The tiny Guyana is poised to gain big gains from Iran oil and growth strains
The U.S. and Israeli war against Iran had already pushed up oil prices, but the tiny Caribbean nation of nearly 1 million people will now reap an even bigger bonanza as the conflict reshapes global energy markets. The tiny Caribbean nation of nearly 1,000,000 people is now set to…
Sources say that Occidental has taken 10% of the Exxon deepwater offshore Trinidad block.
Occidental Petroleum has acquired a 10% stake in Exxon Mobil’s 'deepwater exploration' block offshore Trinidad and Tobago. This is according to two sources familiar with the situation. Exxon had been the sole owner of UD(1), a large offshore block located in water depths between 2,000 and 3,000 meters.
QatarEnergy has extended force majeure to mid-August according to Italy's Edison
The Italian utility Edison announced on Monday that QatarEnergy had notified its largest 'European customer' of the cancellation of five more LNG shipments, and extended force majeure to mid-August. Edison has a long-term agreement with QatarEnergy to supply 6.4 billion cubic metres of liquefied gas to Italy each year.
Energean, a gas producer, has cut its output and dividends due to the Mideast conflict.
?Eastern ?Mediterranean-focused gas producer Energean cut its 2026 production forecast and dividend on Wednesday after a 41-day shutdown of its Israeli operations hammered its first-quarter results. After Israel's Ministry of Energy lifted the directive that had halted production since late February…
Eni is considering a third floating LNG platform in the Mozambique area
A spokesperson for the Italian energy?group Eni said that they are considering deploying a?third Floating?Liquefied Natural Gas?platform (FLNG) offshore?Mozambique. Eni made a final decision to invest in its second platform Coral North last October. This facility will double Mozambique’s…
US loans 53.3 million barrels from Strategic Petroleum Reserve
The Trump Administration announced on Monday that it would loan 'energy companies' 53.3 million.barrels from the U.S..Strategic.Petroleum Reserve, as part of a worldwide agreement to calm down oil markets which have spiked due to the U.S. -Israeli War with Iran. Exxon Mobil and Trafigura…
After peace agreement, Edison expects to receive 2/3 of the contracted Qatari LNG supplies
QatarEnergy’s European customer Edison anticipates that the 'Gulf' producer will be able initially to supply around two-thirds of contracted volumes after any 'peace' deal between the United States & Iran. The CEO of the Italian group said this on Friday. Speaking at an event held in Milan…
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand.
Occidental abandons new oil hedges amid price volatility caused by the Iran war
Occidental Petroleum, a U.S. shale oil producer, will not be adding more?oil hedging this year due to the volatility of crude?prices after the Iran war. Chief Financial Officer 'Sunil 'Mathew stated that derivative losses were a part of the reason for Occidental’s first quarter profit. Occidental still managed to exceed Wall Street expectations.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S. and Iran reach a peaceful agreement to end their conflict, oil supplies will tighten in the coming weeks. It will take weeks for oil to be shipped from the Middle East Gulf to refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the peak summer demand.
Shale producer Occidental beats quarterly profit estimates
The war in Iran weighed heavily on the?global?operations of Occidental Petroleum, a producer of shale oil. After the U.S./Israeli war on Iran, oil prices were volatile in the first quarter. This was due to disruptions in supply routes and damage in key energy infrastructure. Occidental’s…
Exxon's VP of exploration claims that AI is being used to analyze Guyana's oilfields faster.
Exxon Mobil uses artificial intelligence and new technologies to interpret seismic data from Guyana within days, rather than months, according to John Ardill, vice president of exploration at the company. Ardill, who spoke at the Offshore Technology Conference held in Houston, said…
Norway Wealth Fund fails to meet its climate goals, according to NGO
A report from an environmental NGO on Tuesday said that Norway's $2.2 billion sovereign wealth fund is not engaging in climate change with the companies it invests in, despite its stated intentions to do so. The fund will aim to have all the companies in which it invests reach zero emissions of greenhouse gases by 2050.
Guyana President: Energy Supply-Demand Gap Widens Further
The gap between supply and demand is widening as global energy systems face strain, Guyana's President Irfaan Ali said on Monday, as the Iran warenters its third month and continues to drive up oil and gas prices amid supply shortages.Energy markets have been reeling since the start of the war…
Irfaan Ali, President of Guyana, says that energy investments are not enough to meet demand
Irfaan Ali, Guyana’s President, said on Monday that the gap between supply and demand was widening, due to global energy systems being under strain. The Iran war is now in its third month, and it continues to push up oil and natural gas prices. Since the beginning of?the war, energy markets have been in turmoil.
US LNG exports to Asia increased in April due to Middle East conflict that curtailed supplies
The U.S. exported liquefied gas to Asia in April. American producers helped?offset the reduced supply from Middle Eastern 'exporters' as the Iran War curtailed production in the region. Nearly one-quarter of U.S. exports of LNG went to Asia in the last month. This is a significant increase from the time the conflict started late February.
What is the difference between a driller and a trader? Iran War exposes Big Oil’s transatlantic division: Bousso
The first-quarter profits of European oil majors were boosted by a bumper trading gain as the Iran Warupended supply chains. This highlights how sometimes the ability to move barrels around can trump the ability to pump them out of ground. BP, Shell, and TotalEnergies 'have spent…
US extends deadline for talks on Lukoil assets until May 30
According to a posting on the Treasury Department's website, the U.S. Treasury Department extended by about a month, or a little more than a month, an existing deadline for energy firms to reach agreements to purchase foreign assets from Russia's second largest oil producer Lukoil. The deadline was pushed back to May 30, from May 1.
Golden Pass reports that the first LNG cargo has left Sabine Pass Terminal
Golden Pass LNG is a joint venture of QatarEnergy, Exxon Mobil and U.S. Oil Major Exxon Mobil. It announced on Wednesday that the first cargo?of liquefied gas had departed its new Sabine Pass Terminal in Texas. The first shipment of LNG was not known at the time. It was reported that…
ConocoPhillips shareholders urged to vote for an independent board chair by proxy advisor ISS
Proxy advisor ISS recommended on Wednesday that ConocoPhillips' shareholders vote 'in favor' of a proposal requesting an?independent chair. They cited the need for a stronger oversight of management. The proposal, which is non-binding, asks that the U.S. oil and gas producer separate the roles of board chairperson from chief executive officer.
