US forces oil majors to invest heavily in Venezuela to recover their debts
Two people who were familiar with this outreach report that White House and State Department officials told U.S. Oil executives, in recent weeks, they needed to return to Venezuela and invest significant capital to revive the damaged industry in order to receive compensation for assets expropriated two decades ago by Venezuela.
Venezuelan oil reserves: No quick fixes
Even if U.S. Oil Majors invest the billions that President Donald Trump announced just hours after he took office, Venezuela's crude production is unlikely to increase significantly for many years. Venezuela may have the largest oil reserves in the world, but its production has dropped?over the last decade due to a lack investment by foreign firms.
BP appoints Woodside's Meg O'Neill to be CEO following Auchincloss' abrupt departure
BP, a major oil and gas company, announced that it has appointed Meg O'Neill as its 'CEO', effective April 1, after abruptly removing 'Murray' Auchincloss. O'Neill is the first CEO to be appointed by BP from outside of the company, and the first female to lead any of the top five oil companies in the world.
Carlyle hires Goldman Sachs to bid for Lukoil assets
Two sources familiar with the matter said that Carlyle, the U.S.-based private equity firm, has hired Goldman Sachs for its bid to acquire Lukoil's assets. The race for the Russian oil company's foreign portfolio is heating up. Carlyle and?U.S. Sources have confirmed that Exxon Mobil…
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S.
Kazakhstan to Divert Kashagan Oil to China After Ukraine Drone Attack
Kazakhstan said on Wednesday it would redirect some oil from its Kashagan field to China and other routes after a Ukrainian drone attack last month on the Caspian Pipeline Consortium's Black Sea terminal in Russia.The decision was announced by the energy ministry after Reuters reported…
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same…
Ananym Capital launches activist campaign after acquiring stake in Siemens Energy
The Financial Times reported that Ananym Capital owns a stake in Siemens Energy, a German company. It is pushing Siemens to separate its wind business. Ananym has 'launched a campaign of activism against the company,' FT reported, citing sources familiar with the issue. The stake was not disclosed.
Qatar is hopeful that the EU will solve corporate concerns about sustainability laws within a year.
Qatar's Energy minister Saad Al-Kaabi stated on Saturday that he hoped the European Union will resolve concerns about its sustainability laws before the end of December. Qatar has expressed its dissatisfaction with the EU Corporate Sustainability Due Diligence (CSDDD), and has threatened gas supply.
Chevron's Gorgon project receives $2 billion investment approval
The Australian unit, owned by the U.S. oil company Chevron, announced on Friday that partners in the Gorgon Joint Venture had sanctioned the A$3 Billion ($1,98 Billion) Gorgon Stage 3 Development off the northwest coast of Western Australia. The project will serve as a backfill to the LNG export concern…
Sources say Exxon will permanently close one steam cracker plant in Singapore by March.
Four sources familiar with the situation said that ExxonMobil will cease operations in March at the older steam cracker on Singapore's Jurong Island. This is part of the global trend of the petrochemicals industry to reduce capacity due to losses. Two sources stated that the shutdown…
In Brazil, oil majors have united to oppose the Subsea7/Saipem merger
Public documents show that oil majors in Brazil are united against a merger proposed between energy contractors Subsea7 & Saipem. Cade, the antitrust agency, has requested new data from both firms on Friday for its investigation. In a filing in November to Cade, the Brazil oil industry group IBP stated that a new company…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. The Organization of the Petroleum Exporting Countries (OPEC+) and…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among its members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. OPEC+ (Organization of the Petroleum Exporting Countries) and…
Japan: Energy security is important when it comes to energy from abroad, including Sakhalin-1.
Japan's Industry Ministry said on Thursday that securing energy from abroad, including the Sakhalin Project is very important for Japan's security of energy. This was in response to a question about U.S. Sanctions on a major shareholder in the Sakhalin-1 Project. Washington sanctioned Russian oil companies Rosneft…
CNOOC Ships First Golden Arrowhead Crude from Guyana To China
According to shipping and trade data, China, the world's largest oil importer will receive its first Golden Arrowhead Crude cargo from Guyana by December. Producer CNOOC Ltd is looking to expand markets for this new grade. CNOOC loaded a million-barrel shipment onto the Very Large Crude Carrier Sophia in November.
U.S. Companies hold their line in climate talks despite Trump
Despite the U.S. Government's deterioration on climate change ahead of the COP30 Summit, American companies didn't shy away. According to an analysis of the attendance lists, there were 60 Fortune 100 representatives at this year's event in Brazil, as opposed to 50 last year at Baku, Azerbaijan.
US Natural Gas Futures Ease 1% on Ample Gas in Storage
U.S. natural gas futures eased about 1% on Thursday on near-record output and ample amounts of gas in storage despite near-historic flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher demand over the next two weeks than previously expected.The…
Exxon freezes plans for major hydrogen plant amid weak customer demand
Exxon Mobil has halted plans to build one of the largest hydrogen production plants in the world due to low customer demand, CEO Darren Woods said in an interview with Business Insider on Friday. The project's suspension, which was already delayed, reflects the slowdown of efforts by oil and gas companies to switch to cleaner energy sources…