Exploration

Sources: Petrobras is in discussions with Raizen, BP, and Inpasa about a joint venture for ethanol

Two sources familiar with the matter said that Brazilian state-run Petrobras was in discussions with Raizen, BP, and Inpasa about a potential joint venture for ethanol. Earlier that day, Petrobras' director of energy transformation, Mauricio tolmasquim, told reporters that the company was investigating a joint venture for ethanol. He did not name the companies with which it might partner. Petrobras Raizen BP Inpasa and BP did not respond immediately to comments.

US drillers reduce oil and gas rigs in the US for the second week running - Baker Hughes

Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the second week running for the first since early October. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending November 22 to 583, the lowest level since early September. This brings the total number of rigs down by 39 or 6% from this time last.

BP and its partners invest $7 billion into a carbon capture project in Indonesian Papua

BP and its partners announced that they will invest $7 billion into a carbon-capture project and the development of gas fields in Indonesia's easternmost Papua Region, which could unlock an additional 3 trillion cubic feet in gas resources. The British oil producer announced its investment in London on Thursday during a meeting between President Prabowo Subito, who was visiting London. The company said that production at Ubadari is expected to begin in 2028.

Exxon withdraws from talks with Guyana about shallow water oil blocks, says the government

Exxon Mobil, a U.S. oil company and its partners pulled out of negotiations on Thursday with Guyana’s government over terms for exploring and developing an oil block in shallow water. Exxon, Hess of the United States and CNOOC from China won the offshore block S8 during a bid round that was launched by President Irfaan Ali in late 2022 to diversify Guyana’s energy industry. Exxon officials and Exxon…

US natgas manufacturers chase AI-driven surge of power demand to weather low price

Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom. They want to relieve the pressure of a two-year-old slump in prices. Devon Energy, Expand Energy Diamondback Energy and Permian Resources highlighted the potential of AI and data centres to drive gas consumption and said that they were in preliminary discussions with many operators. According to estimates by S&P Global Ratings, the energy demands of U.S.

Indonesian regulator confirms Tangguh LNG disruption

Indonesia's upstream gas and oil regulator SKK Migas confirmed that there was an outage on the third train at BP's Tangguh liquefied gas (LNG), facility in West Papua. It said operations would begin to resume from Saturday. Hudi Suryodipuro, spokesperson for SKK Migas, said on Thursday that an accident occurred on Train 3 Tangguh LNG in November 16 due to instrumentation problems at an onshore reception facility. This caused an emergency shut-off valve to be closed.

Fourth oil production vessel to leave Guyana in Q1 of 2025

The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd). Hess…

Hess CEO will consider appealing FTC board seat ban in the future

Hess' CEO said that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. In September, the FTC barred John Hess's participation on Chevron’s board of directors as part a consent order allowing the proposed acquisition. Exxon Mobil, CNOOC and Hess's partners in the Guyana joint venture have challenged Hess over a contract arbitrage. The $53 billion acquisition has been delayed.

Hess CEO will consider appealing FTC board seat ban in the future

Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. As part of an agreement that allowed for the acquisition, the FTC banned John Hess's appointment to Chevron’s board. Exxon Mobil, CNOOC and Hess's joint venture partners Exxon Mobil have challenged the contract arbitration ruling that halted the $53 billion acquisition.

Nigeria seeks long-term buyers of new Utapate oil and aims to double production

Nigeria seeks long-term customers for the new crude oil grade Utapate, and aims to double its output from 40,000 barrels a day by 2025. The launch is part Nigeria's effort to boost its oil output, which has been hindered for years by unrest and theft of crude, despite being a member of the ongoing OPEC+ Production Cut Pact. NNPC announced last week that Nigeria produces around 1.8 millions bpd, and aims to reach 2 million bpd before the end of the year…

Rystad reports that oil majors have over 40 biofuel projects planned by 2030.

Rystad, a consultancy, said that major oil and gas companies are investing more in biofuels, betting on sustainable aircraft fuel (SAF). By 2030, 43 projects should be completed, the report stated. Energy research firm says that industry giants like ExxonMobil and Shell could increase production by 286,000 barrels a day. SAF is produced by using wastes and residues like organic crops or used cooking oils. It emits the exact same amount of CO2 as kerosene.

Sources say that Whiting refinery, a BP facility in Indiana, is delaying its return to service.

Industry sources say that the return to service for BP Whiting Indiana refinery is delayed. BP began the planned turnaround activity for its refinery that produces 435,000 barrels per day in late September. In early November, the refinery restarted units that were involved in the turnaround. Sources claim that at least two units are experiencing startup delays. Sources said that the refinery's 250…

Sunshine Oilsands operations halted by Canadian regulator

Sunshine Oilsands has been ordered by a Canadian regulator to suspend all operations in the oil sands area of northern Alberta, including its wells, pipelines and facilities, due to a continuous failure to comply with environmental and safety regulations. The Alberta Energy Regulator's (AER) order of Nov. 14, also required Sunshine Oilsands to post a C$6,091,318 (4.36 million dollars) security deposit in order to offset the estimated costs of abandoning or recovering a well or an facility.

Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends

According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111 billion plan to its board for 2025-2029. The filing stated that the business plan allows ordinary dividends starting at $45 Billion for the period and up to $10 Billion in extraordinary dividends. The proposed plan is about $9 billion more than the previous plan, which was for 2024-2028.

Viaro CEO accused of forging documents in UK lawsuit to steal millions

Former employer of the CEO of an independent British Oil Producer who is purchasing North Sea assets from Shell and Exxon Mobil, is suing him for allegedly falsifying documents in order to steal substantial amounts. Court documents show that Viaro Energy's CEO Francesco Mazzagatti has been accused of involvement in the misappropriation at least of 143.8 million euro ($151.5 millions) by Singapore-based Alliance Petrochemical Investment.

Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.

Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September. This is a reduction of 34 rigs, or 6% from the same time last year. Baker Hughes reported that oil rigs dropped by one this week to 478.

Mexico will extend $6.7 billion in debt to Pemex to pay for its debts by 2025

A budget proposal released on Friday showed that the Mexican government plans to transfer 136 billion Pesos (6.69 billion dollars) to Pemex, the state-owned oil company. This will help Pemex to pay its debts and repay loans. Pemex's financial liabilities of $97.3 billion include debt payments on bonds of almost $9 billion. Rating agencies have criticized Pemex for its dependence on government assistance to stabilize its finances. Claudia Sheinbaum took office as president in October.

TotalEnergies and BP, Equinor, and Shell each commit $500 mln for energy access

TotalEnergies BP Shell Equinor, oil and gas giants BP and Equinor, pledged to invest $500m on Friday in order to increase the availability of affordable energy, primarily for sub-Saharan Africa and south and southeast Asia. The announcement was made at the United Nations COP29 Climate Summit in Azerbaijan where discussions have focused on raising $1 Trillion in climate finance to assist developing countries from richer nations.

Trump selects Burgum as Interior Secretary

Donald Trump, the president-elect, announced on Thursday that North Dakota governor Doug Burgum will be his choice for Interior Secretary. Burgum is a former wealthy software executive. Trump, dressed in a tuxedo, said that the Department of Interior would be headed by him. He added that an announcement would be made on Friday. Burgum has presented himself as a conservative businessman who is traditional. He was a candidate for the Republican nomination for president before quitting.

Moody's lowers Mexico's outlook to negative due to institutional weakness

Moody's Ratings lowered Mexico's outlook from stable to negative on Thursday. The major credit rating agency cited institutional and policy weakness that could undermine the economy, as well as government finances. Moody's said that the reform of the judiciary could be a threat to the economy and fiscal strength. In a press release, the company also mentioned "contingent liability" arising from Pemex, a heavily indebted oil company owned by the state.

Ovintiv extends Montney footprint by $2.38 billion

Ovintiv, a Canadian shale producer, announced on Thursday that it would acquire oil assets from Paramount Resources in exchange for cash of approximately $2.38 billion. This will strengthen its position in Canada’s highly productive Montney shale. About half of Canada's natural gas is produced in the shale formation that spans northern Alberta, British Columbia and British Columbia. The assets are near Ovintiv’s current operations.

TotalEnergies Suriname project gets underway with $3 billion in contract awards

TotalEnergies, a French oil company, has awarded contracts for engineering services worth more than $3 billion to its first offshore project in Suriname. Italian energy contractor Saipem announced on Thursday that it had signed a $1.9billion deal with a Suriname subsidiary of TotalEnergies for the development of the GranMorgu oil field. In a separate announcement, TechnipEnergies said that it was also…

Norway's oil and gas sector invests record amounts due to inflation

A survey by the Norwegian National Statistics Office (SSB) showed that investment in oil and gas projects in Norway will reach a new record in 2018. It may even increase in 2025, as inflation increases costs for development. Norway has sanctioned new fields in recent years as companies have taken advantage of tax breaks during the pandemic to accelerate projects. This is part of a strategy to increase oil and gas production over decades.

Sources say that Venture Global LNG is planning to raise $3 billion from its US IPO.

According to sources familiar with the situation, Venture Global LNG plans to raise up to $3 billion in its New York initial public offering. This could happen as early as this year. The people who spoke to Venture Global said that the company is in discussions with Goldman Sachs, JPMorgan Chase and other banks about the listing plan. Arlington, Virginia based company is among the largest suppliers of liquefied gas in the United States.

Ecopetrol's Colombian third-quarter profits drop by 28%

Ecopetrol, Colombia's largest state-owned oil company, reported on Wednesday a 28% decline in its third-quarter net profits to 3.65 trillion Pesos ($826.95 millions) compared with the same period in 2013. The main reason for the drop was the fall in value of the Colombian currency. Ecopetrol reported that the total sales fell 1.5%, to 34.61 trillion Pesos, in the period July-September, despite a slight increase in output.

Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future

The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what Devon Energy's Chief Executive Officer told attendees of an energy conference held in Dallas on Tuesday. This price forecast falls within the range of U.S. crude oil prices that have been traded throughout the majority of this year. On Wednesday, it settled at $68.43 per barrel.

Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment

According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation.

Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment

Analyst says US onshore wind industry is struggling despite government push to clean energy

Geoffrey Hebertson told attendees of an energy conference organized by the Federal Reserve Banks of Dallas & Kansas City that the Onshore Wind Industry is still struggling to attract investment despite the U.S. Inflation Reduction Act. Hebertson stated that despite the Inflation Reduction Act of 2022, which allowed production tax credits and investments tax credits for 10 years, onshore wind is still struggling to maintain its investment levels.

Mexico simplifies fiscal regime for Pemex, the state oil company

Mexico announced a plan on Wednesday to simplify the fiscal regime of state oil company Petroleos Mexicanos (Pemex), in an effort to boost a producer whose heavy loans have burdened state coffers. Claudia Sheinbaum, Mexican president, said during the morning press conference Pemex will pay a general tax of 30% on its non-associated gas operations. Sheinbaum explained that the measure was taken to increase "transparency", and give the oil company room for more investment.

Exxon consortium in Guyana produces 500 million barrels of crude oil

ExxonMobil, the oil giant, announced on Wednesday that it has produced 500 million barrels from Guyana’s offshore Stabroek Block since commencing production in 2019. Exxon, Hess, and CNOOC Ltd. are part of the Exxon-led group that is responsible for production in this South American country. Once six offshore projects have been approved, they aim to increase production to over 1.3 million barrels per day by 2027.

Coterra Energy will spend $3.95 billion to expand its Permian Basin footprint

Coterra Energy announced on Wednesday that it will buy certain assets from privately-held Avant Natural Resources, and Franklin Mountain Energy. The deal is worth $3.95 billion and includes cash and stock. The Permian Basin is a popular place for producers to expand their stock. The Permian Basin, located between Texas and New Mexico is a highly productive shale-oil basin with undeveloped reserves, a robust infrastructure, and large production.

Ifx: Russian Energy Minister says lifting the gasoline export ban is possible

Interfax reported that Russian Energy Minister Sergei Tsivilev stated on Wednesday the ministry believes it is possible to lift restrictions regarding gasoline exports due to fuel prices being stable. According to RIA, the Ministry sent its proposals regarding gasoline export restrictions to the Government. The minister said, "We will lift export restrictions now because the prices are stable and the situation on market is stable.

Japex to invest in US tight-oil project as operator

A senior executive at Japan Petroleum Exploration (Japex), said that the company is interested in investing in the U.S. tight gas and oil sector with a view to becoming an operator. Yutaka Nishimura said at a press conference that Japex is exploring investment opportunities for the U.S. tight gas and oil sectors. We are looking to become operators. He added that Japan's second largest oil and gas company, which has invested in U.S.

Biden officials ask EU methane regulations to be aligned with US rules to ease LNG flow, says letter

According to a letter obtained by the, President Joe Biden’s administration asked that the European Union ensure that liquefied gas imports meeting U.S. regulations for methane automatically meet Europe’s standards. The linking of U.S. methane and EU standards will protect the United States' LNG trade with Europe, while also securing Biden's rules on methane even if these are repealed in the future by Donald Trump's administration. We understand that the process will take some time.

Exporters group says Brazil is likely to export record volumes of soybean meal by 2024.

According to the local grain traders' lobby Anec, Brazil's soybean meals exports will likely set a record in 2024, surpassing the previous best mark recorded in history in 2023. According to the US Department of Agriculture, Brazil will once again be the world's second largest soybean meal exporter in 2023/24. It had previously been the leader in 2022/23, following a crop failure that occurred in Argentina, the traditional leading exporter.

Occidental Petroleum exceeds profit expectations for the third quarter on higher production

Occidental Petroleum, a U.S. oil-and-gas firm, beat Wall Street expectations for the third quarter profit on Tuesday. However, overall earnings dropped 14% due to losses on asset sales and a decline in chemical results. The third quarter results of oil companies were lower than the previous year due to lower prices for oil and gas. Occidental's quarter profit includes one-time losses on asset sales, and gains from share sales and derivatives.

US oil industry calls on Trump to abandon Biden's climate policies

The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies proposed by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles.

S&P expects cautious economic policies in Mexico and possible US trade challenges

S&P Global Ratings stated on Tuesday that it expects Mexico will continue to maintain a cautious macroeconomic policy over the next two years. It also warned of possible challenges for Latin America's largest economy including trade with the United States. Joydeep Mukherji, Managing Director of Sovereign Ratings, stated that the trade relationship between Mexico & the United States is at risk due to…

Sources: Exxon will sell its older Permian assets for $1 billion to Hilcorp

Four sources with knowledge of the matter said that Exxon Mobil Corp, the top U.S. oil company, has agreed to sell its conventional oil drilling assets located in the Permian basins of Texas and New Mexico for a price around $1 billion to Hilcorp Energy. This deal is part of a growing trend among U.S. oil companies to sell off older properties after a wave of record-breaking acquisitions. Hilcorp, a private operator, has been one of the most active buyers.

BP's efforts to reduce renewables will not affect the JV with EnBW

The joint venture between BP and EnBW, which is a partnership in offshore wind energy, will not be affected by BP's current efforts to reduce its renewables activities, said the finance chief of the German utility on Tuesday. In 2021, the two companies entered into a partnership of 50:50 to develop offshore wind farms in Britain. They have agreements in place for the lease of two 60-year leases on the Irish Sea and an option agreement to lease another lease in North Sea.

Shell and Equinor face off against UK North Sea oil, gas projects

Shell and Equinor urged on Tuesday an Scottish court to support Britain's approval of the development two vast North Sea gas and oil fields as environmental activists attempted to block these projects. Shell is fighting Greenpeace's legal challenge at the Court of Session of Edinburgh regarding Britain's approval of the Jackdaw Gas Field in 2022. Equinor, a Norwegian oil company, and Ithaca Energy…

Industry says that the US dependence on Canadian oil should discourage Trump tariffs

Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S.

Oil minister: India will be a refining hub and will rely on fossil fuels up to 2040.

Hardeep Singh Puri, India's Oil Minister, said on Tuesday that India will continue to be the world's third largest oil consumer and importer until at least 2040. The country is also positioning itself to become a major refining center. Puri, speaking at a Bengaluru refining conference, said that while global refineries are shrinking as the energy transition proceeds at an unpredictable rate, India will still rely on fossils fuels up until 2040.

Inpex: Ichthys LNG Train 1 will resume full-scale operation in December

Inpex Corp, the operator of Australia's Ichthys LNG, said that Train 1 will resume full-scale operation at the start of December. This follows a reduction in its operating rate for inspections. In order to maintain safety, the Inpex spokesperson said that "Ichthys LNG Train 1" is currently operating at a slightly lower production level in order to inspect heat exchangers. In November and December, we expect approximately 10 LNG cargo shipments each month.

Rosneft denies reports that 'evil Sechin’ plans to takeover Russian oil giants

Rosneft is Russia's largest oil company. It denied any reports that it was planning to take over a large chunk of the Russian Oil Sector. They said these reports were an attempt to portray its CEO, Igor Sechin as a bad influence. The Wall Street Journal reported on Russia's plans to merge Rosneft with Gazprom, Lukoil and Lukoil. This would result in one of the most powerful oil companies in the world. Rosneft released a statement regarding the reports, which it called "false-flags".

Financial Times - Nov. 12

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. Companies will admit that the UK made a legal mistake in issuing oil and gas licenses. Shell, Ithaca, and Equinor, a Norwegian oil company, are all set to admit that the UK government committed a mistake by granting them licenses for two new major offshore developments. This is the beginning of an important case for future fossil-fuel projects.

WSJ reports that Russia is exploring a plan to merge Rosneft, a Gazprom subsidiary, and Lukoil.

The Wall Street Journal reported that Russia is working on plans to merge Rosneft oil, a state-backed company, with Gazprom, creating the second-largest crude oil producer in the world. The newspaper reported that executives and government officials have been in talks over the last few months. A deal could or might not be reached, it said, citing unidentified sources familiar with the issue. The report…

EOG Resources to boost shareholder returns

EOG Resources announced on Friday that its debt levels would allow the oil and natural gas producer to use more than 100% free cash flow for shareholder returns. In afternoon trading, shares of the company rose by 4.8% to $132.54. The company announced that it would increase its debt to between $5 and $6 billion over the next 12-18 months. This would allow for additional cash to be available to pay out to investors.

YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.

The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation. Vaca Muerta has the second largest shale-oil reserve in the world and is also home to one of the largest shale-gas reserves.

Angola LNG is considering expansion as gas supply increases

Angola Liquefied Natural Gas is looking at future expansion options, including adding a three-million-metric ton mini train, as gas supplies ramp up in the plant over the next year. The plant will reach full capacity by 2025, thanks to extra supplies from Chevron and the New Gas Consortium. Africa's second largest crude producer is planning to shift more towards natural gases to capture the growing demand on key markets in Europe, Asia and Africa.

Prices of oil fall as Hurricane Rafael is expected to weaken

The oil prices dropped slightly on Friday, as the market continued to assess how Donald Trump's policy might impact supplies. Brent crude oil futures dropped 26 cents or 0.3% to $75.37 a barrel at 0209 GMT. U.S. West Texas Intermediate crude (WTI), gained 35 cents, or 0.5%, to $72.01. After a nearly 1% increase on Thursday, benchmarks dropped. Brent is expected to increase by 3.1% this week while WTI will rise 4.1%. The U.S.

Australia's HESTA puts MinRes's governance problems on a watchlist; Moody's lowers outlook

HESTA, an Australian superannuation funds said that it had placed Mineral Resources in its watch list on Friday. It cited disappointment at the company's lack of response to issues surrounding billionaire founder Chris Ellison. As of 0055 GMT, shares of the company had fallen as much as 2,5% to A$40.610. Since the MinRes internal investigation concluded on Monday, over 7% of market value has been wiped off by this news.

EOG Resources beats Q3 profit estimates, boosts share buyback program

EOG Resources increased its share-repurchase program after beating Wall Street expectations for the third-quarter profits, due to higher production and lower prices. The U.S. Energy Information Administration reported that total oil consumption in the United States rose to its highest level for the season since 2019. In July, the gasoline demand also reached its highest levels for the season since 2019.

Ghana's oil production increases for the first time in five years

Ghana's crude output increased 10.7% on an annual basis in the first half of 2024. This reversed a five-year-old decline in production. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields. This effectively erased gains made by new wells. PIAC, a government body tasked to monitor the oil sector…

Halliburton misses quarterly profit estimates on North America drilling demand weakness

Halliburton missed analysts' expectations for the third quarter profit on Thursday as a slowdown of drilling activity in North America affected demand for its oilfield equipment and services. Since the decline in oil prices and low natural gas prices in 2020, producers have been keeping a close eye on their production in North America. North America reported a 8.5% decline in revenue, to $2.39 Billion in the third quarter from a year ago.

Vitol CEO flags supply uncertainties as he predicts oil prices of $70-$80/bbl by 2025

Russell Hardy, the CEO of Vitol - the world's biggest independent oil trader - said that global oil prices will remain in the $70 - $80 range per barrel in 2025. Geopolitical risk creates uncertainty about supply. The world oil price has been capped due to concerns over a reversal of OPEC+'s supply cuts by 2025, and China’s slow oil demand growth despite the risks of disruption in Middle East supply. He said that the market was driven by a concern over the balances of 2025.

Who would be the best person to run Trump's energy policy?

Donald Trump, the president-elect of the United States, has pledged to overhaul U.S. Energy Policy. He aims to maximize oil and gas production in this country which is already at record levels by rolling back regulations and accelerating permits. Who will he select to lead the departments and agencies that are critical to completing this task? These are some names that have been considered. Two sources with knowledge of the matter say that Trump's second Energy secretary Dan Brouillette…

Hurricane Rafael has caused a shutdown of 17% of the U.S. Gulf of Mexico Oil Production

The U.S. Bureau of Safety and Environmental Enforcement announced on Wednesday that Hurricane Rafael had shut down approximately 17% of crude production and 7% of gas output in the U.S. Gulf of Mexico. The Bureau reported that energy producers have shut down 304,418 barrels of oil per day and 131,000,000 cubic feet of gas production from Gulf waters. According to the latest U.S. National Hurricane Center advisory…

Texas voters elect conservative Craddick as oil regulator

Texas reelected Christi Craddick, a conservative incumbent in her third term as the state's chief oil regulator. This is a victory for the industry which has seen its production increase during her tenure. According to the most recent government statistics, Texas, which is home to the Permian basin, is the United States' largest oil producer, producing around 5.8 million barrels of crude oil per day.

Venture Global receives permission from federal regulators to add natural gas to LNG plant

Documents show that federal regulators granted Venture Global LNG approval on Wednesday to introduce natural gases into its Plaquemines Export Plant in Louisiana. This allows the plant to move closer to producing supercooled gas. When fully operational, the 20 million metric ton per annum (MTPA), Plaquemines LNG facility will be the second largest U.S. Export Facility. The plant and others due to begin…

Devon Energy beats profit estimates, raises production forecast

Devon Energy, an oil and gas company, reported a third-quarter profit that was above expectations due to strong production. It also forecast higher production for the current quarter as a result of its $5 billion Grayson Mill purchase. In after-market trading, shares of the company rose 1.5% to $39.92. The U.S. Energy Information Administration reported that total oil consumption in the United States reached its highest level for the season since 2019.

Freeport's local director says that the delay in mining permits is a serious issue.

The U.S. mining company Freeport-McMoRan's local director said that the extended delay in Chile in enacting the reforms aimed at expediting the mining permits is a "serious problem" for the industry. The miners of Chile also claim that regulatory obstacles are slowing down project development. The government of President Gabriel Boric is pushing reforms that will streamline mining permits and modify environmental assessments. Legislators are currently discussing the reforms.

Oil India's Q2 profit forecast misses the mark due to lower prices and muted demand

State-run explorer Oil India reported a smaller-than-expected second-quarter profit on Tuesday, weighed down by lower crude prices and tepid fuel demand. The company's profit grew six-fold in three months to 18,34 billion rupees ($218 million), but it was below analysts' expectations, which were 18.72 billion rupees. Data compiled by LSEG. Oil India's earnings are exclusive of profits from joint ventures or operations outside the country.

Oil hedging activity reaches record levels in October as traders take on market risks

Oil futures and option trading reached record levels during October as investors sought to hedge against the growing uncertainty caused by the ongoing war in the Middle East, and an upcoming bearish supply and demand forecast for 2025. This led to big swings in oil prices. By locking in an oil price, hedging can protect producers from market volatility and reduce their risk. This can give traders the opportunity to make money during volatile times.

Australia suffers wide losses when central bank keeps rate at 12-year high

The Australian share market continued to decline on Tuesday, after the central bank maintained the key policy rate in a 12-year-high level. This was done in order to maintain a restrictive policy until the core inflation rate is brought under control. By 0352 GMT, the S&P/ASX 200 Index had fallen 0.4% to 8,131.4. The benchmark index was trading at a 0.3% decline ahead of the policy announcement. The benchmark closed Monday 0.6% higher.

Diamondback Energy misses Q3 profit estimates, raises annual production forecast

Diamondback Energy missed Monday's estimates for the third quarter profit as it was hit by lower prices. However, its forecast for production for this year got a boost thanks to its acquisition of Endeavor Energy for $26 billion. Oil prices dropped in the third quarter, after an interest rate reduction by the Federal Reserve that was larger than expected sparked concern about the U.S. economic situation as well as global demand.

OPEC is optimistic about global oil demand and does not see a peak in sight

Haitham Al Ghais, secretary general of the Organization of Petroleum Exporting Countries in Abu Dhabi, said that oil demand is expected to be very high in the near and medium term. He said that while there are challenges, the overall picture is not as bad as it sounds. The so-called "peak demand" will not occur as long as the global economy grows. Ghais stated that the oil producing group was optimistic about the global economy. He noted growth in the U.S. as well as in China.

TSX Futures Rise as Oil Supports; US Election in Focus

Crude prices lifted futures linked to Canada's major stock index on Monday as investors prepared for the highly anticipated U.S. Presidential election this week and Federal Reserve policy decision. At 6:00 a.m., December futures for the S&P/TSX Index were up 0.4%. ET (11:00 GMT). As polls show, Donald Trump and Kamalah Harris are in a close race for the U.S. elections on Tuesday. The United States is Canada's largest trading partner.

SABIC, a petrochemicals company, makes a profit in the third quarter but fails to meet market expectations

Saudi Basic Industries Corp. (SABIC), a major petrochemicals company in the world, reported a net profit of $1.5 million for the third-quarter, compared to a loss the previous year. This was due to higher revenues and core profits. In a press release, the company reported that its net profit for three months ended September 30 was 1 billion riyals (266.27 millions dollars), compared to a loss last year of 2.87 billions riyals.

Sources say that OPEC+ has agreed to delay the December production increase by one month.

Three sources within the producer group said on Sunday that OPEC+ had agreed to postpone by one month the planned increase in oil production for December, due to the weak demand, notably coming from China, and the rising supply from outside the group. The OPEC+, which consists of the Organization of Petroleum Exporting Countries, Russia, and other allies was supposed to increase output by 180,000 barleys per day in the month of December.

Chevron exceeds expectations for quarterly profits on the back of higher oil production

Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours.

Coterra Energy misses its profit forecast as oil and gas prices fall

Coterra Energy, a U.S. oil-and-gas producer, missed Wall Street's expectations for the third quarter profit on Thursday because of lower commodity prices. The benchmark natural gas price remained low for most of the third quarter due to high storage levels and weak demand. Energy Information Administration (EIA) expects U.S. Gas Production to Decline in 2024 for the First Time Since 2020 as Producers like Coterra reduced their output following prices that reached multi-decade Lows.

Wall St. ends lower than expected as Meta and Microsoft highlight AI costs

The major U.S. indexes ended lower on Thursday, after Microsoft and Meta Platforms pointed out that artificial intelligence costs could impact their earnings. This dampened the enthusiasm for megacaps which have been driving this year's market rally. Microsoft and Meta Platforms, which own Facebook, saw their shares fall despite the fact that both companies beat earnings expectations in results announced after Wednesday's bell.

Woodside and Tokyo Gas discuss stake in US LNG Project

Tokyo Gas and Woodside Energy are in discussions about a possible stake in the multi-billion dollar Louisiana LNG export project. Two people familiar with these talks confirm this. Woodside, a major Australian oil and natural gas company, closed a deal this month to buy Tellurian Inc., a developer that had put itself up for sale after running out of money while building a U.S. Gulf Coast plant capable of converting shale-gas into LNG at a rate of 27,7 million tons annually.

TotalEnergies CEO: Up to $2 billion in Russia still stuck

Patrick Pouyanne, CEO of TotalEnergies, told analysts that the French oil giant's stakes in Russian gas company Novatek and its Yamal LNG project in Russia generate between $1.5 and $2 billion annually in dividends. Pouyanne stated that although the company was able to move some money out of Russia in the early stages of Russia's invasion of Ukraine, "today there is little or nothing coming" because of the Western sanctions against Moscow. TotalEnergies has 19.4% ownership of Novatek.

Nvidia must get EU approval before it can buy AI startup, Run:ai.

The European Commission announced on Thursday that the proposed acquisition by Nvidia of AI startup Run:ai, which threatens the competition in the markets the companies operate in, will require EU antitrust clearance because it poses a threat to the competition. Nvidia may be required to make concessions in order to get the EU's approval. Recently, regulators on both sides have increased their scrutiny over tech deals.

ConocoPhillips beats Q3 profits on higher production and share buyback

ConocoPhillips surpassed Wall Street's estimates for the third quarter profit on Thursday, as the Texas oil and gas company reaped benefits from higher production. Its shares rose 2.6% to $105.5 at premarket trading. The volatility of commodity prices has been a major topic in recent months. This is due to several factors, including the escalating conflict between the United States and the Middle East. Other factors include the weak demand in China, the rate decisions made by the U.S.

Futures on the TSX fall before domestic GDP data

The futures linked to Canada's main index of stocks fell on Thursday, as disappointing earnings from U.S. technology giants dampened the market sentiment ahead of important domestic GDP and U.S. Economic data that will be released later in the day. At 6:00 a.m., December futures for the S&P/TSX Index were down by 0.3%. ET (10:00 GMT). Wall Street futures dropped on Thursday as Meta Platforms' and Microsoft's warnings about artificial intelligence-related costs dampened optimism.

Origin Energy's APLNG revenues rise on higher gas prices and sales

Origin Energy, a company based in Australia, reported a sequential increase in revenue for its first quarter from its stakes in the Australia Pacific Liquefied Natural Gas (APLNG), backed by higher natural gas prices and strong sales. Origin, which aims to transition to greener energy sources, has said that it is evaluating a variety of early-stage opportunities for renewable development. As of 0014 GMT the shares of the company rose 0.4% to A$9.54, while the benchmark index fell 0.2%.