Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, 2015.
A2A, Italy's data center investment company, has increased its investment plan by $27 billion.
A2A, an Italian multi-utility company, announced on Wednesday that it has increased its projected total investments for 2024-2035 from 23 billion euros to 27 billion dollars. 1.6 billion euro of this amount is earmarked to create and manage data centres. The updated business plan, which will be presented later to analysts, increases projected investments by 1 billion euro and raises financial targets in part three of the strategy.
Datagro reduces sugar surplus forecast by 1 million tonnes on Brazil and India
Datagro, a consultancy, said that the global sugar market will have a smaller than expected surplus for 2025/26, which began in October, due mainly to production cuts made in Brazil and India. Datagro announced in a conference call with its clients that they were reducing their estimate of the global sugar surplus for 2025/26 to 1 million metric tonnes, down from 2.8 millions tons previously forecast.
Indigenous leaders from the Amazon to the Andes bring their demands to COP30
A boat with dozens of Indigenous Leaders arrived in Belem a few days before the UN's COP30 Climate Summit. They had traveled for weeks, from a glacier on the Andes mountains to Brazil's tropical coastline. They wanted to have a bigger say in the management of their territories, especially as climate change continues to escalate and other industries, such as mining, oil drilling, and logging, continue to push deeper into forests.
Indigenous leaders from the Amazon to the Andes bring their demands to the COP30
A boat with dozens of Indigenous leaders landed at Belem, Brazil, a day before the United Nations COP30 Climate Summit. They wanted to have a bigger say in the management of their territory, especially as climate change continues to escalate and more industries, such as mining, oil drilling, and logging, are pushing deeper into forests. Lucia Ixchiu said, "We are not just interested in securing money or funding," a K'iche Indigenous from Guatemala.
Copper prices continue to fall due to stronger dollar and demand concerns
The dollar strengthened on Tuesday and concerns about demand grew after the record high set last week. As of 1700 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 1.6% to $10,674 per kilogram. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that the pullback was a sign that the current fundamentals were not strong enough to support higher prices. The reversal also forced those who had been wrong-footed to give up.
Chevron explores'strategic West Africa' after Guinea Bissau offshore
Chevron wants to increase its land area in West Africa. This is a strategic part of the world for the U.S. major oil company. A senior executive revealed this on Monday, after striking an agreement to explore oil in two offshore blocks off Guinea-Bissau. The blocks are located in the Mauritania-Senegal-Gambia Bissau and Conakry basin (MSGBC), a geological area in West Africa which has…
Sources say that OPEC+ is leaning toward another small increase in oil production.
Four sources familiar with the discussions said that OPEC+ is likely to increase output modestly in December as it continues with its monthly increases aimed at regaining market share. After several years of reducing production to support the oil markets, the group that includes Russia and Saudi Arabia began to ease these curbs in April. Eight OPEC+ member countries have increased their…
Carbon Measures Global Accounting Group to Form Independent Panel
Carbon Measures will create an independent panel that will guide the work of this global carbon accounting initiative, according to its CEO. The group, which was founded a week earlier by ExxonMobil and other members such as BASF, Banco Santander and BASF, is aiming to develop a system of accounting to eliminate double counting and reward those who become more sustainable. Amy Brachio…
Sources say that OPEC+ is leaning toward another small increase in oil production.
Four sources familiar with the discussions said that eight OPEC+ countries are likely to increase oil production modestly for December at their meeting on Sunday, as Saudi Arabia tries to regain market share. OPEC+ increased its monthly production targets by a combined total of 2.7 million barrels a day - about 2.5% global supply – in a series since April. This is less than half of the cumulative supply cuts the group agreed to in previous years…
TotalEnergies says the Mozambique Liquefied Natural Gas project cost has risen to $4.5 billion
TotalEnergies told Mozambique in a letter that costs for its LNG project had risen $4.5 billion over the past four years. It also wants to extend its production agreement by 10 years. The French oil giant confirmed Saturday that it, along with its partners, had decided to lift the force majeure for this project. It was stopped in 2021 due to an islamist militant attack. Before construction can resume, Mozambique’s Council of Ministers must approve an updated budget.
The US and India are the new drivers of copper demand as China's juggernaut slows.
Over the next decade, copper consumption in India and the United States will overtake China as the demand for the metal in China slows. Beijing's expansion of industrial and infrastructure has fueled a rally which has seen copper prices soar to over $10,000 per metric ton, from $1500 25 years earlier. Analysts expect that other factors, such as demand and prices, will increasingly influence copper's price.
Renewing gas flows prevents a new energy crisis in rebel area of Moldova
The head of Moldova's largest energy firm said that gas will be re-routed to the separatist Transdniestria Region. This will prevent a repeat crisis of severe power and heat shortages in the region last January. This will allow the supply of hot water to resume and prepare for the start of winter heating season. This month, the pro-Russian region that broke away from Moldova in 1991…
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow are escalating the war with attacks on energy infrastructure.Indian officials are also in Washington for trade talks…
Eni will launch a joint venture with Petronas Gas in 2026
Guido Brusco said that Eni's gas joint venture will be up and running by the end of next year. He is the chief operating officer for global natural resources at Eni. Both companies announced in January that they would be moving forward with the project of developing gas assets in Malaysia, Indonesia and other countries. Petronas said it could take up to two years for regulatory approval, but the exact timeline was unclear.
Novak, the Deputy Prime Minister of Russia, says that Russia has gradually increased its oil production.
The Interfax news agency reported that Alexander Novak, Deputy Premier, said on Wednesday that Russia had been steadily increasing its oil production, and was close to meeting last month the output quota set by the OPEC+ oil producing group. The Russian energy sector has suffered a serious setback in the last two months as a result of dozens of drone attacks by Ukraine on its oil and natural gas infrastructure. These attacks primarily targeted oil refineries.
Colombia's Ecopetrol will launch a bid for the Covenas regasification Project
Ecopetrol, the state-owned oil company in Colombia, will launch the bidding for a regasification at its Covenas terminal in the northern part of the country later this month. CEO Ricardo Roa announced the plan on Monday. Ecopetrol is expected to begin accepting binding bids on October 14 for the project, with the winner being announced by the end of the calendar year. Colombia has increased its imports of gas to meet the growing demand.
Eni signs second floating LNG unit off the coast of Mozambique
The Italian energy company Eni, along with its partners, signed off on a project on Thursday to build a floating platform for liquefied gas, Coral North, in the waters of Mozambique. This will make that country Africa's top LNG producer. In the capital of Southern Africa, Maputo, a signing ceremony attended by Mozambique's President Daniel Chapo, Eni Chief Executive Claudio Descalzi and other officials took place at an upmarket hotel.
TASS reports that Russia's top oil executive said Asian oil demand is still growing.
Alexander Dyukov of Russian oil giant Gazprom said that the demand for crude oil in Asia continues to increase, while China, among other countries, has been replenishing its crude stocks, according to TASS. OPEC+ agreed this month to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the group will slow down the rate of increases compared to previous months because of an expected weakening in global demand.
Bapco Energies eyes fourth quarter completion for refinery expansion
Alexander van Veldhoven said that the group chief strategy officer of Bahrain's state oil company Bapco Energies, Alexander van Veldhoven spoke at the Asia Pacific Petroleum Conference in Singapore on Monday. He said that the expansion would increase Sitra's refinery capacity from 265,000 barrels per day to "just below 400,000 barrels per days". "We are at the end of this program. He added that the majority of units were already up and running.