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…
TotalEnergies receives new exploration permit off the coast of Lebanon
TotalEnergies, a French oil company, said Friday that it had 'obtained approval from the government for a new permit to explore offshore Lebanon. Total, who owns 35% of the operating stake, will start 3D seismic surveys in Block 8? with partners Eni (35%), and QatarEnergy 30%. In late 2022 the French company began searching for?natural gases in Lebanon, after the landmark agreement between the government and Israel to establish a maritime border in the Mediterranean Sea.
Exxon announces a decline in upstream profits for the fourth quarter
Exxon Mobil, the U.S. oil giant, said on Wednesday that lower crude?oil?prices may reduce its fourth-quarter?earnings? by $800 million to $1 billion. The price of oil fell 9.2% in the three-month period ending December 31 as geopolitical risk was outweighed by concerns over supply and tariffs. Brent crude futures lost?about 19% by 2025. This is the largest annual percentage decline since 2020, and the longest streak of losses ever recorded. U.S.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country.
ROI-Trump's Venezuela oil grab revives 'petrodollar' debate: McGeever
The arrest and capture of Venezuelan president Nicolas Maduro by the United States on Saturday was likely motivated by many factors, but one that has been little discussed is the White House's concern about the declining global prominence of "petrodollar". Venezuela's oil production is modest, at just 1 million barrels a day. However, its reported reserves are huge - around 300 billion barrels or 17% of global stocks. Donald Trump has made it clear the U.S.
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields.
Norway's oil and gas production in November beats expectations
Norwegian Offshore Directorate (NOD), a government agency, announced on Tuesday that Norway's combined oil and gas production in November exceeded an official forecast by 0.9%. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from one month to the next depending on maintenance and other stops at close to 100 offshore fields. The total oil, gas, liquids…
Action Energy will begin trading on the Boursa Kuwait Premier Market on Wednesday
The exchange announced that the shares of oilfield services provider Action Energy Company would begin trading on Boursa Kuwait Premier Market on Wednesday under a ticker symbol ALF?TAQA. Kuwaiti company AEC was founded in 2015. It provides services such as drilling, exploration, production, gas injection, and maintenance for oil and gas installations, wells, refineries, and petrochemical facilities.
BP and Chevron top the list of bidders in Trump's first Gulf of Mexico Oil and Gas auction
BP, Chevron, and Shell were the top bidders at the first U.S. Government sale of oil and natural gas drilling rights for the Gulf of Mexico since 2023. The auction ended with a total of $279.4 millions in "high" bids. It was the first out of 30 required by President Donald Trump's tax cuts and spending bill that he signed in July. His administration's plans on offshore leasing represent a major departure from those of his predecessor President Joe Biden.
US auctions first Gulf of Mexico Oil and Gas since 2023
On Wednesday, the Trump administration will conduct the first government sale of oil-and-gas drilling rights in Gulf of Mexico?since 2023. This is a test of the industry's appetite?for offshore acres at a moment when the United States?is trying to increase domestic fossil fuel production. The auction is one of the 30 required by President Donald Trump's tax-cut and spending bill that he signed in July.
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same spending targets of $28 billion - $30 billion annually through 2030. Exxon said its updated corporate…
TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane.
Document shows that Shell has been approved as the majority partner of PetroSA in the block offshore South Africa.
A document obtained by revealed that South Africa's national oil company PetroSA has approved the deal for Shell Offshore to receive a 60% share in Block 2C off its west coast. The agreement, if it is successfully concluded, will increase Shell's exposure in the Orange Basin. This area has been dubbed one of the most sought-after exploration zones around the globe after the major oil discoveries made in Namibia.