After Halliburton layoffs, the Argentine oil union has threatened to strike
The union of oil and gas workers in Argentina's oil rich Chubut province, which has hundreds of employees laid off by Halliburton and a local office closing, threatened to strike after Halliburton closed its local office and dismissed hundreds. Carlos Gomez said that the Chubut Private Oil and Gas Union's deputy secretary…
US drillers added oil and gas drilling rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since December 2023. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending February 14 to 588. Baker Hughes reported…
Trump announces that the US will increase its military sales to India and eventually provide F-35 Jets
Donald Trump, the U.S. president, said that the United States would increase its military sales to India beginning in 2025. It will also eventually provide F-35 jet fighters. "We will increase military sales to India many billions dollars." Trump told reporters that we're also clearing the path to eventually provide India with F-35 stealth aircraft.
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin…
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. It gives them an idea of how much gas and oil the company could produce, and how long.
Marubeni targets a net profit of over $4 billion in FY 2027/28
Marubeni, a Japanese trading company, said it aims to achieve a net profit in excess of 620 billion yen (about $4 billion) during fiscal 2027/2028. It also aims for a return on total shareholders of 40%. The company reported a 14.5% increase in its April-December net income to 425.2 billion Japanese yen. It also revised its forecast for the full year to March…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 8 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first eight-week period. The number of oil and gas drilling rigs, a good indicator of future production, increased by six in the week ending January 31. Baker Hughes reported that despite this week's increase…
Trump calls for OPEC price reductions
The oil prices dropped more than 1% Monday, after U.S. president Trump asked OPEC for a price reduction following his announcement of sweeping measures to increase U.S. gas and oil production in his first weeks in office. Brent crude futures fell 87 cents or 1.11% to $77.63 per barrel at 0043 GMT, after closing up 21 cents Friday. U.S.
Trump's complaint about the trade deficit with EU and what could come next
Donald Trump, President of the United StatesTrump has pledged to reduce a long-standing trade deficit between the United States and the European Union. He says he will do this by imposing tariffs, or forcing the EU to buy more U.S. gas and oil. In a memo entitled "America First Trade Policy", issued by Trump on his first day in the White House…
India is likely to increase its purchases of US gas and oil following Trump's announcement
After President Donald Trump announced that he would increase U.S. production of oil and natural gas, India will likely increase its purchase of U.S. gas and oil. The Indian Oil Minister Hardeep Singh Puri said to reporters at the sidelines of an event that there was a chance of a larger energy purchase between India & U.S. The arrival of more U.S. Energy on the market will be welcomed.
Utility chief says that increased US LNG exports will benefit Japan under Trump
The head of Japan's utilities union said that a potential increase in U.S. fossil-fuel production and exports of liquefied gas under Donald Trump’s new presidency could lead to lower fuel prices for Japan. Trump has stated that he plans to lift the moratorium on new LNG permits, imposed by the administration of President Joe Biden.
Trump's nominee for Interior Department says that boosting energy is key to US security
Doug Burgum, Donald Trump's nominee to lead the Interior Department said on Thursday that he would vigorously pursue President-elect Trump's goals to maximize energy production from U.S. Public Lands and Waters, calling it a key to national security. Burgum's remarks to lawmakers at his nomination hearing indicate a sharp change in policy.
Energy Minister: South Korea may buy more US oil and natural gas
South Korea wants to import more U.S. gas and oil in order to diversify its energy sources, and maintain stable supplies in light of the tensions in the Middle East. He said that the government might need to increase its support for non-Middle East crude oil purchases. His comments coincide with the announcement that Donald Trump, the U.S.
Oilfield services provider Flowco raised $427 mln through its US IPO
Flowco Holdings announced on Wednesday that it had raised $427.2 Million after pricing its U.S. Initial Public Offering above its target range. Flowco set the price of its 17.8 million shares to $24 per share. The company advertised to list its stock between $21 and $23. The U.S. IPO Market has been revitalized by strong equity markets…
Iraqi oil minister: Iraq and BP will sign Kirkuk oil deal in first week of February
Iraq and British oil giant BP will be signing a mammoth agreement covering four Kirkuk gas and oil fields by the 1st week of February. This was revealed by Oil Minister Hayan Abdul-Ghani during a trip to Britain. He said the deal would be bigger than a TotalEnergies 2023 Basra deal, which was valued at around $27 billion.
Senate Democrats ask Republicans to delay the hearing on Trump's Energy Secretary nominee
Democratic members of the U.S. Senate Energy Committee asked the Republican chairman of the panel to postpone Tuesday's confirmation hearing of Donald Trump's nominee to head the Department of Energy. They cited a delay in the paperwork. The hearing for Chris Wright will be held on Wednesday. Wright intends to step…
Norway awards 53 stakes to the latest offshore oil and gas exploration round
Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas. The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier.
The Serbian President says that Azerbaijani gas to Serbia has been suspended.
The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month.
Year Ender: Big Oil retreats from renewables as climate agenda falters
In 2024, major European energy companies increased their focus on oil and natural gas to maximize profits in the short-term. They also slowed down and sometimes reversed climate commitments. This is a trend that will likely continue in 2025. Oil majors have retreated after governments worldwide slowed down the rollout…
British Business - January 7
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. Rachel Reeves will lead a ministerial delegation to the World Economic Forum in Davos, as the UK government attempts to attract international investors and reassure UK leaders of business.
