Trump is "very disappointed" with Putin about Ukraine
Donald Trump, the U.S. president, said he was "very dissatisfied" with Russian President Vladimir Putin on Tuesday. He added that his administration planned to take certain actions to reduce deaths in Russia's conflict in Ukraine. The Republican leader said that he is not worried about the warm relations between Russia and China.
US LNG exports record highest ever in August
LSEG's preliminary data shows that U.S. LNG exports reached a record high in August, as plants completed planned maintenance and Venture Global’s Plaquemines plant continued to increase production. According to LSEG, August exports totaled 9,33 million metric tonnes, surpassing the previous…
Mexico's Pemex signs the first mixed contract with private companies to boost oil production
According to a government report presented to Congress by President Claudia Sheinbaum, the Mexican state oil company Pemex has signed its first mixed contract with private sector partners to try to reverse the declining hydrocarbon production. In her first report to Congress, sent on Monday…
Energy Dept. report lacks merit, say 85 scientists Climate report is a sham
On Tuesday, more than 85 leading climate scientists said that the recent climate assessment of the Trump Energy Department used to justify a relaxation of federal greenhouse gas regulations does not meet standards of scientific integrity. The group, led by professors Andrew Dessler of Texas…
Source: Despite cargo loadings at the Arctic LNG 2 project in Russia, production problems persist.
A source with knowledge of the situation said on Tuesday that the first production train is only running at half capacity at Russia's Arctic LNG 2 facility, which is under U.S. sanction due to Moscow's conflict in Ukraine. Meanwhile, its second production train is experiencing production problems.
Ithaca Energy's top investors sold their stake at a discounted price; the shares fell 17%
Ithaca Energy's shares dropped nearly 17% after its two biggest shareholders sold a 3% stake at a discount to raise approximately 106 million pounds (roughly $143.2 million). Peel Hunt, the bookrunner, said that Delek Group of Israel and Eni, an Italian oil and gas exploration company from Italy sold 49.6 millions ordinary shares for 213.75 pence each.
Investors await growth data; consumer and energy sectors drag Australian share prices lower
The Australian share market ended Tuesday with a lower closing price, due to thin trading. This was mainly caused by the consumer and energy sector, where heavyweight constituents were traded ex-dividend. Local traders also remained on the sidelines, waiting for economic growth figures that are expected later this week.
Glencore to cut jobs at South African vanadium and ferrochrome operations
Glencore announced on Monday that it has begun a retrenchment at its Rustenburg joint venture ferrochrome and vanadium operations, as economic pressures continue. According to Glencore's estimates, South Africa has approximately 80% the known world chrome ore reserves. This makes the country a major player in the global ferrochrome industry.
Official: Syria exports its first crude oil shipment for 14 years
A Syrian energy official said that Syria exported 600,000. barrels of heavy oil from Tartus on Monday as part of an agreement with a trading company. This was the first official export of Syrian crude oil in over 14 years. In 2010, Syria exported 380,000 barrels per day of crude oil. This was a year prior to the protests against Bashar Al-Assad…
Nigeria signs contract for deepwater oil with TotalEnergies
Nigeria signed a Production-Sharing Contract (PSC) for two offshore blocks with TotalEnergies, and South Atlantic Petroleum. The contract is part of a new oil framework that aims to increase exploration and attract investors. Nigeria, Africa’s largest oil exporter, seeks to revitalize its…
Sudan closes Heglig Oil Facilities after Drone Attack
According to a letter from the Sudanese government to their South Sudanese neighbor, the Sudan shut down the Heglig Oil Facility following drone attacks that it blamed the paramilitary Rapid Support Forces. Heglig is located along the southern border of Sudan and houses the primary processing facility for South Sudanese crude oil.
TotalEnergies receives new offshore exploration license in Congo Republic
TotalEnergies, a French oil company, said Monday that it had been granted an exploration permit to explore the Nzombo region off the coast of Congo near its existing Moho facilities. TotalEnergies will own a 50% stake in the asset, QatarEnergy a 35% and Congo's National Oil Company SNPC the rest.
Egypt signs $340 million oil and gas exploration deal with global firms
The Petroleum Ministry announced on Saturday that Egypt had signed four agreements worth $340 million with international companies to explore for oil and gas along the Mediterranean and Nile Delta. The state-owned Egyptian Natural Gas Holding Company, or EGAS, has signed a deal that will…
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for the second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending August 29 to 536, the lowest level since August 2021.
Andy Home: A quiet revolution is taking place in the mining industry
If the world wants to move away from fossil fuels, it will need to have a large amount of copper. Can the mining industry meet this demand? The challenges are enormous. The challenges are huge. The mining process has been highly wasteful and polluting in the past. According to a research paper from Germany's Fraunhofer Institute…
Strathcona, a Canadian company, wants to increase its stake in MEG Energy and opposes Cenovus' bid
Strathcona Resources, a Canadian oil and natural gas producer, announced on Thursday that it would buy an additional 5% of rival MEG Energy. It also said that they will vote against Cenovus Energy's acquisition of MEG. Cenovus acquired MEG for C$7.9 Billion ($5.72 Billion) in cash and stock…
Sources: Olmeca is still offline, but Mexico's Minatitlan has been brought back to life.
Sources told Thursday that Mexico's Minatitlan refinery, which produces 285,000 barrels per day, was restarting Thursday. The 340,000 bpd Olmeca was still not running. Sources said that heavy rains caused the power to go out at both Minatitlan, in Veracruz - one of Mexico's older refineries - and Olmeca, in Tabasco - the country's newest refinery.
Russia claims to have extinguished a fire at a large oil refinery following the latest Ukrainian drone attacks
Russia announced on Thursday that an attack by a Ukrainian drone had put out a fire in an oil refinery located in the southern Krasnodar Region. The drone was part of a campaign launched by Kyiv against President Vladimir Putin's most important economic sector. On Russian oil refineries,…
Mitsubishi abandons offshore wind farms in Japan
A senior official in the industry ministry said that Japan wants to re-auction as many offshore wind sites as possible as soon as they can, subject to local community consent. The trading house Mitsubishi Corp announced on Wednesday that it would no longer build wind farms in the prefectures of Akita and Chiba due to rising costs.
Petrobras passes key test for Amazon exploration license
The Brazilian state-owned oil company Petrobras concluded an emergency drill on Wednesday in the Foz do Amazonas Basin, according to the company and Brazil’s environmental agency. This was one of the last steps required to secure the controversial exploration license for the mouth of Amazon river.
Bloomberg News: EQT and NextDecade are in discussions for LNG supply
Bloomberg News reported Wednesday that EQT Corp was in discussions to purchase liquefied gas from NextDecade’s export terminal in Texas. The report was based on people who are familiar with the situation. The report stated that under the terms of a potential deal, EQT will load super-chilled gas from Rio Grande LNG's export facility.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion…
Al Mansour Holdings, Qatar, bets on Zimbabwean energy in a deal with Australia's Invictus
Al Mansour Holdings, a Qatari investment company, has acquired a 19.9% stake of Invictus Energy in Australia and will contribute up to $500m to the development of the Cabora Bassa Gas Project in Zimbabwe. The equity stake acquired for A$37.8m ($24.56m) will be used to fund short-term projects, including drilling the Musuma-1 priority well.
Private equity deals in Japan are set to reach a record-breaking year.
Private equity funds and advisors predict that take-private deals will reach a new record in Japan this year. They expect the total to surpass the $40.3 billion in 2023. This is because companies are under pressure to increase returns for investors. Private equity was once seen as a threat by Japanese companies…
Mitsubishi is considering abandoning offshore wind energy projects in Japan
Mitsubishi Corp announced on Wednesday that it is considering withdrawing from 3 Japanese offshore wind projects. Three wind farms are owned by Mitsubishi-led consortiums in Japan's Chiba Prefecture and Akita Prefecture. The trading house announced in February it was reevaluating how to proceed given the "significantly altered" business climate.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve.
Data shows that Pemex crude exports rose in July, while refinery production dropped.
According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period. Pemex exports and refinery output are closely…
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year.
Kazakhstan continues to fine Kashagan consortium $4.4 billion
A source and an official document indicate that Kazakhstan's regional environmental department has imposed a fine of $4.4 billion on an international consortium working to develop the giant Kashagan oilfield. This is despite a long-running legal battle. The NCOC consortium which includes…
Crescent Energy acquires Vital Energy for $3.1 billion in a shale gas deal
Crescent Energy, a U.S. shale oil producer, announced on Monday that it will acquire Vital Energy for $3.1 billion in stock and debt. The deal shows how some U.S. firms are seeking scale in a period when mergers and purchases in the shale sector slowed down in the second quarter because of volatility in energy and equity markets.
Petrobras begins emergency drill in Foz do Amazonas basin
Two sources familiar with the situation said on Monday that the Brazilian state-owned oil company Petrobras started an emergency drill on Sunday in the Foz do Amazonas area. Petrobras considers the so-called preoperative assessment as the final step in an environmental licensing procedure…
Petronas continues talks with Petros following the adjournment of a court case
Petronas announced on Monday that a Malaysian court had granted an adjournment request from the national energy company Petronas, and the Sarawak State-run Company Petros in a case concerning a dispute regarding gas rights in the province. Petronas announced that the case at the High Court…
Santos extends exclusive offer for ADNOC's $18.7 Billion, but profits decline
Santos, the Australian gas producer, agreed on Monday to extend exclusivity for an 18 billion dollar takeover bid by a group led Abu Dhabi National Oil Co. (ADNOC) and reported a 22% decline in profit that was better than expected. The shares of the company rose 1% at the opening of trading on September 19…
RPT-Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion in an investment project that will produce 60,000 barrels of crude oil per day by the end of 2026. An executive involved directly in the project confirmed this. This…
US Vice President Vance: Russia has made significant concessions to Ukraine peace deal
JD Vance, the U.S. vice president, said that Russia had made "significant concessions," toward a negotiated resolution in its war against Ukraine. He was confident of progress despite the absence of clear signs that the conflict was nearing an ending. Vance, speaking on NBC’s “Meet the Press With Kristen Welker”…
US Vice President Vance: Russia has made significant concessions to Ukraine peace deal
JD Vance, the U.S. vice president, said that Russia had made "significant concessions", towards a negotiated resolution in its war against Ukraine. He was confident that progress was being made even though there were no clear advancements towards the end of the conflict. Vance, speaking on NBC’s “Meet the Press With Kristen Welker”…
Nigeria LNG signs long-term contracts for gas supply
Nigeria LNG Ltd. has signed 20-year contracts for gas supply with NNPC Ltd. and other oil companies to supply 1.29 billion standard cubic feet per day in support of its liquefaction plant expansion plans and to support the company's liquefaction facilities. These agreements, which also include options for extension…
Sources say Crescent Energy is close to a deal with US shale rival Vital Energy
People familiar with the matter reported on Friday that Crescent Energy was in advanced discussions to acquire Vital Energy, a smaller competitor. This would give the energy company a strong position in the Permian basin. Sources said that the terms of the merger could not be revealed, but the transaction could be announced next week.
WaterBridge, backed by Five Points, files for US IPO in a hot listings market
WaterBridge Infrastructure, a midstream water management firm, filed for an initial public offering in the United States on Friday. This highlights the growing momentum of new listings. In recent days, a number of corporate issuers joined the IPO pipeline. This could lead to a September launch.
North Korea claims South Korea fired warning shots at border region
North Korea claimed on Saturday that the South Korean military had fired warning shots in the border region between the two Koreas on Tuesday. It called this a deliberate provocation, according to the state-run media KCNA. North Korea said the South Korean military was increasing their warning broadcasts in the border area.
Putin sees the 'light at the end of tunnel' for Russia-US relations, and cooperation in Arctic Alaska
Vladimir Putin, President of Russia and the United States, said that "light is at the end" of the tunnel in Russia-U.S. Relations and that both countries are discussing joint projects for the Arctic and Alaska. In response to questions from reporters during a tour of a nuclear research center…
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five 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 fourth consecutive week. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by one in the week ending August 22 to 538, the lowest level since mid-July.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number of natural gas and oil rigs for the fourth consecutive week in its widely read report. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 22. This is the lowest level since mid-July.
Indonesia regulator announces that the delivery of 27 BBTUD gas from West Natuna Supply Group will begin
SKK Migas, Indonesia's upstream oil regulator, said that a gas exchange delivery by West Natuna Supply Group of 27 Billion British Thermal Units per Day (BBTUD), which will help maintain domestic industry supplies, began on Friday. SKK Migas announced that the gas will be delivered by Medco…
US Defense Department buys cobalt up to $500 Million
As part of its efforts to increase the supply of critical minerals, the U.S. wants to buy cobalt for up to $500,000,000 to be used in defense stockpiles. After China implemented restrictions on rare earth magnets, companies have scrambled to find them. This led to a drop of 75% in exports in June. Some automakers even suspended production. In March, U.S.
BP's Whiting refinery, Indiana, continues to flare up days after a severe thunderstorm
BP's Whiting refinery, which produces 440,000 barrels per day, has continued to flare up after flooding disrupted operations earlier this week. In a post on social media, the company stated that the facility continues to burn materials to maintain safe operation. They also added that floating…
Glencore targets one million tons of copper production in Argentina by the end of this decade
The CEO of Glencore's Latin American operations said that the company expects to produce one million tons of copper in Argentina in 10 to 15 years. Martin Perez de Solay, Glencore Argentina's CEO, said that Argentina can supply the global market with 2,000,000 tons of copper within 10 years.
Q&A: Auction heats up for Venezuelan refiner Citgo as US court considers bids
After delays, the U.S. auction for Venezuelan-owned U.S. refining company Citgo is heating as bidders increase their offers. This is good news for creditors who are seeking compensation for Venezuelan debt defaults and for a wave nationalizations that occurred under the late Venezuelan president Hugo Chavez.
ConocoPhillips will purchase LNG from Sempra Port Arthur Phase 2 Project
ConocoPhillips, a U.S. oil-and-gas producer, announced on Thursday that it will secure 4 million tonnes of liquefied gas per year from Sempra’s Port Arthur LNG phase 2 project in Texas for key global markets. The commercial activity in the U.S. liquefied gas sector has increased since President…
Norway's DNO resumes Kurdistan oilfield output after drone strikes
DNO, a Norwegian oil company, announced on Thursday that it had restarted production of its Tawke field and Peshkabir field in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone strikes. In morning trading, shares of the company that also increased its dividend payment Thursday surged by 11.6%.
Norway's DNO restarts oil production from Kurdistan after drone attacks
DNO, a Norwegian company, has resumed oil production in its Tawke, and Peshkabir, fields, in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone attacks. Last month, officials from the energy sector said that repeated drone attacks on oilfields around the region reduced crude production…
Orlen's Q2 profits jump as upstream gains and write-downs offset each other
Orlen, a Polish energy company, reported on Thursday a nearly 74% increase in its second quarter profit. A strong performance upstream helped to offset the effects of lower refining and asset writedowns. EBITDA LIFO (core profit adjusted for changes to the value of oil inventories) reached $7.72 billion ($2.12 billion)…
Indiana's BP Refinery restarts following severe flooding
IIR, a monitor of the industry, said that BP's Whiting refinery, which produces 440,000 barrels per day, is in the process to restart after flooding disrupted operations earlier in the week. The units will take several days for them to ramp up, IIR added. IIR stated that the facility will be running at full capacity by early next week.
BP confirms Whiting refinery operations have been affected by flooding
BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight. BP has not said which units of the refinery were affected and if production was affected. A source cited by industry monitor IIR…
US oil and gas M&A tripled in the last year, according to a report
A report released on Monday shows that mergers and acquisitions within the U.S. Oil and Gas sector tripled in 2013 despite lower commodity prices. This was due to energy companies increasing spending to increase efficiency and profits. The sudden increase in dealmaking is a sign of a strategic…
Sources say that Raisa Energy is selling US oil and gas assets worth $1.5 billion, according to sources.
People familiar with the matter say that Raisa Energy, a private investment firm, is selling an oil and gas package across several U.S. Shale basins. The package could fetch up to $1.5 billion. These sources, who asked not to be identified because the process was confidential, said that the…
Prio shares drop as Brazilian oil regulator halts a key unit
Brazilian oil company Prio announced on Monday that the local regulator ANP ordered a production halt for the Peregrino FPSO. The regulator cited the need to improve risk management documentation as well as adjustments to the deluge system of the unit. Shares of the independent oil producer fell as a result.
Exxon to return to Sakhalin-1 after Russia's decree
The Russian President Vladimir Putin signed on Friday a decree which could allow foreign investors to recover shares in the Sakhalin-1 project, including Exxon Mobil. The decree was signed on the same day that Donald Trump and Russian President Vladimir Putin met in Alaska. At the summit…
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. energy companies this week kept the number of oil rigs and natural gas rigs at a constant level. The number of oil and gas drilling rigs, which is a good indicator of future production, was 539 during the week ending August 15.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. firms held steady this week on the number of natural gas and oil rigs. The oil and natural gas rig count - an early indicator of future production - remained at 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412…
FTSE 100 closes at record high as financial and defence stocks surge
The FTSE 100 closed at a record high in Britain on Thursday. Gains in the financial and defence sectors fueled this, as investors assessed important economic data. The blue-chip index rose for the fourth day in a row, gaining 0.1%. The midcap index fell 0.2%. Investors have responded positively to UK GDP second-quarter figures.
Sheinbaum, Mexico's Sheinbaum, says that former Pemex CEO was arrested in the US and will be deported
Claudia Sheinbaum, President of the United States, announced on Thursday that Carlos Trevino - former CEO and president of Pemex - had been arrested by US authorities in order to be extradited back to Mexico, where he will face corruption charges. It's been five years since the extradition request was made. He will be deported within the next few days.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand.
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies…
Kremlin: Putin and Trump will discuss the 'huge potential' of economic growth as well as the war in Ukraine.
Yuri Ushakov, a Kremlin aide, said that Donald Trump and Vladimir Putin will discuss Friday in Alaska the "huge potential" of Russia-U.S. business ties and the prospects for ending Ukraine's war. Ushakov informed reporters that the summit will begin at 1930 GMT with the two leaders seated one-on-one and accompanied by only translators.
South African court cancels TotalEnergies' oil exploration permit
The court's decision, which was seen by, showed that a South African court had revoked the environmental authorization granted to TotalEnergies for its joint venture with Shell to explore oil in a block near the Cape Coast. The court did say that TotalEnergies was given the chance to correct the deficiencies found…
Norway Oil Industry Investment to Peak in 2025: Survey
A survey by the Statistics Office of Norwegian industry participants showed that oil and gas investment in Norway is expected to peak this coming year and then start decreasing next year. Major projects will be completed. Norway produces around 2% of the world's oil and is now Europe's leading…
Petrobras Simulation for Foz do Amazonas Drilling License scheduled for late August
Ibama, the Brazilian environmental agency and Petrobras, the state-run oil firm in Brazil's Foz do Amazonas Region have planned a disaster simulation for the week beginning August 24. Pre-operational assessment is the final step before Ibama decides whether or not to grant Petrobras the long-sought license for drilling in the region.
Andy Home: Zinc market ignores low LME stock as a false signal
Zinc stocks at the London Metal Exchange (LME), have fallen for seven consecutive months. The remaining zinc stocks would only cover one day of global consumption. No one has told the market that zinc is in real danger of being scarce. Zinc underperformed all the other base metals on the LME this year…
Gulf Keystone oilfield in Iraqi Kurdistan resumes production following drone attack
Gulf Keystone Petroleum said that it has resumed oil production at the Shaikan field in Iraq's semiautonomous Kurdistan Region, which had been halted by drone attacks last month. Last month, officials from the energy sector said that repeated drone attacks on oilfields across the region reduced crude production…
Colombia's Ecopetrol reports a 46% drop in profit as oil prices fall
Ecopetrol, Colombia's state-owned oil company, reported a 46% drop in its net profits for the second quarter 2025. This was due to lower oil prices globally, which impacted sales. Production also decreased. The company reported a net profit of 1.81 trillion pesos ($450 million) for the three-month period ending June…
Venture Global wins arbitration against Shell for LNG cargoes contracted
Venture Global, a U.S. LNG company, announced on Tuesday that it had won a court battle against Shell for failing to deliver liquefied gas under long-term agreements starting in 2023. Shell, BP and Edison filed arbitration claims in 2023 accusing Venture Global that it was profiting off the sale of LNG at the spot market…
Oil India, the state-owned oil company, has seen its profit fall as fuel prices drop
Oil India, a state-owned explorer, reported a sharp fall in its first-quarter profits on Tuesday. This was due to lower oil prices and a sluggish demand, but the company still fell short of analyst expectations. The sharp drop in oil prices could not compensate for the increased fuel demand, primarily due to gasoline and aviation fuel.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending August 8 to 539. Baker Hughes reported that oil rigs increased by one this week to 411…
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company in the United States, said that U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 8th. Baker Hughes reported that oil rigs increased by one this week to 411…
Norway prepares its first major licensing round for oil and gas in years
Norway's Energy Minister said Friday that he was preparing to launch a round of oil and gas licenses on the Norwegian continental shelf. This will be the first new offer of drilling permits for frontier areas which have not been explored since 2021. In a statement, Labour Party Minister Terje…
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27…
Amazon rainforest is threatened by the axing of ministries, say indigenous Ecuadorians
Noboa announced that in July, more than a half dozen ministries would be combined. The number of ministries will drop from 20 to 14. This is an effort to reduce public spending. The Ministry of Women and Human Rights has also been folded into the Ministry of Government. Approximately 5,000 employees were laid off.
Inpex Japan increases its annual profit forecast due to strong Ichthys Liquefied Gas production
Inpex, Japan's largest oil and gas exploration company, raised its net profit forecast for the year by 23% on Friday, citing higher oil prices, stronger yen and strong production at its Ichthys project, which is Australia's key liquefied gas project. The company expects a profit of 370 billion yen (about $2 billion) in 2025.
Pemex plan disappointed suppliers who are awaiting billions of dollars in unpaid payments
The head of a Mexican association that represents global oilfield services firms said on Thursday, that the new business plan for Pemex, despite promises to accelerate payments to suppliers, lacks any concrete measures. Rafael Espino is the president of AMESPAC. He said that during a meeting on Tuesday with officials of the energy and finance ministries…
