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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…
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China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil…
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BP approves Ginger Gas Project in Trinidad and Tobago
BP said that it has approved the Ginger gas project in Trinidad and Tobago. This is one of ten projects named by Murray Auchincloss, CEO, in a recent strategy overhaul to support BP's renewed emphasis on oil and natural gas. The company stated that Ginger will start production in 2027 and reach a maximum of 62,000 barrels equivalents per day.
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Equinor's new Arctic Oilfield will pay off $8 billion investment within 2 years
Equinor said that its Johan Castberg oilfield, located in the Arctic Barents Sea, began production Monday, after several delays. The company expects to recoup the 86 billion Norwegian crowns ($8.14 billion), which it paid for the field, in less than two year. Castberg is now the second…
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Israeli Firm Gets Final Permit for US Wave Energy Demo
Eco Wave Power, an onshore wave energy technology company, has received a final permit for the construction and demonstration of its wave energy technology in San Pedro, California.The Revocable Permit 25-05 by the Port of Los Angeles was executed on behalf of the Executive Director, Eugene D.
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FTC moves to reverse Chevron and Exxon board restrictions
The U.S. Federal Trade Commission has taken a step towards potentially reversing the bans that were placed by the Biden Administration…
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Colombia considers long-term contracts for gas imports to cover the deficit and lower prices
Edwin Palma, Minister of Mines and Energy in Colombia, said that the government may sign long-term contracts for gas imports…
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Ecopetrol president warns that lower oil prices could reduce profits for the full year by $2.8 billion
Ecopetrol, Colombia's state-owned oil company, warned that lower oil prices could cause its profits to drop by as much as…
Latest news
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Indian gas firm GAIL seeks 26% stake in US LNG
GAIL India Ltd. issued a tender Friday for a maximum 26% stake in an American liquefied gas project, along with a 15 year gas import agreement.
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Bloomberg News reports that Abu Dhabi's ADNOC is considering a bid for Aethon US natgas assets.
Bloomberg News, citing sources familiar with the situation, reported Friday that Abu Dhabi's state oil company ADNOC was…
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BP warns about lower production in the first quarter and weak gas sales
Energy group BP said that it expects the first-quarter production of oil and gas to be lower than in the previous quarter.
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Sources say that the price of Saudi crude in China will surge after a fall in May.
Saudi Arabian crude oil supplies to China are expected to increase in May compared with the previous month, as the sharp…
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Oil advocate withdraws nomination for US Land Bureau
Senator Mike Lee announced at a Senate Hearing on Thursday that oil industry lobbyist Kathleen Sgamma had withdrawn her nomination for the U.S.
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US no longer requires green analyses for oil and gas leases in Western States
The Trump Administration announced on Thursday that they will no longer be requiring environmental impact statements (EIS)…
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Brazil prepares a new oil auction amid trade war threats to budget, sources claim
Four people with knowledge of the situation said that Brazil is planning to auction off stakes in offshore oil fields this…
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Mubadala Energy acquires Kimmeridge LNG and gas projects in the US
Mubadala Energy is an arm of Abu Dhabi’s sovereign wealth fund. It signed a deal with Kimmeridge, a US-based energy investor…
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Follow This, a group of climate activist shareholders, pauses the big oil campaign
Follow This, a climate activist shareholder group, said that a lack in investor interest has forced them to suspend their…
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Peru's mining chamber reports a 2-4% increase in copper production this year
Julia Torreblanca, the president of SNMPE, The National Society of Mining, Oil and Energy, has predicted that Peru's output…
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Occidental Petroleum announces higher oil and gas prices in Q1
Occidental Petroleum, a U.S. shale company, said that the prices received by the firm for its oil and gas production in the…
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US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block International Monetary Fund assistance for certain Central African…
Exploration
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Chevron will triple-frac half of Permian wells by 2025 in order to reduce costs and time
HOUSTON, 9 April - U.S. Oil Major Chevron plans on increasing the use of a method that allows it fracture subterranean rocks…
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Inpex, a Japanese company, has begun engineering design work for Indonesia's Abadi Liquefied Natural Gas project
Inpex Corp., a Japanese oil and natural gas exploration company, started Wednesday the front-end design process of its Abadi…
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CF Industries and JERA Mitsui form a joint venture to build a $4 billion ammonia plant with low carbon emissions
CF Industries announced on Tuesday that it had formed a joint-venture with Japan's biggest power generator, JERA and trading house Mitsui & Co.
Drilling
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Petrobras has completed the animal care center needed for offshore license
Petrobras, Brazil's state-run oil firm, has finished the work required to get an environmental permit in order to drill offshore.
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As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President…
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Baker Hughes reports that the US oil rig number has reached its highest level since June.
Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number oil and gas rigs for the second consecutive week…
Production
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Chevron will pay $740 Million to restore Louisiana's coastline, reports AP
The Associated Press reported that Chevron had been ordered to pay $740m to repair damages caused by the oil and gas giant…
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BP approves Ginger Gas Project in Trinidad and Tobago
BP said that it has approved the Ginger gas project in Trinidad and Tobago. This is one of ten projects named by Murray Auchincloss…
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China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices.
