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.
Shell Nigeria announces progress on $20 billion Bonga South West Oilfield
Bola Tinubu, Nigeria's President, has approved "investment linked" incentives for Shell’s Bonga South West Deepwater Oilfield. This follows a meeting between the CEO of the company Wael Sawan and the Nigerian president. Wael Sawan indicated that the project could be greenlit in 2027. The incentives proposed are part of a series of regulatory reforms that have been implemented in Africa's…
Shell offshore Bonga South West Project: Nigeria approves new incentives
Tinubu’s office reported that the Nigerian president Bola Tinubu approved investment-linked incentives to Shell’s Bonga South West Deepwater Oil Project following a meeting with its chief executive. The 'proposed incentives' are the latest of a slew of regulatory reforms that have been implemented in Africa’s leading crude oil producer in order to attract investment and boost oil production.
Brava, a Brazilian company, buys Petronas stakes in offshore fields worth $450 million
The Brazilian oil company Brava 'Energia announced Friday that it had acquired the Petronas stakes in Malaysia. In two offshore fields, the company has invested $450 million. This is part of a new strategy outlined by its incoming CEO. Brava has purchased Petronas 50% stakes at the Tartaruga Verde and Module III fields in Brazil's Campos Basin. Richard Kovacs said that the 'deal' marked…
Venezuela Reopens Wells as Exports Resume
Venezuela's state oil company has begun reopening some of the wells it and its joint venture partners had shut amid a strict U.S. embargo, as crude exports resume with two shipments departed on Monday, three sources close to operations said.The OPEC country's oil exports had remained almost at a standstill since December, with only U.S. Chevron exporting crude from its joint ventures under a U.S.
Norway awards 57 drilling licenses in offshore oil and gas exploration round
Norway's Energy Minister told an industry conference that the country awarded shares in 57 offshore oil exploration licenses to 19 companies as part of its annual licensing round. The number of permits awarded to oil and gas companies has decreased from 20. Norway's plan to extend oil and gas production in Norway for decades is centrally based on the?annual predefined areas (APA) round of new offshore exploration acres. However, activity will?decrease in the next few years.
After nearly a decade, the Canadian Prime Minister visits China
Mark Carney, Canada's prime minister, will depart for China on February 2nd to discuss trade and security issues. This is at a time when Canada is facing uncertain relations with the U.S. because of a trade conflict and threats by President Donald Trump regarding annexation. The visit is the first by a Canadian Prime Minister to 'Beijing since 2017. It could be a turning point in the…
US oil lobby group supports repeal of climate rule for vehicles but not power plants
According to its president, the American Petroleum Institute supports EPA's proposal to repeal greenhouse gas regulations for vehicles. However, it does not support the proposal for power plants and stationary industrial facilities. API President Mike Sommers' told reporters that "we would not support the repeal of the endangerment findings for stationary sources". He added that the…
API chief: US oil industry needs to reform its Venezuela policy on security in order to enter the country.
American Petroleum Institute President Mike Sommers said that the U.S. Oil Industry must have in place a number of prerequisites in Venezuela, including a workforce security policy and contract sanctity. He made this statement during a phone conference with journalists on Monday. He said that the U.S. Oil Industry had welcomed the move to remove Nicolas Maduro earlier this month, and…