ADNOC to promote shale oil and gas projects following UAE's OPEC withdrawal
ADNOC Abu 'Dhabi expects to reach a final investment decision on its unconventional gas with TotalEnergies 'this year, and approval of a separate unconventional petroleum project is expected to follow shortly, said its upstream chief. Musabbeh Al-Kaabi, the Upstream CEO of state oil giant ADNOC, said that the United Arab Emirates' exit from OPEC on May 1 was…
PetroChina's profit for the first quarter is up due to increased gas and fuel sales
PetroChina, Asia's biggest oil and -gas producer, announced a 1.9% increase in its first-quarter profit on Wednesday. The company cited a rise in sales of refined fuel and natural gas, as well as improved margins within the chemical and refining sector. A filing at the Hong Kong Stock Exchange revealed that the Chinese state oil company's net profit was 48.33 billion Yuan ($7.07billion), up from 47.45billion yuan one year ago.
Ecopetrol, Colombia's largest oil company, saw profits of up 3 trillion pesos during the first quarter.
Ecopetrol, the state-owned energy company in Colombia, estimates a first-quarter net profit between $563.1 and $844.7 millions (between 2 to 3 trillion?pesos). The state oil company is expected to generate between?27 trillion and?30 trillion pesos in revenue between January and March of this year. Ecopetrol has released an update on its website that estimates production for the first three months to have been between 715…
Azerbaijan’s state oil fund SOFAZ reduces gold share of portfolio to 35.6% during Q1
Azerbaijan’s sovereign oil fund SOFAZ has 'cut the share of gold in its investment portfolio from 38.2% to 35.6% in the first quarter of 2026, down from 38.2% by the end of the year 2025. SOFAZ has sold 21.9 tonnes gold in the first quarter. This brings its total gold reserves down to 178.1 tonnes, from 200 tonnes. This was still a significant increase from the gold holdings of the fund at the end Q1 of last year…
TotalEnergies reports damage to SATORP refinery after incidents
TotalEnergies, a French oil company, said on Friday that one of the SATORP refinery's processing train in Saudi Arabia was damaged by incidents that occurred during the night from Tuesday to Wednesday. The incident prompted TotalEnergies to shut the units down as a precaution. Saudi Arabia's oil capacity has been reduced by 600,000 barrels a day due to?attacks against energy facilities.
Crude Oil Loadings Continue at Yanbu Port Despite Pipeline Attack
Crude loadings at Saudi Arabia's Red Sea port of Yanbu have continued despite an Iranian attack on Wednesday on the country's East-West Pipeline, sources at two buyers from the port and a third trading source told Reuters on Thursday.Saudi state oil firm Aramco declined to comment.Iran attacked the 7-million-barrel-per-day pipeline hours after a ceasefire was agreed to pause the Iran war…
Eni, an Italian company, has discovered 2 trillion cubic feet (or 2 trillion cubic meters) of gas off the coast of Egypt
Eni announced on Tuesday that it had made a discovery of 'gas and condensate' offshore Egypt after drilling the Denise W-1 exploratory well in the Temsah Concession, located in the Eastern Mediterranean. According to preliminary estimates, there are approximately 2 trillion cubic feet (or barrels) of gas in place initially and 130 millions (or barrels) of condensate.
The CEO of Colombia's state oil company takes a leave of absence amid an investigation into influence peddling
Ecopetrol, the Colombian state energy company, announced on Monday that it had granted CEO Ricardo Roa a 'longer holiday and an unpaid leave of absence'. This was in response to an investigation conducted by the Attorney General’s Office into allegations of influence peddling. Ecopetrol said in a press release that its board has granted Roa a vacation from April 7 to May 27 and a 30-day leave of absence starting May 28. Ecopetrol's?head?
Dangote Refinery Increases Exports to Ease African Supply Crunch
Nigeria's Dangote refinery, Africa's largest, has increased exports of gasoline and urea to African countries hit by supply disruptions caused by the Iran war, its owner Aliko Dangote said on Monday.Dangote said the refinery, which is operating at its maximum capacity of 650,000 barrels a day, had helped cushion the full impact of the crisis both in Nigeria and across the continent."What I can do is assure Nigerians ...
Russia's oil revenue fell 43% year-on-year in March, according to the Finance Ministry
According to data released by the Finance Ministry on Friday, Russian state oil and gas revenues declined in March by a whopping '43%, to 617 billion Russian roubles (US$7.72 billion), compared to the same period a year earlier. This was due to lower oil prices, as well as a stronger Russian rouble. The oil and gas revenue is crucial for Russia's budget. Its deficit was 5.6 trillion roubles…
Algeria and Spain strengthen their energy partnership
Spain and Algeria have agreed to strengthen their partnership in energy, said Spanish Foreign Minister Jose Manuel Albares on Thursday after meeting Algerian president?Abdelmadjid Tebboune. Albares did not say whether Algeria agreed to increase the amount of gas it supplies to Spain. Iran's conflict has thrown energy markets into chaos and caused a rise in volatility. This has led some people to seek gas elsewhere.
Residents and wildlife on Mexico's coastline bear the brunt from Pemex oil leak
Guillermo Risso, a community council president in Puerto?Ceiba, a coastal town near the refinery in Mexico's?southern?state of Tabasco, saw luminous flashes before dawn on the morning of March 17. He assumed that the Olmeca Refinery, owned and operated by Mexico's State Oil Company?Pemex was on fire. Risso is the president of the community council in Puerto Ceiba.
UAE's ADNOC Gas adjusts LNG production in response to the shipping disruption
ADNOC's gas subsidiary, Abu Dhabi’s state oil firm, said on Monday that it had?made temporary adjustments? to its production of liquid?natural gas? and export-traded liquids? in response?to?the?ongoing shipping disrupt?ion in the Strait of Hormuz. Iranian officials responded by saying that if they were attacked, they would 'close down the strait completely and destroy energy and desalination facilities across the region.
UAE Output of Crude Drops, Strait of Hormuz Closure Forces Shut-Ins
The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters.The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply…
Colombia: Venezuela's PDVSA intends to terminate pipeline contract with Ecopetrol
Edwin Palma, Colombia's Energy?Minister, said Venezuela's PDVSA state oil?company intends to terminate a contract with Colombia Ecopetrol?over?the Antonio Ricaurte?pipeline. He claimed that there was not enough?investment in its repair. Palma, in a Saturday post on X, said that the government planned to meet the U.S. Government on Monday to discuss the lifting of sanctions against Venezuela and normalizing commercial relationships.
BP to perform maintenance on Central Azeri Platform in August
BP's regional president for Azerbaijan and Georgia, as well as Turkey, Giovanni Cristofoli, said that the company plans to perform scheduled'maintenance on the Central Azeri -platform in August 2026. He added that the shutdown would only affect the gas infrastructure of the platform, and oil production would continue. He added that maintenance usually lasts for 19 days. The shorter outage is possible because of the new technologies.
Russian budget revenues from oil and gas were down by 44% in February, y/y
According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion roubles (about $5.51 billion) compared to the same month last year. This was due to lower oil costs and a stronger ruble. The increase was 10% compared to January. The?revenues from oil and gas are vital for Russia's budget. In 2025, the state budget had a deficit of 5.6 trillion rubles or 2.6%.
Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk. Around 95% of Japan's oil imports come from the Middle East.
SABIC, the Saudi chemical giant, will lose $6.9 billion in 2025 due to asset sales
SABIC, the Saudi chemical giant, reported on Wednesday that it would suffer a "massive" net loss by 2025. This was mainly because of impairments and losses relating to divestment assets in Europe and America. Chemicals industry is struggling with overcapacity. This has led to squeezed margins, and a decline in utilization rates. In a filing to the bourse, it said that its 2025 loss would be 25.78 billion (or $6.87 billion).
Sugar prices rise on fears that the Iran war will increase ethanol demand and lower sugar production
The world sugar price rose 'on Monday, on the fear that the U.S./Israel war against Iran, which is disrupting energy supplies worldwide, would cause Brazilian sugar?cane mills to produce less sugar and more ethanol. Ethanol, a biofuel made from cane, is produced by mills. The mills of Brazil, the world's largest sugar producer, will use less cane for fuel production, which means they have less raw material available to make?sugar.
