Exploration

Mexico's Finance Ministry estimates crude oil production at 129,000 bpd less than target

Mexico has lowered its average crude oil production estimate for this year, citing "prudent" approach that takes into consideration the trajectory of the early months of the year. This would put the country under the ambitious target of 1.8 million bpd set by President Claudia Sheinbaum. The revised estimate of the Finance Ministry in its preliminary budget criteria, published late Tuesday, estimated that production would average 1.762 millions bpd this year.

Petrobras executive: 'The new discoveries of Petrobras are significant'

Sylvia dos Anjos, exploration and production director at Petrobras, said that the discoveries made this year by the Brazilian state-owned oil company Petrobras in the Campos Basin and Santos Field and the Buzios Field are "significant". Petrobras reported hydrocarbon discoveries at the Aram Block, located in Santos Basin, at the Norte de Brava Block in Campos Basin, and in a well in the western area of the Buzios Field.

OPEC+ will discuss Kazakhstan's output at the Thursday meeting, sources claim

Two delegates said that eight OPEC+ nations meeting on Thursday, will focus on convincing Kazakhstan to stop exceeding their output quota as well as its plans to compensate overproduction while the group increases gradual production. Sources have said that the record Kazakh production has angered other members of OPEC+, including Saudi Arabia. OPEC+ has urged the Central Asian nation, as well as other members of the group, to cut further to compensate for excessive production.

ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources

People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that the energy producer hired Moelis & Co as an investment bank to manage the sale of the assets. However, they added that talks were at a very early stage, and a deal was not guaranteed.

Japan's Terra Drone will boost collaboration with Saudi Aramco in inspections

Terra Drone, a Japanese startup that uses drones to inspect and survey energy infrastructure, has announced it is increasing its cooperation with Saudi Arabian state-owned Aramco in order to inspect oil and natural gas facilities. Terra Drone, a Japanese company, has signed an agreement with Aramco that will allow it to test its drones in Saudi Arabia. This is expected to begin later this year or early next. Terra Drone stated that the actual operation of the inspections will begin in 2027.

Nigeria namess ex-Shell executive as head of state oil company NNPC

The Nigerian presidency announced on Wednesday that Bola Ahmed Tinubu had appointed Bayo Ojulari as head of the state-owned oil company NNPC Ltd. This is in response to the country's desire to increase oil production and revitalize its refinery capacity. Tinubu, who in his first year as president devalued the naira twice and ended costly subsidies, has now shifted his attention to overhauling state oil company to maximize its contribution to revenue.

Mexico's budget draft shows that the government expects economic growth of at least 1.5% by 2025.

The Mexican government expects the economy to grow between 1.5% and 2.3 % this year. This is down from an earlier estimate of 2.0% - 3.0%. Mexico's economy is expected to enter a recession, but the growth forecast by the finance ministry is more optimistic than the estimates of the private sector or the central bank. The Finance Ministry forecasts economic growth between 1.5% and 2.5 % in 2026. Latin America's No. The economy of Latin America's No.

Trump tariffs stymie M&As and IPOs during what was expected to be a record-breaking quarter

The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion. The Asia Pacific region was largely responsible for this, where three state-run deals…

Data shows that Russia's LNG imports fell by 1.2% year-on-year in the first quarter of 2018.

LSEG's preliminary data on Tuesday showed that Russia's LNG exports in the first quarter of this year fell by 1.2% compared to a year ago, reaching 8.1 million metric tonnes. Due to U.S. sanctions over the invasion of Ukraine, Russia has been unable to increase its LNG exports. The new Arctic LNG 2 facility has effectively been frozen due to the Western sanctions. According to two sources, Arctic LNG 2 resumed processing in the last month.

M&A revenues fall as Trump pursues his tariffs. Global deal activity is disappointing

UK's Serica Energy reduces production forecast for 2025 due to 'frustrating Triton' issues

Serica Energy, a British oil and natural gas company, lowered its production forecast for 2025 on Tuesday due to delays at its Triton floating storage and offloading unit (FPSO) in the North Sea. The shares of the London listed firm dropped as much as 7.5%, to 124.2 pence. Serica increased its production in recent years through acquisitions, investments and other means. However, in 2024 it will face challenges due to a failure at the Triton FPSO.

Gas giants claim that Australia's opposition plan to reserve supplies may worsen the shortage

Gas giants around the world said that a proposal made by Australia's coalition of opposition to force producers to divert more gas from exports into the domestic market in an attempt to win votes would discourage investment and not solve the looming gas shortages. The conservative Liberal-National Coalition has pledged to lower power bills by implementing a gas reservations scheme. The center-left…

Shell sells Singapore refinery assets to Chandra Asri Glencore group

Shell announced the deal in January last year and has now closed the sale. The deadline for the completion of the deal was slightly delayed from its original end-of-last-year date. The deal's value is still unknown. Shell stated that the transaction was completed through the sale shares of Aster Chemicals and Energy Pte Ltd., a Singapore-based company and SSPL's fully-owned subsidiary. Shell's refinery…

Freeport-McMoRan reduces its first-quarter gold sales estimate

Freeport-McMoRan, a gold miner in the United States, lowered its first-quarter forecast on Monday after timing issues with Indonesian shipments led to deferrals of some of its quarterly production. Freeport, which operates Indonesia's Grasberg mine, one of the largest gold and cobalt mines in the world, had built a smelter as part of a operating agreement with Jakarta officials. The smelter in question was destroyed by fire last year, and it was closed.

Indigenous groups in Peru protest Glencore's Antapaccay mine

A local leader reported that members of Indigenous communities in Peru's Cusco Region blocked access to Glencore Antapaccay Copper Mine to protest against an expansion plan. In an interview, Flavio Huanque, a community leader from the area, said that local residents began to block roads on Sunday and called for a meeting between government officials and mining companies over concerns about environmental damage caused by the expansion plan.

Sources say that the White House is considering an executive order to speed up deep-sea mines.

Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process. The order, if signed, would be the latest effort by U.S. president Donald Trump to tap into international deposits of nickel and copper…

The LAPFF in Britain recommends voting against BP Chairman, annual report

The Local Authority Pension Fund Forum in Britain (LAPFF), recommended to shareholders on Monday, that they vote against the reelection of BP Chairman Helge Lund and BP's Annual Report, remuneration reports, as well as abstaining on whether BP Chief Executive Murray Auchincloss is reelected. Institutional Shareholder Services Inc. (ISS) as well as Glass Lewis, two influential proxy advisors, have advised that shareholders vote for the reelection of BP’s board of directors…

India increases gas prices starting April

India's government website revealed on Monday that the price for its locally produced oil field gas has increased by almost 4%, to $6.75/million metric British Thermal Units (mmBtu), compared to $6.50/mmBtu the previous month. This is the first price revision for gas produced in old fields in two years. India set a price cap of $6.50 for two years in 2023. The third year will see a 25-cent increase per annum.

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 oilfield to come on stream in the Norwegian Barents Sea sector after Vaar Energi Goliat in 2016. Equinor released a statement saying that the field would produce for at least 30 years…

Kremlin: US companies show initial interest in Russian rare-earth projects

On Monday, the Kremlin announced that some American companies have expressed interest in joint rare-earth metals projects with Russia. However, it cautioned that these discussions are still in an early stage. The U.S. president Donald Trump has made it clear that he is open to negotiating with Kyiv on a possible agreement regarding minerals. Moscow also expressed its willingness to negotiate. In February, it was suggested that the U.S.

Washington has revoked Repsol's license to operate in Venezuela

A company spokesperson announced on Monday that U.S. officials had notified Repsol of the revocation of its license to import oil from Venezuela. Meanwhile, Spain's Foreign Minister promised to protect Repsol's interest. The spokesperson for President Donald Trump said that the administration of Repsol told the company it had until the 27th of May to end its operations in South America. The U.S. government informed Italian companies that they were no longer authorized to operate in Venezuela.

The US has revoked the specific license of French oil company M&P for its activities in Venezuela

Maurel et Prom, a French oil company, announced on Monday that the Office of Foreign Assets Control of the U.S. Treasury Department has revoked its specific licence to operate in Venezuela. Last week, U.S. president Donald Trump issued an order declaring any country that purchases oil or gas from Venezuela would pay a 25% duty on all trades with the United States. Former President Joe Biden’s administration…

Xinhua reports that China's CNOOC has discovered a 100 million-ton oilfield on the South China Sea.

Xinhua reported Monday that the China National Offshore Oil Corporation has discovered an oilfield with reserves of more than 100 million tonnes in the South China Sea. Huizhou's 19-6 oilfield, recently discovered, is not located in an area of the South China Sea that has been contested. It lies within China’s Exclusive Economic Zone which extends for 200 nautical mile or 370 kilometers from its coast.

Texas oil and gas upstream jobs increase in February, says industry group

The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff. TIPRO represents more than 3,000 independent producers in Texas.

Sources say that the Energy Department may cut funding for US carbon removal hubs.

Three sources familiar with this matter have confirmed that the U.S. Department of Energy has been considering cutting hundreds of millions of dollar in grants for two projects in Texas or Louisiana, which are aimed at demonstrating commercial-scale technology to capture CO2 from the air. Direct Air Capture hubs were developed by the DOE Office of Clean Energy Demonstrations as part of the former president Joe Biden’s efforts to reduce U.S. greenhouse gases emissions.

Alaska Governor briefs Trump on Asia Gas Push as Tariffs Bite

Alaska's Governor said that he would brief U.S. president Donald Trump's Administration after returning from Japan in the next week about progress made to secure Asian support for a project to develop natural gas, which has been part of a larger discussion on tariffs and trade. Governor Mike Dunleavy and the leaders of the state-run Alaska Gasline Development Corporation and Glenfarne Group visited Taiwan…

Sources claim that Indian state firms are interested in SQM’s lithium projects in Australia.

Four sources have confirmed that four Indian state firms were in discussions with Chilean mining company SQM about acquiring a 20% stake of its two projects in Australia. The deal would cost $600 million. This is New Delhi's largest effort to secure supplies for the metal used in EV batteries. Sources said that Khanij Bidesh India Ltd, a government-backed company, has partnered up with Coal India Ltd…

Rubio: An attack on Exxon or Guyana would be a 'bad day for Venezuela'

Marco Rubio, U.S. secretary of state during a Thursday visit to Guyana’s capital, said that it would be "a bad day" if Venezuela attacked its neighbor Guyana and the U.S. energy giant ExxonMobil. Guyana and Venezuela have been locked in a longstanding dispute over which country holds the rights to the area of Esequibo, spanning 160,000 square kilometers (62,000 square miles), which is currently the subject of a case before the International Court of Justice.

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. Trinidad and Tobago has encouraged BP and other producers…

Vucic: Serbia will lose access to oil imports when the deadline for sanctions looms.

Serbia may lose access to essential oil imports as of Friday, after discussions to stop the imposition by the United States of sanctions on its sole oil refinery failed. President Aleksandar Vucic stated this in an interview published. The waiver of sanctions expires at midnight. If it is not extended, NIS, which is owned by Russia's Gazprom and Gazprom in majority, may face a reduction in crude oil supply. NIS is the sole oil refinery in Serbia, with a capacity of 4.8 millions tons per year.

Energy assets affected due to sanctions and standoff between Russia and the West

On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions.

EnQuest pays its first dividend after a swing to an annual profit

EnQuest, a North Sea oil producer, declared its first ever final dividend of 15 million dollars on Thursday. The higher oil prices helped to boost the company's annual profit after tax. The shares of the London listed energy group rose by 3.4% at 13.8 pence as of 0830 GMT after it announced that it would pay its first dividend of 0.616 penny per share in June. It reported a profit after tax of $93.8 millions for 2024. This follows a loss of $30.8 million the year before.

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 and natural gas specialist reported net profit of 18.99 billion dollars. Sinopec Corp, a domestic rival, reported a 16.8% drop in net income to 50.3 billion yuan.

Can Trump's drive for critical minerals pass the test of copper? Andy Home

The executive order issued by U.S. president Donald Trump on increasing domestic mineral production is designed to cut through the mine permit maze in the United States. According to S&P Global, it takes on average nearly 29 years to bring a new mine from discovery to production. This is the second longest lead time in the entire world, after Zambia. The U.S. Government is uniquely qualified to address the problem of granting permits on federal land.

The deadline for Petrobras' deal with the vessel puts pressure on Foz do Amazonas

According to a government document, Petrobras must receive an environmental permit to drill in the Foz do Amazonas sensitive region before the end of April. Otherwise it will not have enough time to complete the contract for a drilling vessel in October. The document, made public on Tuesday, sets a deadline for Petrobras. It has been waiting for the Brazilian environmental agency Ibama, since May 2023…

Exports of crude oil by Mexico's Pemex rose 33% from January to February

The crude oil exports of the Mexican state energy company Pemex increased 33% from January to February, recovering from the drop in the previous month but still being down 25% when compared with February 2024. Pemex published data late Tuesday showing that crude exports reached 709,793 barrels a day (bpd) in February. About 60%, or 428 357 bpd of these exports went to the United States. The majority of this was the Maya heavy crude blend.

Glencore refinery in South Africa invests in cleaner fuels

Astron Energy, an affiliate of the global commodity trader Glencore will invest up six billion rands ($328 million) in order to install new equipment, and to become compliant with South Africa’s cleaner fuel specification before a 2027 deadline. Astron officials have said that the foundations for a Gasoline Hydrotreating Process, which will reduce petrol to Euro 5 specifications has already been laid in the 100,000 barrels a day crude oil refinery near Cape Town.

The drilling of the offshore gas project in Romanian Black Sea has begun.

On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz. It holds approximately 100 billion cubic metres of recoverable gas.

Tax tussles between Indian and foreign companies

In India, foreign companies often face difficulties due to the high tax demands on large M&A deals or accusations by the government of duty evasion. This can lead to lengthy litigation. The following are the most important tax disputes that have occurred in the past and present involving foreign companies. In January, the South Korean giant Samsung Electronics was ordered to pay back taxes and penalties of $601 million for avoiding tariffs on imports of key telecom equipment.

Tullow Oil UK returns to profitability on the back of lower impairments and asset revaluation gains

Tullow Oil, an oil and gas exploration company based in West Africa, reported on Tuesday that it returned to profitability last year. This was largely due to a decrease in impairments, and asset revaluation. The company's shares rose by 3.9% early in trading after it reported a profit after taxes of $55 millions for the year ending December 31, 2024. This compares to a loss in 2023 of $110,000,000 when the company reduced the value of one of its West African Oilfields.

Shell increases shareholder distributions and cuts spending

Shell raised its shareholder distribution policy to 40-50% from 30-40% on Tuesday, focusing on share buybacks. It also lowered its outlook for spending to $20-$22 billion through 2028. The world's largest LNG trader has said that it wants to increase LNG sales by 4%-5% per year over the next five, while increasing its production by 1% each year, and keeping its oil output at 1.4m barrels per day. Shell predicts that global demand for natural gas liquefied will increase by 60% by 2040.

Suriname's Staatsolie raises 515.8 millions dollars through bond issue

Suriname’s state-owned energy firm Staatsolie raised $515.8 millions through the issuance of debt bond aimed at raising capital for the small South American country’s first offshore oil and gas project. Staatsolie must raise $2.4 billion in order to acquire a 20% stake of the $12 billion GranMorgu Project, which will be operated by TotalEnergies. The first production is expected in 2028. The company is in negotiations with foreign banks for up to $1.5billion in financing. This year.

Sources say that OPEC+ is likely to go ahead with its planned increase in oil production for May.

Three sources said that OPEC+ would likely stick with its plan to increase oil production for a second month in a row in May. This is despite the steady price of oil and plans to make some members reduce their pumping to compensate past overproduction. OPEC+, a group consisting of OPEC producers and allies led by Russia and pumping over 40% of world oil. The group plans to increase its output by 135,000 barges per day in the month of May.

Russian central bank expects low oil prices to continue for a while

The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S. president Donald Trump began negotiations to end the conflict in Ukraine. Trump warned that he would impose additional sanctions against Russia if a peace agreement was not reached.

Rapid7 adds 3 new directors to its board of directors as part of a settlement with Jana Partners

Rapid7, a cybersecurity company, announced on Monday that it had reached an agreement with activist investors Jana Partners for three new board members to be added to its team. One of these directors is a partner in the hedge fund. Wael Mohammed, Mike Burns, and Kevin Galligan were named as the new directors of a Boston-based firm. The board has eight members. Reports on Sunday indicated that both sides were close to a settlement for the addition of three directors to Rapid7's board.

Sinopec will prioritise risk management in its Russian oil purchases.

Sinopec Corp, the top Chinese refinery, will prioritize "risk management" when purchasing Russian oil. The quality of Russian oil is comparable to that of competing global supplies and its price is similar, according to a senior executive. These remarks follow a recent decision by China's oil importers, including Sinopec, who have resisted buying Russian oil this month while companies assess compliance after recent U.S. Sanctions on Moscow.

Iraq plans to increase oil production above 6 million barrels per day by 2029

Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields.

Baker Hughes reports that US oil and gas rigs have risen for the first time in 3 weeks.

Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by one in the week ending March 21. Baker Hughes reported that despite this week's increase in rigs the total count is still 31 rigs or 5% lower than this time last year. Baker Hughes reported that oil rigs dropped by one this week to 486…

Sources say that Elliott met with BP investors in order to discuss further changes.

Two shareholders have confirmed that Elliott Management, an activist investor in BP, has met with several of the company's largest shareholders to form a consensus on more changes. These could include cost reductions and a possible leadership reshuffle. BP's stock has performed worse than rivals Shell, Exxon and Shell in the past five years. Investors have blamed this in part on 2020 plan of the company to focus on its renewable business and cut oil and gas production.

UK's Energean terminates Carlyle deal

Energean, a UK-based gas company, announced on Friday that it had terminated its agreement with Carlyle to sell some of its assets because regulatory approvals were still pending in Italy and Egypt. In June 2024, the two companies struck a $945 million deal that would allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP CEO Tony Hayward, by utilizing Energean's assets in Egypt, Italy, and Croatia.

Chinese copper smelters are struggling with margin collapse

Industry insiders say that major copper smelters in China, the world's largest consumer, have started equipment maintenance during March, traditionally peak demand season, to try and stem the losses caused by a worsening shortage of feedstock, which is hurting margins. The fact that plants are being shut down during one of the busiest periods of the year shows how much refiners suffer from the lack of copper concentrate.

Sources: Turkey and Slovakia receive US waiver extensions for gas payments to Russia

Sources told reporters on Thursday that the United States has extended waivers to Turkey and Slovakia for gas payments made to Russia. The extensions will be valid until the end of May. Washington imposed sanctions on Russia's Gazprombank in November over the Ukraine conflict. Gazprombank is one of Russia's largest banks and receives payments from Gazprom customers in Europe for natural gas. The United States granted a waiver to Turkey, Hungary, and Slovakia in December.

Shell plans to deliver gas from Venezuela to Trinidad by 2026, according to sources

Shell Plc aims to start producing natural gas in Venezuela's Dragon field and export it to Trinidad and Tobago, an hour earlier than the initial 2027 start date. The project demonstrates the industry's hope that sanctions against Venezuela will remain in place despite recent tighter enforcement. The people stated that the partners intend to begin survey work in January and decide to drill three wells. They will also need to renew their U.S. licence later this year. U.S.

Carlyle is looking for buyers of Colombian oil producers

According to sources familiar with the matter, Carlyle's private equity group is looking for a buyer of its Colombian oil company SierraCol. The price would be around $1.5 billion. SierraCol was established by Carlyle in 2020, after purchasing assets from Occidental Petroleum. With a production of 45,000 barrels equivalent per day, it is the largest independent producer of Colombia. According to a SierraCol website presentation…

Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.

What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world. It is a practice that has been around for a while and is not challenged by the market.

Indian firms look to Dutch Royal IHC in order to explore deep sea mineral deposits

Two sources have confirmed that Indian mining and cement firms approached Dutch shipbuilder Royal IHC to ask for assistance in preparing bids for deep sea mineral blocks. India held its first auction of 13 deep-sea offshore mineral blocks in November. These included three construction sand and lime mud blocks as well as seven polymetallic blocks. The blocks are rich in minerals such as cobalt and copper.

Energean reports a rise in its annual profit and flags exploration costs

Energean, a UK-based gas company, reported a 2% increase in its annual profit after taxes on Thursday. However, it also flagged $241 million in impairments relating to assets located in Egypt, Morrocco, and Greece. The company reported a profit of $188 millions for the year ending December 31, 2024. This is up from $185 in 2023. The company stated that the increasing demand for electricity and the government's plan to phase out coal in Israel have increased the demand for natural gas in Israel…

Follow This, a BP activist investor, urges voting against Chair Lund on energy transition

BP activist investor Follow This intends to ask shareholders at the 17th April shareholder meeting to vote against Helge Lund being reappointed, claiming he had a duty to give investors a voice on the scrapping of energy transition targets. In a February strategy overhaul, CEO Murray Auchincloss announced that BP would cut spending on renewables while increasing investment in oil and natural gas. This was a revamp of the 2020 strategy…

Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.

Ecopetrol executive: We are looking to expand our in-house energy production to include wind power.

Ecopetrol, Colombia's state energy company, is looking at new investments, including purchasing projects run by multinationals to meet its own energy needs. A company vice president revealed this on Wednesday. Julian Lemos is Ecopetrol's vice president of strategy and new business. He said that the plan would look to integrate wind power projects into the company's energy matrix which already includes solar. Lemos said at an energy conference held in Cartagena, a Caribbean city.

EIA: Alaska crude oil production will grow in 2026 for the first time since 2017.

The U.S. Energy Information Administration forecast on Wednesday that Alaska's crude oil production would increase in 2026. This is the first time since 2017. If realized, it will be the largest production since 2002. The 29 wells of the ConocoPhillips owned Nuna project are expected to produce combined 20,000 barrels per day (b/d) at its peak. Meanwhile, Santos and Repsol who jointly own the Pikka Project plan to produce up to 80,000 barrels per day from 45 wells at the project’s peak.

Trump hosts top US oil executives as trade wars threaten

Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term. According to a source familiar with planning the event, it will include members of American Petroleum Institute (API)'s executive committee.

Eni sells stakes to Vitol in upstream projects in Ivory Coast and Congo

The Italian energy group Eni announced on Wednesday that it had agreed to sell its stakes in the upstream assets of the Ivory Coast, and the Republic of the Congo, to the global energy trader Vitol. Eni stated that the deal is worth $1.65bn based on an appraisal from January 1, 2024. However, there will be a cash payment at closing. Eni announced that Vitol would acquire an interest on oil and gas producing assets, and blocks, which are undergoing exploration appraisal and development.

Serica delays North Sea's Triton production restart due to ongoing repairs

Serica Energy, a UK-based company, said Wednesday that production at its Triton floating storage and offloading unit (FPSO) in the North Sea would not resume until May due to delays with repairs. Prior to the storm Eowyn damage in January, it was expected that repairs would be completed by mid-to late March, allowing production to resume. Serica has revised the timeline following discussions Serica had with Dana Petroleum about necessary repairs.

Bloomberg News reports that Trump will approve Venture Global LNG exports to Louisiana from the project.

Bloomberg News reported that the U.S. administration of President Donald Trump is expected to grant Venture Global LNG conditional permission to export natural gases from a proposed Louisiana plant, which was delayed under former president Joe Biden. A person with knowledge of the situation said that the Energy Department will authorize large-scale exports from CP2's project by the company as early as Wednesday. CP2 is still subject to the final approval of federal regulators.

Mexico's Pemex has confirmed that it is in discussions with Slim regarding Ixachi investments.

Claudia Sheinbaum, president of the Mexican Energy Company Pemex, said that Pemex was in discussions with Carlos Slim's companies about an investment into Ixachi, Mexico's largest natural gas field. Last week, it was revealed that officials from Pemex's and Slim’s companies were considering an alleged mixed contract for Ixachi field in Veracruz and a joint operation agreement for deepwater Zama in the Gulf of Mexico.

Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors

The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's office announced that Almasadam Sakaliyev would become the new head of the newly-created atomic agency. Uncertainty remains about who will replace Satkaliyev at the Energy Ministry.

Ukraine purchases US LNG from Poland's Orlen

Naftogaz, the state-owned energy company in Ukraine, announced on Tuesday that it had purchased 100 million cubic meters (mcm), of U.S. LNG. This month, a senior Ukrainian energy official said that Ukraine could import large volumes U.S. Gas this year via terminals located in Germany, Greece and Lithuania. The fuel will be a shipment from the United States. "After regasification, gas will be transported from Poland to Ukraine…

Australia shares gain for the second straight session, as energy and tech leads gains

Tuesday saw Australian shares rise for the second session in a row, boosted by energy and technology stocks. Rising oil prices, and Wall Street's positive lead, also helped to boost sentiment. By 2335 GMT, the S&P/ASX 200 Index had risen 0.6% to 7,904.2. The benchmark closed Monday 0.8% higher. The energy sub-index on the local exchange increased by 1.5%, as oil prices continued to rise due to escalating geopolitical conflicts in the Middle East.

Chevron says it's confident about merger after buying 5% of Hess shares

Chevron said it had bought 4.99% of Hess Corp common shares in this year. This shows its confidence that the planned acquisition will be completed, according to a filing made by the oil giant on Monday. In October 2023, the second largest U.S. oil company agreed to purchase Hess for $53 billion in an all stock deal to acquire a key stake in Guyana’s oil-rich Stabroek Block. Exxon Mobil, Hess’ partners in Guyana and the U.S. regulators have both approved of the deal.

Glencore approached Li-Cycle battery recycler for possible deal

As part of its proposal to address operational and financial problems, Glencore (listed on the London Stock Exchange) has offered to buy Canadian lithium battery recycling firm Li-Cycle. In a March 14 letter to the board chair, Glencore stated that it wanted to begin discussions as soon as possible with Li-Cycle and the other shareholders of the company regarding the potential deal. Li-Cycle’s debt, held by Glencore, is convertible into approximately 84 million shares of the recycling company.

Putin's decree authorizes US hedge funds to purchase foreign-owned Russian securities

A presidential decree published on Monday showed that Russian President Vladimir Putin had given permission to a U.S.-based hedge fund to purchase securities in Russian firms from certain foreign investors and to sell them to two Russian funds. Since the beginning of the Ukraine conflict, Moscow has tightened its restrictions on the sale of foreign assets. Any transactions in the energy or finance sector require Putin's approval.

Petrobras animal center at Oiapoque will be ready for inspection by April

Documents seen by on Monday showed that the environmental agency Ibama should be able to inspect the veterinary center operated by Petrobras Brazil in the Amazon region in April. The center is designed to help animals in case of an oil spill. Petrobras has not yet met the demands of Ibama to build an animal care center near the Amapa state town of Oiapoque. This is a requirement that Ibama made in…

Petronas still in talks with Sarawak about gas aggregator role

Malaysia's state-owned energy company Petronas announced on Saturday that it will continue discussions with multiple stakeholders after a report claiming that negotiations with Petros over the role of gas aggregator had reached a standstill. Petronas (or Petroliam Nasional) has been installed in negotiations with Petros, Sarawak’s state-run oil and gas company, since last January. The impasse raised concerns over the possible impact on Petronas revenues…

Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector

Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding.

Executives say that AI will lead to cheaper and faster oil production. CORRECTED.

Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand.

State media report that US and Vietnamese firms have signed a deal on energy and minerals.

State media and one of these firms reported on Friday that Vietnamese and American firms had signed a number of deals on minerals and energy during the visit to the United States of Vietnam's Trade Minister. State-owned PetroVietnam Power said that Vietnamese firms are in discussions with U.S. companies to buy American crude and LNG. The company is a party to one of these deals, and executives from the firm will accompany the minister to the United States.

Executives say AI will lead to cheaper and faster oil production.

Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand.

Colombia regulator: Licenses for Petrobras and Ecopetrol offshore projects will be ready by mid-2026

Orlando Velandia of Colombia's hydrocarbons regulatory agency said that by mid-2026 the Brazilian state-run Petrobras, and its Colombian equivalent Ecopetrol, could have all the licenses they need to move forward with a joint offshore project in Colombia. The project is now commercialized after 6 trillion cubic feet of natural gas reserves were confirmed. The partners are planning to complete drilling a well in this year while also planning its development.

Crown Castle sells fiber assets in an $8.5 billion deal to two entities

Crown Castle announced on Thursday that it would sell its fiber and small cells businesses to two entities for $8.5 billion, following the activist investor Elliott Investment Management's push. The fiber company announced that it would sell its fiber solutions and small cell business to Zayo Group Holdings for $4.25 Billion each. Shares of the Houston-based company increased 2% during extended trading.