Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico.
Energy and consumer staples drive TSX near 6-week peak
Canada's main index of stocks continued to rise on Thursday. This was mainly due to gains in energy and consumer staples, but investors were still curious about the policy decisions made by U.S. president Donald Trump. If gains continue, the S&P/TSX Composite Index of the Toronto Stock Exchange could record its eighth consecutive winning session. The TSX's heavyweight energy sector was the best performing, gaining 1.2% thanks to the firm oil price.
EU source: EU selects PwC for mineral, energy platform
The EU has chosen PriceWaterhouseCoopers and a Slovak software company to develop a 9 million euro ($9.4 million) joint purchasing platform for critical minerals and energy, according to a European Commission source and a document seen by . Source who refused to give their name said that the platform would have three separate mechanisms: one for raw materials such as hydrogen and another for energy products like natural gas and biomethane.
Venezuelan request for annulment of Conoco award dismissed by arbitration court
The World Bank arbitral tribunal dismissed Venezuela's request to annul an $8.37 billion arbitration decision in favor of ConocoPhillips. This cleared the way for ConocoPhillips to claim compensation for its expropriation assets from Venezuela. In 2019, the International Centre for Settlement of Investment Disputes made a final ruling declaring that Conoco's expropriation was 'illegal' and ordering it to compensate Conoco.
Freeport-McMoRan's profit beats Q4 estimates thanks to higher copper prices
The miner Freeport-McMoRan surpassed fourth-quarter profit expectations on Thursday as higher copper prices helped to offset the impact of reduced production. The copper price rose in the third quarter on the back of signs of increased stimulus from China, declining inventories and an accelerated U.S. employment growth in September. This indicates resilience in the largest economy in the world. The…
Ukraine: Trump's threat of sanctions sends a'strong message' to Russia
Ukraine has praised U.S. president Donald Trump for his threat to impose sanctions and tariffs on Russia if they refuse to reach a settlement to end the conflict in Ukraine. They said that the comment was a "strong message". Trump, who repeatedly stated that he wanted to stop the fighting in Ukraine, without specifying how, called on Russian President Vladimir Putin to "stop this absurd war" and warned to impose punitive actions if a deal was not reached.
Energean UK forecasts higher production in 2025 on the strong Israel growth
Energean, a UK-based producer of gas, said it expected higher production levels in 2025. The company is betting on increased sales in Israel, its main market. The company, which gets its main production from a gas field offshore Israel, wants to double production in the next few years. It will do this primarily by developing new prospects in Israel including the Katlan Field. In 2024, the company produced 114,000 barrels equivalent per day (boepd) from its operations.
Stocks in the US react differently to Trump's first official day as president
Tesla, prison operators, and other "Trump trades", were volatile Tuesday as investors analyzed a flurry of executive orders issued by President Donald Trump just hours after taking his oath. Trump announced his plans to increase oil production, reduce immigration and impose tariffs on Monday as he began his second term as president of the United States. Investors braced themselves for increased volatility under Trump 2.0 as some "Trump Trades"…
Enverus says that US energy mergers could slow down in 2025 due to smaller deal sizes.
According to an Enverus report released on Tuesday, the pace of U.S. public-to-public upstream mergers in 2025 could slow from its recent average of five mergers per year and deal sizes may also decrease. Consolidation in the U.S. Energy Sector, which resulted in deals worth $250 billion by 2023, continued into 2024, and will likely continue into this year as companies seek to increase their oil and natural gas reserves.
Infinity Natural aims to reach a valuation of $1.2 billion in the US IPO
Infinity Natural Resources, a producer of oil, is aiming for a value of up to 1,24 billion dollars in its initial public offer. It joins a group of players in the industry that have been rushing to list their stocks in recent months. The company announced on Tuesday that it aimed to raise $278.25 through the sale of 13,25 million shares at a price between $18 to $21 per share. A recent flurry has accelerated the pace of energy sector IPOs.
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970, to stop oil and gas drilling…
Serica Energy UK forecasts production increase for 2025
Serica Energy, a UK oil and gas company focused on the North Sea, expects to increase production by 15.6% in 2025, thanks to improved reliability, the company said Tuesday. Serica has increased production by acquiring and investing in the past few years. The company's output was affected by an outage on its Triton floating storage and offloading vessel (FPSO) in the North Sea, in 2024. Serica stated in a press release that production has increased since the resumption.
Dollar jumps after Trump's tariff plans. Shares are jittery.
The global markets welcomed Donald Trump's new presidency on Tuesday with apprehension, largely due to the headlines about his plans for trade and tariffs. The U.S. market was closed on Monday for a holiday, so the reactions to Trump’s return to the White House began to be felt in Asian trading on Tuesday. European futures were also pointing towards a lower opening. Investors cheered the possible delay of Trump's tariffs after a brief mention in his inauguration address, but the U.S.
The oil price is dropping on the plan to increase US oil production, and the tariffs are being re-instated
Oil prices fell in Asian trading Tuesday, after President Donald Trump announced his plan to increase U.S. production of oil and natural gas and delayed the application of new tariffs. Brent crude futures fell 11 cents or 0.14% to $80.04 a barrel at 0156 GMT. The West Texas Intermediate crude contract for March, the most active one on the market, fell 67 cents from Friday's closing price to $76.72 per barrel. Due to a holiday, there was no settlement on the U.S. oil market for January 20.
TSX reaches 5-week highs as US trade tariffs are held back
Investors expressed relief at the news that President Donald Trump would not impose immediate U.S. tariffs on Canada. The Toronto Stock Exchange S&P/TSX Composite Index closed up 103.66, or 0.4% at 25,171.58, marking its fifth consecutive day of gains, and highest closing level since December 13. A Trump administration official confirmed that Trump would issue a general trade memo on his first day of office. The memo will not impose new tariffs but will direct federal agencies to evaluate U.S.
Brazil's Batista Family seeks to expand its footprint in the Oil Sector
According to two sources familiar with the deal, Brazilian oil and natural gas company Fluxus is owned by J&F Group, the holding firm of the Batistas. It has made a nonbinding offer to purchase the assets on land of Brava Energia. J&F acquired Fluxus in 2023. It also purchased a Pluspetrol oil field in Argentina. Fluxus' growth continued in 2024 when it acquired Pluspetrol Bolivia which included three oilfields.
Glencore opens to deals as investors prepare for more mining M&A
Glencore, the commodity and miner trader, said that it was open to M&A deals that created value for its investors. It is leveraging its position in the top three producers of copper globally. Investors in the sector were most concerned about potential M&A transactions in 2024. However, BHP's failed $49 billion bid for Anglo American last May demonstrated the difficulties of merging diversified producers.
Oil minister: Bidding round for $3-4 billion to boost Libya's oil production is expected shortly
Khalifa Abdelsadek said on Saturday that Libya will need between $3 billion and $400 million to achieve a production rate of 1,650,000 barrels of oil per day. He added that the cabinet is expected to approve a new round of license bids before the end January. Abdulsadek stated that the Libyan economy is heavily dependent on oil. It accounts for more than 95% its economic output. Abdulsadek stated that the only way to increase production is by accelerating reconstruction.
Republican-led states file suit against Biden administration for offshore drilling ban
A group of Republican states filed a suit on Friday to challenge a ban on offshore oil and natural gas development announced earlier this month by the outgoing Democratic U.S. president Joe Biden. According to a court document, the lawsuit is seeking a reversal Biden's prohibition with declaratory and judicial relief. The filing argues that Biden does not have the authority or power to impose a such a restriction and that this authority belongs to the U.S. Congress.
Colombia's President suspends peace negotiations with ELN rebels
The Colombian president Gustavo Petro halted peace talks on Friday with the leftist National Liberation Army, (ELN), after accusing them of committing a crime against humanity in the Catatumbo area, located in Norte de Santander, the province in which the country is situated. Petro, on X, said: "The dialogue with this group has been suspended. William Villamizar, the governor of Norte de Santander, reported that more than 30 people died and 20 were injured in Thursday's attack.
SLB increases dividend and buybacks shares after beating quarterly profit targets
SLB increased its quarterly dividend on Friday and boosted its share repurchases after the oilfield services provider reported a better-than expected fourth quarter profit, helped by higher demand of its drilling technology and equipment. The company increased its quarterly dividend to 3.6% and announced that it had begun an accelerated share purchase program of $2.3 billion worth of stock. SLB's Chief…
Rio Tinto shares fall on merger failure reports; banks weigh down on Australia's shares
The Australian share market fell Friday due to the fall in banking stocks, and Rio Tinto's decline on news of failed merger talks with Glencore. The S&P/ASX 200 ended the week 0.2% lower, at 8,310.4. The benchmark closed the week with a 0.2% gain. After reports that failed merger talks had taken place between the No. The world's No. 2 miner, Glencore, is one of the largest miners in coal and base metals.
Glencore's and Rio Tinto’s mining operations
A person familiar with this matter stated that Glencore had approached Rio Tinto in late 2013 about merging the two major copper producers. However, the talks are no longer ongoing. Both companies declined to make any comment. The merger could be the biggest ever in the mining sector. GLENCORE is a London-listed company that produces lead, nickel, zinc, copper, and cobalt. Its biggest revenue-generating metals are copper and zinc…
Financial Times - Jan 17
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Owners of France's Natixis Investment Managers, and Italian insurer Generali, are nearing an announcement of an agreement for a joint venture in asset management that will bring together the two biggest European names. France's Bureau Veritas has ended merger talks with…
British Business - January 17
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 announced on Thursday that it would cut 5% or more of its global workforce as part of the CEO Murray Auchincloss efforts to reduce costs, and restore investor confidence in BP. Rio Tinto has held preliminary talks with Glencore about merging their businesses. This would create a commodities titan, valued at around $158 billion.
Australian shares flat: Rio Tinto drags down miners after merger talks
Australian shares were flat on Friday. Gains in healthcare companies were offset by losses among miners. Rio Tinto fell on speculation about early merger talks with London listed smaller rival Glencore. S&P/ASX 200 index fell marginally 0.1% at 8,322.2 points as of 2322 GMT. The benchmark index is on course to record its second consecutive weekly increase. Rio Tinto shares dropped 1.21% after reports of short, unsuccessful merger discussions with Glencore in late 2017.
Bloomberg News: RPT Rio Tinto and Glencore are in early merger talks
Bloomberg News reported Thursday that Glencore and Rio Tinto have had early-stage discussions about merging their businesses. The report was based on people familiar with this matter. If successful, the merger would be the largest in the mining industry and would create a combined company valued at around $158 billion. This value is higher than the $126 billion market valuation of BHP, the top miner. It was not clear whether the talks are still ongoing.
Biden administration protects more Alaska refuge from drilling
The administration of President Joe Biden moved on Thursday to restrict oil and gas drilling in more areas of Alaska's Arctic National Wildlife Refuge. This was a last minute move to frustrate President-elect Donald Trump’s plans to increase drilling in this area. The Interior Department which manages ANWR said that it had identified certain areas of refuge to be protected in order to preserve the fish and wildlife used there by subsistence hunter.
Bloomberg News reports that Rio Tinto and Glencore are in early merger talks.
Bloomberg News reported Thursday that Glencore and Rio Tinto have had early-stage discussions about merging their businesses. The report was based on people familiar with this matter. If successful, the merger of the two iron-ore mining giants would be the largest in the industry and create a combined firm with a value of $158 billion. This is more than the $126 billion market valuation for BHP, the top miner. It was not clear whether the talks are still ongoing.
Trump's nominee for Interior Department says that boosting energy is key to US security
Doug Burgum, Donald Trump's nominee to lead the Interior Department said on Thursday that he would vigorously pursue President-elect Trump's goals to maximize energy production from U.S. Public Lands and Waters, calling it a key to national security. Burgum's remarks to lawmakers at his nomination hearing indicate a sharp change in policy. For years, President Joe Biden tried to limit oil-and-gas drilling…
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues. Oil theft on a large scale has reduced government revenues and slowed down production in recent years.
Canadian farmers warn Bunge Viterra's takeover of Bunge will reduce competition
Farmers say that Canada's approval for Bunge's $34 billion takeover of Glencore's Viterra by U.S. grain traders Bunge will reduce their ability to sell crops at competitive rates and that the government has not made enough concessions. The approval of Canada with conditions, on Tuesday, was the last step needed to complete the largest global agriculture merger in dollar terms. Experts expected that…
BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield. Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry are expected to sign an agreement of confidentiality in the next few days. Iraq will then provide Halliburton data about the Nahr Bin Omar fields and their installations.
Trump's nominee for Interior supports drilling on federal land
Doug Burgum, the nominee for Secretary of Interior by Donald Trump, will tell Congress during his nomination hearing Thursday that he is committed to maximizing energy production on America's public land and waters. He will call this a key element of national security. The comments are a sign of a policy shift that is about to occur. President Joe Biden tried for years to limit oil and gas drilling in federal waters by reducing federal auctions and prohibiting future development.
TotalEnergies reports a slight improvement in the fourth-quarter refining profit margins
TotalEnergies said that it expects the fourth quarter 2024 results downstream to benefit from a slight improvement in refining profit margins. The French oil major made this announcement in its trading update. The European refining mark-up was $25.90 per ton of metric weight in the fourth quarter last year. This is up from $15.40 the previous quarter. It noted that the fall of $5 per barrel in oil prices is expected to have a negative impact on Exploration and Production in the fourth quarter.
Energy Minister: South Korea may buy more US oil and natural gas
South Korea wants to import more U.S. gas and oil in order to diversify its energy sources, and maintain stable supplies in light of the tensions in the Middle East. He said that the government might need to increase its support for non-Middle East crude oil purchases. His comments coincide with the announcement that Donald Trump, the U.S. president-elect who will take office on January 20, has pledged to impose 10% tariffs on all global imports.
New York City dismisses climate change lawsuit against Exxon BP Shell
A judge dismissed New York City’s lawsuit against Exxon Mobil and BP for misrepresenting their products and commitment to renewable energy, as well as their fight against climate change. Anar Patel, a state Supreme Court justice, ruled on Tuesday that the city cannot claim to have climate-conscious citizens, but then let them down by oil companies who fail to disclose the contribution of their fossil fuels to climate change.
Bloomberg News reports that Civitas Resources is considering selling DJ Basin assets.
Bloomberg News reported Wednesday that oil and gas producer Civitas is considering selling part or all its assets located in the Denver-Julesburg Basin in Colorado. These assets could be worth more than $4 billion. The report cited people who were familiar with the situation as saying that the company was working with a financial advisor to gauge buyer interest. If it received a sufficiently appealing offer, they would be willing to divest fully from the basin.
Iraqi oil minister: Iraq and BP will sign Kirkuk oil deal in first week of February
Iraq and British oil giant BP will be signing a mammoth agreement covering four Kirkuk gas and oil fields by the 1st week of February. This was revealed by Oil Minister Hayan Abdul-Ghani during a trip to Britain. He said the deal would be bigger than a TotalEnergies 2023 Basra deal, which was valued at around $27 billion. Iraq's official news agency reported on Wednesday that Baghdad had signed a preliminary…
Financial Times - Jan 15
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. The French state auditor said that the French nuclear company EDF shouldn't make a final decision on its investment in Britain's Sizewell C project until they have reduced their exposure to Hinkley Point C, its other British project. Insolvent councils…
Canada approves Bunge-Viterra merger worth $34 billion with conditions
Canada approved Bunge's $34 Billion merger with Glencore-backed Viterra on Tuesday, subject to conditions. This was the last remaining obstacle for an unprecedented global agricultural tie-up. According to a release from the Transport Ministry, the conditions of the approval are Bunge's divestiture six grain elevators located in Western Canada as well as a binding Bunge commitment to invest C$520,000,000 ($362,000,000) in Canada over the next five-year period.
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's new oil producer became the fifth largest crude oil exporter in the region, after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global growth of oil supplies.
Congo seeks Saudi mining investors to curb China's dominance
Marcellin Paluku is a senior government official who told the media that the Democratic Republic of Congo (DRC), which is currently the world's largest cobalt producer, has been courting Saudi Arabian mining investors to diversify its economy and reduce its over-reliance on Chinese companies. Paluku, a deputy cabinet-director in the Ministry of Mines, stated that the Congo, which also has a wealth of copper and other important minerals…
Norway awards 53 stakes to the latest offshore oil and gas exploration round
Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas. The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier. Norway's plan to extend oil and gas production in the coming decades is based on the annual predefined area (APA) rounds.
Lavrov, Russian Foreign Minister, says that Moscow is in touch with Serbia about ownership of NIS oil company
Sergei Lavrov, the Russian Foreign Minister, said that Moscow had been in touch with "Serbian Friends" regarding the fate of Serbian Oil Company NIS. Belgrade is concerned about U.S. sanction because Russia's Gazprom owns a majority stake. The Serbian president Aleksandar Vucic announced on Friday that, following the new U.S. sanction against Russia's oil industry, Gazprom will have 45 days to sell its ownership in NIS.
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its production prices were lower in the fourth quarter compared with the previous three months. Crude oil prices dropped about 6% during the quarter of October-December, due to a patchy recovery from the pandemic, China's slow economy, and an excess supply worldwide. Prices are down nearly 12% compared to a year earlier. The company reported that the average realized price…
Slovak deputy speaker of parliament arrives in Moscow. TASS reports
The Russian state news agency TASS reported that Andrej Danko, the Deputy Speaker of the Slovak Parliament, arrived in Moscow Sunday. Bratislava is seeking a solution after Ukraine decided to stop Russian gas deliveries to Europe. TASS, as well as the Slovak media agency TASR, reported that Danko's planned visit before the gas conflict will continue through Wednesday. Slovak Premier Robert Fico stated…
Russia will continue its oil and gas projects in spite of US sanctions
New U.S. The Russian government has accused the US of attempting to destabilise global markets by sabotaging the energy sector in Moscow. It said that the country will continue with its large oil and natural gas projects. In a statement, the ministry said that Russia will also respond to Washington's actions announced on Friday as "hostile", while drafting its foreign policy strategy. The measures were the most comprehensive U.S. sanctions against Russia's oil revenues and gas revenues to date.
The Serbian President says that Azerbaijani gas to Serbia has been suspended.
The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month. Serbia, which consumes more than 3 billion cubic meters of gas annually, signed an agreement…
Occidental Petroleum received lower prices for oil it produced in the fourth quarter
Occidental Petroleum, a U.S. shale oil producer, said that the prices received for oil produced in the fourth quarter of 2014 were lower than those for the previous three months due to a weakening global demand. The crude oil prices fell by about 6% sequentially in the fourth quarter of last year due to a patchy recovery from the pandemic, China's slow economy, and an excess supply worldwide. Prices dropped nearly 12% compared to a year earlier.
New sanctions imposed by the US on Venezuelan officials following Maduro's inauguration
The United States imposed sanctions Friday on eight Venezuelan officials, and raised to $25 million its reward for the arrest of Nicolas Maduro the day before his inauguration into a third term after a disputed vote last year. The latest of a series punishments taken by the outgoing Biden Administration against Maduro’s government following the July election, in which both the Socialist Party of Maduro and the opposition of the OPEC nation claimed to have won.
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 to 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas, nor did the outage affect the market for natural gas in the area.
Centrica: Britain's gas reserves are "concerningly small"
Centrica, the operator of Britain's largest storage facility, stated on Friday that Britain's gas levels were "concerningly" low, with less than one week's worth of gas left to be consumed following a recent cold snap. Britain relies heavily on gas to heat its homes and generate electricity. As of 9th January 2025, UK stockpiles are 26% less than the inventory of last year at the same date, and they're only half full. Centrica stated that the UK had less than one week's worth of gas in stock.
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 until January 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas, nor did the outage affect the market for natural gas in the area.
Toronto stock market edge higher as mining shares rise
The main Canadian stock index closed higher on Thursday. Metal mining shares led the way, but gains were limited. Investors awaited the employment data from both sides of border, and prepared for a potentially volatile financial year. The S&P/TSX Composite Index ended the day up 21,68 points or 0.1% at 25,073.36, adding on to yesterday's gains. The trading volume was lower than usual due to the U.S.
CME copper reaches two-month highs; focus on US tariffs
The COMEX copper prices rose to two-month-highs on Thursday, as the market tried to discount the possibility of hefty tariffs being imposed on U.S. imported goods after Donald Trump becomes president-elect in the United States later this month. The industrial metal prices on COMEX (part of CME Group) hit $4.285, or $9.446.82 per metric ton. This is the highest price since November 11, when Trump won the U.S. elections and floated import duties. The contract last rose 1.0% to $4.2795.
Sources say that OMV's Romanian subsidiary has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that OMV's Romanian subsidiary has signed a contract to supply Uniper gas from its Black Sea Project starting in 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
Sources say that Austria's OMV Romanian unit has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that Austria's OMV Romanian has signed a contract to supply Germany's Uniper gas from its Black Sea Project from 2027. This is as Europe looks for new ways to increase energy security following its breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
Canadian Natural Resources will increase production and spending by 2025
Canadian Natural Resources announced on Thursday that it expects to see production increase by 12%, and capital expenditures rise by 13.5% in 2025. The company is betting on an increased demand due to tight oil supply. Canadian oil producers are projecting higher production in 2025. They bet on the resilient demand for Canadian crude oil on international markets. According to the U.S. Energy Information Administration…
Norway's gas production will be slightly lower than the record set in 2025.
The Norwegian Offshore Directorate said that the Norwegian natural gas production is expected to decline slightly this year. It rose 6.9% to a new record of 124 billion cubic meters (bcm). Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union. The NOD published data on Thursday showing that Norway's output of gas increased from 116 billion cubic meters in 2023.
ONGC reports that BP expects a 44% increase in the oil production from India's biggest field.
According to Oil and Natural Gas Corp, BP, a global energy giant, has committed to increasing oil production by 44 percent and gas output by 89 percent from India's biggest field, located off the west coast of India, over a ten-year contract. ONGC announced BP on Wednesday as its technical services provider to help boost output. The baseline production is 45.47 millions metric tons of crude oil and 70.40 BCM of gas. Shell, a major energy company, also took part in the tender.
Shell downplays Namibia's oil discovery as a blow to the country
Shell has written down $400 million in oil discoveries offshore Namibia, which it considered commercially unviable. This is a major blow to Namibia's attempts to become a crude-producing country. Shell, its partners QatarEnergy, and Namibia's National Oil Company discovered hydrocarbons in block PEL39 2022. This discovery along with a second TotalEnergies in a block nearby sparked colossal global interest in this southern African nation that has no oil or gas production.
Chevron CEO: Chevron targets a growth of $6-8 billion in free cash flows next year.
Michael Wirth, CEO of Chevron, said on Wednesday that the company is in a position to increase its cash flow from free to $8 billion and to reduce expenses "by a couple of billion dollars". The U.S. oil producer No.2 expects to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and offshore Gulf of Mexico. The No. 2 U.S. Oil Producer expects to see positive results from new or expanded oil projects in Kazakhstan, U.S. Shale and offshore U.S.
Equinor extends Norway LNG Outage by 10 Days
Equinor announced in a Wednesday regulatory filing that it has extended the outage of its Hammerfest LNG facility in Arctic Northern Norway by 10 more days, to January 19, as they continue to repair a faulty compressor. 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. On Jan.
India's ONGC partners with BP to increase production at its largest oil field
India's leading explorer Oil And Natural Gas Corp said on Wednesday that energy giant BP would act as a technical service provider in order to boost oil and natural gas production from the largest producing field of India, located off India's West Coast. BP has pledged an increase in oil and gas production from the Mumbai High Field, discovered in 1974. ONGC announced this in a filing to the stock exchange.
Australia's 4-day rally is a resounding success as local inflation data are on the table
Australian shares ended a four-day streak of gains to open slightly lower on Wednesday. Losses in domestic banks slowed the gains in mining stocks. Investors awaited data on November inflation due later that day. By 2332 GMT, the S&P/ASX 200 Index was down 0.2% to 8,268,2 points. The benchmark index ended Tuesday 0.3% higher. According to a survey of economists, Australian markets expect a rise of 2.2% for the consumer price index for November. This is compared to the 2.1% increase in October.
Trump announces that he will immediately revoke the offshore drilling ban imposed by Biden
Donald Trump, the U.S. president-elect, said Tuesday that he would move quickly to lift a ban on offshore oil and natural gas drilling announced by Joe Biden, the outgoing Democratic president. "Banning off-shore drilling will not hold. Trump announced at a press conference that he would reverse the ban immediately. The Republican Trump will take office on January 20, but it may be difficult to reverse…
Hess CEO gives upbeat forecast on oil demand, but says Guyana has only scratched the surface of its potential
HOUSTON, January 7 - Hess Chief Executive John Hess said on Tuesday that he believes the oil market is closer to being in balance than it is oversupplied, despite concerns about China's demand and increased production by non-OPEC and U.S. producers. In remarks made to investors at Goldman Sachs Energy, CleanTech and Utilities Conference, he expressed an optimistic outlook on the shale market and Guyana's prospects as an oil producer.
Sources: Austria's OMV has agreed to supply Romanian Gas to Germany
Three people with knowledge of the deal said that Austria's OMV will supply Germany's Uniper gas from its Black Sea Project from 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project. This comes after Russia…
Oil services provider Flowco is seeking a valuation of up to $2 billion in its US IPO
Flowco Holdings, a provider of oilfield services in the United States said on Tuesday that it was seeking a valuation up to $2 billion for its initial public offer in the United States. The company is hoping to take advantage of last year's capital markets rebound. The company announced that it would sell 17,8 million shares in a range between $21 and $23 per share. If priced at the top limit, this could fetch up to $409,4 million. After nearly three years without large deals, the U.S.
Serica Energy, UK, restarts production on Triton vessel
Serica Energy, a UK-based company, announced on Tuesday that the production of its Triton floating storage and offloading vessel (FPSO) in the North Sea had resumed on December 27. The wells are still being restarted and the process is ongoing to phase-in the new and existing producing wells. It reported that its annual production in 2024 would average 34,600 barrels equivalent per day (boepd), a little below its previous estimate of 35,000-36,000.
Australia shares are up; banks offset mining and energy stock losses
Investors took their cues from Wall Street's performance and boosted Australian shares for the fourth consecutive day. Gains in banks offset losses in energy and mining stocks. By 2338 GMT, the S&P/ASX 200 Index had risen 0.4% to 8,289.1 point. The benchmark closed Monday 0.1% higher. S&P 500, Nasdaq Composite and Dow Jones rose on Monday due to a rally of semiconductor stocks. A report also suggested that the Trump administration would be less aggressive in its tariff policy.
Talos Energy identifies a candidate for the new CEO position.
Talos Energy, a U.S.-based oil and gas company, announced on Monday that it had identified a candidate for the position of CEO and was in the final stages. The company said that its interim chief executive, Joseph Mills has resigned effective immediately. It added that this departure had nothing to do with operational or accounting issues. Talos shares were trading up 1.2% in the morning, at $10.31.
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority under 70-year-old Outer Continental Shelf Lands…
Norway's Troll field produced record volumes in 2024
Equinor, a Norwegian company, announced on Monday that the Troll field in the North Sea produced a record amount of natural gas in 2020. This is an increase of nearly 10% over the previous high in 2022. Equinor released a statement that stated the Troll field would deliver 42.5 billion standard cube metres (bcm), up from 38.8 in 2022. Equinor reports that Norway is Europe's biggest natural gas supplier after a sharp decline in Russian supplies since the beginning of the Ukraine war in 2022.
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority under 70-year-old Outer Continental Shelf Lands…
Bloomberg News: Biden will ban new oil drilling in vast areas of US Atlantic and Pacific waters
Bloomberg News reported that President Joe Biden will ban any new offshore oil and natural gas development on 625 million acres of U.S. coast territory (250 million hectares), effective immediately. According to the report, which cited unidentified sources familiar with the issue, the ban will be announced on Monday and prevent the sale of drilling licenses in certain areas of the Atlantic, Pacific and eastern Gulf of Mexico oceans.
Egypt and Eni announce that drilling ships will begin work on the Zohr gas fields
Egypt's Petroleum Ministry said that a drilling ship would arrive in Egypt next month, as Eni begins work to increase production at the massive Zohr offshore field. Egypt planned to become one of the world's major gas exporters after Eni found the field in 2015. However, domestic gas production has fallen in Africa since 2021 and reached a six-year minimum in 2024. In the first half 2024, the average production at Zohr fell to 1.9 billion cubic foot per day (bcf/d), well below the 2019 peak.
Freeport Indonesia is in discussions with the government about copper concentrate exports
A company spokesperson revealed on Friday that copper miner PT Freeport Indonesia is currently in talks with the government about being able continue to export copper concentrates until its new Manyar smelter resumes full operation. The company had been allowed to export concentrate copper until the end December as it was expected that its new smelter would process its mine production domestically. The Manyar smelter, however, is currently closed due to a fire that occurred in October.
Pertamina, Indonesia's gasoil producer, is seeking 1.2 million barrels in January.
Multiple trade sources confirmed on Friday that Indonesian state-owned oil company Pertamina wants to purchase around 1.2 millions barrels of 2,500ppm gasoil in order to be delivered within the next few days. They said that the company was looking for one 500,000 barrel cargo, two 200,000 barrel cargoes, and one 300,000. The tender will close on January 6, adding that all offers must be valid until Jan.
