Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970, to stop oil and gas drilling in federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico. He also halted the drilling of portions of the northern Bering sea of Alaska. Biden said that the move was in line with his efforts to fight climate change.
India is likely to increase its purchases of US gas and oil following Trump's announcement
After President Donald Trump announced that he would increase U.S. production of oil and natural gas, India will likely increase its purchase of U.S. gas and oil. The Indian Oil Minister Hardeep Singh Puri said to reporters at the sidelines of an event that there was a chance of a larger energy purchase between India & U.S. The arrival of more U.S. Energy on the market will be welcomed. Trump said on Monday that he will declare an energy emergency immediately, promising to replenish strategic reserves and export American oil around the globe. Trump, in his first address following his inauguration, referred to U.S.
Republican-led states file suit against Biden administration for offshore drilling ban
A group of Republican states filed a suit on Friday to challenge a ban on offshore oil and natural gas development announced earlier this month by the outgoing Democratic U.S. president Joe Biden. According to a court document, the lawsuit is seeking a reversal Biden's prohibition with declaratory and judicial relief. The filing argues that Biden does not have the authority or power to impose a such a restriction and that this authority belongs to the U.S. Congress. Biden's announcement on January 6 was largely symbolic as it won't impact areas where oil-and-gas development is already underway. It will mainly cover zones where drillers don’t have any important prospects.
Executive: Bolivia and Argentina in talks to restart gas supply due to spike in demand
Bolivia's state energy company YPFB has begun talks with Argentina to resume gas exports, amid a spike in demand sparked by a heatwave this summer. This highlights the challenges facing the government of Buenos Aires in its quest to become self-sufficient in energy. Armin Dorgathen Tapiea, the YPFB's chief, told a reporter by phone on Friday that "we are in a discussion with Argentina about creating a spot contract." These talks were previously unknown. In September, after nearly two decades of exports to Argentina from Bolivia, the country increased its domestic production using its vast Vaca Muerta shale and began shifting toward becoming a net exporter of energy.
Financial Times - Jan 17
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Owners of France's Natixis Investment Managers, and Italian insurer Generali, are nearing an announcement of an agreement for a joint venture in asset management that will bring together the two biggest European names. France's Bureau Veritas has ended merger talks with FTSE group Intertek and pursued a 37.91 billion pounds ($31.91 billion) merger with Swiss rival SGS. This shows the desire to consolidate the certification sector.
British Business - January 17
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP announced on Thursday that it would cut 5% or more of its global workforce as part of the CEO Murray Auchincloss efforts to reduce costs, and restore investor confidence in BP. Rio Tinto has held preliminary talks with Glencore about merging their businesses. This would create a commodities titan, valued at around $158 billion. The UK gave permission to Rocket Factory Augsburg on Thursday to launch its first rocket into orbit from a northern Scottish site…
Trump's nominee for Interior Department says that boosting energy is key to US security
Doug Burgum, Donald Trump's nominee to lead the Interior Department said on Thursday that he would vigorously pursue President-elect Trump's goals to maximize energy production from U.S. Public Lands and Waters, calling it a key to national security. Burgum's remarks to lawmakers at his nomination hearing indicate a sharp change in policy. For years, President Joe Biden tried to limit oil-and-gas drilling by reducing federal leasing auctions and prohibiting future development in certain offshore waters in order to combat climate change. "America produces cleaner…
Oil Dips on Larger US Crude Draw, Russia Sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents, or 0.15%, to $81.91 per barrel at 1415 GMT, after rising 2.6% in the previous session to their highest since July 26.U.S. West Texas Intermediate crude futures were down 18 cents, or 0.22%, to $79.86 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.The Biden administration on Wednesday imposed hundreds of sanctions targeting Russia's military industrial base and evasion schemes…
TVO Contracts 4C Global Consultancy to Support UK Clients
Trendsetter Vulcan Offshore (TVO), a developer of innovative solutions for the offshore industry, has engaged Finlay Johnston, through 4C Global Consultancy, to lead business development efforts for TVO in the UK.“We recently appointed a country manager in Australia and are continuing to add to our global team,” says TVO President Jim Maher. “There is a long-term need for expert subsea support services in the UK, and by engaging a local representative, we are strengthening our commitment to the region, providing an avenue for North Sea operators to access our proven solutions…
Trump's nominee for Interior supports drilling on federal land
Doug Burgum, the nominee for Secretary of Interior by Donald Trump, will tell Congress during his nomination hearing Thursday that he is committed to maximizing energy production on America's public land and waters. He will call this a key element of national security. The comments are a sign of a policy shift that is about to occur. President Joe Biden tried for years to limit oil and gas drilling in federal waters by reducing federal auctions and prohibiting future development. This was part of his strategy to combat climate change. "Today, America is producing energy cleaner…
BP to slash over 5% of workforce
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss last year said he would cut the British company's costs by at least $2 billion by the end of 2026 to boost returns and address investor concerns over its energy…
TotalEnergies reports a slight improvement in the fourth-quarter refining profit margins
TotalEnergies said that it expects the fourth quarter 2024 results downstream to benefit from a slight improvement in refining profit margins. The French oil major made this announcement in its trading update. The European refining mark-up was $25.90 per ton of metric weight in the fourth quarter last year. This is up from $15.40 the previous quarter. It noted that the fall of $5 per barrel in oil prices is expected to have a negative impact on Exploration and Production in the fourth quarter. The adjusted net income of Total has fallen for five consecutive quarters and reached a three-year-low at the end of September…
Trump's Energy Department pick calls for increased LNG and nuclear energy
Chris Wright, the nominee of Donald Trump to lead the U.S. Energy Department told U.S. Senators during his confirmation hearing that his top priority was expanding domestic energy production, including liquefied gas and nuclear power. Wright, 60 believes that fossil fuels will end world poverty and is a bigger problem than the "distant threat" of climate change, according to an article he wrote in his capacity as CEO of Liberty Energy, a company providing oilfield services. Protesters interrupted the hearing several times, with one protester shouting about the fires that have killed so many people in Los Angeles as well as the role fossil fuels are playing in global warming.
New York City dismisses climate change lawsuit against Exxon BP Shell
A judge dismissed New York City’s lawsuit against Exxon Mobil and BP for misrepresenting their products and commitment to renewable energy, as well as their fight against climate change. Anar Patel, a state Supreme Court justice, ruled on Tuesday that the city cannot claim to have climate-conscious citizens, but then let them down by oil companies who fail to disclose the contribution of their fossil fuels to climate change. Patel found that there was no evidence the oil companies or defendant American Petroleum Institute engaged in "greenwashing", including statements about alternative energy and clean energy, to increase sales of fossil fuels products in the city.
Trump's Energy Department pick calls for more LNG and Nuclear Power
Chris Wright, the nominee of Donald Trump to lead the U.S. Energy Department will tell U.S. Senators during his confirmation hearing Wednesday that his top priority is increasing domestic energy production, including liquefied gas and nuclear energy. Wright, 59 years old, believes that fossil fuels will end world poverty. This is a bigger problem than the "distant threat" of climate change, according to an article he wrote in his capacity as CEO of Liberty Energy, an oilfield services firm. Wright is in favor of some fossil fuel alternatives. These include small nuclear reactors that are not yet available commercially, as well as geothermal energy.
Iraqi oil minister: Iraq and BP will sign Kirkuk oil deal in first week of February
Iraq and British oil giant BP will be signing a mammoth agreement covering four Kirkuk gas and oil fields by the 1st week of February. This was revealed by Oil Minister Hayan Abdul-Ghani during a trip to Britain. He said the deal would be bigger than a TotalEnergies 2023 Basra deal, which was valued at around $27 billion. Iraq's official news agency reported on Wednesday that Baghdad had signed a preliminary deal with BP to evaluate the feasibility of redeveloping Kirkuk and its neighboring oil and gas fields. However, the report did not provide any further details. Abdel-Ghani stated that the oil production could be increased by as much as 150,00 barrels a day (bpd), under this deal.
Financial Times - Jan 15
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. The French state auditor said that the French nuclear company EDF shouldn't make a final decision on its investment in Britain's Sizewell C project until they have reduced their exposure to Hinkley Point C, its other British project. Insolvent councils are threatening to derail the most comprehensive overhaul of local government that England has seen in decades. Before finalising an agreement with Mauritius, Britain will wait for Donald Trump to approve it. The deal concerns the future of the strategic UK-U.S. base in the Indian Ocean.
New York Times Business News - January 14
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch their accuracy. The Securities and Exchange Commission fined Robinhood $45 million on Monday, for violations that occurred between 2019 and 2023. These included failures to safeguard sensitive customer data, the use of encrypted messaging apps by employees, and basic errors in bookkeeping. Cleveland-Cliffs' CEO Lourenco Goncalves announced plans on Monday for a possible takeover of U.S. Steel. He called it an "all-American solution" following the decision by U.S. Vice President Biden to block Nippon Steel from acquiring U.S. Steel.
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 to 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas, nor did the outage affect the market for natural gas in the area. A source in the industry said that "an issue" was at BP's Alpha Platform at the Shah Deniz Gas Field. BP Azerbaijan announced on Friday it had suspended work at the Shah Deniz Alfa platform (SDA)…
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 until January 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas, nor did the outage affect the market for natural gas in the area. A source in the industry said that "an issue" was at BP's Alpha Platform at the Shah Deniz Gas Field. BP Azerbaijan didn't respond to a comment request immediately.
