in BP's Whiting Refinery, the.largest refinery.in the Midwest, announced?on.Friday that the British oil giant does not intend honoring the national oil bargaining agreements. The United Steelworkers union has adopted a national oil bargaining…
Glencore focuses on short-term disposals while Rio deal remains elusive
Glencore, the Swiss-based mining company, is likely to sell assets to bolster its copper portfolio after failing to merge with Rio Tinto. The two companies have called off talks to create a global mining giant worth $240 billion due to disagreements over valuation and ownership. This is the third failed attempt at a tie-up…
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.