After the Russian attacks, Ukraine plans to import 800 million cubic meters of gas by April.
Ukraine will import 800 million cubic meters (mcms) of gas in February and march to compensate for the sometimes 40% decrease in production following Russian missile attacks on the sector. A senior industry source said on Friday. Since its invasion in 2022, Russia has launched many missiles and drones at Ukraine's electric sector. However, it has intensified attacks on gasfields over the past few weeks. The Ukrainian state gas company Naftogaz, and the major private energy firm DTEK…
Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group also postponed their planned supply increases to 2026 and extended the deep cuts in output until the end of the year.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government of Lebanon will negotiate with IMF for a new program and work to address the financial default and the public debt in the country. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government in Lebanon will negotiate with IMF for a new program and work on the financial default of the country and its public debt. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts.
Cyprus and Chevron led group agree on updated offshore field plan
Cyprus and the Chevron-led group have reached an agreement on a new development plan for an offshore gas field near Cyprus. The two parties released a joint press release on Friday. Chevron tried to change a field development plan for 2019 and this led to protracted discussions on the future of the Aphrodite field, south-east from Cyprus. This plan was agreed upon between Cyprus and Noble, a former license holder and independent energy operator Chevron purchased in 2020.
Data shows that Ukraine gas imports will increase by 10% on Thursday.
Data provided by the operator for gas transmission systems shows that Ukraine will increase its gas imports by 10% to 25 million cubic metres on Thursday, following Russian missile attacks which damaged Ukrainian gas production plants earlier in the week. Ukraine's Naftogaz, the state-owned oil and gas company in Ukraine, and DTEK, a private energy firm said that gas production facilities had been damaged by a Russian air attack on central Poltava on Tuesday. Operator data indicated that 9.8 mcm would be imported from Hungary on Thursday…
Operator data shows that Ukraine's gas imports soared on Wednesday.
According to the data provided by the operator, the state-owned gas transmission system, Ukraine intends to double its daily imports of gas on Wednesday. According to data from the operator, Ukraine will import approximately 5 million cubic meters (mcm), up from 2.6 millions on Tuesday. The operator didn't explain why imports increased, but Ukraine experienced frost over the past few days. Temperatures can fall to as low as minus 5 degrees Celsius in the center of the country. During the colder months, Ukraine imports large volumes of gas, which it stores underground.
How Trump's tariffs could affect the commodity and energy sector
Donald Trump, the U.S. president, imposed duties on Canada and Mexico of 25% each and China a 10% tax on Saturday. He said the measures were necessary to fight illegal immigration and drug trafficking. Canada and Mexico immediately pledged retaliatory actions, while China announced it would challenge Trump’s tariffs at the World Trade Organization as well as take other countermeasures. Trump's decision has caused volatility on the commodities markets. We still expect…
Mexico's Pemex, billionaire Slim renegotiate deepwater gas project
Five sources with knowledge of the situation said that the team of Mexican billionaire Carlos Slim and the state energy company Pemex were discussing significant changes to the deal to develop Mexico's first deepwater gas field. Grupo Carso, Slim's Mexican holding firm, signed a partnership agreement with Pemex last year in order to jointly develop the Lakach oil field in the Gulf of Mexico. The deal was made to revive the project that the state-owned company had twice abandoned due to high costs. Mexico-U.S.
Oil prices fall as Trump reiterates his call for OPEC price cuts
Oil prices fell on Monday, after U.S. president Trump asked OPEC for a reduction in prices in response to his announcement that he would take a wide range of measures to increase U.S. oil production and gas output during his first week as president. Brent crude futures fell 53 cents or 0.68% to $77.97 per barrel at 0430 GMT, after closing up 21 cents Friday. U.S. West Texas Intermediate Crude was $74.16 per barrel, down by 50 cents or 0.67%. Trump reiterated on Friday…
Trump calls for OPEC price reductions
The oil prices dropped more than 1% Monday, after U.S. president Trump asked OPEC for a price reduction following his announcement of sweeping measures to increase U.S. gas and oil production in his first weeks in office. Brent crude futures fell 87 cents or 1.11% to $77.63 per barrel at 0043 GMT, after closing up 21 cents Friday. U.S. West Texas Intermediate Crude was $73.77 per barrel, down by 89 cents or 1.19%. Trump reiterated on Friday his call to the Organization…
Ukraine looks for investment in Davos to recover from the recession as Trump calls for peace
While U.S. president Donald Trump called for an end to the three-year war and Ukraine's President discussed peacekeeping forces, Ukrainian officials courted private investors to help rebuild their country this week. Oleksiy Sbolev is the first deputy minister of economy. He described a $500-billion reconstruction project that would bring both financial and strategic dividends to Western Investors, while Kyiv intensifies its privatisation plans in order to attract foreign investment.
Energy and consumer staples drive TSX near 6-week peak
Canada's main index of stocks continued to rise on Thursday. This was mainly due to gains in energy and consumer staples, but investors were still curious about the policy decisions made by U.S. president Donald Trump. If gains continue, the S&P/TSX Composite Index of the Toronto Stock Exchange could record its eighth consecutive winning session. The TSX's heavyweight energy sector was the best performing, gaining 1.2% thanks to the firm oil price. Consumer staples, which grew by 0.8%, also contributed to the increase.
Enverus says that US energy mergers could slow down in 2025 due to smaller deal sizes.
According to an Enverus report released on Tuesday, the pace of U.S. public-to-public upstream mergers in 2025 could slow from its recent average of five mergers per year and deal sizes may also decrease. Consolidation in the U.S. Energy Sector, which resulted in deals worth $250 billion by 2023, continued into 2024, and will likely continue into this year as companies seek to increase their oil and natural gas reserves. As a result of the wave of mergers, fewer companies were available and fewer pockets were empty.
Infinity Natural aims to reach a valuation of $1.2 billion in the US IPO
Infinity Natural Resources, a producer of oil, is aiming for a value of up to 1,24 billion dollars in its initial public offer. It joins a group of players in the industry that have been rushing to list their stocks in recent months. The company announced on Tuesday that it aimed to raise $278.25 through the sale of 13,25 million shares at a price between $18 to $21 per share. A recent flurry has accelerated the pace of energy sector IPOs. This includes Venture Global, a producer of LNG, which will list this week following a massive IPO.
Trump announces end of new US wind energy leasing
Donald Trump, President of the United States, announced on Monday that windmills will no longer be supported by the government, claiming they are expensive, ugly and harmful to wildlife. Trump told an audience at a post-inauguration event that he would not be doing the wind thing. In a press release issued by the White House earlier that day, Trump said he intended to stop new leasing of "massive" wind farms. It said that "President Trump’s energy policies" would end leasing of massive wind farms, which degraded our natural landscapes and failed to serve American consumers.
Sources say that Kretinsky EPH is among the suitors who have approached Uniper about its EPH.
Three people with knowledge of the matter claim that Berlin has approached Daniel Kretinsky, a Czech billionaire, about buying German state-owned utility Uniper. Sources said that other funds approached included the New York-based fund Brookfield and Equinor, a Norwegian company. One source, who declined to identify themselves because the talks were confidential, said that the Czech energy holding company EPH is "participating in the process". Both EPH and Uniper declined to comment. The Finance Ministry which is responsible for Berlin's share had no immediate comments.
Brazil's wind energy sector will slow in 2024 and then resume growth in 2027
The Brazilian wind energy sector is expected to continue declining until 2027, according to the local association ABEEolica. In recent years, Brazil's renewable power supply has soared thanks to government subsidies and incentives. However, demand for the power did not grow as fast and there is an oversupply in the wind energy sector, which is exacerbated by high costs. ABEEolica predicts a recovery of the industry in 2027, fueled by accelerated expansion of Brazil's electrical load.
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…
Industry Award for Sustainable Drilling Waste Solution
Specialist drilling waste management company, TWMA, has been announced as a finalist in this year’s SPE Offshore Achievement Awards.Shortlisted for the Sustainability Project Award, this recognition celebrates TWMA’s RotoMill technology, an innovative offshore processing solution that decarbonises drilling waste operations by more than 50%.Now in its 38th year, the Offshore Achievement Awards is the largest and longest established industry awards for the UK offshore energy sector.
