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BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years…
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EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels…
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UK replaces windfall oil tax with consultation on clean energy future
Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations.
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NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent oil and gas companies under the name of NEO NEXT.Under the terms of the transaction, the combined business will be jointly owned by NEO (55%) and Repsol UK…
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China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil…
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Petroecuador declares emergency at Ecuador's largest refinery after quake
Petroecuador, the state-run oil firm in Ecuador, declared an emergency on the day after an earthquake caused damage to the refinery.
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EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States…
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EIA: US crude stocks have unexpectedly impacted export and refinery demand
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped unexpectedly due to higher…
Latest news
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The US-Ukraine mineral deal does not specify whether Washington will benefit
According to a draft of the agreement that is expected to be signed on Wednesday, Washington will have preferential access…
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Gazprom, the Russian energy giant, will return to profit in 2024 with earnings of $14.8 billion
The Russian energy giant Gazprom reported a net profit for the full year 2024 of 1.2 trillion Russian roubles (14.76 billion…
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Gas stocks in Europe could be more stressed this summer due to less hydro and wind.
The wind speed and lower hydropower stock in Northwest Europe could increase demand for gas-fired and coal-fired electricity generation this summer…
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MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary
Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture.
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Wood Group, UK misses deadline for 2024 results and faces listing suspension
Wood Group, the British oilfield service firm which is Sidara's target for takeover, announced on Wednesday that it will…
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Repsol announces dividends to shareholders after the first quarter exceeded expectations
After reporting first-quarter results that were better than expected, Repsol, a Spanish energy company, pledged to maintain…
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Glencore reports a 30% decline in the first quarter copper production
Glencore reported on Wednesday lower copper production for the first quarter and said that it expects its 2025 trading division…
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Indian Oil signs five-year LNG contract with Trafigura.
Three trade sources confirmed on Wednesday that Indian Oil Corp, the country's largest refiner, had agreed to a five year liquefied gas (LNG)…
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Austrian OMV expects the gas production at Neptun Deep to begin in 2027
Austrian oil-and-gas group OMV announced on Wednesday that gas production is expected to begin in the Black Sea in 2027 as…
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Technip Energies raises revenue guidance for project delivery in 2025
Technip Energies, a French energy infrastructure firm, upgraded its annual revenue expectations on Wednesday for its project-delivery segment…
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Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase…
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ASM International…
Exploration
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Trump appoints US Oil Advocate to Lead Public Land Bureau
Kathleen Sgamma is a vocal advocate of oil and gas for Western States. She will be heading the Interior Department Bureau…
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Brazil's Petrobras is looking for African oil assets to increase reserves
Petrobras, the Brazilian oil company, wants to purchase stakes in African oil assets - primarily in Angola and Namibia - to increase its reserves…
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Novatek, a Russian company, says its net profit for 2024 will rise to $5.2 billion
Novatek, Russia's largest LNG producer, announced on Wednesday that its net profit for 2024 increased by 6.5% and reached…
Drilling
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BP CEO: It's time to increase U.S. production of gas
HOUSTON, 11 March - BP will increase U.S. Natural Gas production in its onshore shale operation following the recent rise of domestic gas prices.
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Petrobras will commission four additional ships by 2026, bringing the total to 48.
Magda Chambriard, the Chief Executive of Petrobras, said that four new support vessels would be ordered by the company by 2026.
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EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped…
Production
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NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent…
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ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia
ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment…
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Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana.
