Exploration

Guyana's tax agency will begin dispute resolution with Exxon regarding expenses

The Natural Resources Ministry of Guyana has instructed the country's Tax Agency to start a dispute resolution process with Exxon Mobil regarding the recovery from the U.S. Oil Major, about $214 million worth of expenses. Exxon's expenses as part of operations on the Stabroek block offshore are closely watched because a consortium headed by the U.S. giant can export up to 75 percent of the crude oil it produces under the name "cost oil", whereas Guyana is entitled to the other half.

Tanzania announces that it will launch a round of oil exploration licensing in May

Tanzania announced on Thursday that it would launch its fifth round of oil and gas licensing in May, in which 26 explorations blocks will be auctioned to attract new investment to the hydrocarbon sector in east Africa. Charles Sangweni of the Petroleum Upstream Regulatory Authority in Tanzania (PURA), the director general, said that 23 blocks are located offshore in the Indian Ocean, while three others are in Lake Tanganyika.

Sources: ERG declares force majeure for cobalt supplies from Congo

Two sources with knowledge of the situation said that Eurasian Resources Group has declared force majeure for deliveries of cobalt battery material from its Metalkol operations due to the temporary export ban by the Democratic Republic of Congo. ERG is the largest cobalt producer in Congo. This is also the top mineral producing country worldwide for the production of lithium-ion battery powering electric vehicles.

LNG producer Venture Global raises Plaquemines project cost forecast by $2 billion

Venture Global announced on Thursday that it expects its Plaquemines LNG Plant in Louisiana project costs to be about $2 billion more than its previous estimate due to inflation and various other factors. In premarket trading, shares of the company dropped 19.2% to $11.50. The LNG producer now expects that the plant will cost between $23.3 and $23.8 billion. Previously, it was expected to be in a price range of $21 to $22 billion. The company paid $19.8 billion as of December 31.

LNG producer Venture Global raises Plaquemines project cost forecast by $2 billion

Venture Global announced on Thursday that it expects its Plaquemines LNG Plant in Louisiana project costs to be about $2 billion more than its previous estimate due to inflation and various other factors. The LNG producer now expects that the plant will cost between $23.3 and $23.8 billion. Previously, it was expected to be in a price range between $21 billion and $22 billion. The company paid $19.8 billion as of December 31.

Indonesia introduces new rules allowing exports of minerals in cases of force majeure

The Indonesian Government has published a regulation that allows mineral companies to export ore unprocessed in situations of force majeure, said the Energy Ministry on Thursday. Indonesia has banned the export of raw minerals by 2023 in order to encourage metals to be processed at home. However, there are some exceptions. One is for miner PT Freeport Indonesia which received a permit to export copper until repairs to its Manyar smelter were completed.

After Trump's tariffs on crude oil, Mexico is seeking Asian and European buyers

Pemex, the Mexican state-owned oil company, is currently in discussions with buyers in Asia and Europe. This is because it's looking for alternative markets to sell its crude oil after U.S. president Donald Trump imposed import tariffs. This week, Trump implemented tariffs of 25% on goods imported from Mexico and Canada. Canadian crude was exempted from the 25% tax, but Mexican crude will be charged at a 10% rate.

Africa Oil Corp. bullish on Nigerian growth and Namibia long-term game

A senior executive at the company said that Canada's Africa Oil Corporation would double its Nigerian production and its reserves once it completed its deal to acquire Prime Oil on Tuesday. Africa Oil will acquire the entire shareholding of Dutch company Prime Oil & Gas Cooperatief. Its main assets are indirect stakes in Nigerian deep-water fields operated by TotalEnergies or Chevron. Oliver Quinn is the chief commercial officer of Africa Oil.

After Trump's tariffs on crude oil, Mexico is looking for Asian and European buyers

Ecopetrol will borrow up to $2 billion to finance acquisitions

Ecopetrol, Colombia's largest state-owned oil company, plans to borrow up to $2 billion this year in order to fund investment. It will also consider raising funds through banks and the capital markets. The debt will be used for inorganic investments such as new projects or assets. Camilo Barco, Corporate Vice President of Finance at Ecopetrol, said that in a conference call with investors the board of Ecopetrol had authorized $1 billion for structural debt.

Canada cracks down on foreign takeover bids, citing the trade crisis

Canada pledged on Wednesday to restrict foreign companies' ability to conduct "predatory takeover" bids, citing concerns that recent trade turmoil could reduce the value of its domestic firms. The announcement was made by Innovation Minister Francois Philippe Champagne a day after U.S. president Donald Trump began a trade war with Canada and Mexico. According to the Investment Canada Act (IC Act), Ottawa has the power to approve or reject mergers…

UK replaces windfall oil tax with consultation on clean energy future

Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations. One was on how to transform the North Sea into a clean-energy area, while another focused on how taxes would be applied when energy prices were high.

BP and Mauritania claim leak found at gas project offshore West Africa

The British company BP and the Mauritania Environment Ministry announced on Wednesday that a gas leak had been detected in a well at the Greater Tortue Ahmeyim Gas Project operated by BP off the coasts of Senegal and Mauritania. BP stated that the impact of the leak on the environment was expected to be minimal and the incident will not disrupt production. The first gas was produced by the project, developed by BP in partnership with Kosmos Energy of the United States.

Ecopetrol's profits will drop 22% by 2024

Ecopetrol, Colombia's largest state-owned oil company, reported on Tuesday that its annual net profit in 2024 will drop by nearly 22% due to a stronger U.S. Dollar and lower oil prices internationally. The Colombian government owns 88.5% of the shares in the energy company. It posted a profit of $14.9 trillion last year ($3.6 billion), which is a significant increase from 19.06 trillion in 2023. Ecopetrol's…

After financial disputes, talks to resume Kurdish crude oil exports have been postponed until Thursday

Three sources said that the talks to accelerate a return of oil exports out of Iraq's semiautonomous Kurdistan Region have been postponed until Thursday due to disagreements between oil companies, and the oil ministry. Three sources said that the meeting was originally scheduled for Tuesday, but the initial talks on Sunday failed to reach an agreement on important issues such as how foreign companies in the region will be paid. This forced the two-day delay.

Sakhalin LNG and oil production to decline in 2024

According to the local administration, production of LNG, oil and gas on Sakhalin, a Russian Pacific island, will decline in 2024. According to the administration's figures, production of LNG from Sakhalin Energy, a project led by Kremlin controlled Gazprom in Russia, decreased by around 2 percent to 10,2 million metric ton, or about a third of Russia’s total. The administration said that the oil and…

Shell restructures its executive team; integrated gas and upstream director departs

Shell announced on Tuesday that Zoe Yujnovich will be leaving the company at the end this month, after spending more than a decade working for the oil giant. Shell's leadership structure has been simplified by the appointment of Cederic Crémers as president of Integrated Gas, and Peter Costello to lead Upstream. Shell has a strategy of streamlining its senior management structure. In a recent statement…

Reliance India says the oil ministry demanded $2.81 billion in gas dispute case

Reliance Industries, an Indian company, said Tuesday that the Petroleum and Natural Gas Ministry of India has demanded $2.81 billion in a dispute over gas drilling from the company and BP Exploration and Niko. A division bench of the Delhi High Court ruled on February 14 against Reliance in a dispute over the extraction of gas from a deepwater block in India's KG-D6 block, located in the Krishna Godavari Basin in the eastern coast.

The gender pay gap in Australia has improved slightly but women are still paid 18.6% lower than men

A government report revealed that the gender pay gap in Australia has shrunk slightly, but women still earn nearly a fifth of what men do. The biggest disparities are found in the mining, construction and finance industries. The Workplace Gender Equality Agency's survey showed that 72.2% had a gender gap in favour of men, while 21.3% of employers had an equal gap between the two groups within +/-5%. The remaining employers had a gender gap in their favour.

Libya announces the first oil exploration bid round in 17 years

Masoud Sulman, the acting chairman of the National Oil Corporation, announced on Monday that Libya will hold its first oil exploration bidding round in over 17 years. Libya is Africa’s second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadhafi was overthrown in 2011.

Source: Kazakhstan increased oil production to a record of 2,12 million bpd during February.

A source said that Kazakhstan increased crude oil and condensate output in February by 13% compared to January, reaching a record of 2,12 million barrels a day. This was again a higher production than its quota for the OPEC+ oil producing group. According to a source familiar with official statistics and calculations that take into account Kazakhstan’s tons per barrel ratio of 7, the crude oil production in January was up 15.5%. Last month, it reached 1.83 million barrels per day.

Sinopec certifies reserves of 1.3 billion barrels at East China Shale Oil Plays

Sinopec Corp announced on Monday that the Chinese government had certified new geological resources of about 180 million tons or 1.3 billion barrels at two of their shale-oil plays. Sinopec announced that the new reserves had been tapped in the Xinxing Field in the Jiyang trough in the Bohai Bay Basin and in the Qintong Field in the Subei Basin. The shale formations of Xinxing are buried between 2…

Trump's tariffs threaten Canada's oil and natural gas drillers

Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented. The Canadian drilling industry lost thousands of jobs between 2014 and 2020 as a result of low oil prices, and the COVID-19 pandemic. Industry representatives say that activity has increased since 2020.

Equinor's Arctic Johan Castberg Oilfield delayed by weather

A spokesperson for Equinor said that the start-up of oil production at Equinor’s Arctic Johan Castberg Field has again been delayed due to bad weather. Castberg will become the second oilfield to come on stream in the Norwegian Barents Sea sector after Vaar Energi’s Goliat, which came online in 2016. Equinor previously stated that it would start up the field at the end February after delaying its launch from the end 2024.

Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the fifth consecutive week.

Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for a fifth consecutive week for the first since May 2022. In the week ending February 28, the oil and gas rig counts, an early indicator for future production, increased by one, to 593, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total count is still 36 rigs or 6% lower than this time last year.

Equinor Norway LNG plant will be off-line March 10-14

According to a Friday regulatory filing, Equinor will shut down its Hammerfest LNG Terminal from March 10 through March 14 to perform "corrective maintenance". This will reduce the daily production capacity from 18.4 millions cubic metres to zero. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports.

Data shows that Russia's LNG exports between January and February fell 7.3%.

LSEG released preliminary data on Friday showing that Russia's LNG exports in the first half of this year were down 7.3% compared to a year ago, at 5.1 million metric tonnes. This was due to sanctions and the Sakhalin-2 supply cut. Due to U.S. sanctions over the conflict in Ukraine, Russia has been unable to increase LNG exports. The new Arctic LNG 2 facility has effectively been frozen due to the Western sanctions.

EOG Resources exceeds profit expectations for the fourth quarter on higher production

EOG Resources surpassed fourth-quarter profit expectations on Thursday as higher production helped offset lower oil price. The company's shares were down 3.5% in after-hours trading as the net income fell by more than half, to $1.25 Billion from $1.998 Billion the previous quarter. The overall quarterly revenue dropped 12%, to $5.59 Billion. This was due to lower oil revenues as well as losses on derivative contracts. Operating expenses rose by 3.6% compared to last year.

Alberta projects C$5.2-billion budget deficit if Trump tariffs proceed

Alberta, Canada's oil producing province, forecasted a deficit of C$5.2billion ($3.5billion) for fiscal 2025/26 if U.S. Tariffs were implemented. This would result in a decrease of government revenues as well as slowed economic growth. The outlook shows a drastic reversal in Alberta's financial health following what was expected to be a C$5,8-billion surplus for the current fiscal period. It also illustrates…

Staff of Brazil's Ibama recommend against Petrobras drilling Amazon region

Two sources with knowledge of the matter said that the technical staff at Brazil's environment agency Ibama recommended to the body that it deny Petrobras permission to drill in the environmentally sensitive Foz do Amazonas area. Rodrigo Agostinho, Ibama’s president, will make the final decision. Brazil's president Luiz Inacio Lula Da Silva has put pressure on the agency by saying earlier this month…

Expand Energy is on track to increase US natgas production to meet the growing demand

Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told analysts on the company's earnings call for the fourth-quarter that the company was ready to increase output from 6.4 billion cubic foot equivalents per day (bcfed)…

Data shows that Portovaya, Kryogaz-Vysotsk and other Russian LNG exporters have stopped LNG exports due to sanctions.

LSEG data on Thursday showed that two small-scale Russian LNG producers located along the Baltic Sea shores, Portovaya LNG, and Kryogaz Vysotsk have stopped LNG deliveries. This is due to the U.S. sanctions. Washington introduced new sanctions last month against Russia for the conflict in Ukraine. These included the two nuclear plants. There was a grace period up until the 27th of February. LSEG data…

Pemex's fourth-quarter loss is $9.1 billion

According to a filing on Thursday with Mexico's principal stock exchange, the state-owned oil company Pemex posted a 190.5-billion-peso (about $9.1 billion) net loss for the fourth quarter, after posting profit during the same period last year. Revenues for the government-run oil firm during the period of October to December totaled 436.6 bn pesos. This is an increase of almost 3% when compared with the fourth quarter of 2023.

Colombia's first auction of offshore wind energy attracts global interest

The National Hydrocarbons Agency of Colombia (ANH), a South American agency, announced on Thursday that companies from all over the world had proposed developing 69 offshore areas for the country's first offshore energy auction. The auction represents a major step towards President Gustavo Petro’s goal to diversify the energy sector, and reduce dependence on coal and oil. Companies from Belgium, Britain…

ADNOC signs LNG supply contract with Japan's Osaka Gas

Abu Dhabi National Oil Company announced on Thursday that it had signed an agreement for 15 years to supply Japan’s Osaka Gas liquefied gas from the Ruwais Project. The agreement to supply LNG up to 0.8 mtpa is the fourth contract signed for the Ruwais LNG Project, where energy giants Shell, BP TotalEnergies, and Japan's Mitsui all have a 10% share. ADNOC stated in a press release that the LNG will primarily come from the Ruwais LNG Project, which is due to be completed in 2028.

US oil licenses and authorizations for Venezuela

Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S. president, announced on Wednesday that he would revoke a license for a U.S. oil producer Chevron Corp.

Mexico advances energy reform to reinforce dominant roles of state-owned companies

Mexico's Senate passed on Wednesday laws for an energy reform which strengthens the dominance of state-owned companies Pemex CFE, while opening up new opportunities for private investment in order to achieve the country's goals of self-sufficiency. The new laws, which received 85 votes for them, 39 against them and one abstention will be sent now to the lower chamber of Congress. It is expected that they will receive final approval.

Shale producer APA misses fourth-quarter profit estimates

APA Corp, a U.S. shale oil producer, missed Wall Street's expectations on Wednesday for its fourth-quarter profits as low commodity prices offset a higher production. Brent crude futures declined 3% in 2020 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group also postponed their planned supply increases to 2026 and extended the deep cuts in output until the end of the year.

Exports of crude oil by Mexico's Pemex fell 44% in January

Official numbers reveal that crude oil exports from the Mexican state energy company Pemex fell 44% in January, compared to last year, to 532 404 barrels per daily (bpd), their lowest level in decades. The company admits it has been struggling with crude's quality. The level for January is the lowest monthly since records began in their present form in 1990. Exports were just above 811,000 bpd last year and just over 1 million bpd the year before.

US Senate confirms Trump's trade chief Greer before Canada and Mexico tariffs

The U.S. Senate voted overwhelmingly on Wednesday to confirm Jamieson Grer as U.S. trade representative, giving the veteran of Donald Trump's first term of trade wars the full authority of his new position just days before the March 4 deadline that will punish imports from Canada or Mexico with 25% tariffs. Greer's nomination was confirmed by a majority of senators, even though voting is still ongoing.

Copper giant Chile is'monitoring" US probe on potential metals tariffs

The Chilean Foreign Ministry said that on Wednesday it was "monitoring' a U.S. investigation looking at potential new tariffs for copper imports, a critical metal used in electric vehicles, military equipment, the power grid, and many consumer products. In a brief response, the ministry stated that it would monitor the situation after U.S. president Donald Trump ordered the investigation in an effort to stop what his advisors perceive as a Chinese move to dominate the world copper market.

BP changes course by increasing fossil fuel investments while cutting back on renewable energy

BP announced on Wednesday that it would increase its annual oil and natural gas investment by $10 billion. This will return the focus to fossil-fuels as part of Murray Auchincloss’ efforts to improve financial performance and boost returns. The oil giant has slashed its planned annual investment into transition businesses by over $5 billion compared to the previous forecast. It now expects to invest between $1.5 and $2 billion annually.

Inpex CEO: Buyers' interest in Indonesia's Abadi Liquefied Natural Gas exceeds planned production

Inpex Corp., Japan's largest oil and gas exploration company, said it received interest in buying liquefied gas from its $20 billion Abadi project in Indonesia, which exceeds the planned output. Inpex expects the long-delayed LNG project to drive growth. It is aiming to make a final investment decision by 2027. He said that Inpex would proceed with the marketing and finance talks. Inpex holds a 65% share in the Abadi Project in eastern Indonesia.

British Business – February 26

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. BP, the oil major in Iraq, and the Iraqi government have agreed to allow the energy group work on the redevelopment and exploitation of four large gas and oil fields in Kirkuk. Unilever's board of directors has decided to part ways with Hein Schumacher, Chief Executive Officer. They have chosen a new leader they feel will operate at a quicker pace.

Naftogaz: Norway will finance Ukrainian gas purchases

Norway will finance Ukrainian purchases of natural gas from its country, Ukraine's Naftogaz said on Tuesday. This comes against a backdrop of an increase in Ukrainian imports, as the war between Russia is affecting the energy system of the country. The aid is part of an overall 380 million euro package ($400 million), financed by the European Bank for Reconstruction and Development. Its goal is to boost Ukraine's energy independence.

Trump orders new tariff probe into US copper imports

The President Donald Trump launched a new front in his attack on global trade norms on Tuesday, ordering an investigation into possible new tariffs on imports of copper to rebuild U.S. manufacturing of a critical metal for electric vehicles, military equipment, the power grid, and consumer goods. In an effort to stop what his advisors viewed as China's move to dominate the copper market in the world…

Congo considers export quotas for cobalt to boost prices amid glut

Three sources with knowledge of the situation said that the Democratic Republic of Congo was considering cobalt export quotas in order to reduce oversupply of the metal and increase prices. The cobalt price is at a historically low level due to a slackening in demand by automakers. Mines are also ramping up their production of copper from which the cobalt can be extracted as a side-product. Sources…

Bolivia's YPFB and other operators will pump almost $704 mln in oil projects this Year

The Bolivian state oil company YPFB, along with other operators, will invest $703,7 million in this year's investment plan, according to the company, which noted that almost three quarters of the plan will be spent on exploration and production. According to a YPFB statement, 72% of the budget will go towards so-called "upstream" activities that are aimed at discovering and extracting oil and gas in the South American country.

Iraq and BP agree on four Kirkuk oil fields

Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday. This is a major breakthrough for Iraq where production has been hampered by war, corruption, and sectarian tensions. The signing takes place a day before BP updates investors on its strategic plan. It is widely expected that BP will reduce investments in renewable energies and return to investing more in oil and natural gas.

Vitol and Glencore receive $380 Million award in Nigerian LNG litigation

Court documents obtained by revealed that trading houses Vitol, Glencore, and their gas suppliers, trading firms Taleveras won a legal case in London against Nigeria's only liquefied gas (LNG), producer, for not delivering cargoes. The London High Court and Court of Appeal heard the case, the latest of a series of lawsuits filed by buyers against producers and sellers for non-delivery of goods after…

Vitol and Glencore receive $380 Million award in Nigerian LNG litigation

Court documents obtained by revealed that trading houses Vitol, Glencore, and their gas suppliers, trading firms Taleveras won a legal fight in London against Nigeria's only liquefied gas (LNG), producer, for not delivering cargoes. The London High Court and Court of Appeal heard the case, the latest of a series of lawsuits filed by buyers and sellers for non-delivery of goods after prices rose from the lows reached during the COVID epidemic when Russia invaded Ukraine on February 20, 2022.

Indonesian prosecutors have arrested three Pertamina executives for oil imports

A senior official revealed that the Attorney General's Office in Indonesia has arrested three executives from Pertamina, a state-owned energy company. They were accused of corruption in relation to oil imports which cost the government $12 billion. Abdul Qohar told reporters that prosecutors arrested Riva Saifuddin and Yoki Firnandi late on Monday. Pertamina stated in a press release on Tuesday that they respected the legal process being conducted by the Attorney General's Office.

Woodside Energy's profit for the year is at its lowest level in three years due to low oil and gas prices

Woodside Energy, a major oil and gas company, reported on Tuesday its lowest annual profit in the last three years, due to lower realized prices. However, it maintained its production forecast for 2025, based on expectations that demand for liquefied gas will be strong. The energy markets were affected by geopolitical events that occurred in the past year. Slowing global growth, and a softening of demand from China's top consumer also pushed down commodity prices.

Diamondback Energy exceeds profit expectations for the fourth quarter on higher production

Diamondback Energy, a U.S. shale oil producer, surpassed Wall Street's expectations for the fourth quarter profit on Monday as higher production offset lower prices. In extended trading, shares were up 3% to $159.95. The U.S. Energy Information Administration reported that the total oil production of the United States reached a record 13.6 million barrels a day (bpd), as increased efficiencies allowed producers to pump more oil.

Nvidia sues EU antitrust regulators for investigating AI startup Run:ai

Nvidia, a U.S.-based chipmaker, has sued EU antitrust authorities for accepting an Italian request to examine its acquisition of AI start-up Run:ai last year. They claim they have flouted a previous court ruling that restricted their merger power on minor deals. The case has no impact on the Run:ai merger, which was approved by the EU Competition Watchdog in December of last year. However, a decision that favours Nvidia could further limit the regulator's merger powers.

Chevron restructures its business and reshuffles the leadership

Chevron announced on Monday that it will reorganize its business structures, and reshuffle its leadership team. This is the latest step taken by the U.S. oil major to streamline its operations. As it deals with cost overruns, delays and delays on a major Kazakhstan project, the company said that it could lay off as much as 20% of its worldwide workforce by 2026. The $53 billion purchase of Hess by Exxon Mobil has been delayed due to an arbitral battle.

Italy's Saipem and Norway's Subsea 7, to create a leader in energy services

Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.2%. Subsea 7's stock was up 3.2% at 1324 GMT.

Italy's Saipem and Norway's Subsea 7, to create a leader in energy services

BP abandons renewables targets and returns focus to fossil fuels

BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years, and it has already abandoned its goal to reduce oil and gas production by 2030. Two sources familiar with the situation said that on Wednesday…

Financial Times - 24 February

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Britain and India are resuming talks to reach a long-awaited deal on trade. The negotiations had been delayed due to the elections held in both countries. The UK Government has committed to invest 200 million pounds ($253,26 million) in projects at Grangemouth, as the closure of Scotland's sole oil refinery is planned for the next few months.

Leviathan Partners eye large expansion of natgas fields for Israel and export

One of the partners said that the Israeli Leviathan project, which involves the offshore natural gas field, has submitted to the government a multi-billion-dollar plan for the expansion and boosting of production. NewMed Energy's plan, which it submitted to the Energy Minister’s Petroleum Commissioner, calls for drilling three additional production systems as well as expanding the processing facilities at the platform.

ConocoPhillips sells Ursa and Europa Fields interests to Shell for $735 Million

ConocoPhillips announced on Friday that it will sell its interest in the Ursa Fields and Europa Fields for $735,000,000 to Shell as part of its plan to streamline the company's portfolio. After its $22.5 billion acquisition of Marathon Oil, the company is looking to sell non-core assets in order to reduce debt. Conoco announced earlier this month that it would be selling its Lower 48 non-core assets for $600,000,000.

Sources say China's Norinco sweetens its bid for Congo copper mining as the deal stalls.

China North Industries Corp., also known as Norinco has offered to increase the Congo government stake in its bid to purchase copper and cobalt assets from Chemaf SA to help smooth the way to a deal. The $1.4 billion offer made by China's defence and industrial giant, in June, stalled when Congo state miner Gecamines put forward its own unsolicited proposal for the Chemaf asset. This exacerbated a standoff that was already complicated by U.S.

Local news reports say that Equinor is planning to sell its assets in Argentina.

Mas Energia, a Mas Energia-published online magazine, reported that the Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region, citing anonymous sources. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report.

Local news reports say that Equinor is planning to sell its assets in Argentina.

Mas Energia, citing anonymous sources, reported that Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report. Mas Energia said that the Norwegian company has no plans to sell its stakes offshore licenses in Argentina.

Nigeria's NNPC contains fire at storage facility

The Nigerian State Oil Company NNPC said that a fire in a crude oil storage barge on its Cawthorne Channel site, located along the coast of Rivers State, had been put out with no injuries. Olufemi Soneye, NNPC's spokesperson, said in a late-night statement on Thursday that the fire started around 1310 GMT Wednesday and spread quickly to other barges. Soneye stated that the incident did not affect operations at the flowstation.

Nine Entertainment is the top gainer among Australian shares.

Australian shares rose Friday on the back of gains in energy and mining stocks, as well as strong commodity prices. Nine Entertainment was the biggest gainer, after Domain Holdings Australia, which owns 60%, received a purchase offer. As of 0026 GMT, the S&P/ASX 200 was up by 0.1% to 8,333.1. The benchmark index has lost 2.6% in the first week. Iron ore prices rose overnight, causing miners to gain as much as 1.5 percent. BHP Group and Rio Tinto gained between 0.2% and 1,6% on Friday.

ADNOC, the UAE's gas company, has completed a $2.84 billion share sale.

Abu Dhabi National Oil Co. (ADNOC), the energy giant of United Arab Emirates, announced early Friday that it had completed a 2.84 billion dollar market offering for its ADNOC Gas division. ADNOC said in a press release that the offering price was 3.40 dirhams for each share. The sale is the largest share offering in the Middle East and North Africa region (MENA) since the $12,3 billion follow-on offer by Saudi Aramco last June and the largest of recent years.

Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years

Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears about energy independence have grown due to dwindling supplies of gas. Chief Executive Ricardo Roa stated that the total 1P reserves for 2024 is equivalent to 1.88 billion barrels oil equivalent at the end of 2023.

Diamondback Energy CFO Van't Hoof to succeed Stice as CEO

Diamondback Energy announced on Thursday that CEO Travis Stice will step down after 13 years in the role during the company’s annual stockholders’ meeting 2025. He will be replaced by Kaes van't Hof, the finance director. Stice, who has led Diamondback since January 2012, joined the board of directors in November 2012 after the initial public offering. Before becoming CEO, Stice was the chief operating officer of the company from April 2011 until January 2012.

Anglo writes off De Beers and continues with business overhaul

Anglo American reported a $3.1billion loss on Thursday, after writing down its De Beers business. The company is continuing to shed unwanted assets. Anglo wants to concentrate on iron ore and copper assets following BHP's failed attempt at a takeover last year. This means that Anglo will spin off its diamond and platinum businesses following the sale of its nickel and coal mines. Duncan Wanblad, CEO of Codelco…

Guyana will soon sign a oil deal with TotalEnergies led group

Energy Minister Vickram Bharrat said that Guyana is expecting to sign a production-sharing agreement soon with a French consortium led by TotalEnergies, which will allow the country to explore an off-shore area. Guyana, the fastest-growing oil producing country in the world, is on track to produce 940,000 barrels of crude oil per day this coming year. This is nearly 1% more than last year's output. All of Guyana's crude oil is produced by a consortium led the U.S. company Exxon Mobil.

Stock prices of US natgas producers soar as gas futures soar

Gas futures prices have risen by 27% in the last seven days, reaching a two-year high. The extreme cold of recent days has pushed U.S. Gas Futures up to $4.42 per million British Thermal Units (mmBtu) at midday on Wednesday. This puts the front-month just a few cents away from the closing high of $2.258, which was reached on January 16 of this year. The increase in gas futures has helped Devon Energy's stock…

Exxon to build large-scale gas projects in Guyana, a country dominated by oil

Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana, outlined a "Wales Gas Vision" that will provide gas to produce fertilizers via a pipeline worth $1 billion completed last year.

The German antitrust watchdog wants to regulate the oil market more.

The German antitrust authority called for stronger regulation on the price quotes used on the oil market after an investigation showed that pricing was based on limited information which could be manipulated. Prices are often linked to wholesale contracts, and they can have an indirect impact on retail prices. These price quotations are provided by agencies that report prices, such as S&P Global Commodity Insights and Argus Media.

S. Africa's Sibanye signs a chrome pact to Glencore amid a slump in platinum prices

Sibanye Stillwater, a miner with a diverse portfolio of operations, announced on Wednesday that it had signed a deal to manage chrome for Glencore's Merafe Venture South Africa in order to offset the effects of a prolonged platinum metal price slump. Chrome is a platinum by-product, and South African miner Sibanye has reported increased incomes from the metal that's used in steelmaking despite the sharply reduced prices of the primary minerals.

German antitrust watchdog flags price issues in the oil market

The German antitrust authority said on Wednesday that an examination of Germany's oil markets showed pricing issues. It called for stronger legal regulations on price quotes. The Federal Cartel Office will launch an investigation in 2022 into the German refinery and wholesale market for fuels following Russia's invasion. The two-stage investigation examined refinery pricing, fuel imports and supply chains as well as market behaviours.

Devon Energy's production increases help it beat the fourth-quarter profit forecast

Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December. This was due to improved efficiency, which allowed oil producers to pump more. Devon's quarterly production increased by 28% compared to the same period last year…

EQT's profit for the fourth quarter beats estimates due to higher natural gas prices and sales

EQT's fourth-quarter profit exceeded analysts' estimates on Tuesday as the natural gas company benefited from increased prices and sales. The natural gas price rose during the first quarter of this year, reaching a peak that has not been seen in two years. This was due to an increase in gas flow to export plants for liquefied gas. Prices were also boosted by the forecast of more cold weather for January, which will increase heating demand.

Occidental divests some upstream assets worth $1.2 billion

Occidental Petroleum announced on Tuesday it had signed two deals to sell some upstream assets for a combined $1.2 billion to unidentified buyers. The transaction, which includes non-operated Rockies assets and Permian Basin properties that are not included in the company's short-term development plans, is expected to be completed by the end the current quarter. The company stated that it intended to use the proceeds of the transaction to reduce its debt.