Eni and Petronas establish joint gas venture in Southeast Asia
After signing an agreement for investment in November, Eni of Italy and Petronas of Malaysia have created a joint venture that combines energy businesses throughout Indonesia and Malaysia. This move is part Eni's "satellite strategy" to separate specific assets and develop them independently with the assistance of a partner.
The US allows MOL, the Hungarian oil company, more time to negotiate with NIS, the Serbian oil company.
The?U.S. has?granted more time to Hungary's largest oil-and-gas company, MOL MOLB.BU. MOL announced late Saturday that the government will 'negotiate' the?purchase of a majority share in Serbian NIS NIIS.BEL. This oil company is controlled by Russia. The deal involves the purchase of a?56.16 % stake in?NIS held by Gazprom (SIBN.MM), based in Russia.
US Energy Secretary says that lower gas prices will eventually lead to a resolution with Iran
Chris Wright, the U.S. Energy Secretary, said Friday that to lower?pump price it will take a solution with Iran in order to get more oil flowing through the Strait of Hormuz. Wright made his 'comments' during an appearance at Sable Offshore, a new oil and gas facility in California near Santa Barbara.
The response to the auction of oil drilling rights at Alaska Wildlife Refuge is tepid
Officials from the U.S. Department?of the?Interior said that only $3.7million was bid for five parcels of land in Friday's auction by Trump's administration. The auction included 58 tracts on 689,000 acres (278.828 hectares), in a wildlife refuge known for its pristine habitat, which is home to species such as polar bears…
Baker Hughes reports that US energy companies have added rigs to their fleets for the seventh consecutive week.
Baker Hughes, a leading energy services firm, said in its closely watched report published on Friday that U.S. firms added rigs this week for the seventh week 'in a row' for the first since May 202. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending June 5. It is now at its highest level since May 2025.
Trump Administration to auction off oil drilling rights in Alaska Wildlife Refuge
The Trump Administration will sell oil and gas leases in Alaska's Arctic National Wildlife Refuge on Friday. This is a "remote, pristine habitat" for polar bears, caribou, and migratory bird species. The auction is a test of the industry's appetite for drilling in Alaska. It is a high-risk…
Minister says that the new US tariff exemptions will stimulate growth in Indonesia.
Indonesia's chief economist said on Friday that a 10% additional 'duty' imposed by the United States could stimulate economic growth, along with exemptions expected 'for certain 'key products. Washington announced this week that the U.S. trade representative has proposed tariffs up to 12.5% for imports from 60 different countries…
Norway oil companies and unions reach wage agreement, averting a strike
Negotiators from both sides said that the Norwegian oil companies had agreed to a wage deal with three unions. This agreement prevented any strike action which could have disrupted production. The industry estimates that the strike would have reduced production by an initial 45.500 barrels equivalent per day.
Putin's envoy: Russia-US talks about energy and economy will continue
Dmitriev claims to have spoken with US counterparts June 3. * US says it understands that extending sanctions waivers for Russian oil is good for the markets (Adds Dmitriev quotations, details). ST. PETERSBURG (Russia), June 4, 2014 - The?Russian-U.S. economic and energy talks continue despite the pause in?Ukraine's peace negotiations.
Mercuria to acquire Argentina downstream business from Raizen for $1.42 Billion
Brazilian sugar and ethanol producer Raizen announced on Thursday that its'subsidiary Raizen Energia' had 'agreed? to sell its downstream operations?in Argentina to Mercuria Energy Group?for $1.42 billion. In a filing with the Securities and Exchange Commission, Raizen stated that the transaction value consisted of a cash payment due at the closing…
Chile's Codelco copper giant names Jorge Gomez as new CEO
On Wednesday, Chile's state copper giant Codelco announced Jorge Gomez to be its new CEO as the company continues?to deal with fallout from a saga over inflated production figures. Codelco filed a document with the CMF, Chile's financial regulator, to confirm that Gomez would take over as CEO on July 13, citing sources.
Sources claim that Jorge Gomez will be named as the new CEO of Chile's Codelco.
Sources with knowledge of the situation have confirmed that Codelco, the embattled Chilean state copper giant, is set to appoint Jorge Gomez as its new CEO this Wednesday. The 'company will continue to deal with the fallout from a scandal over inflated production numbers. Gomez has been the head of one of the largest copper mines in the world…
Sources claim that Jorge Gomez will be named as the new CEO of Chile's Codelco.
Sources with knowledge of the situation said that Codelco, Chile's state copper giant, is set to appoint Jorge Gomez to its new CEO position on Wednesday as it continues to deal fallout from a scandal involving inflated production numbers. Gomez, who has been the CEO of 'the Collahuasi Copper Mine…
TotalEnergies is silent about the Russian decision approving the sale of Arctic LNG 2 stake
According to a Wednesday decree, Russian President Vladimir Putin approved the sale by TotalEnergies of a 10% share in the sanctioned Arctic LNG 2 Project to Nordline LLC. TotalEnergies has declined to comment on the sale and made no statement about it, unlike in previous divestments. The decree mentions two Russian registered entities called Nordline LLC.
Serbian Energy Minister: Hungary's MOL wants to extend the finalisation of talks to purchase Serbia's NIS
MOL, Hungary's biggest oil and gas company, asked the U.S. for an extension of one month to finish talks with Serbia's NIS. NIS is a?oil?company controlled by Russia. MOL has requested a one-month extension to complete negotiations with Russia's Gazprom neft regarding its purchase of a majority stake in NIS.
Energean Angola expansion on hold after Etu preemption
Energean announced 'on Wednesday that its $260m deal to 'buy Chevron offshore assets in Angola is a limbo, after Etu acted to match the offer. This has complicated its efforts to expand its business beyond its Eastern Mediterranean gas core. Energean announced its $260 million contract in March.
FT reports that BP has held discussions to sell North Sea assets for PS2 billion to Ithaca.
The Financial Times reported that BP had advanced 'talks' to sell its UK North Sea assets to Ithaca _Energy _in a??deal worth $2.69 billion, citing sources familiar with the situation. The report stated that despite the failure of the recent talks, BP is still exploring its options and could pursue a 'deal' with another competitor.
The union at Colombia's Ecopetrol has launched a 24-hour strike in protest of labor negotiations
The Colombian state-owned oil company Ecopetrol's main union launched a 24-hour strike on?Tuesday, protesting what it called a deadlock? in negotiations for a new collective negotiating agreement. Martin Ravelo, USO union President, said that the stoppage began at 0500 local (1000 GMT) time.
US states sue Trump Administration and TotalEnergies for offshore wind cancellation
Seven U.S. States led by New York filed a lawsuit against the Trump administration on Tuesday for?cancelling an offshore wind lease near New York's coast. The lawsuit filed in Washington, D.C., challenges the March 23 decision of the U.S. Dept. of the Interior to cancel the lease of a subsidiary company of France's TotalEnergies…
Japan's Nikkei falls from its record high as the market gauges fragile Mideast Peace Talks
Investors cautiously weighed the Middle East peace talks and broader geopolitical uncertainties, while Japan's Nikkei stock average fell?on Tuesday? from its record high reached?in a previous session. The?index? recovered some of its initial losses, as memory-chip maker Kioxia reversed direction…
Japan's Nikkei falls from record high as traders gauge fragile Mideast Peace Talks
Investors cautiously assessed Middle East Peace Talks, and broader geopolitical uncertainty weighed on risk appetite. As of 0146 GMT the Nikkei was down 1.46% to 65,991.21 while the Topix fell 1.18% at 3,894.29. The Nikkei reached a new record high of 67231.28 and a closing record of 66934.33…
Australian unions strike against Inpex Ichthys LNG plants
The Offshore Alliance union in Australia announced on Tuesday that all three Inpex Ichthys facilities for liquefied gas had begun a strike. The ?Offshore Alliance, comprising the ?Maritime Union ?of Australia and the Australian Workers' Union, said the action was taken after Fair Work Commission…
Australian union declares protected industrial action at all three Inpex Liquefied natural gas facilities
In a Facebook post published on Tuesday, the 'Australian Offshore Alliance' union announced that 'protected industrial action' has begun at 'all three' of Inpex's Ichthys liquefied gas facilities located in Australia. The Offshore Alliance, comprising the Maritime Union of Australia, the Australian Workers' Union and the ETU…
Amanda Blanc, an independent director, is tasked by BP to head the search for the next chairman.
Ian 'Tyler, the BP interim chair said that BP had asked Amanda Blanc, a senior independent -director to lead the scouting for the next chairman. Tyler stated that "as with previous searches, this will be an intense process involving all members of the Board. The Financial Times was the first to report this news.
WSJ reports that BP's ousted Chairman Manifold had a clash with the director over deal negotiations.
The Wall Street Journal, citing sources familiar with the situation, reported that BP's formerly ousted chairman Albert Manifold had a disagreement with a fellow director, Simon Henry, earlier this year, over the handling of sensitive discussions related to a possible deal. BP dismissed?Manifold…
Data shows that Russian LNG exports rose 11.5% from January to May.
The preliminary LSEG data on Monday showed that Russia's exports grew by?11.5% from January to May compared to a year ago, reaching 14.5 million metric tonnes. This was due to a strengthening of supplies from the Arctic LNG 2 Project. Total Russian LNG exports jumped by 23% in May compared to a year earlier, reaching 3.12 million tonnes.
BP Gas and Low Carbon Chief William Lin to depart -memo confirmed as true by spokesperson
William Lin, BP's head of low-carbon gas and business, is preparing to leave as the oil giant reorganises. A BP spokesperson confirmed this after a Monday internal message was sent to thank Lin for his'services. BP CEO Meg O'Neill who was appointed in April told BP staff last month that a…
BP begins commercial production of non-associated gas at Azerbaijan’s ACG field
British ?energy major BP said on Monday ?commercial production of non-associated gas ?has begun at the ?energy-rich Azeri-Chirag-Gunashli (ACG) ?field ?off the coast of Azerbaijan. Non-associated natural gas is gas that comes from wells where there is no crude oil. It's produced independently, rather than as a byproduct.
Glencore South Africa's smelter cancels job cuts planned after electricity deal
Glencore's South African ferrochrome smelting division announced on Monday that it had cancelled plans to lay off up to 1,500 employees after the country's energy regulatory agency 'approved discounted electricity costs for the sector. South African smelters face rising electricity costs due to the growing competition of Chinese producers.
BP sells 5% of the Australian Browse LNG Project to South Korea’s GS Energy
GS Energy, a South Korean company, has agreed to buy 5% of BP's stake in Browse - a liquefied gas project in Western Australia. The deal leaves BP with a stake of 39.33% in the Woodside project. This project is estimated to cost A$48.7billion ($34.96billion) and aims to develop Australia’s largest untapped 'gas resource.
Norway Oil Sector Workers Threaten Strike from June 5,
Labour union data revealed that nearly eight percent of Norwegian offshore oil and gas workers intend to strike if the state-brokered wage mediators fail. It wasn't immediately clear whether a strike could affect Norway's oil production. According to the government appointed mediator's office…
Wildfire Season Returns to Canada's Oil Sands
Wildfire season is back in Canada's oil sands area, with seven active fires on Sunday. This poses a risk to communities, workers and investors. Canada is the fourth largest oil producer in the world, with the majority of its production concentrated in the boreal forest of northern Alberta.
The tiny Guyana is poised to gain big gains from Iran oil and growth strains
The U.S. and Israeli war against Iran had already pushed up oil prices, but the tiny Caribbean nation of nearly 1 million people will now reap an even bigger bonanza as the conflict reshapes global energy markets. The tiny Caribbean nation of nearly 1,000,000 people is now set to reap even more benefits as the war reshapes the global energy markets.
Baker Hughes reports that US drillers have added oil and natural gas rigs to their fleet for the sixth consecutive week.
Energy services firm Baker Hughes said that U.S. energy firms added oil and gas rigs in the United States for a sixth consecutive week. This is the first time since May '2022. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending May 29 to 562, its highest level since May 2025.
Export surge and record-low U.S. shale oil backlog slow production gains
U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move ?quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war ?on Iran.
Bloomberg News reports that Mitsui is looking to invest in LNG to meet the power needs of data centers.
Bloomberg News reported on Thursday that the CEO of Mitsui, Kenichi Hori, is looking to invest in LNG projects across the Middle East, U.S.A., and Australia to meet the rising demand for power from data centers. Hori, a Bloomberg News reporter, said that the company would consider securing equity stakes in gas and LNG companies or signing supply agreements.
Bloomberg News reports that Mitsui is looking to invest in LNG to meet the power needs of data centers.
Bloomberg News reported on Thursday that the CEO of Japanese trading house Mitsui was looking to invest in LNG projects in the Middle East, Australia, and even the U.S. to meet data center power demand. Hori, a Bloomberg News reporter, said that the company would consider taking equity stakes in or securing agreements with LNG and gas chemical firms.
Sources say that the ousted BP chair met with activist shareholder Elliott, without knowing other directors directly.
Two sources familiar with the situation said that former BP chairman Albert Manifold had met with activist shareholder Elliott Management while he was on the board, without telling his fellow members. Manifold was fired by BP this week, after?less that eight months as Chairman. This sent…
Suriname's Block 52 could become commercial for oil in 18 months, Staatsolie says
The managing director of Staatsolie, the state-owned oil and gas company in Malaysia, said that Petronas was exploring for oil in offshore 'Block 52' in Suriname. This area had been declared "commercially viable" for the development of a natural gas field late last year after large discoveries were made in the region.
Premier says Australia's largest LNG producer is confident that export restrictions will not harm the state.
Roger Cook, the premier of Western Australia, said that Madeleine King had "assured him" on Wednesday that a new federal policy reserving 20 percent of gas output for domestic use would not harm his large 'LNG' industry. He said that Maddie King was a good friend and my local member. We've discussed this extensively…
AustralianSuper: A Glencore listing at ASX could be positive
AustralianSuper, a pension fund, said on Wednesday that if Glencore decided to list its shares on the Australian Securities Exchange it would be a "positive" move for the bourse as well as the Swiss-based commodities trader. Luke Smith, portfolio manager at AustralianSuper, said that listing…
BlackRock sees merit in large scale mining M&A
BlackRock will support consolidation of large mining companies because it would make the sector more accessible to generalist investors at a scale which would make it easier for them to take on "large" and complex projects required to create new supply. Speaking at the Australian Financial Review conference (AFR)…
Nordic investors ask EU to maintain its stance on Arctic drilling ban amid energy crises
Investors and financial institutions have urged the European Union to maintain its opposition to any new Arctic oil & gas drilling as it considers re-evaluating its position to prioritize energy security. Investors are concerned that the U.S./Israeli war against Iran, which triggered the current energy crisis…
BlackRock sees merit in large scale mining M&A
BlackRock will support consolidation among large mining companies because it would 'open the sector to generalists investors? at a scale which would make it easier for?bring large and complex projects required?for a new supply?, said a on Wednesday. Speaking at the Australian Financial Review conference (AFR)…
Mexican billionaire Slim says that Pemex's Lakach project, which has been indefinitely stalled, is irrational
Carlos Slim, a Mexican billionaire, said that the deepwater 'natural gas' project that his company?GrupoCarso has agreed to develop? with the state-run oil firm Pemex was "irrational," which raises questions about the future project. Pemex twice abandoned the Lakach project in the Gulf of Mexico before signing an agreement in 2024 with GrupoCarso.
Sources say that Trinidad's Atlantic LNG has shut down its processing unit to perform maintenance.
Gerald Ramdeen, the Chairman of the National Gas Company of Trinidad and Tobago (NGC) and two other people familiar with the operation, said that the flagship?LNG?facility of Trinidad and Tobago shut down its Train 4 processing unit for planned maintenance on Tuesday. Sources said that the…
Sources say that Occidental has taken 10% of the Exxon deepwater offshore Trinidad block.
Occidental Petroleum has acquired a 10% stake in Exxon Mobil’s 'deepwater exploration' block offshore Trinidad and Tobago. This is according to two sources familiar with the situation. Exxon had been the sole owner of UD(1), a large offshore block located in water depths between 2,000 and 3,000 meters. The first acquisition of this block was in August 2025.
BP ousts Chairman Albert Manifold, citing unnamed Governance Issues
BP announced on Tuesday that it had removed Albert Manifold as its Chair 'with immediate effect'. The company cited governance and conduct concerns, just months after he was appointed to oversee a new strategy. BP launched a plan to switch the focus from renewable energy to fossil fuels in February '2025.
UN special rapporteur can join case against Woodside LNG plant extension, Australian court rules
The Federal Court of Australia ruled that a U.N. Special Reporter can submit submissions to a case challenging the government’s decision to extend Woodside Energy’s North West Shelf LNG Facility for 40 years. The Australian Conservation Foundation has?brought a case against the Environment…
Santos, Australia's largest LNG producer, aims to reduce its net debt by $2.5billion and focus on the production of LNG
Santos, Australia's second largest oil and gas company, said that it aims to reduce its net debt by $2.5billion?by 2030?and focus on?its?investment?in major oil and LNG production in regions with Tier-1 basins. The company claimed that the net debt reduction targeted by the company would reduce annual interest by approximately $150 million.
The draft Australian LNG policy is a source of anger for the industry
The Australian government released on Monday a draft version of its rules for the export of liquefied gas for consultation. It was aiming to clarify its 20% domestic reservation rule, but instead received criticism for its opacity. The Domestic Supply Obligation rule (DSO) will be in effect from July 2027.
BP Whiting Refinery revises its proposal to the union in ongoing negotiations
BP announced that its Whiting refinery had returned 'to the bargaining table' with the United Steelworkers - Local 7-1 negotiating committee on Friday and presented a revised proposal to bring the parties closer together. In response to union concerns, the company said that it has withdrawn…
MOL, Hungary's largest oil company, gets an extension from the U.S. for its talks to purchase Serbia's NIS
Serbia's energy ministry said that MOL, Hungary's largest oil and gas company, had received a two-week delay from the U.S. government to finish talks on buying a majority stake of Serbia's NIS, an oil company controlled by Russia. Dubravka Djedovic Handanovic, in an Instagram post, said that…
U.S. oil companies in North Dakota are cautious about drilling despite rising prices
?U.S. Oil operators in North Dakota are cautious about increasing?drilling? despite the sharp rise in oil price caused by the Iran War. They want to know if the higher prices will last for long enough to justify the new investment. Mark Bohrer is the assistant director for the Oil and Gas Division of the State's Industrial Commission.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, an energy services firm, said in its widely-read report published on Friday that U.S. firms added oil and gas rigs this week for the 'fifth consecutive week' for the 'first time since February 2025. The number of oil and gas drilling rigs, a good indicator of future production…
As the end of the oil era looms closer, a presidential adviser said that UAE has left OPEC and is pumping more.
A senior advisor to the president stated that the UAE's decision to leave OPEC took three years to make and is based on the belief that the world has entered the "autumnal age of hydrocarbons", which means the country must maximize oil revenues as soon as possible. On May 1, the UAE ended…
The UAE was considering leaving OPEC in three years' time, a presidential advisor has said
A senior advisor to the president revealed that the UAE made the decision to leave OPEC three years ago. The country believes the world is approaching the "autumnal hydrocarbon age", and therefore needs to maximize oil revenues as soon as possible. On?May 1, the UAE ceased its membership…
Sources say that despite the disruption caused by Hormuz, OPEC+ leaders are expected to increase their July oil production target.
Four sources have said that seven of the top OPEC+ oil producing?countries are likely to agree?to a'modest increase in July production when they meet June 7th, despite the fact that delivery is still disrupted for many due to Iran's war. Sources said that the monthly target set by seven core OPEC+ member countries is expected to increase by 188…
Devon buys prime Delaware Basin land for $2.6 billion following Coterra merger
Shale producer Devon Energy announced on Thursday that it had acquired 16,300 acres of 'net undeveloped land' in the Delaware Basin, New Mexico. The acquisition was made through a federal leasing program and cost $2.6 billion. This strengthened Devon Energy’s position in the United States’ top shale basin.
Aiyengar, a JPMorgan analyst, sees global companies turning to China in the face of volatility
Anu 'Aiyengar, JPMorgan Global Chair of Investment Banking, said that global companies are more eager to partner with innovative Chinese companies as rising economic and geopolitical risk fuels a dealmaking explosion. Dealmakers will have another record-breaking year in 2026, as CEOs are…
Afentra plans to drill exploration wells in Angola before 2027
Afentra's CEO announced on Thursday that the company is pursuing onshore and offshore exploration to increase production in Angola. Afentra CEO Paul McDade stated that the high crude oil prices caused by the Iran War and the disruption of crude exports through the Strait of Hormuz have helped to underpin Afentra’s strategy in Angola.
Aiyengar, a JPMorgan analyst, believes that global firms are turning to China as a refuge amid global volatility.
Anu Aiyengar, JPMorgan’s Global Chair of Investment Banking, said that global?companies were increasingly keen to partner with innovative Chinese companies as rising economic and geopolitical risks fuelled a dealmaking boom. Dealmakers will have another record-breaking year in 2026, as CEOs…
The Australian far-right party proposes a state oil company and oil fund similar to Norway
One Nation, the Australian populist group led by Pauline Hanson, said it wanted to create an offshore production licenses fund in federal waters and a sovereign wealth fund in the style of Norway. It announced its 'energy policy' at the Australian Energy Producers Conference in Adelaide.
Equinor and Aker BP exchange stakes in several Norwegian oil fields
Equinor, a Norwegian oil company and BP said that they had agreed to swap stakes in several 'oil and gas' fields near the Norwegian coast. This could increase production through accelerating new developments. The initial deals included?stakes? in a cluster known as Ringvei Vest, as well as?the Yggdrasil area and?the?Wisting area.
US oil and Gas Auction for New Mexico Leases Draws Record $4 Billion in Bids
Interior Department reported on Wednesday that a Trump administration auction of drilling rights for oil and gas on federal land in New Mexico and Texas had generated bids totaling $4 'billion. The total of the sale blew away previous government onshore oil and gas auctions, at a moment when…
Colombia completes the exploratory phase for Ecopetrol's geothermal project
The Colombian environment ministry announced a decision on Wednesday to approve the environmental viability of an exploratory phase for the Nereidas geothermal project. This project is led by the state oil company Ecopetrol and the utility CHEC. This is Colombia's?first large-scale geothermal initiative.
Trafigura CEO: Europe's smelters require long-term protection of prices
Trafigura CEO Richard Holtum said that European smelters require "life support", such as price floor protection or long-term price protection, to keep running and compete with the top-end Chinese plants. The European Union and its Western allies are working to diversify supply chains in order to reduce the over-reliance of their industries on China…
Poland to tax oil companies for windfall profits in order to reduce fuel prices
Poland's State Secretary for Energy said on Wednesday that it will propose next week a windfall levy on the profits of 'oil and gas' companies from the surging energy price due to the Iran War to help pay for the national 'fuel tax reductions'. Wojciech Wrochna, in an interview, said that "next week we will present some legislative initiatives".
Andy Home: ROI-Supply is hitting galvanize Zinc as expected surplus does not show up
What is the deal with zinc? Last week, the London Metal Exchange's (LME) 3-month zinc reached a four-year high of $3633.50 per ton. This is a 13% increase since the beginning of the year. The price strength is quite surprising. The January survey of analysts produced a median average price forecast for the second quarter of $3,041.50.
JODI reports that Saudi Arabian crude exports in March fell to their lowest ever recorded levels.
Saudi Arabian crude oil exports fell to a new record low in March of?4.974 millions barrels per?day, according to data from?Joint Organizations Data Initiatives (JODI),?data released on Wednesday. The JODI data revealed that Saudi Arabia's production in March was 6.967 millions bpd. This is also the lowest ever recorded…
Shell subsidiary sells stakes to QatarEnergy in offshore blocks of Uruguay
QatarEnergy acquired three offshore exploration blocks in Uruguay from Shell's subsidiary, marking its first entry in the South American nation's upstream energy sector. The state-owned firm said on Wednesday that it would not disclose financial details. Shell, a key partner in Qatar's energy projects…
Energean, a gas producer, has cut its output and dividends due to the Mideast conflict.
?Eastern ?Mediterranean-focused gas producer Energean cut its 2026 production forecast and dividend on Wednesday after a 41-day shutdown of its Israeli operations hammered its first-quarter results. After Israel's Ministry of Energy lifted the directive that had halted production since late February…
Andy Home: ROI-Supply is hitting galvanized zinc after expected surplus does not show up
What is the deal with zinc? Last week, the London Metal Exchange's (LME) 3-month zinc reached a four-year-high of $3.633.50 metric tons. This is a 13% increase since the beginning of the year. Price strength is surprising. The January poll of analysts generated an average mean price forecast of $3 041.50 per tonne for the second quarter.
Australian maintenance workers strike Woodside's North West Shelf LNG Plant
After failed negotiations with the contractor UGL, maintenance workers at Woodside Energy’s North West Shelf and Pluto LNG export plant in Australia went on strike Wednesday. Offshore Alliance is a 'grouping of the Australian Maritime Union and the Australian Workers Union. It said that workers…
Goldman Sachs reports that US natural gas production shows signs of price sensitivities
Goldman Sachs stated in a Tuesday note that U.S. Natural?Gas production shows signs of price sensitivity, as Henry 'Hub prices have risen above $3 per million British Thermal Units this week for first time since March. Bank of America believes that the continuing signs of U.S. dry-gas?production price sensitivity are the most important…
ConocoPhillips is expecting Qatar gas JVs to be delayed by months, not years.
ConocoPhillips’?Europe Gas chief said that any delays in increasing the liquefied gas production capacity of its joint ventures with Qatar will likely be months and not years. The U.S. Energy Group is a Partner in QatarEnergy’s main LNG Project, which includes offshore installations in the North Field, and onshore installations at Ras Laffan.
Formentera: Asian gas buyers seek more Australian gas due to supply shortage
The energy-focused U.S. investment firm, 'Formentera Partners,' said Tuesday that many Asian buyers of?oil and gas?, including Japan, might look to purchase more gas from Australia, as they struggle with a global shortage caused by the Middle East conflict. At the Australian Energy Producers Conference in Adelaide…
Australian Energy Producers claim that the gas review fails to meet supply goals
Australian Energy Producers' (AEP) Chairman Cecile Wake said on Tuesday that government's review of the gas market falls short of its goal to increase supply. Wake said, "We must not make a false choice" between a well-supplied gas?market at home and a strong industry (liquified natural?gas).
Putin: Russia and China are ready to support each other in issues like protecting sovereignty
In a video message, Vladimir Putin, the president of Russia, said that Russia and China were ready to support each other in a wide range of issues, including national unity, sovereignty and protection. Putin, as he prepared to meet Chinese president Xi Jinping on Wednesday for talks, said…
Australia shares fall to a 1-1/2-month low due to commodities and Mideast tensions
On Monday, the Australian share index fell to its lowest level since more than a month, weighed down by heavyweight stocks linked to commodities, and a rise in crude oil prices, which stoked inflationary fears. The market was uncertain after the U.S. and Israel war against Iran seemed to be stalling. Meanwhile, U.S.
