What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions…
Cenovus, a Canadian company, beats its fourth-quarter profit expectations and begins redevelopment at the former MEG site
Cenovus Energy announced on Thursday that it has begun drilling new oil wells at its Christina Lake Oil Sands site in 'northern Alberta,' formerly owned MEG Energy. The plan will increase the company’s production this year as well as by 2027. The Canadian oil sands company, which exceeded market expectations for adjusted profits in the fourth quarter on Thursday, bought smaller MEG Energy after a bitter battle with Strathcona Resource.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month.
Occidental Petroleum tops quarterly profit estimates on midstream support
Occidental Petroleum surpassed Wall Street's expectations for the fourth-quarter profit on Wednesday as its?midstream?unit helped offset lower crude?oil?prices. In extended trading, shares of the 'company' rose by nearly 3%. Occidental realized oil prices dropped to $59.22 a barrel in the fourth-quarter, down from $69.73 a barrel compared to 69.73 if you compare it to 68.73 a barrel.
Exxon is committed to moving quickly on Guyana gas project, but it needs demand sources for the gas, says executive
Exxon Mobil's chief upstream said that the company is 'committed' to moving quickly to develop natural gas resources in Guyana, but the government of the South American country must advance industrial projects if it wants to ensure a long-term demand for the gas. Exxon Mobil, the company that leads the oil consortium operating Guyana's Stabroek Block has been pressed by the 'Guyanese' government to develop and build natural gas projects…
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them.
Norway oil investment set to decline by 2026, according to a survey
A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed. Norway is the world's second largest oil producer and supplies about 30% of Europe’s gas after it became its biggest pipeline gas supplier in 2022, following Russia's invasion.
Aker BP raises dividend despite 2026 output dip
Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite an anticipated decline in production. Its profit for the last quarter of 2017 was below expectations. The company's poll of 16 analysts showed that the group's earnings were below expectations. Karl Johnny Hersvik, CEO of Aker BP said that "our major development projects" had also made good progress.
Energean International CEO: Egypt has told international oil companies to double their output by 2030
Energean International CEO, Nikolas Katcharov, said on Tuesday that Egypt had directed international oil firms to 'double production by 2030. Existing contracts need to be revised in order to encourage new investment. Katcharov stated that the low gas prices which supported earlier phases of development had "expired" and it was necessary to update terms in order to "encourage companies" to deploy capital at brownfield sites, as well as boost production.
Norway's Vaar Energi raises production goal, beats profit expectations
Vaar Energi is majority owned by Italy's Eni. On?Tuesday, it raised its production target and reported a higher than expected operating?profit in the fourth quarter. However, Vaar Energi said that they would be cautious with their dividend guidance because of lower oil and gas prices. Oslo-listed Vaar’s earnings before interest, tax and other expenses for October through December dropped 5.8% year-on-year to $947 millions on lower oil prices.
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade. Petrobras has also made a significant step in its plan to make Africa its primary exploratory region outside Brazil.
Kuwait Oil Co. in talks with US operators about developing shale gas and oil resources
KUWAIT, February 5, 2019 ( ) – Kuwait Oil Company has been in contact with some?U.S. The CEO of Kuwait Oil Company said that the company is in talks with firms such as Devon Energy and EOG about potential collaboration to develop its shale gas and oil resources. Ahmad Al-Eidan, speaking at the Kuwait Oil & Gas Show, said that KOC "engages with some U.S. Operators to explore how their expertise could support the development Kuwait's shale-oil and shale-gas resources".
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets as fossil fuel demand is expected to remain higher than forecasted just a few short years ago. Justin Cochrane is the African Upstream Regional Research Director for S&P Global Commodity Insights.
Nigeria's Dangote Refinery will begin full-capacity testing in February
A senior executive at Nigeria's Dangote Refinery said that the facility will start performance testing?runs? in February, after it has completed planned maintenance. This is a crucial step to ensuring a steady operation throughout the year. Africa's biggest oil refinery started operations in 2024. It has run at 450,000 to 485,000 bpd since its startup phase due to difficulties obtaining enough local crude during the ramp-up period.
Sources say that Nscale, a UK AI company backed by Nvidia, has hired banks to prepare for its IPO.
People familiar with the situation said that Nscale Global Holdings, a British artificial intelligence company backed by Nvidia, has hired Goldman Sachs and JPMorgan in order to prepare for a public offering. Sources who asked not to be named because the discussions were private said that the timeline for a potential listing had not been determined. Goldman Sachs JPMorgan Nscale all declined to comment.
Gas producer Energean warns of possible $356 Million hit due to Cassiopea Reserve downgrade
Energean flagged on Tuesday a potential 300?million euros ($356?millions) impairment of its 2025 results?related to its minority stake in Eni's?Cassiopea?gasfield in Italy. Energean expects that the reserves at Cassiopea will be reduced by 3-4 million barrels due to lower performance than Eni initially expected. Energean holds 40% of the project. Energean said that it was in arbitration with Eni and sought 265 million euro for costs paid without authority…
Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States. Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him. India will have the fastest growing energy demand in the world…
ADNOC CEO: Oil demand will remain above 100 million barrels per day (bpd) through 2040
The head of the Abu Dhabi National Oil Company (ADNOC), said that 'global oil demand is expected to remain at or above 100 million barrels a day until 2040. Demand for both LNG and electricity are expected to grow 50% or more. The Managing Director and Chief Executive Officer?Sultan Ahmed Al Jaber said at the India Energy Week Conference?on?Tuesday that the electricity demand would be driven by a need to power cooling systems, AI infrastructure and data centers.