Total and Shell back out of carbon storage project in the Netherlands
AMSTERDAM (25 April) - After TotalEnergies & Shell retracted part of their planned investment, the Dutch government announced on Friday that it would invest 639 million euro ($726 millions) in the construction of the largest carbon capture and storing project of the Netherlands. The two major oil companies have decided not to invest in the infrastructure needed to connect the industries with the storage sites under the North Sea in gas fields that are depleted. The government stepped in to minimize risks for two remaining investors: the Dutch Gas Grid Operator Gasunie and the Dutch government-owned EBN.
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner. "We're about to finalize an agreement…
Sources say that the EU is looking at tweaking its methane regulations for US gas in order to facilitate trade negotiations.
Three sources with knowledge of the situation said that the European Union was looking for ways to help U.S. exports comply with their methane emission rules. The bloc is trying to avoid a trade conflict with U.S. president Donald Trump. Both sides have indicated that energy may be included in a larger trade agreement. Trump has repeatedly said that the EU should purchase more American oil and natural gas in order to reduce its trade surpluses with the United States. Ursula von der Leyen, President of the European Commission, said that the EU may increase its U.S. LNG purchase as it seeks to abandon Russian gas by the year 2027.
Bolivians tighten their belts after a new reality of inflation bites
Angelica Zapata, a Bolivian homemaker in La Paz's highland, is learning to accept a new reality of inflation. Prices are rising at their fastest rate in nearly two decades due to the shortages in fuel and dollars. Landlocked gas and grain producers are facing their most severe economic crisis since the global financial crises. Foreign currency reserves have been dwindling due to stalled exports and energy production, which has stoked unrest and protests. The dollar shortage is causing imports to be stymied, driving up farmer's costs and resulting in long lines at the gas station.
NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent oil and gas companies under the name of NEO NEXT.Under the terms of the transaction, the combined business will be jointly owned by NEO (55%) and Repsol UK (45%) and will have a large and diverse asset portfolio which is expected to generate material cashflows and provide a platform for organic and inorganic growth.Repsol will retain $1.8 billion of the decommissioning liabilities related to its legacy assets…
Iraq plans to increase oil production above 6 million barrels per day by 2029
Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields. Officials from the oil ministry say that Iraq's current production of oil is around 4 million barrels per day.
Venezuela's opposition drafts an energy reform in order to increase foreign pressure on Maduro
According to sources, and according to a summary seen by the. Opposition leaders see the re-election Donald Trump as a chance to increase pressure on President Nicolas Maduro. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron in Venezuela, citing the lack of electoral reforms by President Nicolas Maduro. The reform of Venezuela's hydrocarbon laws may appeal to oil companies from around the world, including those based in the United States. The plan includes shrinking PDVSA, while also offering foreign companies Venezuelan oil and natural gas fields and refineries as well as midstream assets.
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment. This is especially true to combat the decline of the existing fields." At the CERAWeek conference on energy in Houston. He said that there was a "need for upstream oil and gas investments".
Naftogaz: Norway will finance Ukrainian gas purchases
Norway will finance Ukrainian purchases of natural gas from its country, Ukraine's Naftogaz said on Tuesday. This comes against a backdrop of an increase in Ukrainian imports, as the war between Russia is affecting the energy system of the country. The aid is part of an overall 380 million euro package ($400 million), financed by the European Bank for Reconstruction and Development. Its goal is to boost Ukraine's energy independence. In a press release, Roman Chumak CEO of Naftogaz Group (owned by the Ukrainian state) said that "this assistance is critical for the stability" of Ukraine's Energy System.
Iraq and BP agree on four Kirkuk oil fields
Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday. This is a major breakthrough for Iraq where production has been hampered by war, corruption, and sectarian tensions. The signing takes place a day before BP updates investors on its strategic plan. It is widely expected that BP will reduce investments in renewable energies and return to investing more in oil and natural gas. A senior Iraqi oil official said in early February that BP expects to spend as much as $25 billion on the project over its lifetime.
After the Russian attacks, Ukraine plans to import 800 million cubic meters of gas by April.
Ukraine will import 800 million cubic meters (mcms) of gas in February and march to compensate for the sometimes 40% decrease in production following Russian missile attacks on the sector. A senior industry source said on Friday. Since its invasion in 2022, Russia has launched many missiles and drones at Ukraine's electric sector. However, it has intensified attacks on gasfields over the past few weeks. The Ukrainian state gas company Naftogaz, and the major private energy firm DTEK, have both reported that Russia has damaged and attacked their facilities at least two times in February.
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, Carlos Gomez spoke on the broadcast radio channel of the union, and claimed that the company had reneged on its commitment to maintain staffing levels and fired 290 employees on Monday without notice to the union.
Russia's proposed gas pipeline to Iran
The Russian President Vladimir Putin announced on Friday plans to build a pipeline to Iran that will eventually transport up to 55 billion cubic meters (bcms) of gas per year into the West Asian nation. Here are some background details about the cooperation between Iran, Russia and the gas sector. Iran is the second largest gas producer in the world after Russia. However, U.S. sanctions are preventing access to technology as well as slowing down gas exports. In July 2022, the National Iranian Oil Company and Russian energy giant Gazprom agreed to a Memorandum of Understanding worth about $40 billion.
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. Iraq's official news agency reported on Wednesday that Baghdad had signed a preliminary deal with BP to evaluate the feasibility of redeveloping Kirkuk and its neighboring oil and gas fields. However, the report did not provide any further details.
Egypt and Eni announce that drilling ships will begin work on the Zohr gas fields
Egypt's Petroleum Ministry said that a drilling ship would arrive in Egypt next month, as Eni begins work to increase production at the massive Zohr offshore field. Egypt planned to become one of the world's major gas exporters after Eni found the field in 2015. However, domestic gas production has fallen in Africa since 2021 and reached a six-year minimum in 2024. In the first half 2024, the average production at Zohr fell to 1.9 billion cubic foot per day (bcf/d), well below the 2019 peak. Eni confirmed on Friday that, as stated by Egypt's Ministry of Petroleum and Mineral Resources…
Pharos Energy announces that licences for 2 Vietnam oil and gas fields have been extended until 2031/32
Pharos Energy, a UK-based oil & gas exploration company, announced on Friday that its two joint ventures operating in Vietnam had received approval from the local government to extend their licenses for five years until early 2030. Pharos announced in a press release that the Te Giac Trang field operated by Hoang Long Joint Operating Company will be permitted to operate until December 7, 2031. TGT is situated in Block 16-1 in the Cuu Long Basin offshore Vietnam, and the licence was set to expire December 2026. Pharos announced that the Ca Ngu Vang field (CNV)…
BP and Iraq agree on technical terms for redeveloping Kirkuk oilfields
The British oil giant BP announced on Thursday that it had reached an agreement with the Iraqi Government on the technical conditions for redeveloping the Kirkuk Oil and Gas Fields. In August, the company signed an agreement to explore and develop the Kirkuk oilfield located in the north of Iraq. This will include the construction of solar power plants and other energy infrastructure. Sources have said that unlike historic contracts, which offer foreign companies razor thin margins, new agreements will include a generous profit sharing model. Iraq is the second largest oil producer after Saudi Arabia in the Organization of Petroleum Exporting Countries.
China's CNOOC sold US assets to Britain’s INEOS
CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico. The deal includes non-operator interest in oil and gas fields such as Appomattox, Stampede and Stampede. In a statement…
EUROPE GAS - Prices stable on warmer temperatures forecasts and strong LNG supply
The wholesale gas prices in the Netherlands and Britain were not much different on Tuesday morning, despite warmer temperatures and strong LNG imports. By 0955 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.09 euros to 45.10 Euros per Megawatt Hour (MWh), which is $13.91/mmbtu. The Dutch day-ahead contracts rose by 0.10 euro to 45.05 euros/MWh. The day-ahead contract in Britain rose by 0.80 pence to 112.00 pence a therm. They said that a strong demand for gas in the future due to low wind production and an unplanned outage of the Asgard gas fields in Norway could provide some assistance.
BP and its partners invest $7 billion into a carbon capture project in Indonesian Papua
BP and its partners announced that they will invest $7 billion into a carbon-capture project and the development of gas fields in Indonesia's easternmost Papua Region, which could unlock an additional 3 trillion cubic feet in gas resources. The British oil producer announced its investment in London on Thursday during a meeting between President Prabowo Subito, who was visiting London. The company said that production at Ubadari is expected to begin in 2028. Gas from the field will be processed in the Tangguh liquefied gas plant in West Papua.
