African energy exploration company Rhino Resources discovers light oil offshore Namibia
Namibia got a boost Thursday after Rhino Resources found "high-quality" light oil at its latest well. U.S. oil company Chevron also announced that it is considering a drilling campaign for 2026 or 2027. The southern African nation, a global hotspot for exploration, aims to produce its oil by the end of the decade, following a series of recent discoveries by Shell, TotalEnergies, and Galp Energia.
Gas giants claim that Australia's opposition plan to reserve supplies may worsen the shortage
Gas giants around the world said that a proposal made by Australia's coalition of opposition to force producers to divert more gas from exports into the domestic market in an attempt to win votes would discourage investment and not solve the looming gas shortages. The conservative Liberal-National Coalition has pledged to lower power bills by implementing a gas reservations scheme.
Rubio: An attack on Exxon or Guyana would be a 'bad day for Venezuela'
Marco Rubio, U.S. secretary of state during a Thursday visit to Guyana’s capital, said that it would be "a bad day" if Venezuela attacked its neighbor Guyana and the U.S. energy giant ExxonMobil. Guyana and Venezuela have been locked in a longstanding dispute over which country holds the rights to the area of Esequibo, spanning 160…
Trump hosts top US oil executives as trade wars threaten
Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term.
Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors
The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's office announced that Almasadam Sakaliyev would become the new head of the newly-created atomic agency.
Exxon Mobil to receive LNG from ARC Resources
ARC Resources announced on Tuesday that it had signed a long-term liquefied gas supply contract with a division of Exxon Mobil. In recent years, global LNG demand has increased amid a move towards cleaner energy. The U.S. is now a major supplier of both Europe and Asia. ExxonMobil LNG Asia Pacific has announced that it will buy all of ARC’s LNG from the Cedar LNG Project…
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak.
Sakhalin LNG and oil production to decline in 2024
According to the local administration, production of LNG, oil and gas on Sakhalin, a Russian Pacific island, will decline in 2024. According to the administration's figures, production of LNG from Sakhalin Energy, a project led by Kremlin controlled Gazprom in Russia, decreased by around 2 percent to 10,2 million metric ton, or about a third of Russia’s total.
ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia
ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment in the Kipper 1B project which will bring online additional gas supply from the Gippsland Basin.The project, which was approved by Esso Australia, and its co-venturers, MEPAU A (Mitsui), and Woodside Energy…
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 Energy Week conference that the Brazilian state…
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. Shell shares dropped by nearly 4% and ExxonMobil rose 8%.
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, but still slightly above the $4.1 billion in the third quarter.
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. It has a chequered past when it comes to international oil companies. They have been sued for billions of dollars.
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 sea block located south of the Peloponnese Peninsula in the Mediterranean Sea.
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, took office on Tuesday after months of protests by opposition groups against his disputed electoral victory.
Sources say that BP is looking for buyers to buy its US Natural Gas Pipeline System stake.
Four people familiar with the matter have confirmed that BP is looking for buyers to take a stake in their U.S. Natural Gas Pipeline Network. Two people have said that the British energy company may be able to raise $3 billion through the sale. One of them added that BP could sell as much as a 49 percent stake in its business.
Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030.
Rystad reports that oil majors have over 40 biofuel projects planned by 2030.
Rystad, a consultancy, said that major oil and gas companies are investing more in biofuels, betting on sustainable aircraft fuel (SAF). By 2030, 43 projects should be completed, the report stated. Energy research firm says that industry giants like ExxonMobil and Shell could increase production by 286,000 barrels a day. SAF…
Exxon consortium in Guyana produces 500 million barrels of crude oil
ExxonMobil, the oil giant, announced on Wednesday that it has produced 500 million barrels from Guyana’s offshore Stabroek Block since commencing production in 2019. Exxon, Hess, and CNOOC Ltd. are part of the Exxon-led group that is responsible for production in this South American country. Once six offshore projects have been approved…
