USW rejects BP's last offer to Whiting refinery employees
The U.S. United SteelWorkers union members voted Thursday to 'overwhelmingly reject' what energy giant BP called their "last, best and final" contract proposal for those who work at its Whiting refinery, Indiana. Last week, BP presented the union a "Last, Best and Final Offer" (LBFO), and stated that it would expire in 10 calendar days. USW said that after two-months of negotiations, BP’s proposal included changes to the basic contract terms, including limiting the union’s right to strike, reducing its bargaining power, base wage reductions across classifications and the outsourcing of 100 union jobs. United Steelworkers Local 7-1 represents about 800 workers in the U.S.
Enverus reports that global dealmaking for oil and gas upstream in 2025 was muted.
Enverus, a firm that provides analytics, said Wednesday that the upstream oil and natural gas market in the world will remain?subdued' for the second consecutive year, with only $18 billion in deals. The firm stated in a recent report that fewer 'high-quality resources' and lower oil prices have limited the value of mergers and acquisitions well below the historical norm of $60 billion. Andrew Dittmar is the principal analyst of Enverus. He said that international M&A deals are shaped by availability, not appetite. Majors have retreated from the M&A sector and are focusing on organic growth.
BP and Chevron top the list of bidders at a small US Gulf of Mexico gas and oil auction
According to a U.S. government livestreamed auction, BP's single bid accounted for almost half of the total. The U.S. Bureau of Ocean Energy Management conducted the sale. It was a far less successful one than the previous auction three months earlier. Donald Trump's administration prioritizes regular lease sales and plans to have 30 in the area by 2040. The auction was won by a $21 million bid from BP on a block located in Green Canyon. Chevron was also a high bidder, as were Shell, LLOG Exploration, Anadarko, Woodside Energy and Anadarko. Chevron won the high bid for three blocks at $11.5 million. Livestreaming was available on BOEM's website.
Aramco requests dual loading nominations from buyers amid the Hormuz Crisis, sources claim
Multiple sources have confirmed that Saudi 'Aramco asked buyers to provide a crude loading plan for its main 'export terminal in Ras Tanura and Yanbu at the Red Sea for shipments scheduled for April, as the U.S. Iran conflict has disrupted exports out of the Middle East. The U.S. and Israeli war against Iran has largely stopped shipping through the Strait of Hormuz, disrupting the supply from the Gulf. This has forced regional producers, including Saudi Arabia, to adjust their export logistics and oil production. Sources said that Aramco requested Asian buyers to submit two nomination plans for April-loading cargoes - one for loading in Ras Tanura…
Gulf of Mexico Oil and Gas Auction yields Far Fewer Bids Than First Trump Sale
According to a document posted on the government's website, the second auction of oil and natural gas leases in the Gulf of Mexico by the Trump administration in three months drew far less interest from the industry than the one held in December. Oil prices are at four-year highs due to the U.S.'s war against Iran, which has disrupted crude oil flows around the world. According to the document of pre-sale statistics, 25 of the 15,000 blocks that the US Bureau of Ocean Energy Management offered received bids. This 'compares to 181 blocks which received bids in BOEM’s last Gulf Sale, the first one held in this region since 2023. Ten companies have submitted 38 bids.
Patterson-UTI, an oilfield services firm, says that higher oil prices won't spur more US production.
Andy Hendricks, CEO at?oilfield service company 'Patterson-UTI', stated on Tuesday that a surge in energy costs caused by the war between the United States and Israel with Iran would not lead to an increase in U.S. production of oil without the necessary market predictability. Since the end of Feburary, oil prices have been fluctuating wildly after Iran closed the Strait of Hormuz - a major trade route - forcing major Middle East producers to reduce production. U.S. Crude Futures reached $119 per barrel at the beginning of this week. This is the highest price since August 2022. During Monday's trading, they moved in a range between $35.80 and $39.
Oil majors are still stuck on the sidelines as Iran's war increases oil prices.
Oil prices rose to their highest level since 2022 on Monday, but the shares of major producers such as Shell and Exxon Mobil are still only seeing modest gains'since the U.S. - Israel war on Iran 'broke out last month. This suggests that traders believe the pain in the market could be temporary. The iShares Global Energy ETF, which tracks global energy companies, is up about 2%. Crude oil futures are up more than 40% since Israel launched its joint airstrikes with the U.S. on February 28. This suggests that any gains made from higher prices are temporary or will be offset by lower production.
Shell sells Jiffy Lube for $1.3 Billion to Monomoy Capital
Shell announced on Monday that it would sell its Jiffy Lube chain of lubricant shops to an affiliate of private equity firm Monomoy Capital Partners for $1.3 billion. The oil major is continuing to divest non-core assets as part CEO Wael sawan's strategy. Premium Velocity Auto is also included in the sale, which is the second largest Jiffy Lube franchise. Pennzoil Quaker State Company is a 'wholly-owned subsidiary of Shell USA, that includes Shell's U.S. Lubricants Business. The agreement also includes a long term lubricants agreement. Shell executive Machteld De Haan said…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks. Baker Hughes reported that despite this week's increase in rigs the total count is still 41 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by four this week to 411, the highest since early February. Gas rigs, on the other hand, fell by two, to 132, which is their lowest level since early February. As U.S. crude oil prices fell, energy firms focused more on boosting shareholder returns, paying down debt, and reducing their debt than increasing production.
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. BP is the largest foreign investor and operator in Azerbaijan’s oil and natural gas sector. The ?company operates Azerbaijan's largest oil and gas projects…
BP wants at least $3.7 Billion from Venture Global arbitration, a filing states
Venture Global's yearly report shows that BP wants at least $3.7billion from its arbitration victory against?Venture Global, in a case involving liquefied?gas (LNG). According to the report released this week, BP is seeking a range of'remedies', including damages ranging between $3.7 billion and potentially exceeding $6.0 billion as well as costs, interest, and attorney fees. BP declined to comment. A Venture Global spokesperson stated that the British 'oil majors' requested damages were "unserious" and "not supported by evidence or governing law". BP…
Former Shell CFO to leave, BP Chairman Manifold trims the board
BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major. Former Shell Chief Financial Officer Simon Henry was among those leaving. Manifold has made other changes since he became chairman in October. Murray Auchincloss, who was appointed CEO in October, abruptly left the position in December. Woodside Energy's Meg O'Neill will take on that role from April. O'Neill was BP's?first external hire... for the post in more than a century. According to BP's annual report, she will receive a base salary of 1.6million pounds.
As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other oil producers in this region. Initial assessments indicate that a?Bahamas flagged crude oil tanker anchored near Iraq’s Khor al Zubair Port was attacked by an Iranian remote-controlled boat loaded with explosives. After a large explosion, a second tanker anchored off Kuwait began to take on water and was spilling oil. Since the conflict between the U.S. and Israel broke out on Saturday, nine vessels have been attacked. Iran fired a barrage of missiles on Israel in the early hours of Thursday morning and sent drones to Azerbaijan. Four people were injured.
Sources say that BP's international staff was evacuated from the Iraqi oilfield when drones landed on the field.
Three Iraqi oil industry insiders said that foreign staff were evacuated from the 'giant Rumaila' oilfield in Iraq after two unidentified drones landed on the field Thursday. "We are constantly assessing the situation. We have been in communication with these people under our duty of care. On Tuesday, two Iraqi oil officials said that the country has cut oil production by almost 1.5 million barrels?a day. They added that these cuts could increase to over 3 million bpd in a matter of days as the country is running out?of?storage?and can't export crude because of the Iran war. Iraq produced about 4 million barrels per day in January.
Dutch far-right legislators argue that Groningen's gas field should not be permanently closed
The far-right party in the Netherlands announced on Thursday that it will propose a proposal to keep the Groningen Gas?field available as a reserve, despite its closure due to seismic risk in 2024. The JA21 plan would allow for the possibility of re-taping some wells. This is in contrast to the Dutch government’s?earlier promise to permanently seal wells with concrete and never reopening them. Other far-right politicians, such as?Geert wilders of the Freedom Party, have endorsed this proposal. Wilders stated that it was logical to keep our gas reserves as an emergency reserve, given the current geopolitical situation.
Oil companies reject Trump Administration's Alaska Offshore Auction
The Trump administration sold more than 400,000 acres (406,876 hectares) of land in Alaska's Cook Inlet on Wednesday, but no oil and gas drillers showed up. They refused to make a bid.The One Big Beautiful Bill Act of U.S. president Donald Trump, which was signed into law in 2017, mandates six Alaska offshore gas and oil auctions through 2032.Trump has sought ways to increase domestic oil and gas production, including in Alaska, where the industry has seen a decline in recent decades. Drilling in Alaska and the Arctic is a high risk endeavor that involves decades of effort and billions of dollars.The U.S.
Reeves, UK's Reeves, says that the Middle East crisis makes predicting when the oil and gas profit levies will end difficult.
The British Finance Minister Rachel Reeves told oil and gas executives on Wednesday that it was harder to predict the end of a tax on their profit due to the conflict in 'the Middle East, but that she was committed to eliminating it. Reeves spoke with representatives of the oil and gas sector, including BP and Adura. He also met with Offshore Energies UK and Offshore Energies UK, to discuss a sudden rise in energy costs following a U.S. and Israeli air strike against Iran. The windfall tax, introduced in 2022 in response to the surge in energy prices after Russia's invasion in Ukraine, increased the effective tax rate for North Sea producers from 78% to 78%.
NY court refuses overturn arbitral ruling that favors Venture Global over Shell
A state judge in New York rejected Monday the request of British oil giant Shell to overturn an arbitration award which favored Venture Global. The dispute was about Venture Global's alleged improper sales of liquefied gas by American company. Justice Joel Cohen, of the Supreme Court of California, determined that no further discovery was necessary because the court must defer to arbitral rulings. Shell has effectively lost its challenge against Venture Global for failing to supply it with LNG cargoes years after the plant first produced supercooled gas.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, an energy services company, said that the U.S. cut back on the number of natural gas and oil rigs for the first time since six weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending February 27. This is the lowest level since late January. Baker Hughes reported that the total number of rigs is down 43 or 7% from this time last week. Baker Hughes reported that?oil?rigs dropped by two this week to 407, their lowest level since December. Gas?rigs increased by one, to 134, the highest level since July 2023.
Shell is reportedly looking to sell some of its Shell Ventures portfolio.
Shell is examining the possibility of selling investments in some companies that are part of its Shell Ventures portfolio. One source said that the British oil giant will retain a large portion of its Ventures investment. The corporate venture fund has interests in early-stage companies and start-ups, focusing on sectors such as power, emissions control and mobility. Shell's CEO Wael Sawan aims to reduce the company’s low-carbon projects to concentrate on liquefied gas trading and upstream. Shell Ventures was established in 1996 and has an initial investment range of $2 to $5 million.