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Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share…
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Elliott Affiliate's Citgo Bid to be Challenged
Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids, sources close to the matter said.The auction of shares in the U.S.
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Oil Steadies as Sverdrup Restart eases Geopolitical Jitters
Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S.
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EIA: US Crude, Gasoline Inventories Rise
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov.
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US Judge Proposes CITGO Auction Solution
The U.S. judge overseeing an auction of shares in a Citgo Petroleum parent to pay Venezuela-linked creditors on Wednesday proposed major procedural changes to advance a case stalled by wide opposition and lawsuits by creditors in other courts.Judge Leonard Stark recommended a series…
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US drillers reduce oil and gas rigs in the US for the second week running - 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…
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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…
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Exxon withdraws from talks with Guyana about shallow water oil blocks, says the government
Exxon Mobil, a U.S. oil company and its partners pulled out of negotiations on Thursday with Guyana’s government over terms…
Latest news
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Poland to Boost Offshore Wind, Energy Security
Poland is planning to assign new areas for offshore wind farms in the Baltic Sea and is drafting additional measures to boost…
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US natgas manufacturers chase AI-driven surge of power demand to weather low price
Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom.
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Indonesian regulator confirms Tangguh LNG disruption
Indonesia's upstream gas and oil regulator SKK Migas confirmed that there was an outage on the third train at BP's Tangguh liquefied gas (LNG)…
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Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading…
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Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat…
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Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron…
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Nigeria seeks long-term buyers of new Utapate oil and aims to double production
Nigeria seeks long-term customers for the new crude oil grade Utapate, and aims to double its output from 40,000 barrels a day by 2025.
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Rystad reports that oil majors have over 40 biofuel projects planned by 2030.
Rystad, a consultancy, said that major oil and gas companies are investing more in biofuels, betting on sustainable aircraft fuel (SAF).
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Sources say that Whiting refinery, a BP facility in Indiana, is delaying its return to service.
Industry sources say that the return to service for BP Whiting Indiana refinery is delayed. BP began the planned turnaround…
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Sunshine Oilsands operations halted by Canadian regulator
Sunshine Oilsands has been ordered by a Canadian regulator to suspend all operations in the oil sands area of northern Alberta…
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Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends
According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111…
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Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer…
Exploration
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Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of…
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Mexico will extend $6.7 billion in debt to Pemex to pay for its debts by 2025
A budget proposal released on Friday showed that the Mexican government plans to transfer 136 billion Pesos (6.69 billion dollars) to Pemex…
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TotalEnergies and BP, Equinor, and Shell each commit $500 mln for energy access
TotalEnergies BP Shell Equinor, oil and gas giants BP and Equinor, pledged to invest $500m on Friday in order to increase…
Drilling
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US crude stockpiles jump, fuel posts surprise drawdown, EIA says
The Energy Information Administration (EIA), which released its report on Thursday, said that U.S. crude stockpiles increased more than expected…
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Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future
The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what…
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Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor…
Production
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Occidental Petroleum exceeds profit expectations for the third quarter on higher production
Occidental Petroleum, a U.S. oil-and-gas firm, beat Wall Street expectations for the third quarter profit on Tuesday. However…
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EOG Resources beats Q3 profit estimates, boosts share buyback program
EOG Resources increased its share-repurchase program after beating Wall Street expectations for the third-quarter profits…
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Ghana's oil production increases for the first time in five years
Ghana's crude output increased 10.7% on an annual basis in the first half of 2024. This reversed a five-year-old decline in production.
