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.
East Timor spoke with Sinopec and other Chinese companies about stalled multibillion dollar gas project, President says
After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy.
East Timor spoke with Sinopec and other Chinese companies about a stalled multibillion dollar gas project, President says
After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy.
The UK has committed up to $28.5 billion for carbon capture projects
The government announced on Friday that it will invest up to 21.7 billion pounds (up to $28.5 billion) in 25 years for the development of carbon capture and storage technology to reduce emissions from energy, industry, and hydrogen production. Britain has set a target of achieving net zero emissions in 2050. CCS…
Slovakia has a strong interest in ensuring transit of Russian gas and oil via Ukraine
Robert Fico, the Prime Minister of Slovakia, said that the country has a great interest in continuing the flow of oil and gas from Russia through Ukraine to the West. He added that the European Commission was putting pressure on the country to stop these supply flows. Fico said to reporters that the Slovak government and Ukrainian cabinet would meet on Monday.
Turkish Ship to Start Oil Search Off Somalia This Month
Turkey's Energy Ministry announced on Thursday that a Turkish seismic research ship plans to arrive at the end October off the coasts of Somalia and begin searching for natural gas and oil after the two countries agreed on cooperation in energy. The agreement of March envisaged oil production and exploration, and…
Suriname oil and gas project worth $10 billion to be approved by TotalEnergies and APA
TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production. The small South American nation wants to follow the example of its neighboring Guyana.
Bloomberg News: Chevron and Hess CEO agree that Hess will not be joining the board of directors in a deal with US regulator
Bloomberg News, citing sources familiar with the situation, reported that U.S. Energy Major Chevron agreed with U.S. Federal Trade Commission Hess CEO John Hess would not join its board as part of an agreement to proceed with a $53 billion acquisition deal. The proposed acquisition of all stock, announced first in October, is the largest in the U.S. Oil and Gas industry.
Official: Argentina's energy subsidy cuts as government tackles fiscal deficit
Energy Secretary Eduardo Rodriguez Chirillo announced on Thursday that Argentina had reduced its energy subsides by $2.7 billion in the first seven month of the year, as part the government's aim to reduce its fiscal deficit. Rodriguez Chirillo, in a meeting held with officials from the energy industry in Houston…
Pampa Energia, Argentina raises over $400 mln for Vaca Muerta campaign
Pampa Energia, a natural gas producer in Argentina, announced a $410 million debt issuance on Friday. This demonstrates investor confidence as the company expands its operations in the Vaca Muerta shale in the country. The massive shale deposits, where state-owned YPF, Vista Energy and other competitors are investing…
US drillers have cut oil and gas drilling rigs in the fourth week of a row, according to 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 fourth consecutive week for the first since late June. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one to 582 during the week ending Sept. 6, which is the lowest level since June.
PetroChina posts record interim profit, but fuel sales decline
PetroChina, China's largest gas and oil company, announced on Monday that its first-half net profit had reached a new record, an increase of 3.9% over a year earlier, due to higher gas and oil prices, which outweighed lower refining profits. According to a filing at the Hong Kong Stock Exchange, the net income for…
US drillers reduce oil and gas rigs in the US for a second consecutive week - 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 a second consecutive week for the first since late June. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending August 23.
Egypt plans to return to normal oil and gas production by 2025, says PM
In a Thursday press conference, the Prime Minister Mostafa Madbouly announced that Egypt will return to normal oil and gas production levels by 2025. After a series of recent discoveries including the huge offshore Zohr gas field estimated to contain 30 trillion cubic foot of gas, the North African nation had aimed at becoming a regional hub of liquefied gas.
BP and Iraq to share profits on Kirkuk fields
Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal earlier this month for the development of four oil and natural gas fields in Kirkuk in northern Iraq.
Marathon Oil's profits miss estimates due to low natural gas prices
Marathon Oil, a U.S.-based oil and gas company, missed Wall Street's expectations for its second quarter profit on Wednesday due to a drop in the price of natural gas.Gas prices in the U.S. dropped due to mild weather that pushed up demand, and a surge of stored volume because pipeline capacity was inadequate.Marathon Oil reported that its average realized natural gas price in the U.S.
