Exploration

Sources say that Northern Oil and Gas is in the process of acquiring Granite Ridge, a smaller rival.

According to sources familiar with the situation, Northern Oil and Gas made a purchase offer for Granite Ridge Resources. Granite Ridge Resources is a small U.S. oil and gas producer that operates in the Permian and Eagle Ford basins. Sources said that Northern, based in Minneapolis, Minnesota, has made at least two bids for Granite Ridge. The latest offer, which was made within the last few weeks, came at roughly a 20% premium over the target's stock price.

SOCAR sources: Russia and Ukraine cannot agree on gas deal mediated by Azerbaijan

Azeri SOCAR, a leading energy company in Azerbaijan, said on Friday that Moscow and Kyiv failed to reach an agreement on the deal brokered by Azerbaijan for Russian gas to be exported to Europe via Ukraine. Azerbaijan was asked by the European Union and Ukraine to facilitate talks with Russia regarding a gas-transit deal due to expire this year. On Thursday, Russian President Vladimir Putin stated…

The copper giant Peru predicts another plateau in production by 2025

According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer. The decline in ore grade after many years of mining makes it difficult for mines to maintain production levels.

Pharos Energy announces that licences for 2 Vietnam oil and gas fields have been extended until 2031/32

Pharos Energy, a UK-based oil & gas exploration company, announced on Friday that its two joint ventures operating in Vietnam had received approval from the local government to extend their licenses for five years until early 2030. Pharos announced in a press release that the Te Giac Trang field operated by Hoang Long Joint Operating Company will be permitted to operate until December 7, 2031. TGT is situated in Block 16-1 in the Cuu Long Basin offshore Vietnam…

Norway's oil and gas production fell in November but exceeded forecast

Norwegian Offshore Directorate said Friday that although the combined oil and natural gas production in Norway decreased from November of last year, it was still 2,6% higher than the official forecast. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields. The total oil, gas liquids, natural condensate and gas production stood at 0.674 standard cubic metres each day.

The copper giant Peru predicts another plateau in production by 2025

O Globo reports that Brava Energia, a Brazilian company, will sell Potiguar's assets to PetroReconcavo.

The newspaper O Globo, citing reliable sources, reported that Brava Energia, a Brazilian company, had reached an agreement with PetroReconcavo to sell assets in the Potiguar Basin for a total of around 13 billion reais (2.13 billion dollars). According to the report, the acquisition of the assets in Brazil's oil basin would enable PetroReconcavo reduce costs and could also lead to better agreements with suppliers.

Peru's No. Adolfo Heeren is named new CEO of Antamina, Peru's No.

Antamina is the second largest copper mine in Peru. It announced on Thursday that Adolfo Héren was appointed as its new CEO and General Manager. Heeren will take over the role of CEO for Anglo American Peru on February 1, 2025. Victor Gobitz Colchado is leaving his position due to personal reasons. Heeren, who is controlled by Glencore BHP Teck and Mitsubishi, will oversee the optimization process of Antamina's mine, as well as projects aimed at solving operational challenges.

Putin is clear: there will be no Ukraine Gas Transit Deal

Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier. The Nord Stream gas pipeline, which was destroyed in 2022, cut off a major artery of Russian gas exports.

BP and Iraq agree on technical terms for redeveloping Kirkuk oilfields

The British oil giant BP announced on Thursday that it had reached an agreement with the Iraqi Government on the technical conditions for redeveloping the Kirkuk Oil and Gas Fields. In August, the company signed an agreement to explore and develop the Kirkuk oilfield located in the north of Iraq. This will include the construction of solar power plants and other energy infrastructure. Sources have said that unlike historic contracts…

AI's hunger for energy fuels geothermal startup but rivalry over natgas clouds the future

The number of geothermal energy startups is on the rise, as Big Tech companies look to power their AI data centers with natural gas. However, long-term investment remains uncertain because oil majors are doubling down on natural gases. Meta and Alphabet’s Google are two of the tech companies that have partnered with startups to create geothermal energy to power their data centres. The energy demands of artificial intelligence are being met by large datacenter operators…

Sinopec, a top refiner, claims that China's oil demand will peak in 2027.

Sinopec, the state-owned refinery, said that China's oil demand will peak in 2027. This is due to a decline in diesel and gasoline consumption, which has slowed down global oil markets. Sinopec stated that the peak oil demand in 2027 will not exceed 800 million metric tonnes, or 16 millions barrels of crude oil per day. Sinopec predicted peak China oil demand at 800 million tonnes around 2026-2030.

Wall Street Journal, Dec 19,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Woodside and Chevron announced they would streamline their oil and gas operations throughout Western Australia by announcing a stake exchange deal. This move will result in the Australian energy company exiting the $34 Billion Wheatstone LNG Project. The U.S. Department…

Sinopec predicts China's oil consumption will peak in 2027

Sinopec (China Petrochemical Corp.) expects China’s petroleum consumption will peak in 2027, at no more that 800 million metric tonnes or 16 million barrels a day. The state energy group released an outlook on Thursday. The forecast is more precise than the one made by the giant refining company last year when it estimated that China's peak oil production would be around 800 millions tons between 2026 to 2030.

North Dakota oil plants slow to return online after wildfires in October

The state's Industrial Commission reported on Wednesday that oil operators in North Dakota are still working to bring some of their facilities online after wildfires in October swept through counties with significant oil production. According to Justin Kringstad of the North Dakota Pipeline Authority, the outages were limited to isolated production sites such as well pads that experienced local equipment damage, or a loss in electricity due to damaged electrical lines.

North Dakota oil operators are still bringing back some facilities online after wildfires in October

The state's Industrial Commission reported on Wednesday that oil operators in North Dakota are still working to bring some of their facilities online after wildfires in October ravaged key oil-producing counties. Mark Bohrer is the assistant director of North Dakota Department of Mineral Resources' oil and gas division. He said that the October production in the state was down by 520,000 bbls. This was primarily due to operators closing in wells in order to prevent damage from wildfires.

Nigeria approves Shell’s $2.4 billion asset sales to Renaissance

Shell received approval from Nigeria’s oil minister to sell $2.4 billion worth of onshore and shallow water assets to Renaissance Group. Renaissance Group said this in a Wednesday statement. Shell has been operating in Nigerian oil and gas for nearly a hundred years. The Shell approval is part of an overall retreat of western energy companies, such as Exxon Mobil and Eni of Italy, and Equinor of Norway.

Shell submits offshore drilling plan for Suriname to environmental approval

BG International, a Shell unit operating in Suriname plans to submit a proposal to the country's environment agency to drill up to four explorations wells offshore Block 65. This was revealed by a document from the company on Tuesday. Suriname has begun its journey to offshore oil and gas production. An $10.5 billion project between TotalEnergies APA Corp. was approved earlier this year with a goal of starting production in 2028.

Brazil's Brava is moving closer to the sale of Rio Grande do Norte properties

Brava Energia, based in Brazil, is planning to sell 11 oil and natural gas concessions located in the state of Rio Grande do Norte to Azevedo & Travassos infrastructure company and Petro-Victory Energy oil company. Brava announced in a Tuesday securities filing that the firms had signed an exclusivity agreement for a 30-day period to negotiate the final sale documents. Brava said that the move was part of its plan to "maximize returns to shareholders" by optimizing its portfolio.

Vice Minister says Saudi Arabia has extracted lithium in oilfield runoffs

Saudi Arabia has successfully recovered lithium from samples of brine from the oilfields of national giant Aramco and plans to launch soon a commercial pilot program for direct extraction, said the Saudi vice-minister for mining affairs on Tuesday. Khalid al-Mudaifer, CEO of King Abdullah University for Science and Technology's Lihytech start-up, said that Saudi mining companies Ma'aden and Aramco will be collaborating with Lithium Infinity to lead the extraction project.

Talos Energy will terminate the poison pill following an agreement with Carlos Slim’s firm

Talos Energy announced on Tuesday that it will terminate its "poison pill" after reaching an agreement with the investment firm of Mexican billionaire Carlos Slim, which stipulates that it won't exceed a 25% threshold in the oil company. The company adopted the Shareholder Rights Plan in October after Slim's Control Empresarial De Capitales had accumulated 24 percent of Talos common stock. Corporates often use the poison pill or shareholder rights plan to deter hostile takeover bids.

Abu Dhabi's ADNOC Gas names Fatema Al-Nuaimi as its new CEO

ADNOC Gas in Abu Dhabi announced on Tuesday the appointment of Fatema al Nuaimi to its CEO position, with effect from January 1, after Ahmed Alebri decided to step down following nearly two years as the leader. In a press release, the company stated that Al Nuaimi would lead the delivery ADNOC Gas’ ambitious business strategy, which is focused on decarbonization and future-proofing. Alebri, meanwhile, will be the CEO of ADNOC Sour Gas as of next month.

BHP and Rio Tinto will build a low-carbon iron plant in Western Australia

BHP Australia and Rio Tinto Australia will develop together a pilot plant for producing low-carbon iron using Pilbara ore as part of their efforts to accelerate decarbonisation within the steel industry. The companies announced this in a statement released on Tuesday. The facility will produce molten steel using direct reduced iron technology (DRI), and renewable energy in an electric melting furnace (ESF). It could have a production of up to 40,000 tons per year.

Banks assist in the recovery of Australian shares; energy and miners lag behind

The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower. The Financials subindex topped the benchmark index by 0.4%. Shares of the "Big Four banks" rose between 0.2% to 0.4%.

Karoon Energy, Australia's energy company, reduces its outlook for Brazil project

Karoon Energy, an Australian oil and gas company, said that it has reduced the production forecast for its Bauna Project in Brazil because of operational disruptions. After the disruptions, the company reduced its production forecast for 2024 for the Bauna Project to 7.2-7.4 millions barrels of crude oil. The previous outlook was 7.5-7.7million barrels. Karoon reported that two of the 16 chains used to lift the floating production storage offloading system (FPSO) failed.

Gazprom says that high interest rates are a concern for oil service firms

Alexander Dyukov said that the high interest rates in the oil industry could have a negative impact on firms providing support services. This raised "serious concern".According to a recent poll, the Russian central bank will likely increase its key rate this week by 200 basis points, to 23%, due to the high inflation caused by a weaker ruble.Dyukov told reporters that his company is strong enough to withstand high borrowing costs…

Arcius Energy, a joint venture between BP and ADNOC’s XRG, will supply Egypt's gas.

BP and Abu Dhabi National Oil Company’s international investment arm XRG announced on Monday that they had closed a deal to create a natural gas joint-venture in Egypt. ADNOC is expanding its efforts abroad. Arcius Energy is a joint venture owned by BP (51%), and XRG (49%). The joint venture will initially operate in Egypt. Naser Saif Al Yafei is a former ADNOC executive who was appointed as Arcius CEO.

China's CNOOC sold US assets to Britain’s INEOS

CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico.

Venture Global says it has produced the first LNG at its Plaquemines plant.

Venture Global LNG produced its first LNG (liquefied natural gases) on Friday at its Plaquemines facility in Louisiana. The first U.S. plant to produce super-chilled natural gas in two years, Cheniere Energy Corpus Christi's midscale expansion project has been beaten to the market. Venture Global said that it had built two of its fastest greenfield LNG plants to go from financial approval to first LNG production. Plaquemines, when completed, will be the largest LNG plant in the world.

US House panel finds BlackRock and other asset managers reluctant to join climate initiative

According to a report published on Friday by the Republican-led U.S. Congress committee, top asset managers in the United States were concerned that signing up for an industry climate initiative would make them look like they worked too closely together and attract regulatory scrutiny. This is the latest report released by the U.S. House Judiciary Committee’s Republican majority in a probe that they…

President says US is considering sanctions against a Serbian oil company majority owned by Russians

Aleksandar Vucic, president of Serbia, said that the United States would introduce financial sanctions in the next few days against Serbia's NIS oil company, which is owned in majority by Russia's Gazprom and Gazprom. Vucic, a reporter for Informer TV, said: "We received confirmation that the U.S. He said that the UK and European Union will likely follow the U.S. by introducing sanctions. This means that oil shipments via a pipeline coming from Croatia will be halted.

US House panel finds BlackRock and other asset managers hesitant to join climate initiative

According to a report published Friday by a Republican led U.S. Congressional Committee, top asset managers in the United States are concerned that signing up for an industry climate initiative will make them look like they're working together too closely and attract regulatory scrutiny. This is the latest report released by the majority of the Republican panel as part of an investigation they claim…

Sources say that Russia's Novatek employs lobbyists in order to improve relations with the US.

Two sources familiar with the situation said that Novatek, Russia's largest producer of liquefied gas, is working with lobbyists to try and rebuild U.S. relationships after Washington imposed sanctions against its mammoth Arctic LNG 2 Project. After the 2022 invasion of Ukraine by Russia, the relationship between the United States and Russia reached a post Cold War low. President Joe Biden’s administration imposed sanctions on hundreds entities and individuals who supported the war effort.

Data shows that Tengiz oilfield's output in December was 20% lower than planned.

Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target. Tengiz had been expected to return to full oil production early in December after a maintenance program that began late in October.

Kansai electric, a Japanese company, has invested in Iberdrola’s offshore wind project worth 1.3 billion euros.

The company announced on Friday that Japan's Kansai electric power Co had agreed to purchase a 49 percent stake in Iberdrola’s Windanker offshore project in Germany. This agreement expands a partnership between the Spanish renewable energy giant and the Japanese firm. The wind farm, located in the German portion of the Baltic Sea will have a capacity installed of 315 Megawatts. It is expected to begin operating at the end of 2026. Kansai has not disclosed the amount it paid for its share.

US offshore driller requests judge block insurers' demand for $250 million collateral

W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block the insurance companies' demand for $250 million additional collateral in exchange for tearing down old oil infrastructure. Offshore drilling companies are under increasing pressure to issue bonds for the decommissioning of oil and gas infrastructure within federal waters. In June, the Federal Bureau…

US offshore driller requests judge block insurers' demand for $250 million collateral

W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block insurance company demands for additional collateral of $250 million for tearing down old oil infrastructure. Offshore drilling companies are under increasing pressure to issue bonds for the decommissioning of oil and gas infrastructure within federal waters. In June, the Federal Bureau of Ocean…

Cenovus Energy predicts increased production by 2025 for new projects

Cenovus Energy, a Canadian energy company, forecasted higher oil and natural gas production in 2025. It expects to benefit from the new projects that will be coming online. According to LSEG, the company expects upstream production of between 805,000 and 845,000 boepd by 2025. The midpoint is higher than analyst estimates of 820140 boepd. The company anticipates between 770,000 and 810,000 boepd this year. The U.S.

Woodside's North West Shelf Project Extension approved by Western Australia

Woodside Energy, Australia's largest oil and gas producer in terms of market value, announced on Thursday that the state of Western Australia had granted Woodside Energy approval to extend the project life of its North West Shelf LNG (liquefied Natural Gas) until 2070. You can also find out more about the decision-making process by clicking here. Woodside announced Thursday that the approval marks…

Serica Energy expands its North Sea operations with the acquisition of assets from Parkmead Group

Serica Energy, a North Sea-focused company, announced on Thursday that it will purchase exploration and production assets of Parkmead Group Plc at an initial cost of 6 million pounds (5 million pounds). Serica acquired all shares of Parkmead Ltd., including a 50% stake on the Skerryvore license in central North Sea, and a working interest of 50% in Fynn Beauly, an undeveloped UK oilfield. Serica stated that an additional 9 million pounds deferred will be paid in the next three-year period…

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.

Sources say that Pertamina Indonesia is looking for term jet fuel to be delivered in early 2025.

Pertamina, Indonesia's state owned energy company, is looking to buy at least 400,000 barrels (or equivalent) of jet fuel via its trading division for delivery between January 2025 and March 2025. Two sources familiar with the matter confirmed this on Thursday. They said that the company was looking to purchase at least one 200,000 barrel cargo of aviation fuel each month, for delivery in January-February or January-March. The first two deliveries would be preferred to take place on Jan.

Exxon CEO: We want to extract value from Hess Guyana's assets

Two of Exxon Mobil's top executives stated on Wednesday that they wanted to "participate in" Hess Corp. selling its Guyana oil assets and extract value from its work developing the country offshore fields. In May, a three-person panel will decide whether Hess can proceed with its deal to sell to Chevron on the original terms. Exxon and CNOOC Ltd have challenged the deal, which is the second largest in recent oil megamergers.

Colombia's Ecopetrol signs agreement with Parex Resources for oil and gas development

Ecopetrol, Colombia's largest state-owned energy firm, announced on Wednesday that it had signed five agreements to enhance the production of oil and natural gas in the Andean nation. The first four agreements will involve an investment of $350 million. These projects are planned in Colombia's Putumayo Province and Narino Province. Companies hope to increase crude oil volumes to the existing projects, as well as explore potential resources around the area.

OPEC cuts oil demand forecasts for 2024 and 2025

OPEC reduced its estimates for the growth of oil demand this year and in 2019. The producer group has now revised their forecasts downward five times in a row. The weakened outlook shows the challenges facing OPEC+ which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. OPEC+ delayed its plan earlier this month to increase output until April 2025 due to falling prices.

Australia shares are dragged down by mining and bank stocks; local job data is in focus

Investors remained cautious as they awaited the local jobs data, which is due on Thursday. This will be a crucial metric for gauging the central bank’s timeline to cut rates. S&P/ASX 200 Index fell 0.3% at 8372.1 points as of 1124 GMT. The benchmark index fell by 0.4% on Monday. Investors in Australia will assess local jobs data scheduled to be released on Thursday to gain additional insight into the Reserve Bank of Australia (RBA's) monetary policies timeline.

Escondida copper output at BHP and Codelco is up in October.

Data from the copper commission Cochilco on Tuesday showed that Chile's state copper miner Codelco posted flat production in the month of October, compared with the same period last year, while BHP's Escondida mine, the largest copper mine in the country, saw its output increase by more than a fivefold. Codelco, which is the world's biggest copper producer and is trying to boost its declining production, reported a total production of 127.900 metric tonnes, unchanged from the previous year.

Equinor, BP and TotalEnergies invest in Britain's carbon-capture projects

They announced on Tuesday that Equinor, BP, and TotalEnergies have made the final investment decisions for two of Britain's first projects to capture and store carbon in the north. The Northern Endurance Partnership Project, which is a joint venture between the three companies, will store carbon dioxide permanently for an initial amount of 4 million tonnes per year. Equinor holds 45% of NEP. BP has 45%, and TotalEnergies 10%.

Equinor delays start of Arctic Castberg Oilfield until early 2025

Equinor, a Norwegian oil company, announced on Tuesday that it had postponed the start-up of its Arctic Johan Castberg field to January or Febraury 2024 from the end due to bad weather conditions in Barents Sea. Oilfields in the Norwegian Barents Sea sector are expected to continue producing for 30 years. They will also serve as hubs to connect nearby discoveries. Equinor announced that so far 14 wells had been drilled in the field.

British Business – Dec 10,

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP will spin off its offshore wind business and form a joint venture worth $5,8 billion with Jera, a Japanese energy company. Vivendi's shareholders approved the separation of Canal+ and Vivendi, with the aim to list the Paris-based firm in London on Monday. Sky UK has signed a multi-year agreement with Warner Bros Discovery.

BP's offshore Wind Head to Step Down

A spokesperson for BP announced on Monday that Matthias Bausenwein, the head of offshore winds, is leaving the firm. This comes after the oil giant announced its intention to spin off its offshore operations into a JERA-JERA joint venture. Bausenwein, who joined BP in August 2022 from the Danish renewables giant Orsted, will lead BP's expansion of offshore wind project. Anja-Isabel Dotzenrath - a former CEO at RWE Renewables - left the company last April after less than two years on the job.

Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree

On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin. This was the company's largest investment in Russia after the beginning of what Moscow refers to as a special military operations in Ukraine. Exxon Mobil Corp owned a 30% stake as operator in Sakhalin-1.

Freeport's copper concentrat exports will only temporary ease global shortages

Sources in the industry said that Freeport-McMoRan’s unit, located in Indonesia, will help ease global shortages of copper concentrate, but only for a short time and if Indonesian authorities allow it. Since last year, the competition for copper concentrate has intensified due to shortages caused by stoppages at First Quantum's operations and China's massive expansion in smelters. In October, a fire at PT Freeport Indonesia (PTFI), a $3.7 billion Manyar smelter, halted operation.

Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea

Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel. He plans to offer investors dozens of new oil blocks and gas blocks in the coming years. KUFPEC has already started operations in the Natuna Sea.

As tensions in the Middle East increase, demand worries are offset.

The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S. West Texas Intermediate Crude Futures rose 22 cents or 0.3% to $67.42 a barrel.

Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'

Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers, the market, and other economic factors. Some Russians are cautiously optimistic about Trump's return on Jan. 20, while others believe that another U.S.

Qatar's energy minister has no concerns about Trump's promise to lift LNG export caps

Qatar is not concerned about the promise of Donald Trump, U.S. president-elect, to lift the cap on LNG exports. Qatar's energy minister Saad Al-Kaabi stated on Saturday that his country will cope with any competitiveness. "And you know, even if we open up LNG, and say that we're going export another 300,000,000 tons or 500,000,000 from the U.S. All these projects are driven primarily by private companies who look at the viability of the projects…

Sources say that BP is looking for buyers to buy its US Natural Gas Pipeline System stake.

Four people familiar with the matter have confirmed that BP is looking for buyers to take a stake in their U.S. Natural Gas Pipeline Network. Two people have said that the British energy company may be able to raise $3 billion through the sale. One of them added that BP could sell as much as a 49 percent stake in its business. Two other people confirmed that the sale is part of BP's CEO Murray Auchincloss’s efforts to reduce the debt levels at the company, which have risen in the last year.

Alberta, Canada's oil province, will clean up 5% of its inactive wells by 2023

A regulatory report on Thursday said that the number of inactive gas and oil wells in Alberta, Canada’s largest fossil fuel producing province, dropped 5% from 2022 to 2023, indicating progress in reclamation and decommissioning work. Alberta has 79,000 inactive wells compared to 83,000 in 2012. Inactive wells are no longer producing oil or gas, and must be permanently plugged. The land surrounding them should also be restored.

Chevron will take on up to $1.5 Billion in charges for the fourth quarter

Chevron, the U.S. oil company, announced Thursday that it would take charges of up to $1.5billion in the fourth quarter for restructuring costs, asset impairments and sales costs. The company stated in a press release that the majority of the charges were for job reductions and relocations scheduled for the next two-years. Chevron has not disclosed how many of its 45,000 employees will lose their jobs.

What OPEC+ oil production cuts are currently in effect?

OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026. Here is a short explanation…

What OPEC+ oil production cuts are currently in effect?

OPEC+ will likely make more changes to its oil policy at its meeting on December 5, delaying a planned production increase further into the next year, as it is facing a weaker outlook for oil demand. In June, the oil producers' group reached a complex agreement to extend production cuts deep into 2025. The agreement has been modified to allow the group to delay a planned production increase by three months to the start of next year.

Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.

Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries.

Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.

Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years.

Equinor and Shell form UK Oil and Gas Joint Venture

The Norwegian group announced on Thursday that Equinor, a Norwegian oil company, and Shell would combine their British offshore assets in order to form a new entity owned by each party at 50%. The joint venture is expected to be the largest independent producer in the British North Sea by 2025, Equinor stated in a press release. Equinor announced that the company would be based in Aberdeen in Scotland…

Report: Oilfield services consolidation will increase under Trump

According to Deloitte’s 2025 Oil and Gas Industry Outlook report, the oilfield services sector will consolidate in 2025. Donald Trump is expected to loosen regulations for the U.S. industry. This increase in services deals follows a wave mega-mergers between oil producers such as Exxon Mobil, Pioneer Natural Resources, and ConocoPhillips, Marathon Oil. Deloitte is the largest consultancy in the world.

Woodside, a company from Australia, signs a deal with Bechtel for the development of Louisiana LNG.

Woodside Energy Group, an Australian company, announced on Thursday that it had signed a contract for engineering procurement and construction with Bechtel in the United States to develop liquefied gas project in Louisiana. The EPC contract covers the development of the foundations for the three production trains in the project, which have a combined capacity of 16,5 million tons per year. The oil…

Toronto stock prices reach record highs after bank earnings

Canada's main index of stocks hit a new record on Wednesday. This was largely due to the performance of technology and financial companies, as well as investors' assessment of strong quarterly earnings by two major domestic lenders. The Toronto Stock Exchange S&P/TSX Composite Index was up 28.72, or 0.11% at 25,664.45, but was still trading below its record high. Angelo Kourkafas is an investment strategist with Edward Jones Investments.

Freeport Indonesia expects to see production at the Manyar smelter ramp up in Q3 of next year

An official revealed on Wednesday that Freeport Indonesia, a copper miner in Indonesia, expects its $3.7 billion Manyar Smelter in East Java will ramp up operations in the third quarter next year following a fire that halted it in October. Katri Krisnati, its spokesperson, said that based on the plan of repair for the affected facilities it was estimated that ramp-up operations at (Freeport)'s smelter could begin in the thirdquarter of 2025.

MIND ID claims that Freeport Indonesia will fix its smelter within six months

Freeport Indonesia’s holding company MIND ID announced on Wednesday that it aims to have the new Manyar Smelter, located in East Java Province, repaired within six month after being damaged by fire. Freeport Indonesia stopped the production of copper cathodes at its smelter in October after an explosion at its gas cleaning unit. The Manyar smelter's production delays, which accounted for 480,000 tons of cathode copper a year in output…

Chile plans to invest $83 billion in mining by 2033, a newspaper reports

In a study quoted in a newspaper article on Tuesday, the state-run Cochilco agency said that Chile will invest $83,18 billion between this year and 2033. This is a 27% increase from last year's estimation. The Cochilco Report, set to be released on Wednesday, will include 51 projects within the South American country, which is currently the largest producer of lithium and copper in the world. Lithium is a critical ingredient for rechargeable batteries.

Brazil's prosecutors press Petrobras to conduct more Amazon drilling studies

Brazilian federal prosecutors have asked Petrobras, the state-run oil company, to conduct more studies before drilling near the Amazon rainforest coast, citing the potential effects of extreme weather conditions on tides. Documents filed Monday with environmental agency Ibama show that the prosecutors cited the possible effects of extreme weather conditions on tides. A technical assessment by an oceanographer commissioned by Federal Prosecutor's Office on Oct. In a Nov.

Lazard hires Miller from Citigroup in its energy investment banking drive, sources claim

People familiar with the matter said that Lazard hired Citigroup veteran investment banker Chris Miller to lead its dealmaking efforts within the energy sector. Miller, who was based in Houston, and had the title of vice-chairman of energy investment banking for Citigroup, recently resigned his position with the Wall Street bank and will begin his new role at Lazard early in 2025, after a period gardening leave, according to the sources.

Exxon names GM's former president to lead oil and gas business

Exxon Mobil announced on Tuesday that Dan Ammann - the former president of General Motors will be taking over its most profitable and largest business in early 2013. Ammann, who joined Exxon in 2012 to lead its Clean Energy Unit, Low Carbon Solutions (Low Carbon Solutions), will replace Liam Mallon, a 34-year veteran of Exxon, as president and CEO of Exxon’s Oil and Gas Pumping Business, starting on February 1, 2025.

Blockchain enables firms to offer physical uranium for sale to small investors

On Tuesday, a blockchain platform and an uranium company launched a market to allow small investors buy physical uranium. They hope to increase spot liquidity for the niche commodity. Uranium prices have risen in recent years due to a rise in investor interest and the reduction of miner output. This is because utilities are looking for new sources of this mineral, which fuels nuclear energy. Nuclear…

Chernyshov, CEO of Naftogaz Ukraine, appointed as deputy PM for new ministry

The Ukrainian parliament approved Oleksiy Cernyshov, the CEO of state-owned oil and gas company Naftogaz as deputy premier to head a newly created ministry for national unification as the third anniversary of Ukraine's full-scale war against Russia approaches. Chernyshov is a 47-year-old man who has been leading Naftogaz since 2022. He was also the minister for regional development from 2020 to 2022. No other candidates were considered.

Cargill, a giant in the commodities trading industry, plans to reduce around 8,000 positions

Cargill, a global trading company, announced on Tuesday that it will cut 5% or 8,000 jobs from its workforce. Revenues in the most recent fiscal period were down due to low crop prices. Cargill, a privately-held agricultural merchant, is under pressure because the prices of commodity crops, like wheat, corn, and soybeans, are at near four-year lows. Also, crop processing margins are shrinking. In a memo that was reviewed on Tuesday…

Wall Street Journal, Dec 3,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. A Delaware judge ruled Monday that Tesla CEO Elon Mots is not entitled to a $56 billion package of compensation despite the fact that shareholders of the electric car company voted to reinstate it in July. Intel CEO Pat Gelsinger was forced to resign less than four months after taking over the company.

LNG traders divert cargoes to Asia from Europe as demand in the east increases

Analysts and shipping data indicate that three LNG cargoes bound for Europe were diverted to Asia in order to meet the stronger Asian demand, and because gas prices have decreased in Europe. The rapid change of course shows the agility of the trading firms to send LNG supplies either to Europe or Asia. As Asian prices rise, the arbitrage window for sending U.S. and African Liquefied Natural Gas to Asia opens.

Exxon continues to discuss shallow-water blocks in Guyana's auction, the company reports

Exxon Mobil, the U.S. oil giant and its partners continue to negotiate with Guyana’s government about terms for developing an oil block in shallow water. An Exxon spokesperson confirmed this on Monday. Exxon Hess, CNOOC and Exxon won the offshore block S8 during a bid round that was launched by President Irfaan Ali’s administration in late 2022. A spokesperson for Exxon Mobil confirmed via email that the group is still interested in the block, and that talks are ongoing.