Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn? on Wednesday, a day before Indonesian President Prabowo?Subianto meets with U.S. president Donald Trump for a meeting to sign a final deal. According to a U.S. ASEAN Business Council fact sheet, the agreements were signed during a dinner hosted by U.S. Chamber of Commerce for Prabowo.
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington.
MOL Orders Alternative Oil to Supply Hungary, Slovakia Refineries
Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline, officials said on Wednesday.MOL's refineries, the last in the EU to receive Russian oil through Druzhba, have struggled since a supply halt that Ukraine says was due to a Russian attack that damaged the
YPF's XRG and ADNOC XRG sign agreement to advance Argentina LNG Project
Argentine's state oil company YPF, Italy’s?Eni, and Abu Dhabi National Oil Company’s international investments arm XRG'signed a binding 'joint 'development 'agreement' to advance Argentina LNG. The project is expected to achieve a liquefied gas capacity of 12,000,000 tons per year, XRG stated in a Thursday statement. In a statement, YPF's CEO Horacio Martin said that the deal marked XRG’s formal inclusion.
Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.
Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd). The OPEC nation had to reduce crude production, its main revenue source…
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified, the Brazilian oil and gas producer was in discussions with other companies than Maha. Both sources stated that the talks are still?preliminary.
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff. ConocoPhillips' average price was $42.46 for a barrel of oil-equivalent (boe)…
Russia's oil & gas revenues halved y/y in January to the lowest level since July 2020
According to data from the Finance Ministry, Russian state oil revenues and gas revenues fell by half in January, compared with the same period last year. They reached their lowest level since July 2020. The drop was attributed to a?lower price of crude oil and a stronger currency. The oil and gas revenues are vital for Russia's budget. In 2025, the state budget had a deficit of 2.6% or 5.6 trillion roubles.
Data shows that Indonesia imported Russian Sakhalin crude oil in December and January.
Ship tracking data revealed on Tuesday that Indonesia imported two cargoes in December and in January of Russian oil. These purchases were rare for the Southeast Asian nation and could be a sign of Russian oil sellers looking to expand their market in response to pressure from other buyers. The Kpler & Vortexa imports came as a result of a decline in demand for Russian crude oil from India. India is one of the largest buyers of Russian oil.
Shell Nigeria cuts oil exports after maintenance is done on the Bonga vessel
Shell Nigeria Exploration and Production Company announced on Sunday that it has started planned maintenance on its Bonga oil vessel. This'move' will temporarily reduce 'Nigeria’s oil export capacity by 225,000 barrels a day, but could prolong the asset's life. The Bonga Floating Production, Storage and Offloading Unit, Nigeria's First Deepwater?Project, is located 120 km off shore in water depths of over?1,000 meters.
Mexico tries to avoid US tariffs for states that ship oil to Cuba
Mexico will look for diplomatic solutions to help Cuba. Mexican President Claudia Sheinbaum said on Friday that the country would seek alternatives and find diplomatic solutions after U.S. president Donald Trump signed a tariff order on oil-supplying countries. The White House Executive Order on Thursday could be devastating for Cuba and Mexico, as it is one of the last oil suppliers.
Internal reports indicate that Mexico's Olmeca refining plant ceased operations on Monday.
According to two internal reports, Mexico's Olmeca Refinery, located at the Gulf Port of?Dos Bocas, and operated by state oil company?Pemex ceased its operations Monday due to a power outage. Sources claim that Olmeca has resumed operations at its unit on Tuesday. Pemex said it would consult the relevant departments before resuming operations. Pemex said on Monday…
Kuwait Readies $7b Pipeline Deal as Gulf Turns to Foreign Investors
Gulf governments are stepping up infrastructure deals with foreign investors, with Kuwait set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, three sources with knowledge of the matter said.The shift comes as oil prices, down more than 25% in two years, sit below levels needed to fund the Gulf’s diversification plans.
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S. official have stated…
US energy chief: US gets 30% more for Venezuelan oil compared to what Venezuela paid in the past few weeks
Chris Wright, the U.S. Energy secretary, said Thursday that?U.S. The price of?Venezuelan?crude oil is 30% higher than what Venezuela paid before U.S. Special Forces captured President Nicolas Maduro in early this month. Wright stated at an event of the U.S. Energy Association that "we're getting a 30 percent higher realized price" when we sell a barrel of crude oil than the barrel they sold?three-weeks ago.
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…
Venezuelan oil companies are pushing for rapid reforms to allow them to control oil exports
Sources involved in the talks say that oil executives and lawyers from international oil companies are lobbying for changes to the hydrocarbon laws of OPEC members in order to 'give them the freedom to export the oil produced in Venezuela. Many potential investors want to know how they can make this happen without waiting years for the legal and contractual reforms to protect their investment.
China's crude and gas production, refinery throughput in 2025 will reach new heights
Government data released on Monday showed that China's crude oil production and refinery throughput will both reach new highs in 2025, with crude oil growth of 1.5% and 4.1% respectively. National Bureau of Statistics reported that the world's second-largest oil consumer will process 737.59 metric tons of crude oil in 2025. Calculations showed that this is equivalent…
Houston, the US oil capital, is buzzing as industry prepares for Venezuelan oil rush
Matthew Goitia explains his idea in a bar downtown Houston. He wants to build and refurbish marine terminals for Venezuela that will allow crude oil to be blended and exported, and chemical products shipped. Matthew Goitia, a director at Pelorus Terminals, explains his ambitious plan to refurbish and build marine terminals that can blend and export crude and ship chemical products in Venezuela.
Maha Capital asks for US approval to purchase stake in Venezuelan oil company
Paulo Thiago Mendonca is the chairman of Maha Capital's board. He said that the United States has approved the acquisition of an indirect minority stake in a PDVSA controlled oil company. The firm has until the end of May to "exercise" an option to acquire a majority stake. Novonor is a subsidiary that owns 40% PetroUrdaneta - a small oil company in Venezuela with underdeveloped oilfields.