ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling. ADNOC Drilling owns 55% of the company, which was created to access…
Treasury: US sanctions against North Korea and Russia include new sanctions
New sanctions imposed by the United States on Monday targeted Pyongyang’s financial activities as well as its military support for Moscow, according to the Treasury Department. The sanctions list North Korean generals, banks and officials, as well as Russian oil companies. They are the latest U.S. measures aimed at disrupting North Korea’s support for Russia’s war in Ukraine.
Nordic countries debate energy policy after spikes in power prices
On Thursday, the hourly electricity prices in certain parts of Scandinavia reached record levels. They were tenfold higher in some cases than average, due to cold weather and lower wind power production. This prompted politicians to suggest a change in energy policy. In Denmark, the price per megawatt-hour (MWh) for an hour starting at 1600 GMT has risen to 936 Euros.
Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree
On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin. This was the company's…
Alberta, Canada's oil province, will clean up 5% of its inactive wells by 2023
A regulatory report on Thursday said that the number of inactive gas and oil wells in Alberta, Canada’s largest fossil fuel producing province, dropped 5% from 2022 to 2023, indicating progress in reclamation and decommissioning work. Alberta has 79,000 inactive wells compared to 83,000 in 2012. Inactive wells are no longer producing oil or gas, and must be permanently plugged.
TotalEnergies targets new offshore exploration area
Documents from environmental consultants SLR on Tuesday showed that TotalEnergies has requested environmental authorization to drill up seven exploration wells off the west coast South Africa in the southern part Deep Water Orange Basin. Shell and other oil companies are looking at the west coast of South Africa…
US drillers reduce oil and gas rigs in the US for the second week running - Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the second week running for the first since early October. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending November 22 to 583, the lowest level since early September.
Indonesian regulator confirms Tangguh LNG disruption
Indonesia's upstream gas and oil regulator SKK Migas confirmed that there was an outage on the third train at BP's Tangguh liquefied gas (LNG), facility in West Papua. It said operations would begin to resume from Saturday. Hudi Suryodipuro, spokesperson for SKK Migas, said on Thursday that an accident occurred…
Trump selects Burgum as Interior Secretary
Donald Trump, the president-elect, announced on Thursday that North Dakota governor Doug Burgum will be his choice for Interior Secretary. Burgum is a former wealthy software executive. Trump, dressed in a tuxedo, said that the Department of Interior would be headed by him. He added that an announcement would be made on Friday.
Japex to invest in US tight-oil project as operator
A senior executive at Japan Petroleum Exploration (Japex), said that the company is interested in investing in the U.S. tight gas and oil sector with a view to becoming an operator. Yutaka Nishimura said at a press conference that Japex is exploring investment opportunities for the U.S. tight gas and oil sectors. We are looking to become operators.
Occidental Petroleum exceeds profit expectations for the third quarter on higher production
Occidental Petroleum, a U.S. oil-and-gas firm, beat Wall Street expectations for the third quarter profit on Tuesday. However, overall earnings dropped 14% due to losses on asset sales and a decline in chemical results. The third quarter results of oil companies were lower than the previous year due to lower prices for oil and gas.
Shell and Equinor face off against UK North Sea oil, gas projects
Shell and Equinor urged on Tuesday an Scottish court to support Britain's approval of the development two vast North Sea gas and oil fields as environmental activists attempted to block these projects. Shell is fighting Greenpeace's legal challenge at the Court of Session of Edinburgh regarding Britain's approval of the Jackdaw Gas Field in 2022.
As Biden's term ends, the US introduces a methane tax on gas and oil emitters.
The U.S. administration of President Joe Biden finalized on Tuesday a fee for large oil and gas companies to reduce emissions of this powerful greenhouse gas. However, the incoming Trump presidency is likely to scrap the fee. The methane tax is one of the last measures taken by the administration to combat the second most common greenhouse gas, after carbon dioxide.
VEGOILS - Palm oil has the highest weekly gain since June 2022, with a gain of more than 4%.
Malaysian palm futures rose for the third week in a row on Friday, as an industry conference held in Bali released projections for production and palm oil prices for 2024-2025. This week the contract increased by 4.77%, which is the highest gain since June 20, 2022. On the closing, the benchmark palm oil contract…
Palm oil mirrors Dalian competitors; set to gain third week
The price of palm oil in Malaysia rose for the third week running on Friday, as Dalian vegetable oils grew. Early trade saw the benchmark contract for palm oil for January delivery at Bursa Derivatives Exchange rise 51 ringgit, or 1.03% to 5,003 Ringgit per metric ton, a rise for a third consecutive session. This week, the contract has gained 2.7%.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production, while rivals BP & Shell invested heavily in wind, solar & renewables.
Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.
According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure of newly-elected President Claudia Sheinbaum. The document also shows that Pemex will intensify its deepwater exploration as well as develop new business models in order to attract investors.
Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging.
Prabowo wants to increase Indonesia's energy independence through biofuels and oil and gas reforms
Officials have stated that Indonesia's new Government aims to revitalize oil and gas production. They plan to reduce regulations, reactivate inactive wells, and increase output in producing assets to reverse a decades-long drop in output.The new president, Prabowo Subianto, took his oath on Sunday. He also plans…
Norway court rejects environmental order against oil and gas field
The Norwegian Court of Appeal ruled on Monday in favor of the Government in an appeal brought by environmentalists who wanted to stop the development of three gas and oil fields. Greenpeace, among others, sued the Norwegian Government to stop the development of new oil and natural gas resources. This is the latest dispute related to climate change.
