BP CEO predicts that non-OPEC+ oil supplies could decrease by April
BP Chief Executive Murray Auchincloss stated on Monday that oil supply growth outside OPEC+ may decline by April while demand remains strong. Auchincloss stated that "there is a supply rise outside of OPEC+." "We believe that will end in February, March and April. Auchincloss, who spoke at the ADIPEC Energy Conference in Abu Dhabi, said that future oil prices will be determined by three factors: OPEC+ decision, Chinese stockpiling, and the impact on sanctions. He said, "It is a very serious sanctions environment at the moment which dampens supply." He remains confident about the long-term growth of demand despite short-term uncertainty.
Auto stocks rise as European shares soar in focus of earnings season
European stocks rose on Monday, as investors digested the latest round of earnings reports. Auto shares also gained amid optimism that Dutch chipmaker Nexperia will resume China shipments. The pan-European STOXX 600 index rose 0.4%, to 574.11 by 0910 GMT. This is a rebound from the one-week-low hit last week. After a White House announcement that Nexperia news will be announced soon, auto stocks like Renault, Mercedes Benz, and Aumovio each gained more than 3.3%. Nexperia was recently taken over by the Dutch government, owned and operated by Chinese company Wingtech. This prompted Beijing, to stop Nexperia from leaving China.
European shares stable as earnings season comes into focus; Italy's Campari falls
European stocks were steady on Monday, as new corporate earnings reports arrived, including those from the LNG company GTT, and Dutch firm PostNL. However, shares in drinks manufacturer Campari fell following a probe into tax evasion. As of 0812 GMT the pan-European STOXX 600 Index remained at 572.29, close to its more than one-week-old low. The shares of GTT rose 4.3% as the French LNG containment systems specialist raised its revenue and core earnings estimates for this year. Oil and Gas Index led the sectoral gains, with a 1.1% increase.
Eni and Petronas combine Indonesian and Malaysian assets in joint venture
Eni, the Italian energy company, and Petronas, Malaysia's state-owned energy company announced on Monday that they had signed an agreement for a joint venture to combine their upstream oil assets and gas assets located in Indonesia and Malaysia. NewCo will manage 19 assets in Indonesia and Malaysia. It plans to invest $15 billion over the next five-year period to develop and explore about 3 billion barrels in discovered reserves. The agreement was signed in Abu Dhabi at ADIPEC. This move is part Eni's "satellite strategy" under which it has created several spinoffs around specific businesses, and supported their growth so that they become independent.
Sources say US Gulf producer LLOG Exploration is interested in selling at a $3 billion valuation.
People familiar with the matter have said that LLOG Exploration Offshore has been exploring the possibility of a sale. This could value one the largest privately owned oil and gas producers on the U.S. Gulf Coast at more than 3 billion dollars, including debt. Sources said that the Covington, Louisiana based company has been working with investment banks at Guggenheim Securities to assess buyer interest. A limited number of parties have been contacted over the past few weeks in order to gauge the level of interest. Gerald Boelte founded LLOG in 1976. His family still controls the company. Gerald Boelte died last year.
Sources say US Gulf producer LLOG Exploration is interested in selling at a $3 billion valuation.
People familiar with the matter have said that LLOG Exploration Offshore has been exploring the possibility of a sale. This could value one the largest privately owned oil and gas producers on the U.S. Gulf Coast at more than 3 billion dollars, including debt. Sources said that the Covington, Louisiana based company has been working with investment banks at Guggenheim Securities to assess buyer interest. A limited number of parties have been contacted over the past few weeks in order to gauge the level of interest. Gerald Boelte founded LLOG in 1976. His family still controls the company. Gerald Boelte died last year.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending October 31 to 546, the lowest level since September. Baker Hughes reported that the total number of rigs is down 39, or 7% from this time last. The report said that oil rigs dropped by six this week to 414, their lowest since September. Gas rigs, on the other hand, rose by four, to 125, which is their highest level since August 2023.
EIA data show that US oil and gas production reached a new record high in August.
The Energy Information Administration reported on Friday that U.S. gas and oil production reached record levels in August despite fears of a market surplus. The record U.S. production of oil has been a major factor in the slumping commodity prices that we have seen this year. Brent crude, the global benchmark, traded just above $65, or 14% less than it did at the same time last. This is partly why the OPEC+ has decided to reverse years of severe supply cuts in order to regain market share. The EIA data revealed that the U.S. crude output increased by 86,000 barrels a day, to a new record of 13.8 million barrels per daily.
BP Indonesia imports fuel from Pertamina to replenish after a shortage, the company reports.
BP's Indonesian fuel station operator said that it imported base fuel through a unit of Indonesian state energy company Pertamina. This was to replenish supplies following a shortage which has been plaguing private retailers in Southeast Asia’s largest economy. BP Indonesia, BP-AKR and Shell have both reported that they are experiencing inventory shortages of certain gasoline products. This has been happening since late August. BP-AKR stated that it imported base fuels for some of its gasoline via Pertamina Patra Niaga, the retail unit of Pertamina. The government had given the order.
PetroChina's net profit for the third quarter is down 3.9% on an annual basis
PetroChina Co Ltd, Asia's biggest oil and gas producer, reported on Thursday that its third quarter net profit fell 3.9% from the previous year due to lower crude oil prices. However, it continued to maintain steady crude production while expanding natural gas output. In a filing to the stock exchange, the company reported that its net profit had fallen to 42.29 billion Yuan ($5.94billion), while revenues rose by 2.3% to reach 719.16 milliards yuan. CNOOC Ltd, a domestic offshore oil and natural gas producer, reported a 12% drop in earnings for the quarter on Thursday. Meanwhile, Sinopec Corp.
PetroChina's net profit for the third quarter is down 3.9% on an annual basis
PetroChina Co Ltd, Asia's biggest oil and gas producer, reported on Thursday that its third quarter net profit fell 3.9% from the previous year due to lower crude oil prices. However, it continued to maintain steady crude production while expanding natural gas output. In a filing to the stock exchange, the company reported that its net profit had fallen to 42.29 billion Yuan ($5.94billion), while revenues rose by 2.3% to reach 719.16 milliards yuan. CNOOC Ltd, a domestic offshore oil and natural gas producer, reported a 12% drop in earnings for the quarter on Thursday. Meanwhile, Sinopec Corp.
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange. Sinopec Corp, a domestic rival, reported a flat third-quarter net profit. However, the company's first-nine-month net income dropped by 3%. CNOOC increased its revenue by 5.7% on an annual basis in the third-quarter to 104.9 billion Yuan.
Shell profits above expectations, TotalEnergies at par with expectations despite lower prices
Shell and TotalEnergies reported quarterly profits that fell by 10% and 2% respectively on Thursday. The declines were largely due to lower oil prices. Shell, however, beat expectations thanks to better trading results at its vast gas division. TotalEnergies, which is the largest trader of liquefied gas in the world, said that it would reduce its buybacks to $3.5 billion by the end of the fourth quarter. This was due to pressure from the company's creditors. Shell's share buybacks topped $3 billion in the 16 most recent quarters. Shell will have repurchased more than 25% of its shares over the last four years by the end of this year.
Shell's third-quarter profits beat expectations
Shell exceeded third-quarter profits forecasts Thursday thanks to strong results in its gas division. It also said that it would continue its $3.5 billion share buyback program over the next 3 months. Oil major BP said that adjusted earnings, which is its definition of net profits, dropped 10% on an annual basis to $5.4 billion from July to September, due to lower oil prices. The company's polled analysts estimated a $5.09 billion average, but the adjusted earnings were higher. Shell has pledged to buy back shares for the 16th quarter in a row, returning at least $3 billion per quarter via repurchasing of shares.
Source: Indian Oil and Vitol to join forces in global trading, says source
HYDERABAD (India), Oct. 29 - Indian Oil intends to sign a contract early next year with global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel trading market. This is according to a person with knowledge of the issue. This move represents a major strategic shift by India's biggest refiner. It is attempting to emulate global oil giants such as Exxon Mobil, Shell and others through Vitol’s global trading network and expertise. Source: The joint venture will operate initially for five to seven year, with an exit clause for both partners.
Analysts are looking at 2026 as a timeframe for predicting the growth of oil earnings.
Big Oil's third-quarter results may be boosted by marginally higher oil and refining prices, as well as stronger results in the refinery sector. However, some analysts are more concerned with how the global oil majors will set the stage for the year 2026 when they report their results next week. According to LSEG's analyst estimates, Shell, the British oil giant, and TotalEnergies, the French major, will begin their earnings season on Friday. Both companies are expected to announce 18% and 11 % increases in adjusted net profit, respectively, compared to the second quarter. However, both figures are lower than a year earlier.
Analysts are looking at 2026 as a timeframe for a rise in Big Oil earnings
Big Oil's third-quarter results may be boosted by marginally higher oil and refining prices, as well as stronger results in the refinery sector. However, some analysts are more concerned with how the global oil majors will set the stage for the year 2026 when they report their results next week. According to LSEG's analyst estimates, Shell, the British oil giant, and TotalEnergies, the French major, will begin earnings season on a Thursday. Both companies are expected to announce 18% and 11 % increases in their adjusted net income compared to last quarter, though they are both down from a full year ago.
Source: Indian Oil and Vitol to join forces in global trading, says source
Indian Oil is planning to sign a contract early next year with the global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel markets. This comes after the state-run refiner sought to expand their footprint. This move represents a major strategic shift by India's biggest refiner. It is attempting to emulate global oil giants such as Exxon Mobil, Shell and others through Vitol’s global trading network and expertise. Source: The joint venture will operate initially for five to seven year, with an exit clause for both partners.
Venezuela wants Trinidad to share details about Exxon field testing, sources claim
According to two sources and an internal document, Venezuela wants to know the location and details of the first Exxon Mobil field tests that will be conducted in a newly awarded ultra-deepwater zone in Trinidad and Tobago. Delcy Rodriguez, Venezuela's vice president and oil minister, demanded details on Exxon plans. She also asked if any potential discoveries could reach Venezuelan territory. This was relayed to Trinidad's foreign minister by Dayne-Marc Chin Slick in a recent meeting with the acting head of their Caracas mission. The company is returning to the Caribbean nation with its dual island for exploration of oil and gas.
Mexico's Pemex posts Q3 loss of 61.25 billion pesos
According to a filing at the Mexican stock exchange, Pemex, Mexico's state-owned energy company, reported a net loss of 61.25 billion Pesos ($3.34 billion), for its third quarter. The revenues of one of the largest companies in the country from July to September totaled 378,9 billion pesos. Pemex has reported that, with its partners, it produced an average of 1,66 million barrels of crude oil per day (bpd), a 6.7% drop from the same period last year. The company's Chief Executive Victor Rodriguez stated on Friday that the company is aiming to maintain crude production between 1.6-1.7 million bpd…
Mozambique bonds rise after TotalEnergies lifts force majeure on LNG project
JOHANNESBURG - Mozambique’s only euro bond rose on Monday, after TotalEnergies lifted the force majeure for its multi-billion dollar liquefied gas project. This will allow construction to resume, following long delays. Dollar bonds maturing 2031 rose over 2 cents. Bids were at 89.38cents per dollar as of 1112 GMT. This brought the yield to 12.53 percent, the lowest in two weeks. The lifting of the force majeure is an important sign for this project. Its potential export revenues could transform the Mozambique economy. However, the 13 million tons per year plant is not expected to be operational until 2029.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the second consecutive week for the first since September. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending October 24 to reach 550, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total number of rigs was still 35 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 420, while gas-rigs remained at 121.
SNB divests from extractive industries with new divestment.
Swiss National Bank sold its stake in Anglo Australian miner Rio Tinto, adding to a recent series of divestments by companies in the extractive industries. LSEG data show. Unsere (Our) SNB is a group of 200 SNB shareholders that includes environmental groups. They claim the Rio Tinto divestment represents the entire stake in the SNB and values it at $227 millions. The SNB sold the 3.8 millions shares between June 2 to July 21. Rio Tinto and SNB declined comment. According to an analysis of LSEG company filings based on data, the SNB sold oil and gas stocks worth more than twice what it invested in the sector since 2024.
The US opens up the Alaska Wildlife Refuge to oil and Gas Development
The Trump administration announced on Thursday a series steps to open the Alaskan wilderness for energy and infrastructure development. This includes resuming leasing of oil and gas in remote Arctic National Wildlife Refuge. The Interior Department said in a statement that it will reopen the full 1.5-million-acre (0.6-million-hectare) Coastal Plain of the ANWR to leasing, reversing moves by former President Joe Biden's administration to restrict drilling in the area. The Department will also restore canceled leases of oil and gas to the Alaska Industrial Development and Export Authority.
FTSE 100 closes at record high, boosted mainly by oil and earnings
The London Stock Exchange Group, Rentokil and oil stocks helped lift the FTSE 100 index to a new record high. The FTSE 100, a commodity-heavy index, rose up to 0.8% during the session and reached a new record high of 9594.82 before falling back down to 0.7%. Shell and BP, two of the world's largest oil companies, gained 3,2% and 3.8% each after U.S. sanctions were imposed on Rosneft (a major Russian supplier) and Lukoil (a major Russian supplier). The London Stock Exchange Group's earnings jumped 6.7%, after the exchange operator announced it would sell 20 percent of its post-trade business.
FTSE 100 reaches record high thanks to oil stocks and positive earnings
The London FTSE 100 reached a record intraday high on Thursday, boosted by oil stocks and positive earnings from blue-chip companies such as LSEG Rentokil. The index, which is heavily influenced by commodities, rose up to 0.7% and reached a new record of 9,579.07 point. By 1200 GMT, it was up 0.6%. Shell and BP each gained 3% as crude prices jumped over 5% following the U.S. imposing sanctions on Rosneft, Lukoil and other major Russian suppliers because of the Ukraine conflict. The London Stock Exchange Group's earnings jumped 6.7%, after the exchange operator announced it would sell 20 percent of its post-trade business.
Qatar Energy Minister: Gas producing countries must be clear about their opposition to trade barriers
Qatar's Energy minister Saad Al-Kaabi stated on Thursday that gas-producing countries should make it clear that they are against trade barriers and "discriminatory" measures that disadvantage energy products. He didn't clarify to what he referred. Qatar and the United States put pressure on the European Union, however, to reduce a law that could fine violators of sustainability rules 5% on their global revenue. Al-Kaabi said last week that Qatar would not be able do business with the EU, and will even not be able supply liquefied gas, if the corporate sustainability rules of the EU are not changed.
Japan claims that replacing LNG from Sakhalin-2 in Russia would be expensive.
Japan's Industry Minister said that replacing the liquefied natural gas from Russia's Sakhalin-2 Project would be expensive and lead to higher electricity rates. Scott Bessent, U.S. Treasury secretary, has urged Tokyo, ahead of U.S. president Donald Trump's trip to Japan next Monday, to cease its Russian energy purchases. These mainly include LNG, which accounts for 9% or Japan's fuel imports. Ryosei Takazawa, 64-year old trade veteran, appointed minister of economy and trade under the new prime minister Sanae Taichi, said to reporters that Asia's market for LNG was expected be tight. Akazawa led the recent Japan-U.S. talks that resulted U.S.
US upstream oil and natural gas dealmaking falls for the third consecutive quarter amid low prices
Enverus, an analytics firm, said that the persistently low oil price kept buyers away from the sector during the third quarter. According to Enverus's latest report, merger and acquisition activity is down for the third consecutive quarter. This marks a dramatic departure from the blockbuster deals of recent years, such as Exxon Mobil's $60 billion deal with Pioneer Natural Resources, which will close in 2023, and Chevron’s $53 billion purchase by rival Hess this year. Enverus reports that the total value of deals in 2023 was a record-breaking $192 billion. This figure dropped to just $105 billion by 2024. U.S.
Petrobras and Equinor have acquired the majority of blocks at Brazil's presalt auction
The oil regulator ANP announced on Wednesday that Brazil's Petrobras, the state-run oil company, and Norway's Equinor had won a block in Brazil's Pre-salt Area. They each acquired one and partnered up to acquire a third, according to ANP. Karoon Energy, based in Australia, also purchased a block. CNOOC of China and Sinopec have formed a consortium for the acquisition of another. The signing bonus was fixed in this auction, and the winning bidders were the ones who offered the largest percentage of oil that would be transferred to the Brazilian government. The oil will then be sold back to oil companies, which generates revenue for Brazil's Government.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture formed by Japan's largest power generator JERA, and BP. It plans to halt the development of the U.S. Beacon off-shore wind power project, and layoff its U.S. workers in the next few months, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions, inflation, and President Donald Trump's opposition against such projects. JERA Nex BP stated that they did not believe the Beacon Project could be developed in the current climate and would therefore close their operations in the United States.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture of Japan's largest power generator JERA with BP. The company plans to stop development of the U.S. Beacon off-shore wind power project in the next few months and layoff its U.S. workers, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions, inflation, and President Donald Trump's opposition against such projects. JERA Nex BP stated that they did not see a viable way to develop the Beacon Project in the current market and concluded that they could no longer invest in this market.
Venture Global to add natural gas to final part of Plaquemines LNG Plant, a filing shows
Venture Global asked federal regulators to allow it to inject natural gas into the final section of its Plaquemines Liquefied Natural Gas plant by Thursday, according to an official filing made on Monday. Venture Global, if the Federal Energy Regulatory Commission gives the permission, will be producing LNG soon from its entire Plaquemines facility, and more than a full year before it's expected to deliver its first batch of long-term customers their contracted quantities of gas. The Plaquemines Export Facility in Louisiana, once completed, will reach its maximum capacity of 27,2 million metric tonnes per year (mtpa).
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 17. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs remained at 418 rigs this week while gas rigs increased by one, to 121 rigs, the highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Maurel & Prom sales for 9 months fall as crude prices remain high
Maurel & Prom, a French oil and gas company, reported a drop of 13% in its sales for the nine months ending on Thursday. The decline was attributed to lower crude oil prices. The total sales from January to September fell by 15% to $489 millions, down from $559million. Crude oil prices also dropped to $70.6 per barrel. Crude oil prices fell in the second quarter, after the Organization of the Petroleum Exporting Countries (OPEC+), and its allies began to reverse their self-imposed production reductions totaling 2,17 million barrels of crude oil per day in April.
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction. The entry costs for shale were lower and the returns faster, so the rapid expansion of shale led to the U.S. becoming the top oil producer in the world. The U.S. president Donald Trump has introduced regulations that are friendly to the industry.
Oil executives warn of increased costs due to Trump's tariffs
Two oil executives warned this week about the impact of tariffs on the cost of energy production and investment decisions. TotalEnergies' CEO Patrick Pouyanne said at the Energy Intelligence Forum held in London on February 2 that tariffs on metals were driving up costs for LNG projects. Trump signed a proclamation in June that increased tariffs on imports of steel and aluminum to 50%. Lorenzo Simonelli told the same conference that Monday that tariffs will add between $100 and $200 million in costs to the company this year. However, the cost increase is likely to be closer to the lower range of the estimate.
BP expects higher upstream production in the third quarter, but weaker oil trade.
BP said that it expects to have a higher upstream production than last quarter, in a trading report released on Tuesday. Results are due on November 4. The company also noted BP's weak oil trading results. It had earlier guided for slightly lower output upstream than the second quarter, when it produced approximately 2.3 million barrels equivalent to oil per day. Brent crude oil averaged $69.13 a barrel in third quarter compared to $67.88 a barrel in second quarter. BP expects to see a $100-million drop in the price it receives for its low-carbon gas business compared to the previous three month period. BP reported that the average U.S.
The United States has experienced a number of deadly industrial accidents this century
Officials said that multiple people died in an explosion at a military explosives facility in Tennessee on Friday. They also reported the absence of 19 other people. Here are some of the most notable industrial explosions that have occurred in the United States during this century. An explosion on the 23rd of March 2005 at a BP Refinery in Texas City in Texas City left 15 workers dead and 180 others injured. The U.S. Chemical Safety Board reported that a series of explosions took place during the restarting a hydrocarbon-isomerization unit.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in six weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation this week, the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10 to 547. Baker Hughes reported that the total number of rigs is down 39, or 7% from this time last. Baker Hughes reported that oil rigs dropped by four this week to 418, while gas-rigs increased by two to 120 – their highest level since August.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation for the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10. Baker Hughes reported that oil rigs dropped by four this week to 418, while gas-rigs increased by two to 120 – their highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Venture Global sinks after BP's arbitral win raises concerns over pending disputes
Venture Global's shares fell by about 20% Friday, after the U.S. exporter of LNG lost an arbitration against BP for failure to meet a long-term contract. This stoked fears of similar verdicts with other customers who are suing for billions of dollar compensation. The recent victory of Venture Global in an arbitration against Shell was a shock to BP. BP wants more than $1 billion plus interest and legal fees in damages. The final amount will be determined at a separate hearing scheduled for 2026. Venture Global, second largest U.S.
Petrobras to meet 20% of the country's nitrogen fertilizer demand in 2026
Magda Chambriard, CEO of Petrobras, said that the company will be able meet about 20% percent of the total nitrogen fertilizer demand in Brazil next year once it restarts its operations at three plants. According to Petrobras' strategic plan, the Bahia plant and the Sergipe plant, located in Brazil's northeastern area, will supply 5% of the national market for urea, and 7% respectively. The unit in Parana, in the southern part of Brazil, has resumed operation and is aiming to meet 8% of Brazil's urea needs. The three plants had previously been offline.
BP wins arbitration against Venture Global regarding LNG cargoes
Venture Global announced on Thursday that BP had won the arbitration case it brought against Venture Global for failing to deliver liquefied gas to Venture Global under a contract with BP, which was supposed to begin in late 2022. Venture Global announced to the market that the International Chamber of Commerce International Court of Arbitration had found Venture Global in breach of its obligations to timely declare commercial operations at the Calcasieu Pass Plant and to act as "reasonable, prudent operators". BP's ruling is in contrast to a similar decision made by Venture Global in August, where they won a similar case from Shell.
US crude stockpiles rise, fuel inventories fall, EIA says
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles increased while gasoline and distillate stocks fell. The EIA reported that crude inventories increased by 3.7 millions barrels, to 420.3million barrels for the week ending October 3. This was a far cry from the 1.9 million barrels analysts had predicted in a recent poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 763,000 barges in a week. The U.S. crude futures remained positive despite the higher-than-expected increase in inventories.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products. Beijing responded by imposing a ban on five metals including tungsten.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 early in February. This was after Trump imposed 10% tariffs on Chinese goods, and Beijing responded by curbing exports of critical metals including tungsten.
Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.
Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field. Majnoon Oil Field is located 60 km from Basra, in southern Iraq. It has an estimated 38 billion barleys of oil. The report stated that Exxon intends to sign a heads-of-agreement with Basra Oil, Iraq's State Oil Company, and SOMO in the next few days. In an email to Bloomberg News, the company said: "Exxon Mobil has been in talks with the Iraqi Oil Ministry.
Peru Minister touts Saudi mining interests and Chevron offshore Potential
A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world, is pushing to jumpstart investments, which have slowed down over recent years due to political unrest and social conflict. In an interview with the, Energy and Mines minister Jorge Luis Montero stated that he expects to sign a Memorandum of Understanding with Saudi Arabia by November for developing projects for lithium and strategic minerals.