ConocoPhillips considers selling its Norwegian business and UK Teesside assets
ConocoPhillips, a US oil and natural gas producer, said that it is considering a possible sale of its Norway operations and the Teesside assets in the UK after receiving an unsolicited bid. The company didn't disclose the identity or financial details of the buyer. ConocoPhillips stated that…
Glencore receives approval for the extension of Hunter Valley coal mining operations in Australia
Glencore won approval on Wednesday to continue operating its Hunter Valley thermal coal project in Australia until 2045 after a state government determined that the economic benefits outweighed any environmental impact. Environmentalists criticized the decision, saying it would worsen the pollution and make Australia harder to reach its emission targets.
Qatar's UCC is in talks with Venezuelan oil and gas companies about possible entry into their areas, says executive
Erik Keskula said that the head of Upstream for UCC Oil and Gas Holding, a Qatari producer, is currently in negotiations to enter new fields in Venezuela. UCC, British BP and XRG - a 'unit' of United Arab Emirates state company ADNOC - were granted a license for the development of the 'Loran' gas project…
Brazil's Petrobras could include Colombia gas project into 2027-2031 plan.
Petrobras, Brazil's state oil company, may include the Sirius offshore gas project in Colombia as part of its production curve that will be revealed later this year in the 2027-2031 Business Plan. She said that Petrobras had'made progress towards obtaining the licence,' but still needed to 'conclude consultations with local community members.
Shell and Trinidad's NGC have agreed on Aphrodite supply terms, clearing the way for the project
Shell, a British energy company, and Trinidad and Tobago’s National Gas Company (NGC) have reached an agreement on terms for natural gas supply from Shell’s Aphrodite Field, ending the pricing dispute that had delayed this project. NGC Chairman Gerald Ramdeen said Wednesday. Ramdeen stated…
Argentina accuses UN ignoring the rising tensions in Falkland Islands
Argentina's president Javier Milei criticized Wednesday the United Nations for "looking the other way" during escalating tensions between Britain and Argentina over oil exploration in and around?the Falkland Island, a British overseas territory that is largely self-governing. Argentina has long denied British sovereignty.
US judge dismisses Michigan climate lawsuit against oil companies
The US court dismissed a?antitrust suit in which Michigan accused the four major oil companies of colluding to?prevent competition in renewable energy, including electric cars, on Tuesday. This decision was in line with previous rulings in similar situations. US District Judge Jane Beckering…
Argentina's Milei speaks to the UN as tensions over Falkland Islands rise
Argentine President Javier Milei will speak to world leaders on Wednesday at the United Nations General Assembly, amid escalating tensions between Argentina and Britain over oil exploration around the Falkland Island. The Falkland Islands are a British overseas territory that is largely self-governing. Argentina has long denied its sovereignty.
US judge dismisses Michigan climate lawsuit against oil companies
A US judge dismissed on Tuesday an antitrust suit in which Michigan accused four major oil firms of colluding to forestall competition in renewable energy, such as 'electric vehicles. This decision was in line with previous rulings in similar lawsuits. US District Judge Jane Beckering, in Grand Rapids…
Nth Cycle signs $1 billion mineral offtake agreement with Glencore before public listing
Nth Cycle, a US metals refinery startup, has signed an offtake agreement worth $1 billion with Glencore. The deal is to supply the commodities giant with minerals such as lithium and other essential minerals extracted from used batteries. The US battery recycling industry is awash with deals for 10 years…
Three chemical plants to be closed by Ineos due to high energy costs
Ineos, the company owned by Jim Ratcliffe, announced on Tuesday that it was halting production at three chemical plants located in Hull. The reason given for this decision is because of the high European gas prices, which have made production too expensive. Since the energy crisis caused by the Russian invasion of Ukraine…
Sources: Rodriguez will lead a Venezuelan delegation to the US to discuss energy and debt.
Two sources familiar with the preparations say that a Venezuelan delegation headed by interim president?Delcy Rod will be attending the United Nations General Assembly in New York this week. The delegation plans to discuss energy, mining and debt issues with counterparts in the US. According to sources…
Court rules that Glencore can sue refinery for $236 million in the UK
The London High Court ruled that commodities trader Glencore could sue the now insolvent Prax’s Lindsey Refinery for around $236 millions worth of crude oil they supplied before the collapse of the firm. The London-listed ?firm is seeking to recoup ?losses after last year's demise of ?Prax ?Lindsey Oil Refinery Limited…
The Iranian war has prompted LNG buyers and suppliers to seek greater diversity in their supply.
As the US-Israeli war against Iran reduces Gulf shipments, LNG buyers are looking for 'alternatives' to the fuel. These suppliers range from West Africa to Indonesia. During last week's Gastech Conference, industry executives and officials said that while Asian governments are looking to lock in LNG sellers who have access to different sources…
TotalEnergies offshore project in Suriname to start production in mid-2028
Annand Jagesar of the state-run Staatsolie said that the French energy company TotalEnergies, along with its partners, are on track to launch the project's output in mid-2028. He was speaking during a visit to the site to monitor the progress. Jagesar said, "Together we are not just developing an energy project…
Baker Hughes reports that US energy companies added rigs in the second week at their highest level since May 2024.
Baker Hughes, a provider of energy services, said in its Friday report that US energy companies added rigs this week for the second week in a row for the first since July. The total number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending September 18 to 595, its highest level since May 2024.
Warren Buffett’s path to investing glory
Warren Buffett is retiring as chairman of Berkshire Hathaway, the legendary investor and former CEO. This marks the end of his executive duties with the company he helped turn into one of the largest conglomerates in the world. Buffett will be appointed chairman emeritus. This is an honorary title which does not include any decision-making responsibility.
Minister says Senegal should lower its electricity rates due to gas production
Senegal's energy ministry said that the country plans to use more natural gas produced domestically to lower electricity costs. This will reduce its dependency on imported fuels, whose prices rose sharply in this year. Senegal has seen its exports and economic growth increase since the expansion of oil and gas production.
Sources: US shale producer HighPeak Energy is exploring a sale
Three people with knowledge of the situation said that HighPeak Energy is exploring the possibility of selling after receiving interest from an acquisition company. The U.S. oil exploration and production firm focused on the Permian basin weighs its options. Sources say that the Fort Worth…
Radiant World's lawsuit against Jefferies-linked fund claims it only has $10,000 in cash
Radiant World, a trader in iron ore, may only have $10,000?in cash despite its financial statements referring to?cash amounts of more than 200 million dollars, according to lawyers representing a Jefferies fund that is suing Radiant for an alleged fraud. LAM Trade Finance Group II, a company in which US bank Jefferies holds a minor stake…
Radiant World fund linked to Jefferies says it may only have $10,000 in cash
Radiant World, a trader in iron ore, may only have $10,000 cash on hand despite its most recent financial statements showing a cash balance of more than $200 million. This was revealed by lawyers representing a fund linked to Jefferies who are suing the company over an alleged fraud. LAM Trade Finance Group II, in which U.S.
Milei introduces bill to increase sanctions against Falklands activity
Argentina's government presented a bill to crack down on companies operating in the Falkland Island, which could escalate tensions between Argentina and the United Kingdom. Last week, the Argentinian government announced that it had begun sanctions against 60 companies and individuals involved in offshore oil exploration around these islands.
Sources say that the Mexican president has reprimanded top officials for decreasing Pemex production this summer.
Sources say that President Claudia Sheinbaum, a former energy minister who spent months praising Mexico's "energy sovereignty" by increasing domestic fuel production, reacted this summer to the declining output of state oil company Pemex. Sheinbaum confronted her top energy and finance officials in a tense meeting at the National Palace on July 30.
Sources say Exxon is in advanced talks about returning to Venezuela's Orinoco Belt.
ExxonMobil has been in talks to return to Venezuela. The US energy giant is interested in the huge Petromonagas project, which was previously a part of the Orinoco Belt. It also showed interest in certain areas in the Carabobo Block. If finalized, a re-entry by Exxon into Venezuela would be a stunning?reversal?
Libyan oil production has returned to normal following a brief shutdown of fields, NOC Chief says
Massoud Suleman, Chairman of the National Oil Corporation (NOC), said on Wednesday that Libyan oil production has returned to normal following a brief protest on Tuesday by'security personnel who closed down three oilfields. Suleman stated that he doesn't expect any further shutdowns. The 'Petroleum Facilities Guard' (PFG)…
Energy secretary: US energy company to announce Venezuelan investment
U.S. energy secretary Chris Wright said that a U.S. oil producer would?announce a'major investment 'into Venezuela on Wednesday. Foreign oil producers are moving joint ventures and sharing production contracts to Venezuela as part a sweeping energy reform. Meanwhile, new entrants – mostly U.S.
Can2 Termik unit to develop $400 million oil project in Venezuela
Florida-headquartered Denarius Holding Group, whose ?main shareholder is Turkey's energy ?firm Can2 Termik, has reached a ?20-year agreement to operate ?the Cema ?oilfield ?in Venezuela under a $400 million project, the company said in a release on Wednesday. As part of a sweeping?energy reform…
East Timor to build second LNG plant
Minister of Petroleum and Mineral Resources Francisco da Costa Monteiro said that East Timor plans to build a second "liquefied natural" gas plant along its southern coast. The plant will use leftover gas from Bayu-Undan, Chuditch and other fields. The company hopes to feed the 5 million…
Radiant World sues Glencore for $2 billion
The Iron Ore Trader Radiant World Corp, along with related companies, has filed a lawsuit in Singapore's High Court against the commodities giant Glencore, claiming damages of more than 2 billion dollars for fraud, breach and conspiracy. According to a copy of the lawsuit, filed on Tuesday by Glencore and seen by…