Shell suspends its $3 billion share purchase
Shell?said Friday that it would be pausing its $3 billion share purchase?programme between?June '12 and the market close of July 14 due to certain requirements relating to its deal with ARC Resources. Shell, who announced its $3 billion program in May, said that any shares not purchased during the suspension…
Ukraine's Naftogaz signs preliminary agreement to restructure $1.4 Billion in Eurobonds
Naftogaz, the Ukrainian energy company owned by the state, said that it had?reached? a preliminary agreement for restructuring two Eurobond tranches of EUR1.2 billion ($1.38billion) due in this year and 2028. The Russian war is continuing to cause damage to its infrastructure. Subject to approval, the EUR695 ($802…
Raizen creditors begin evaluating $12.8 billion debt restructuring
Creditors began Wednesday evaluating the final proposal of Brazilian sugar and alcohol producer Raizen for a restructuring agreement outside court to cover approximately USD 12.8 billion in debt. This is the largest deal ever done in Brazilian history. The joint venture between Shell and Brazilian conglomerate…
Pemex confirms death in Oaxaca refinery explosion of injured worker
Pemex released a statement Wednesday confirming that a Pemex worker injured in the explosion at Oaxaca refinery in 'the Port of 'Salina Cruz, died Tuesday night while being treated on his way to hospital. Medical reports cited by the Mexican newspaper Milenio on Wednesday indicated that Pemex worker Victor…
IIR Energy reports that Mexico's Salina Cruz Refinery has been partially closed after a fire.
Mexico's state oil company Pemex was forced to partially shut down its 325,000-barrel-per-day Salina Cruz refinery in Oaxaca on Monday after a fire at the plant injured six people, according to a source familiar with the matter and industry monitor IIR Energy. These issues, which?were exacerbated by a series of unexpected refinery problems across North America…
Data shows that Russian LNG exports increased by 8.6% from January to April.
The preliminary LSEG data on Tuesday showed that Russia's liquefied gas exports grew 8.6% from January to April to 11.4 millions metric tons compared to the same period last year. This was due to the supplies from the Arctic LNG 2 Project, which reached a million tons during the first four month of this year. U.S.
Glencore's first-quarter output of copper jumps 19%; marketing unit to surpass target
Glencore reported on Thursday that its first-quarter copper production increased 19% due to improved ore grades in Africa. Meanwhile, its marketing division is still on track to surpass the upper end of its annual earning guidance. The Swiss commodities trader-miner produced 199.600 metric tons in the first quarter.
Sources say that Russia's Syzran Oil Refinery has ceased operations following the April 18 drone attack
Two industry sources have confirmed that the Russian oil refinery Syzran has stopped processing after a 'Ukrainian drone strike and damage to its equipment on April 18th. Two people were killed earlier on Wednesday when a drone struck a house in Syzran. The city is located about 1,000 km (621 mi) from the Ukrainian border, along the Volga River.
TotalEnergies reports strong Q1 sales despite war-related output losses
PARIS, 16 April - TotalEnergies expects to see a significant rise in earnings in the first quarter due to a strong trading performance, and also in its upstream production?and oil sales, thanks in part to the higher prices caused by war in Iran. This is despite the fact that the conflict has shut down 15% the French group's total production.
Carol Howle named as BP's deputy CEO to oversee portfolio reviews and strategy
Carol Howle was named BP's 'deputy CEO' on Thursday. She will oversee the company’s ongoing portfolio re-evaluation and strategy developments. Howle will return to her previous role as head for supply, trading, and shipping. She was interim chief executive until Meg O'Neill took over the top position on Wednesday.
Sources say that OPEC+ is likely to increase oil production on Sunday.
Two OPEC+ source said that OPEC+ will likely consider a new oil production increase at their meeting on Sunday. This would allow key producers to 'add more barrels' if the Strait of Hormuz reopens, the world’s most important oil route which is currently closed by the U.S./Israeli war against Iran. OPEC+ decided to 'adjust' its output to 206…
Energy ministry reports that Morocco has enough diesel to last for 51 days.
The 'energy' ministry announced on Thursday that Morocco, which is heavily dependent on imports, has enough diesel to last for 51 days or 55 days respectively, and that gas and coal supplies are?secured until the end of the month. The war in the Middle East has caused an unprecedented disruption in energy supplies, leading to record gains in crude oil prices.
Shares of UK power company Drax hit a 20-year high after beating profit expectations
The British power company Drax surpassed annual profit expectations on Thursday and increased its dividend, thanks to strong pellet production in North America, and record renewable generation. Shares of the company rose to near a two-decade high, as a result. In recent years, Drax has enjoyed a rise in wholesale power prices.
Aramco requests dual loading nominations from buyers amid the Hormuz Crisis, sources claim
Multiple sources have confirmed that Saudi 'Aramco asked buyers to provide a crude loading plan for its main 'export terminal in Ras Tanura and Yanbu at the Red Sea for shipments scheduled for April, as the U.S. Iran conflict has disrupted exports out of the Middle East. The U.S. and Israeli war against Iran has largely stopped shipping through the Strait of Hormuz…
Japan Industry Ministry asks Australia for increased LNG production amid Iran Crisis
Japan's Industry Minister Ryosei AKazawa?on Saturday asked Australia to increase its output of liquefied gas in light of the Middle East crisis. Around 11% of Japan's LNG imports come from the Middle East, and 6% of that is shipped through the Strait of Hormuz. This route has been effectively closed by the U.S./Israeli war against Iran.
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable." He added…
Russia claims that OPEC+ monitor panel will likely discuss oil price increase
?Russian foreign?ministry? said?on?Wednesday that it expects OPEC+ to discuss the recent increase in oil prices at its meeting on April 5th. Brent front-month futures have hit a'record gain' of 64% for the month of March according to LSEG data going back to June 1988. U.S. benchmark West Texas Intermediate has risen by around 52% this month.
Chevron and Iraq agree on exclusive talks about West Qurna 2.
Chevron is in exclusive talks with Iraq about the West Qurna 2 giant oilfield. This brings them closer to purchasing the field from the sanctioned Russian oil company Lukoil. Chevron has said that the talks will include an exchange of confidential information. This could allow the U.S. major oil company…
Saipem is poised to return to Venezuela following the easing of U.S. sanctions
Alessandro Puliti, the chief executive of Italian oil contractor Saipem, said that it is prepared to resume operations in Venezuela after the lifting of U.S. sanction - as they expect demand from "oil majors" later this year. "Things are changing in Venezuela very quickly." We have worked in Venezuela in the past and are prepared to return as soon a client requests it…
Sources say that OPEC+ will consider an increase in oil production of 137,000 bpd for April.
OPEC+ will likely consider?raising their oil output by 137,000 barrels a day for April. Three sources familiar with OPEC+'s thinking stated that the group is preparing for the peak summer demand as well as a price increase due to tensions between the U.S. After a three-month pause, the OPEC leader Saudi Arabia…
