BP Indonesia imports fuel from Pertamina to replenish after a shortage, the company reports.
BP's Indonesian fuel station operator said that it imported base fuel through a unit of Indonesian state energy company Pertamina. This was to replenish supplies following a shortage which has been plaguing private retailers in Southeast Asia’s largest economy. BP Indonesia, BP-AKR and Shell have both reported that they are experiencing inventory shortages of certain gasoline products. This has been happening since late August.
Pemex Crude Oil Production Falls 5.6% in September
Mexico's state energy company Pemex produced 5.6% less crude oil and condensate year-on-year in September, an average 1.65 million barrels per day (bpd), according to data it released late on Tuesday.The heavily-indebted driller has struggled to boost production, despite cash injections and tax relief since the previous administration, as many fields are being depleted and new discoveries have not managed to make up for this.Crude oil processing at the seven local refineries increased 7.7% year-on-year in September to 949,77
Carlos Slim's Grupo Carso reviews feasibility of deepwater field project
A company official revealed Tuesday that Grupo Carso, in collaboration with the state energy company Pemex, is evaluating the feasibility of Lakach's deepwater natural-gas project and conducting new analyses. This will help determine the best way to proceed. The company, which is owned by the government of Mexico and has a long history of abandoning projects, signed an agreement with Pemex last year in order to work together to develop a project on the Gulf of Mexico.
Minister: Indonesia will allow private fuel retailers import gasoline via Pertamina to meet shortages
The energy minister announced on Friday that Indonesia will allow private fuel retailers such as Shell and BP to import more gasoline via state energy company Pertamina, as their petrol station are running out. Shell and BP AKR, which operates BP fuel stations, have reported that they are experiencing inventory shortages of some gasoline products. This has been happening since late August. Shell has adjusted its operational hours and personnel.
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombian state energy company Ecopetrol will exceed its goal of drilling 10 oilwells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in the Caribbean city Barranquilla, "I think we'll do more than 10 times the amount planned. Ecopetrol’s daily production, which is 751…
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombia's state energy company Ecopetrol will likely exceed its goal of drilling ten oil wells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in Barranquilla, a Caribbean city. "I think we'll do more than 10 (wells), and I think that it could be between 20% and 40% more," Guzman said.
Oil Prices Ease Lower As Investors Await Federal Reserve Decision on Interest Rates
Oil prices eased on Wednesday after data showing an increase in U.S. diesel stockpiles stoked worries about demand, while investors awaited the U.S. Federal Reserve's decision on interest rates.Brent crude futures lost 25 cents, or 0.37%, to $68.22 a barrel by 1:20 p.m. EDT (1720 GMT) while U.S. West Texas Intermediate crude futures were down 21 cents, or 0.33%, at $64.31.U.S. crude inventories fell sharply last week with a jump in exports and a sharp decline in imports…
Kazakhstan Resumes Baku-Tbilisi-Ceyhan Pipeline Exports After Contamination Issues
Kazakhstan resumed oil supplies via the Baku-Tbilisi-Ceyhan pipeline on September 13, state energy company Kazmunaygaz said on Wednesday.Supplies via the route were suspended last month amid contamination issues.The BTC pipeline, which runs through Georgia to Turkey, is used mainly to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP.The pipeline is also used by Kazakhstan as a way to lessen its dependence on Russia as a main exporting route.
Sinopec to Begin Work on $3.7b Crude Oil Refinery
Sri Lanka expects Chinese state energy giant Sinopec to start work on a $3.7 billion refinery this year and is considering the company's long-standing demand to sell more fuel locally, the energy minister said on Tuesday.The Sinopec refinery, approved in 2023, will have capacity to process 200,000 barrels of crude oil per day and will be located near the Chinese-built and operated Hambantota port in southern Sri Lanka, Energy…
State media report that Malaysia's deputy PM claims Petronas was threatened to "burn" LNG facilities
According to state media, the Malaysian authorities issued a security warning for liquefied gas facilities after an employee of state energy company Petronas was threatened by telephone to burn them down. Petronas or Petroliam Nasional Berhad confirmed that it is working with the authorities following a directive from the National Security Council to tighten security at LNG facilities in Sarawak on Monday. Petronas’ flagship LNG plant, the Bintulu Complex, has a production capacity of 29,3 million metric tonnes per year.
Sources say that Italy is seeking guarantees for a potential sale of IP refiners to Azerbaijan SOCAR.
Two sources confirmed on Thursday that Italy wants guarantees from Azerbaijan on the security of fuel supplies if the founding families of Italiana Petroli accept a sale to Azerbaijan’s state energy company SOCAR. Separate sources have previously stated that IP's private owners, the Brachetti peretti family, are currently in negotiations with SOCAR and seeking an enterprise valuation of approximately 2.5 billion euros (2.93 billion dollars) for the refiner.
Q&A: Auction heats up for Venezuelan refiner Citgo as US court considers bids
After delays, the U.S. auction for Venezuelan-owned U.S. refining company Citgo is heating as bidders increase their offers. This is good news for creditors who are seeking compensation for Venezuelan debt defaults and for a wave nationalizations that occurred under the late Venezuelan president Hugo Chavez. Citgo is Venezuela's crown jewel in terms of foreign assets. The bidding round that ends this month has been spiced up by last-minute bids, compared to a dull round last year.
Fitch raises Pemex’s credit rating from 'BB' to 'BB+' citing a stronger government's support
Fitch Ratings upgraded Petroleos Mexicanos (Pemex), the Mexican state energy company, to a 'BB' credit rating from a 'B+,' on Tuesday. The agency removed its positive watch and cited strengthened government support in releasing a press release. The government has been trying to stabilize Pemex for many years, despite the fact that it is still below investment grade. Pemex is the most indebted company in the world. Mexico…
State news agency reports that Saudi Arabia and Indonesia have signed several deals valued at around $27 billion.
Saudi Arabia and Indonesia have signed deals and memorandums worth $27 billion in the private sector, including in clean energy and petrochemicals. This was reported by Saudi state news agency SPA on Wednesday. On Wednesday, Indonesian President Prabowo Subito met with Saudi Crown Prince Mohammed bin Salman. According to the Saudi State News Agency, both sides agreed to strengthen their cooperation on the supply of crude and derivatives in the energy sector…
New York to build advanced nuclear power plant in upstate New York, Governor says
Kathy Hochul, the Governor of New York, announced on Monday that the state plans to build a nuclear power plant capable of producing at least one gigawatt, making it the first new reactor in the United States for a generation. After decades of stagnation in the U.S., nuclear power is experiencing an renaissance. This is due to the record-breaking electricity demand caused by the proliferation of data centers that consume a lot of energy and the electrification industries such as transportation and manufacturing.
Staatsolie, Petronas sign production-sharing contract for deepwater block in Suriname
Staatsolie, the state energy company of Suriname, and an affiliate from Malaysia's Petronas signed a contract on Tuesday for a production sharing agreement to explore and develop an offshore oil-and-gas block. Suriname will soon begin producing offshore natural gas and crude oil after companies such as TotalEnergies and APA discovered reserves that could be developed commercially. Staatsolie has the option to buy up to 20% of each area.
Austria: EU should resume Russian gas imports in the event of peace in Ukraine
An Austrian official told Brussels that the European Union would be willing to resume Russian gas imports in the event of a peace agreement between Russia and Ukraine. The European Commission will propose legal measures to implement the ban on Tuesday, with the goal of ending the EU's dependence on Russian energy before the end of 2027. Elisabeth Zehetner told reporters that Austria's junior energy minister would be weighing all the proposals before deciding on a position.
Austria: EU should consider returning to Russian gas in the event of peace in Ukraine
An Austrian official told Brussels that the European Union would be willing to resume Russian gas imports if there was a future peace agreement between Russia and Ukraine. The European Commission will propose legal measures to implement the ban on Tuesday, with the goal of ending the EU's dependence on Russian energy before the end of 2027. Elisabeth Zehetner (Austria's State Secretary for Energy) told reporters Monday that the country would be weighing all of the proposals before deciding on its position.
Malaysia PM pledges $10 billion for national grid upgrade
Anwar Ibrahim, Malaysia's Prime Minister, said that Tenaga Nasional had committed to upgrading the national grid infrastructure with 43 billion ringgit (about $10 billion). Anwar, who opened the Energy Asia Conference, said that the grid upgrade will help the country achieve its ambitions in artificial Intelligence and battery energy storage system. Anwar also said that he plans to build three carbon-capture storage facilities offshore to serve the oil and gas industry as well as other industries.
ADNOC Gas Awards $5 Billion In Contracts For Rich Gas Development Project
ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project.The contracts involve expanding processing units to boost throughput and improve operational efficiency across its Asab, Buhasa, Habshan onshore facilities and its offshore Das Island liquefaction facility, the company said in a statement.The contracts were awarded to British oilfield services firms Wood Group and Petr