Executives say Trinidad's Atlantic Liquefaction Project will begin to remove the liquefaction units in Q4.
Michael Daniel, director of capital projects at Atlantic LNG in Trinidad and Tobago, announced on Tuesday that the project's flagship, the liquefied?gas? project, would begin to remove one of its liquefaction train from operation during this last quarter. Train 1 has not been producing LNG?for more than a year but it is still in operation because all utilities, including the power that controls?all four trains, reside in Train 1. Train 1 hasn't produced LNG for more than a month, but it still runs because the utilities and power that control all four trains are located in Train 1.
Trinidad's BP head says the company is interested in cross border opportunities with Venezuela
BP's Trinidad and Tobago head said Monday that the oil and?gas?major was still interested in cross border opportunities with Venezuela despite a?government in Caracas that suspended all bilateral energy deals with its neighbor in last year. BP and Shell were granted licenses to develop offshore natural-gas projects along the maritime?border by the U.S. David Campbell, BP's spokesman, said: "There is a logic of industrial?reasoning? that says people may be more?cautious about investing in resources located across the border. Campbell said, "It's an obvious project that we should have," referring to Cocuina Manakin, the joint gas project BP had planned with Venezuelan state-run PDVSA.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, an energy services company, said in a closely-followed report published on Friday that U.S. firms added oil and gas rigs this week for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by 1 in the week ending January 23. Baker Hughes reported that despite this week's increase in rigs the total count is still 32 rigs lower than it was at this time last year. Baker Hughes reported that oil rigs rose by one to 411 in the past week. Gas rigs, however, remained unchanged at 122. Oil and gas rig counts declined by about 7% in '2025, 5% a year later in 2024 and 20% a year later in 2023, as lower U.S.
Michigan suedes oil companies for collusion to restrain competition in EVs
Michigan Attorney General Dana Nessel filed an antitrust suit against four major oil firms on Friday, alleging that they have colluded over decades to prevent competition from renewable energy sources, including?electric cars. The lawsuit filed in U.S. District Court, western Michigan, names BP and Chevron. It also names ExxonMobil, Shell, and the American Petroleum Institute. The lawsuit said that the companies had acted as a "cartel, agreeing to limit the production and distribution electricity from renewable resources and to restraint the emergence electric vehicles and'renewable primary energies technologies in the United States. Shell refused to comment. Shell declined to comment.
SLB is about to increase its activities in Venezuela
SLB, an oilfield service company, said that it could increase its activities in Venezuela if the necessary licensing, safety parameters, and compliance measures were put into place. SLB was one of the oil companies who met with the White House in order to discuss investment opportunities in Venezuela following the ouster of President Nicolas Maduro by the U.S. in early January. "We have already received a number of inquiries from customers," said CEO Olivier Le Peuch during a conference call following the earnings announcement. "I would need to put in place the proper conditions first, such as licensing, payments, and an operating license," Le 'Peuch stated.
Venture Global soars following arbitration victory in case brought by Spain’s Repsol
Venture Global shares soared by nearly 8% after an arbitral tribunal ruled in the U.S. supplier of liquefied gas,?in a dispute between Spain's Repsol. Repsol filed the lawsuit?in?2023 due to Venture Global's failure to deliver LNG under a long-term 20-year contract. The International Chamber of Commerce in Paris denied Repsol’s claims and determined that the U.S. firm had acted in accordance with their agreement as a “reasonable?and prudent operator”. Venture Global, second largest LNG exporter in the U.S. has won two out of three arbitrations against it that were brought in 2023.
Halliburton says it could move quickly to Venezuela if it meets its quarterly profit expectations
Halliburton exceeded analysts' expectations for fourth-quarter profits on Wednesday. This was due to the steady demand of its equipment and services in international markets. The company also announced that it will re-enter Venezuela once commercial and legal issues, such as payment certainty, are resolved. Houston-based Halliburton, which launched the earnings season of U.S. oilfield service providers, focused on international markets. This included Latin America, Europe, and Africa. North America drilling activity and production has been tepid. Halliburton…
Sources say that during Starmer's visit, Britain and China will revive the 'Golden Era business dialogue'
Three sources familiar with this initiative have confirmed that the British and Chinese governments will be aiming to revive "golden age" business dialogues when Keir Starmer, Prime Minister of Britain, visits Beijing next Monday. Top executives from both countries are 'invited' to participate. AstraZeneca is among the British companies that will join a restructured "UK-China Chief Executive Council" according to sources who are both Chinese as well as British. The original idea for the council came from then-Prime Minster Theresa May in 2018 and then-Premier Li Keqiang, during a period that both sides called "a golden age" of relations.
Sources say that Cenovus is considering selling assets in Alberta worth around C$3 Billion.
Two sources with knowledge of the matter have confirmed that Canadian oil producer Cenovus is looking to sell conventional oil and natural gas assets in Alberta's Deep Basin as it "looks" to reduce debt following the recent acquisition of MEG Energy, an oil sands competitor. Sources said that Cenovus has contacted potential buyers to gauge interest. The assets could be worth around C$3 Billion ($2,17 Billion), according to the sources. Cenovus may decide to keep the assets if the plans do not work out. Sources requested anonymity in order to discuss sensitive details. Cenovus didn't immediately respond to an inquiry for comment.
Galp is focusing on upstream growth in Brazil and Namibia with its refining spin-off.
The co-chief executive of Galp, Joao diogo marques da Silva, said on Tuesday that the company will "focus" on growing its upstream oilfields business in Brazil and Namibia. It may also list some of its newly created downstream business within a few years. The company announced earlier this month that it was in discussions with Moeve, a private equity-backed firm, to combine their two businesses into two new?entities. One entity would focus on retailing and the other on refining. The merger will exclude Galp's upstream production of oil and gas, which includes stakes offshore Namibia in undeveloped oilfields that are closely watched.
JERA Nex BP will buy EnBW’s stake in UK’s Mona offshore Wind project
JERA Nex BP has announced that it will purchase its partner EnBW’s stake in Mona 'offshore wind project. It also signed a lease agreement with the British 'facility. This move follows a German utility EnBW's announcement that it would be taking a 1.2 billion-euro ($1.39-billion) impairment charge for pulling out of two wind projects, Mona and Morgan, which it had been developing?jointly? with JERA Nex BP. The decision was a direct implication of the UK losing a landmark offshore tender. EnBW also cited significant increases in supply-chain costs, lower electricity market prices and increased interest rates.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said in its closely watched report published on Friday that U.S. firms have cut back the number of natural gas and oil rigs for the second consecutive week. In the week ending January 16, the oil and gas rig counts, an early indicator for future production, dropped by one, to 543. This is the lowest it has been since mid-December. Baker Hughes reported that the total rig count is down 37 rigs or 6% from this time last week. Baker Hughes said oil rigs increased by one this week to 410, while gas-rigs dropped?by two, to 122. This is their lowest level since October.
Ambani's Reliance missed profit forecast due to higher expenses and oil and gas drag
Mukesh Ambani, the Indian billionaire who owns Reliance Industries, missed its quarterly profit estimates on Friday due to higher expenses and a weak performance in its oil and natural gas segment. The unit's performance has been affected by lower output and softer prices realized from its KG D6 fields in Andhra Pradesh. These are a major source of gas for the domestic market. The BP-developed 'deep-water' block, which was once a major contributor to India’s gas production, has since seen its output decline as the reservoirs have matured and the pressures have fallen.
EnBW cancels two UK offshore wind farms, incurring $1.4 billion in impairment
EnBW, the German utility, announced on Thursday that it would take a 1.2 billion euro ($1.4 billion) impairment charge for scrapping two British wind projects. This was a direct result of losing a UK offshore tender. In this week's record-breaking auction, the?two offshore projects -- Mona & Morgan -- with a total potential capacity of 3 Gigawatts -- did not qualify for any government assistance via contracts for difference. The?two?projects are?being developed jointly with JERA Nex bp. This is a joint venture 50/50 between British oil giant BP and Japan’s JERA.
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and more than?20 investors filed resolutions on Wednesday asking BP and Shell how they would create value if the global demand for gas and oil declined. The resolutions are a strategic change on the part the Dutch activist group. In April, it announced that it had been forced to stop its campaign to get major oil and gas producers to commit to emissions reductions due to a lack investor interest. Follow This filed climate resolutions during shareholder meetings starting in 2016. It received peak shareholder votes of 80% in the following years at Phillips 66 and 60% at Chevron.
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and'more than '20 other investors filed resolutions on Wednesday calling on BP to explain how it will generate value if the global demand for gas and oil declines. The resolutions are a strategic change on the part the Dutch activist group. In April, it announced that it had to suspend its campaign to get major oil and gas companies to commit to emission?cuts due to lack of investor interest. Follow This filed climate resolutions during shareholder meetings starting in 2016. In the following years, it received a peak of shareholder votes - 80% for Phillips 66 and 60% for Chevron.
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions. Shell said that the parties had agreed on a'sale,' which would involve one of the largest,?longest-producing gas portfolios in the UK Continental Shelf. The sale was to take place by July 2024. Viaro CEO Francesco Mazzagatti stated that the two parties had mutually agreed not to proceed despite being fully funded. Shell will continue operating the assets.
BP warns of up to $5 billion in impairments due to energy transition and weak oil trading
BP said that it expects to book between $4 and $5 billion of impairments during the fourth quarter. These are mainly related its energy transformation businesses. It also noted a weak oil trading. Under the new leadership, Chair Albert Manifold has said that BP’s portfolio needs to be simplified. Meg O'Neill, the new CEO, will replace interim Chief Carol Howle after Murray Auchincloss's sudden departure last month. BP stated in its trading statement on Wednesday that the impairments will not impact underlying replacement costs profit, their version of net income. A spokesperson declined to provide further information on the?projects that were affected by impairments.
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Lower oil prices will likely reduce?U.S. The Energy Information Administration reported on Tuesday that drilling activity will reduce production by 1% in the top producing country this year, and a possible increase of supply from Venezuela may 'add pressure. The Department of Energy’s statistical arm echoes concerns from some U.S. producers regarding President Donald Trump’s request that domestic oil companies enter Venezuela to help increase its production after President Nicolas Maduro was captured. U.S. oil producers are already struggling with low oil prices. They say that the demand for more Venezuelan oil will only make them worse.
Sources say that BP's interim CEO has pledged to continue focusing on costs after Auchincloss' departure.
According to a pair of people who attended the meeting, BP's interim CEO Carol Howle said that the company is focusing on cost -cutting and maintaining its current strategy. Howle was appointed interim chief after BP abruptly replaced Murray Auchincloss, its former CEO with Meg O'Neill of Woodside Energy last month. He will remain in the role until O'Neill assumes his position in April. Sources?said that executives at the 'town hall' stressed the importance of keeping costs under control. BP has pledged to reduce costs by between $4 and $5 billion a yearly from a baseline of?2023 by the end 2027. As of mid-2025, it had already achieved $1.7 billion.