Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years
Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears about energy independence have grown due to dwindling supplies of gas. Chief Executive Ricardo…
Malaysian PM: Petronas will adhere to contractual commitments
Anwar Ibrahim, Prime Minister of Malaysia, said that Petroliam Nasional Berhad, the state-owned energy company, will continue to fulfill all contractual obligations. This was after discussions over gas distribution between Petros and Petroleum Sarawak Berhad, sparked industry concerns. The recent deadlock between Petronas (run by Petros) and Sarawak (home to 60% of Malaysia's natural gas reserves), has stirred up a lot of controversy.
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, making it one of the biggest private players in U.S. Mid-Continent region oil.
Tanzania hopes to complete talks on LNG project by June
Tanzania has begun discussions with investors about tax incentives for a project that is stalled to build a $42 billion plant of liquefied gas in the country. Energy Minister Doto Biteko announced this on Tuesday. He added the talks might be concluded by June. The mega-gas project in Tanzania is operated by Equinor, Shell, Pavilion Energy, Medco Energi, and Tanzania's National Oil Company TPDC.
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.
Reports say that Malaysia's Petronas will cut jobs in order to survive.
Local media reported that Malaysia's Petronas, the state-owned energy company, will reduce its staff to ensure its survival in the face of increasing challenges within the global operating environment. The Petronas CEO was quoted as saying this. The rationale behind this move is to ensure Petronas' survival in the next decades. According to The Edge, the president and CEO Tengku Taufik TengkuAziz said that if we didn't act now…
OMV Petrom operating profit falls 57% due to lower prices and regulatory pressures
The Romanian oil-and-gas group OMV Petrom announced a 57% drop in its adjusted operating profit for the fourth quarter on Tuesday. It cited lower commodity prices as well as the impact of regulations for gas and electricity. Bucharest listed company reported an operating profit adjusted of 955 millions lei ($197.61) down from 2.24 milliards lei a year ago. The clean…
Enverus says that US energy mergers could slow down in 2025 due to smaller deal sizes.
According to an Enverus report released on Tuesday, the pace of U.S. public-to-public upstream mergers in 2025 could slow from its recent average of five mergers per year and deal sizes may also decrease. Consolidation in the U.S. Energy Sector, which resulted in deals worth $250 billion by 2023, continued into 2024, and will likely continue into this year as companies seek to increase their oil and natural gas reserves.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues. Oil…
Sources say that OMV's Romanian subsidiary has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that OMV's Romanian subsidiary has signed a contract to supply Uniper gas from its Black Sea Project starting in 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
Sources say that Austria's OMV Romanian unit has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that Austria's OMV Romanian has signed a contract to supply Germany's Uniper gas from its Black Sea Project from 2027. This is as Europe looks for new ways to increase energy security following its breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
Sources: Austria's OMV has agreed to supply Romanian Gas to Germany
Three people with knowledge of the deal said that Austria's OMV will supply Germany's Uniper gas from its Black Sea Project from 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
Malaysia's Petronas, Petros finalising deal on gas distribution in Sarawak state, PM says
Anwar Ibrahim, the Prime Minister of Malaysia, said that Petroliam Nasional Berhad and Petroleum Sarawak Berhad are working to finalize details for a long-delayed gas distribution agreement in Sarawak. Both companies have been at odds for months over Sarawak's plans to take control of all gas trading within the energy-rich state away from Petronas - whose sole shareholder, the Malaysian Government, is Petros.
Holiday schedule for US economic and other data
Veterans Day, a federal holiday, will impact the release of major economic, energy, and commodities reports that originated from Washington or were filed there during the week of November 10. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Veterans Day holiday. Federal government offices and the bond market are closed. Stock markets, International Monetary Fund and Federal Reserve open. The U.S.
Romgaz, a Romanian gas company, raises 500 million euros through its debut Eurobond
IFR data show that Romanian state-owned Romgaz issued its first eurobond on Monday. The company sold 500 million euros (559.50 million dollars) of five-year papers to fund a project for deepwater gas in the Black Sea. Romgaz and OMV Petrom have partnered to develop Neptun Deep Black Sea Gas Project, one of Europe's largest natural gas reserves. The project is expected to cost four billion euros, to be divided equally between the two companies.
Russia aims to counter West’s climate agenda by using gas and nuclear power
Pavel Sorokin, deputy energy minister of Russia, said that the country will set its own climate goals and make proposals to combat global warming in an effort to counter the agenda promoted by Western countries. His remarks could be a preview of potential clashes during the COP29 U.N. Climate Summit, due to take place November in Azerbaijan. The Ukraine conflict has strained relations between Russia and the west…
APPEC and Japan's JERA consider Vietnam gas-fired energy plant investment
A senior executive from Japan's largest utility, JERA, said on Wednesday that the company plans to invest in a gas-fired plant in Vietnam as part of its efforts to transition away from coal and towards cleaner fuels. By 2030, power plants that use domestic gas or imported liquefied gas (LNG), with LNG as the major contributor, will be a vital source of energy in Vietnam. The total installed capacity of these plants is expected to reach 37.33 GW.
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully…
ADNOC, AG&P Agree FSU Lease for Philippines First LNG Terminal Launch in July
The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines' first LNG import terminal in July, the companies said on Wednesday.Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years…
South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy
Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International, the trading arm of steel giant POSCO, has already been twice-improved…
