Guyana will soon sign a oil deal with TotalEnergies led group
Energy Minister Vickram Bharrat said that Guyana is expecting to sign a production-sharing agreement soon with a French consortium led by TotalEnergies, which will allow the country to explore an off-shore area. Guyana, the fastest-growing oil producing country in the world, is on track to produce 940…
Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana…
Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy.
Petrobras plans to have the Equatorial Margin ready by March, say sources
Two sources said on Monday that Brazilian oil company Petrobras plans to have a veterinary clinic in the Amazon ready to treat animals in case of an oil spill. Petrobras has not yet met the Ibama environmental agency's main demand, which is the animal care center for the state of Amapa in northern Brazil.
Exxon to produce 180,000 barrels per day of oil in seventh Guyana project
According to a document released by the Guyana's Environmental Agency on Monday, a consortium led by Exxon Mobil, based in the United States, plans to produce as much as 180,000 barrels of oil per day and 95 million cubic foot per day of gas from its seventh project, Hammerhead. Exxon, which includes U.S.
Brazil's Lula will meet with the Environment Agency to discuss Petrobras' bid for drilling near the mouth of Amazon river
Brazil's president Luiz Inacio Lula Da Silva will meet with the environmental agency Ibama this week or next to discuss Petrobras bid to drill near the mouth the Amazon river for oil, he said to a local station on Wednesday. Lula, who defended Petrobras’ bid to explore the area, said…
Brazil's Petrobras is looking for African oil assets to increase reserves
Petrobras, the Brazilian oil company, wants to purchase stakes in African oil assets - primarily in Angola and Namibia - to increase its reserves, as it anticipates that production will fall after 2030. A senior executive revealed this on Wednesday. Sylvia dos Anjos told the India…
Guyana gives Frontera and CGX Energy 30 days notice to cancel their Corentyne license
The Canadian energy companies reported that the Guyana government has given CGX Energy a 30-day warning to cancel the joint venture license of the Corentyne Block. The South American nation expressed earlier a lack confidence that the companies would be able to secure a partner for their project.
Chevron is struggling to replace its oil and gas reserves amid uncertainty surrounding the Hess deal
Chevron’s oil and natural gas reserves are at their lowest level in more than a decade. This highlights the importance of its planned acquisition of oil producers Hess, which has been stalled by a legal battle with Exxon Mobil. Investors in energy companies use reserve replacement as a key metric.
BP shares are at their highest level since August following Elliott's stake increase
In early trading on Monday, shares of oil giant BP rose 7%, reaching their highest level since August, following reports that activist investor Elliott Management acquired a stake in the firm, citing a reliable source. By 823 GMT the shares had risen 7.3% to 464.75pence, their largest daily gain since Febuary 2023.
TotalEnergies exceeds expectations in the fourth quarter profit and signals a stronger 2025
TotalEnergies, the French oil giant, beat the expectations for its fourth-quarter earnings Wednesday. Higher trading profits on the gas market helped to offset the impact of low fuel prices and weak demand. The adjusted net income for 2024's final quarter was $4.4 billion. This is down 15% on the $5.2 billion of the previous year…
TotalEnergies' fourth-quarter profits drop on low oil demand
TotalEnergies, the French oil giant, reported a 15% decline in its fourth-quarter earnings Wednesday. The company closed out a year that was marked by low oil and fuel prices. This was partially offset by increased electricity sales and trading of liquefied gas. The adjusted net income for 2024's final quarter was $4.4 billion.
Kazakhstan wants better terms for oil production sharing agreements
Kazakh President Kassym Jomart Tokayev ordered the government on Tuesday to intensify talks with international oil giants about an extension existing Production Sharing Agreements (PSA) at "better conditions". Central Asia is one of the top 10 oil producing countries in the world.
Big Oil is not rushing to "drill, baby drill" this year despite Trump's agenda
Wall Street believes that U.S. energy companies will keep spending under control in 2025, and focus on shareholder returns despite President Donald Trump's calls to "drill baby, drill". This week, Big Oil will report its fourth-quarter results. The outlook for the next year should…
Golden Pass LNG, a former contractor, will emerge from bankruptcy at the end of March
The Texas contractor who last year walked away from the Golden Pass project of a liquefied gas plant, a joint venture with Exxon Mobil and QatarEnergy, may be able to exit Chapter 11 bankruptcy by April, according to the company. Zachry Holdings announced that the U.S. Bankruptcy…
Golden Pass LNG, a former contractor, will emerge from bankruptcy in April
The Texas contractor who last year walked away from the Golden Pass project of a liquefied gas plant, a joint venture with Exxon Mobil and QatarEnergy, may be able to exit Chapter 11 bankruptcy by April, according to the company. Zachry Holdings announced that the U.S. Bankruptcy…
Canadian, WTI Crude Prices to Asia Jump
Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.Asian refiners face a margin squeeze as their costs…
Minister: Greece will launch gas exploration bid on Friday
The Greek energy minister announced that Greece will hold a tender on Friday for new rights to explore gas in its southwest waters after a U.S. oil company, Chevron, expressed interest. Chevron has submitted its non-binding expression of interest in exploring for energy on a deep…
Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels.
President Mozambique says that the country is not interested in reviewing terms of LNG projects.
Mozambique's new president stated on Friday that it is not interested in reviewing contract terms with energy giants such as TotalEnergies or ExxonMobil, who plan multi-billion dollar liquefied gas projects for the country. Daniel Chapo, the leader of the long-ruling Frelimo Party…
