Gas giants claim that Australia's opposition plan to reserve supplies may worsen the shortage
Gas giants around the world said that a proposal made by Australia's coalition of opposition to force producers to divert more gas from exports into the domestic market in an attempt to win votes would discourage investment and not solve the looming gas shortages. The conservative Liberal-National Coalition has pledged to lower power bills by implementing a gas reservations scheme. The center-left Labor government led by Prime Minister Anthony Albanese has introduced a cap on wholesale…
Tokyo Gas, Japan expands its US shale-gas business with Chevron
TG Natural Resources LLC, co-owned by Tokyo Gas, Castleton Commodities International and Castleton Commodities, announced on Tuesday that it had purchased a 70% stake of east Texas gas assets for $525m from Chevron, in order to expand its U.S. Gas business. TGNR, which is the fourth largest producer in the Haynesville shale region, will be able to benefit from synergies worth over $170m during the development of the asset, according to Craig Jarchow. Haynesville, located in the Gulf Coast region of Texas and Louisiana, is a great location for LNG exports.
Shell plans to deliver gas from Venezuela to Trinidad by 2026, according to sources
Shell Plc aims to start producing natural gas in Venezuela's Dragon field and export it to Trinidad and Tobago, an hour earlier than the initial 2027 start date. The project demonstrates the industry's hope that sanctions against Venezuela will remain in place despite recent tighter enforcement. The people stated that the partners intend to begin survey work in January and decide to drill three wells. They will also need to renew their U.S. licence later this year. U.S. sanctions are aimed at virtually the entire Venezuelan gas and oil industry which is controlled and owned by PDVSA…
Trump hosts top US oil executives as trade wars threaten
Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term. According to a source familiar with planning the event, it will include members of American Petroleum Institute (API)'s executive committee. According to public bios…
Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors
The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's office announced that Almasadam Sakaliyev would become the new head of the newly-created atomic agency. Uncertainty remains about who will replace Satkaliyev at the Energy Ministry. Satkaliyev has been the minister since April 2023.
Chevron says it's confident about merger after buying 5% of Hess shares
Chevron said it had bought 4.99% of Hess Corp common shares in this year. This shows its confidence that the planned acquisition will be completed, according to a filing made by the oil giant on Monday. In October 2023, the second largest U.S. oil company agreed to purchase Hess for $53 billion in an all stock deal to acquire a key stake in Guyana’s oil-rich Stabroek Block. Exxon Mobil, Hess’ partners in Guyana and the U.S. regulators have both approved of the deal. However, they have filed a lawsuit to challenge it. The case will be heard by a three-judge arbitral panel later in May.
Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand.
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand.
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron to work in Venezuela citing President Nicolas Maduro’s lack of electoral Reforms. The opposition leaders took advantage of the situation to increase pressure on Maduro.
Kazakhstan will quickly adjust to OPEC+ quota
The Energy Ministry announced on Wednesday that Kazakhstan would quickly adjust its output to bring it back into line with the OPEC+ quota, after exceeding its limit in February. OPEC had said that Kazakhstan contributed the most to a significant increase in crude production by OPEC+ for February. In February, Kazakhstan produced 1.767 millions barrels of crude oil per day. This is up from 1.570 in January. Its OPEC+ quota amounts to 1.468 millions bpd. "The Republic of Kazakhstan took the necessary steps to compensate for the temporary rise in production.
Venezuela's opposition drafts an energy reform in order to increase foreign pressure on Maduro
According to sources, and according to a summary seen by the. Opposition leaders see the re-election Donald Trump as a chance to increase pressure on President Nicolas Maduro. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron in Venezuela, citing the lack of electoral reforms by President Nicolas Maduro. The reform of Venezuela's hydrocarbon laws may appeal to oil companies from around the world, including those based in the United States.
OPEC data show that Kazakhstan was the biggest laggard of OPEC+ in February.
OPEC data on Wednesday showed that Kazakhstan contributed over half of the overall OPEC+ rise in oil production during February. However, it lags behind its pledges for reducing production. Kazakhstan consistently exceeded its production quota of 1.468 millions bpd, as per the agreement struck between the Organization of the Petroleum Exporting Countries (OPEC+) and their allies, including Russia. According to OPEC, Kazakhstan produced 1.767 millions barrels of oil per day (bpd), up from 1.570 in January.
Trump's Energy dominance aims to attract more global companies to the US
Executives said that the market upheaval caused by U.S. president Donald Trump's protectionist policies on trade has not dampened interest from foreign investors in the U.S. Energy Industry. They praised his promise to reduce regulations and support fossil energies. Trump made energy dominance the cornerstone of his administration. He declared a national emergency on his first official day in office, and pulled the U.S. out of the Paris Climate Agreement. He has encouraged energy companies to increase fossil fuel production, and promised lower prices for consumers.
CERAWEEK - Chevron CEO calls for sustainable, not extreme US Energy Policy Swings
Mike Wirth, the CEO of Chevron, said that he would prefer to see a more stable energy policy in the United States than a swing from extreme to extreme. The first weeks of Donald Trump's second term in office were marked by a rapid revamp of government, and the reversal many of the policies on energy of the previous administration. Most of these policy changes were made by executive order, rather than legislation. The policy reversals had a direct effect on Chevron. Trump announced late last month that he would end a license Chevron had been granted since 2022 for it to operate in Venezuela…
Baker Hughes, CERAWEEK: Oil producers are unlikely to spend more this year
Baker Hughes CEO Lorenzo Simonelli stated on Monday that U.S. producers of oil and gas are unlikely to increase their spending this year. Instead, the output will be boosted by improved efficiency rather than through new drilling. The U.S. administration of President Donald Trump has repeatedly urged the oil and gas industry to "Drill baby, drill" to maximize production and lower consumer energy costs. Even though oil prices are down, many producers continue to focus on capital discipline rather than uninhibited drilling.
US Supreme Court dismisses state climate lawsuits against oil companies
The U.S. Supreme Court on Monday rejected a bid from 19 Republican-led state led by Alabama, to stop five Democratic-led state from pursuing lawsuits against major oil companies for deceiving public about the role that fossil fuels played in climate change. The justices refused to hear a case filed directly at the Supreme Court by Republican attorneys general. This case targeted cases filed against Exxon Mobil and other companies such as Chevron, ConocoPhillips Shell, BP, Shell, ConocoPhillips. These lawsuits were brought by California, Connecticut Minnesota, New Jersey, and Rhode Island.
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak. They pledged to reduce output in March April and May. Novak said that Russia also produced less oil than the quota agreed with the OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Africa Oil Corp. bullish on Nigerian growth and Namibia long-term game
A senior executive at the company said that Canada's Africa Oil Corporation would double its Nigerian production and its reserves once it completed its deal to acquire Prime Oil on Tuesday. Africa Oil will acquire the entire shareholding of Dutch company Prime Oil & Gas Cooperatief. Its main assets are indirect stakes in Nigerian deep-water fields operated by TotalEnergies or Chevron. Oliver Quinn is the chief commercial officer of Africa Oil. He said: "We will dramatically change the scale and scope of our business when we close that deal.
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S. president, announced on Wednesday that he would revoke a license for a U.S. oil producer Chevron Corp. He accused Maduro of not making progress in electoral reforms or migrant return.
Source: Kazakhstan increased oil production to a record of 2,12 million bpd during February.
A source said that Kazakhstan increased crude oil and condensate output in February by 13% compared to January, reaching a record of 2,12 million barrels a day. This was again a higher production than its quota for the OPEC+ oil producing group. According to a source familiar with official statistics and calculations that take into account Kazakhstan’s tons per barrel ratio of 7, the crude oil production in January was up 15.5%. Last month, it reached 1.83 million barrels per day.
