PetroChina's net profit for the third quarter is down 3.9% on an annual basis
PetroChina Co Ltd, Asia's biggest oil and gas producer, reported on Thursday that its third quarter net profit fell 3.9% from the previous year due to lower crude oil prices. However, it continued to maintain steady crude production while expanding natural gas output. In a filing to the stock exchange, the company reported that its net profit had fallen to 42.29 billion Yuan ($5.94billion), while revenues rose by 2.3% to reach 719.16 milliards yuan.
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange. Sinopec Corp, a domestic rival, reported a flat third-quarter net profit. However, the company's first-nine-month net income dropped by 3%.
Turkmenistan will maintain its gas production next year
Turkmengaz, the state-owned energy company, said that Turkmenistan's natural gas production will remain at 80 billion cubic meters in 2025-2026. Maksat Babaev, speaking at the Turkmenistan annual oil and gas convention's press conference, said that this year's production of gas was 80 billion cubic meters. We plan to continue in this area next year. Separately Guvanch AGAJANOV, the head of the state oil company Turkmenneft told reporters the country will produce over 8 million tons in 2025.
Japan claims that replacing LNG from Sakhalin-2 in Russia would be expensive.
Japan's Industry Minister said that replacing the liquefied natural gas from Russia's Sakhalin-2 Project would be expensive and lead to higher electricity rates. Scott Bessent, U.S. Treasury secretary, has urged Tokyo, ahead of U.S. president Donald Trump's trip to Japan next Monday, to cease its Russian energy purchases. These mainly include LNG, which accounts for 9% or Japan's fuel imports. Ryosei Takazawa, 64-year old trade veteran…
EQT anticipates that the 2026 natgas output will be in line with the 2025 exit rate
EQT Corp, a U.S. energy company, said Wednesday that it expected to maintain natural-gas production in 2026 at levels comparable with its exit rate for 2025. This is due to lower sales forecasts for the current quarter. At midday, shares of the Pennsylvania-based firm were down 3.8%. The company anticipates a total sales volume between 550 and 600 billion cubic foot equivalents (Bcfe) for the fourth quarter. This is lower than the 634 Bcfe of the third quarter.
China's daily oil refineries processing rate reaches two-year high
China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates. According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September. According to records, the daily processing rate has been at its highest level since September 2023.
In its third-quarter trading report, Total highlights higher sales and rising refining profit margins.
TotalEnergies, a French oil company, expects to see an increase in its third-quarter earnings as increased upstream production and improved crude refining margins will offset lower oil prices. The group announced this on Wednesday. In a trading update, it stated that despite a $10 drop in the price of oil per barrel year-on-year the results and cash flows from the business segments would increase in the range of 0-5% due to the accretive growth in hydrocarbon production and the improved results in the downstream.
OMV reduces investment targets and cuts back on spending for renewables until 2030
Austria's OMV announced on Monday that it would cut sustainable investments, and reduce its target for organic capital expenditures yearly by 1 billion euro ($1.2 billion). This was also to reflect Borealis' deconsolidation following a merger. The group has set a new organic capital spending goal of 2.8 billion euro per year. This is down from its previous projections of 3.8 billion euro. The oil, gas and chemicals group has set its new organic capital expenditures goal at 2.8 billion euros per year…
US LNG exports record second consecutive month
According to preliminary data, U.S. exports of LNG reached a new record in September, surpassing their previous record set in August at 9.3 million MT. According to LSEG, the increase was fueled primarily by sales to Europe, Asia and other parts of the world. This occurred despite unexpected shutdowns at Cheniere Energy’s Sabine Pass facility in Texas and a planned maintenance at Berkshire Hathaway’s Cove Point Plant. The U.S. exports the most LNG in the world, and its level can have a significant impact on global markets.
US Crude Oil Production Hits Record, says EIA
The Energy Information Administration reported on Tuesday that U.S. crude production reached a new monthly record of 13,64 million barrels of oil per day in the month July. This is up 109,000 barrels per days from June's previous record.The EIA reported that the oil output of Texas, the top producer, rose to 5,8 million barrels per day (bpd) in July. This was the highest level since October 2024. New Mexico, the second largest producer…
Exxon Mobil eyes South Africa as a top LNG destination
Exxon Mobil has its eye on projects in South Africa, which it considers to be a top destination in the world for liquefied gas (LNG), said a senior gas executive at an African Energy Conference in Cape Town. The U.S. has the highest natural gas production and is the largest LNG exporter in the world. With several new projects expected to come online, this could lead to a gas glut by the year 2030. The electricity minister previously stated that South Africa is in talks with Qatar…
Russia expects the new Sakhalin-3 project to begin operations in 2028
Russian news agencies reported on Thursday that the country is expecting to begin natural gas production in 2028 at the new Sakhalin-3 Project in the Pacific Ocean to supply gas to China as well as for domestic use. Valery Limarenko said that Gazprom, the Russian energy giant, and regional authorities were working together on a plan for a refinery to be built in southern Sakhalin, to produce jet-fuel, diesel, and naphtha using gas condensate.
NGSA: US natgas production to reach record levels this winter
According to the Natural Gas Supply Association’s Winter Outlook 2025-2026, U.S. Natural Gas production will reach record levels this winter. This will help meet domestic demand and a growing liquefied gas export market. This winter, the U.S. Natural Gas Market faces a balance act: increasing supply versus growing demand. The NGSA stated that while production and storage is strong, wildcards could cause price pressure. The total gas demand for this winter is expected to increase by 4…
Trinidad and Tobago wins four deepwater oil and natural gas blocks
The auction of deepwater exploration and production blocks for oil and gas in Trinidad and Tobago failed to attract much interest from foreign investors. Only four out of 26 areas were offered. Trinidad's Ministry of Energy announced that the bidding round ended on Wednesday. The Chinese company CNOOC bid for three blocks and a group of smaller energy companies for another. Ernesto Kesar, Trinidad's junior energy minister, stated that with several auctions taking place in Latin America and a limited pool of deepwater energy companies…
JERA in Talks to Buy $1.7b of US Natural Gas Assets
Japan's top power generator JERA is in advanced talks to buy natural gas production assets in the U.S. for around $1.7 billion, people familiar with the matter said, the latest example of the Asian nation investing in America's energy sector.JERA emerged as the top bidder for the assets owned by GEP Haynesville II, a joint venture between Blackstone-backed GeoSouthern Energy and pipeline operator Williams Companies, after banks solicited offers in recent weeks…
US Energy Secretary downplays climate risk as Washington seeks EU Gas Deals
Chris Wright, the U.S. Energy secretary, downplayed climate change risks on Thursday as he promoted Washington’s return to a “commonsense policy” while the Trump Administration worked to increase oil and gas exports to Europe and other allied countries. Wright spoke with reporters in Brussels after he met the European Union energy commissioner Dan Jorgensen. U.S. Doug Burgum, the Interior Secretary of the United States, was also in Europe last week to sign energy deals.
After election victory, the PM of Norway says that Norway must continue to be a reliable supplier of energy
Norway will continue to explore oil and gas, and remain a reliable energy supplier to Europe. This was the message of newly elected Prime Minister Jonas Gahr Stoere on Tuesday. On Monday, the minority Labour Party won a second mandate in office while the populist rights achieved their best ever election results. The ballot was dominated by worries about rising living costs and conflicts in Ukraine and Gaza. After the left-wing victory in the election…
Highest Ever US LNG Exports Recorded in August
U.S. exports of liquefied natural gas (LNG) reached an all-time high in August as plants exited planned maintenance programs and Venture Global's Plaquemines facility continued to increase output, preliminary data from financial firm LSEG show.August exports totaled 9.33 million metric tons, beating the previous monthly record set in April of 9.25 million tons and higher than the 9.1 million tons exported in July, according to LSEG data.Plaquemines is the second-largest LNG plant in the U.S.
Mexico's Pemex signs the first mixed contract with private companies to boost oil production
According to a government report presented to Congress by President Claudia Sheinbaum, the Mexican state oil company Pemex has signed its first mixed contract with private sector partners to try to reverse the declining hydrocarbon production. In her first report to Congress, sent on Monday, President Cristina Fernandez said that the 11 agreements, which were signed under a newly-created contractual framework resulting from the most recent energy reform, marked the beginning of Pemex’s plan to sign 21 similar deals this year.
US LNG exports record highest ever in August
LSEG's preliminary data shows that U.S. LNG exports reached a record high in August, as plants completed planned maintenance and Venture Global’s Plaquemines plant continued to increase production. According to LSEG, August exports totaled 9,33 million metric tonnes, surpassing the previous monthly record of 9.25 millions tons set in April and exceeding the 9.1million tons exported in July. Plaquemines, the second largest LNG plant in the U.S., has a capacity to produce 27.2 million tonnes per year (MTPA).