Exploration

Ibama, Brazil's Ibama, seeks information on Petrobras Amazon project and rejects suggestions to kill it

Documents seen by on Tuesday showed that the head of Brazil's environment agency Ibama decided not to reject a Petrobras request to drill near Amazon River, even though experts at the agency recommended the request be rejected. According to regulatory documents, Ibama's Rodrigo Agostinho asked Petrobras instead for more details regarding Petrobras’ requested offshore drilling licence for the Foz de Amazonas region off the coast Amapa state.

Deep sea oil drilling drillers are now subject to new safety regulations in the US

The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars. BSEE final rule was issued after Chevron, in August, started production on its Anchor asset. It is owned by TotalEnergies and it was the first project ever to operate with 20,000 pounds per sq inch (PSI) pressure.

The Colombian Ministry of Energy says nine companies are interested in the offshore wind project

The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium…

Mexico's Pemex reports a larger third-quarter Loss of $8.2 billion

According to a filing at the Mexican stock exchange on Tuesday, the state-owned Mexican oil company Pemex posted a larger 161.3 billion peso (approximately $8.2 billion) net loss for the third quarter, compared with losses of approximately $4.5 billion during the same period last year. The country's largest company generated revenues of 426.1 billion pesos between July and September. The company reported that its debts for the last three months totaled $97.3 Billion.

Norwegian infrastructure fund Aker to launch 1 billion euros in 2025

The head of the Infrastructure unit at Industry Capital Partners, a Norwegian investment fund for energy transition, backed by Aker ASA industrial group, said that it plans to launch a 1 billion euro ($1.08 billion), inaugural fund in 2019. Christian Rynning Toennesen, the head of ICP Infrastructure in Oslo said that they were working on energy projects onshore. He added that the projects were mainly for onshore winds…

In a legal dispute with Ukraine's Naftogaz, Russia contests the seizure of Finnish assets.

The Kremlin announced on Tuesday that Russia would file a lawsuit against the confiscation of Russian state assets by the Ukrainian oil and natural gas company Naftogaz. Naftogaz's lawyers announced on Sunday that they had frozen Russian state-owned assets and real estate in Finland, worth tens or hundreds of millions of dollars. Naftogaz has pursued legal action against Russia to seek compensation for Moscow expropriating Naftogaz's property during the 2014 annexation of Crimea.

BP's third quarter profits slump to $2.3 bln due to a decline in oil demand

BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China. This puts pressure on CEO Murray Auchincloss, who has pledged that BP…

Petronas Indonesia plans major expansion, says country head

Petronas, the Malaysian state-owned energy company, plans to expand "aggressively" in Indonesia. It will create a hub in East Java for its operations and invest in exploration of Indonesia's remote eastern regions. The new government of Indonesian President Prabowo Subito, which came into office in this month, pledged to boost energy development and reverse a decade-long decline by the former OPEC country. Yuzaini Md Yusof is the head of Petronas Indonesia.

Walmart cuts Walmart Plus price in half for the holidays

Walmart announced on Monday that it will offer its membership service Walmart Plus at a discount of 50% ahead of the holidays, in an effort to compete with Amazon.com Prime subscription services. In order to help shoppers cope with the high inflation, retailers in the United States like Walmart launched their sales earlier this year and offered more discounts and incentives. National Retail Federation predicts that holiday retail sales in the United States will increase by up to 3.5%.

Baker Hughes will supply pipe systems for Brazil's Petrobras

Baker Hughes, a provider of oilfield services, announced on Monday that it had signed an agreement with Petrobras to provide 77 kilometers (47.85miles) of flexible pipe system for Brazil's Santos Basin pre-salt field. Santos Basin, an offshore oil and gas-rich region off Brazil's southeast Atlantic coast. The basin is the largest in the country and has attracted major investment from oil and gas producers around the world including Shell, CNOOC, and TotalEnergies.

Sinopec's Q3 profits fall by 52.1% due to lower oil prices and refining margins

Sinopec, a Chinese refiner, reported a 52.1% drop in its net profit year-on-year to $8.54 billion yuan (US$1.2 billion) during the third quarter due to lower oil prices. Sinopec, the world's biggest refiner based on capacity, reported 790.4 billion Yuan in revenue for its third quarter, a 9.8% drop from the year before, according to a filing made by the company. CNOOC Ltd, a domestic oil and gas company that operates offshore and is a major competitor in China…

Norway's wealth funds falls short of climate ambitions according to NGO

A non-governmental organization said that the world's biggest sovereign wealth fund has failed to meet its own climate goals by not voting in favor of shareholder resolutions this year during AGM season. The fund, which has a value of $1.8 trillion, pools revenues from the Nordic states' oil and gas production. It aims to have the 9,000 companies that it invests in reach zero greenhouse gas emissions in 2050 in accordance with the Paris Agreement.

Pertamina, Indonesia's gasoil company, is looking to purchase 1.1 million bbls.

Three trade sources, who have seen the tender document on Monday, said that Indonesia's Pertamina had sought to buy about 1.1 millions barrels of November gasoil with a sulphur content of 2500ppm for delivery mainly around mid-November. The state-owned energy company has announced a tender for the purchase of three 200,000 barrel cargoes to be delivered into Tanjung Uban on November 14-16, Balongan on November 13-15, and Pulau Laut between Nov. 18-20.

The Globe and Mail reports that Canada is proposing to support the carbon-capture projects of oil-sands companies.

The Globe and Mail reported that Canada Growth Fund, the federal funding agency of Canada, has proposed to fund a multi-billion dollar carbon-capture project by Pathways Alliance. The Alliance represents Canada's largest oil sands producers. According to a report published on Sunday, which cited sources familiar with this matter, the CGF's offer is likely to start further negotiations. However, the final agreement is still months away as the two sides are at odds on certain key terms.

New Mexico considers oil drilling restrictions which would reduce output and revenue

New Mexico is the second largest oil producer in the U.S. A leading economist released this week a study about potential drilling restrictions. The study showed that they could affect up to 5,4% of the future crude production and cost billions in revenue. The study evaluated the setback proposals that were made during the legislative session of 2024, which would limit how close operators could drill to certain environmental and structural areas.

Baker Hughes reports that the US oil/gas rig counts are stable this week. Pennsylvania has fallen to a 17-year low.

Baker Hughes, a closely watched energy services company, said that the U.S. firms maintained the same number of oil and gas rigs this week. The count fell to a low not seen in Pennsylvania for 17 years, according to its report. The number of oil and gas drilling rigs, a good indicator of future production, was 585 during the week ending October 25. Baker Hughes reported that the total number of workers was down by 40 or 6% compared to this time last.

New Mexico considers oil drilling restrictions which would reduce output and revenue

New Mexico's chief economic officer said in a recent report that the state is currently studying new drilling restrictions. These could affect up to 5.4% its future crude production and cost the state billions in revenue. The study looked at proposed setbacks, or restrictions on how near operators can drill certain structures and areas of the environment. These are meant to protect people from oil and gas contamination. Ismael T.

Source: Energean has loaded a new oil unit on a vessel off Israel

LONDON, October 25 - Energean added a second unit of oil production to a production vessel that is floating off Israel. This will boost the crude production by as much as two-thirds over the next few months, according to an industry source. Recent days, the M10 oil train modules was lifted onto the Energean Power floating storage and offloading vessel (FPSO), which produces primarily natural gas for the Israeli domestic market from the Karish Field.

WiseTech shares soar after the CEO of WiseTech takes on a new role.

Australian shares rose Friday, with mining and technology stocks leading the way. WiseTech surged after its former CEO moved into a consultant role, and Whitehaven Coal soared on higher-than-expected quarter output. As of 2347 GMT, the S&P/ASX 200 rose 0.3% to 8231.3. The benchmark is expected to lose 0.6% per week, the biggest loss since late September. Even as iron ore fell, miners gained 0.3%, and they were on course for a weekly increase of 0.1%. This is their first gain in four weeks.

Petrobras wants to increase the output of Tupi oilfield to 1 million barrels per day by 2027

Petrobras, the state-owned firm in Brazil, plans to increase oil production from its Tupi oilfield to 1,000,000 barrels per day (bbls) by 2027. It plans new investments to be made into this asset. Tupi, located in deep water offshore, is Brazil's biggest oil field by production (832,600 bpd), although its output has declined over the last few years. Director Sylvia dos Anjos told in an interview that Petrobras wants to return Tupi production to 1,000,000 bpd.

Vista Energy accelerates oil production in Argentina

Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world. In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.

AG&P LNG acquires Australia's Venice Energy and develops South Australian import terminal

The Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) has agreed to acquire the Australian energy infrastructure developer Venice Energy and build its Outer Harbor Import Terminal in South Australia. AG&P LNG aims to have the LNG import terminal at Port Adelaide operational by the first quarter 2027. This was stated in a Thursday statement. The terminal will have an annual import capacity of two million metric tonnes.

Equinor Q3 profit drops 13%, lagging forecast

Equinor reported a sharper-than-expected 13% decline in third-quarter profit on Thursday, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth. Equinor's poll of 25 analysts found that the adjusted earnings for the period July-September fell from $7.93 to $6.89. This is below the $7.08 billion estimated by Equinor.

Teck Resources Q3 profits beat estimates due to higher copper production

Teck Resources, a Canadian mining company, beat its third-quarter profit expectations on Thursday thanks to higher copper production at the Quebrada Blanca mine. According to LSEG, the company reported a profit adjusted of C$0.60 ($0.4340), per share, for the quarter ending Sept. 30. This compares with an average analyst estimate of C$0.37. Teck restructured its business this year, selling 77% of the steelmaking coal unit it owned to Swiss miner Glencore Plc.

Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.

According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure of newly-elected President Claudia Sheinbaum. The document also shows that Pemex will intensify its deepwater exploration as well as develop new business models in order to attract investors. Pemex, under the administration of Sheinbaum’s predecessor Andres Manuel López Obrador for six years…

Bloomberg News: Transocean and Seadrill in merger talks

Bloomberg News reported Wednesday that offshore drilling provider Transocean was in merger talks with Seadrill Ltd. The report came from people who were familiar with the situation. It said that the companies are currently discussing the possible structure of a merger. Bloomberg reported that a final decision had not yet been made, and the companies may choose to remain independently. Seadrill or Transocean didn't immediately respond to comments. Transocean shares listed in the U.S.

Bunge's takeover of Vicentin, a bankrupt soy company, is set back by court decisions in Argentina

A court in Argentina has ruled an agreement between Vicentin, the soymeal giant, and its creditors unconstitutional. This will hinder any attempt to takeover the bankrupt company that is stuck in a long legal battle. The Supreme Court of Santa Fe Province, where Vicentin's headquarters is located, has ruled that the company must negotiate a new deal with its creditors before a proposed acquisition by U.S.

US fuelmakers report lower profits in Q3 due to weaker margins and fuel demand

Energy analysts predict that the third quarter profits of U.S. refiners will be lower than last year due to a decline in margins, as fuel demand has slowed and more refining capacity is coming online. After the pandemic, and Russia's invasion in Ukraine, which boosted margins at record levels, refiners are now reversing their favorable pricing and high demand. The difference between the product price and the crude oil price for U.S. gasoline, diesel, and jet fuel declined in the third quarter.

Baker Hughes exceeds profit forecasts on international drilling demand

Baker Hughes, a drilling equipment and oilfield technologies company, beat Wall Street's third-quarter profit estimates on Tuesday. Oilfield Services Companies have been able to offset some of their declines in North America due to the robust activity on several international markets. Lorenzo Simonelli, CEO of Lorenzo Simonelli Group, said in a press release that he was confident about achieving the midpoint for EBITDA.

Freeport-McMoRan beats its third-quarter profit expectations on the back of higher copper prices

The Freeport-McMoRan miner reported on Tuesday a profit for the third quarter that exceeded analysts' expectations as higher copper prices offset a decline in production. Copper prices increased in the third quarter, mainly due to signs of improved demand from China's top consumer. There were also falling inventories in China and the country had introduced a wide range of stimulus measures in order to revive its faltering economy.

Vaar Energi Q3 operating profit beats expectations

Vaar Energi, a company listed in Oslo and majority owned by Italy's Eni, reported a higher-than-expected third-quarter operating result on Tuesday. It also forecast lower capital expenditures and production costs for 2024. The company's earnings before tax and interest (EBIT) fell from $907 to $740 in the April-June period, but were still higher than the $702 average forecast of 13 analysts who took part in the poll.

Prabowo wants to increase Indonesia's energy independence through biofuels and oil and gas reforms

Officials have stated that Indonesia's new Government aims to revitalize oil and gas production. They plan to reduce regulations, reactivate inactive wells, and increase output in producing assets to reverse a decades-long drop in output.The new president, Prabowo Subianto, took his oath on Sunday. He also plans to continue the efforts of the previous administration to exploit the massive gas finds in South Andaman…

Nigeria approves Exxon Seplat after two years

Nigeria has approved the sale to Seplat Energy of Exxon Mobil Corp.'s onshore assets, said the chief executive of the country's Upstream regulator on Monday. This comes more than two years since the original $1.28 billion agreement.Since it was announced in February 20, 2022, the sale has been scrutinized as it awaits regulatory approval.Bola Tinubu, the President of Nigeria, said that the ministerial…

US lawmakers question the SLB of oil service companies' exemption from Russian sanctions

Dozens U.S. Both political parties sent representatives to urge the Biden administration on strengthening sanctions against Russian oil shipments. They also questioned the exception granted to SLB, the largest oilfield service company in the world to operate within the country. The U.S., Europe and other countries have been trying to reduce Moscow's revenue from energy for the fight against the war since the 2022 Russian invasion of Ukraine.

Citgo creditors attack Elliott bid in auction, seeking rival offers

Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management, has ended any hope of changing Citgo's ownership this year to satisfy Venezuela's debt defaults or expropriation.

Baker Hughes: US drillers have cut oil and gas rigs four times in the last five 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 fourth consecutive week. In the week ending October 18, the oil and gas rig counts, which is an early indicator of future production, dropped by one to 585. Baker Hughes reported that the total number of rigs is down by 39, or 6% from this time last. Baker Hughes' website did not have any additional data about the breakdown of the oil and gas rigs.

Sources say that India's HPCL will start a LNG terminal by the end of the year and seeks a long-term supply.

Three sources claim that India's Hindustan Petroleum Corp. (HPCL) has been in discussions with eight to nine companies about a long-term LNG supply. HPCL built the sixth LNG import terminal in India at Chhara, located in western India. New Delhi is trying to increase the use of cleaner fuels. It was the bad weather that prevented the company from commissioning the plant earlier this year. Two sources stated that the company intends to use the three month window of fair weather…

Malaysia's natural gas and crude oil production will decline by 2025

KUALA LUMPUR - Malaysia's government announced on Friday that it expects a lower crude oil and natural gas output in 2025 as a result of planned maintenance shutdowns and a softer demand for some export markets. In a report that was released along with its budget for 2025, the government stated that natural gas production would decline in 2025 as a result of the planned closures in the state of Sarawak due to maintenance. The government did not identify the two facilities.

Sources say RPT-BP is considering selling a minority stake in the offshore wind business.

Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition strategy as profits from renewables are decreasing and margins for oil and gas are increasing.

After Nevada lithium deal GM looks for other sources of minerals to supply EVs

General Motors plans to increase its North American investment in lithium and other minerals that are used in the production of electric vehicles, after increasing its investment to almost $1 billion in a Nevada mining operation earlier this week. The U.S. carmaker announced on Wednesday that it will form a joint-venture with Lithium Americas in order to develop the largest lithium mine in North America, the Thacker pass lithium mine.

Sources say that BP is considering selling a minority stake in the offshore wind business.

Chubu Electric, Japan, plans to increase its investment in renewable energy and SMR overseas

A company executive revealed that Chubu Electric Power, Japan, plans to invest further in overseas decarbonisation projects, such as renewable energy, small-modular reactors (SMRs), or carbon capture and storage (CCS) to fuel the future growth of the company. Chubu, the major regional electric utility in Japan, announced a long-term plan for 2021. This included a plan to invest 400 billion yen (about $2.7 billion) by the end of this decade on overseas assets…

Data shows that Russian LNG tankers are avoiding the Arctic as winter approaches.

LSEG data on Thursday showed that ships carrying Russian liquefied gas (LNG), to Asia, are returning to longer routes around Africa’s Cape of Good Hope instead of those along the Arctic coast as the winter season starts. The new Arctic LNG 2 project in Russia also lacks sufficient ice-class tankers to continue the navigation along Northern Sea Route. However, some of these tankers still do so. According to LSEG…

US energy deals fall to $12 billion in Q3 after a year-long frenzy

Enverus, a leading analytics firm, said that U.S. oil deals slowed dramatically in the last quarter as a result of fewer firms being offered and a consolidation wave lasting ten months. Andrew Dittmar, principal analyst at Enverus Intelligence research, reported that the quarter ending Sept. 30 saw the lowest number of deals in six quarters. After 2023, when $192 billion was spent on deals in West Texas and New Mexico's Permian Basin, the biggest shale formation in the U.S.

Sources say that Freeport will delay Indonesian copper sale to the second quarter of 2025 due to a fire.

Two sources familiar with the situation said that the U.S. miner of copper, Freeport McMoRan, will delay its sales of refined Copper from Indonesia until 2025 due to a fire in its new smelter. The new Manyar smelter with a production capacity of 480.000 metric tons copper cathode per year is likely to reduce the expected surplus of metal in 2025 and support the prices. Freeport announced earlier Tuesday…

Financial Times - Oct 16

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. BBC, the British broadcaster, has announced plans for 155 job cuts across its news operations. This is part of a larger cost-cutting plan worth 700 million pounds (915 million dollars). Woodside Energy, an Australian oil and natural gas company, announced…

Sinopec reports east China's shale field pumps 1,600 tons of oil per day

Sinopec, the state oil group, announced on Wednesday that it is progressing with the development of shale oils at its Jiyang pilot project in east China. The company now pumps 1,600 tons per day, up from just 100 tons in 2020. Sinopec, at this rate, is on course to meet a 2022 target of producing 500,000 tons per year by 2025 in Jiyang. Jiyang is located mainly in Shandong Province and covers 7,300 square kilometers (1.8 million acres).

Woodside Energy Q3 revenue exceeds expectations and will be delisted from LSE

Woodside Energy, an Australian company, reported on Wednesday a sequential increase in revenue for the third quarter and a record-breaking quarterly output. This was boosted by a faster ramp-up at its Sangomar Project and a strong performance across all of their LNG portfolios. The top independent oil producer in the country posted a 21% increase in revenue for the three-month period ended September 30, surpassing Visible Alpha's consensus estimate of $3.2 billion.

Canada regulator suspends Imperial's application to extend Norman Wells oil permits

The Canada Energy Regulator announced on Tuesday that Imperial Oil has put its application to extend life of the remote Norman Wells oil-and-gas facility in Canada's Northwest Territories on hold until a report on environmental assessment is completed. The Norman Wells site is located on nine islands, both natural and artificial in the Mackenzie River (Canada's longest river) and near the town of Norman Wells.

Mexican officials reassure investors at bilateral business summit

Mexican officials called for safety and stability of private investment after a summit held with business leaders on Tuesday. Fears about constitutional reforms were the main topic. According to Economy Minister Marcelo Ebrard, Amazon, Mexico Pacific and Woodside Energy will make significant investments into the country over the next 12 months. The summit, which is held every year but was of particular…

Exxon is looking for buyers of Bakken Shale assets in North Dakota

Exxon Mobil Corp, a major U.S. oil company, plans to sell some of its assets within North Dakota's Bakken Shale Formation. The company announced this on Tuesday. Oil producers are re-evaluating their portfolios after a wave megamergers occurred in the U.S. Shale Patches. They want to determine which assets will remain central to their strategy, and which ones they should divest. In response to questions…

IMF predicts a slowdown in the economic growth of Mexico between 2024 and 2025

The International Monetary Fund said on Tuesday that it expects Mexico's economy to grow at around 1.5% in this year. It cited capacity constraints and a tight monetary policy. The IMF stated in a press release that the growth rate is expected to slow down next year, reaching just 1.3%. At the same time, inflation is predicted to be close to the 3% target set by the central bank. Banxico is the name of Mexico's central banking institution.

Nabors Industries, a provider of oilfield services, will purchase Parker Wellbore

Nabors Industries agreed on Tuesday to purchase drilling services provider Parker Wellbore, as the oilfield service company seeks to expand its drilling business globally. The company would buy the privately-held Parker for 4.8 millions shares of Nabors common stock. This was subject to a price cap and assuming a net debt of approximately $100 million. Calculations show that Nabors shares were worth $372.1 Million as of the last close. In morning trading, shares of the company fell 3%.

Malaysian PM: Petronas exploration in South China Sea to continue

Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo. Anwar stated, "We will continue to discuss with all countries.

Ampol, Australia's top stock loser, reaches record highs on the benchmark

The Australian share market reached a new record on Tuesday. This was due to the broad gains made by heavyweight miners as iron ore prices rose. However, Ampol, Australia's largest fuel retailer, suffered the biggest losses after a lower production figure. S&P/ASX 200 Index rose 0.6% by 2329 GMT to 8,305.5 after reaching a record-high of 8,307.2. The benchmark index rose 0.5% Monday. Ampol, which is the biggest loser in the benchmark index…

Venture Global won't begin LNG deliveries to Italy Edison until 2025

Italian energy group Edison reported on Monday that U.S. Gas Exporter Venture Global LNG had told it to not expect contract cargoes until April 2025 from its Louisiana export facilities. Edison, along with Shell, BP, and Repsol, has filed contract arbitration against Venture Global over its failure to deliver contracted cargoes more than two years since it began exporting LNG from Calcasieu Pass LNG Plant.

Three workers sue Pemex in Texas for injuries

On Monday, three workers filed a lawsuit against Mexico's state oil company Pemex in Houston. They claim to have been injured in a release of hydrogen sulfide at a refinery in Deer Park in Texas on Thursday. According to officials, two contractors died and 35 others were treated on Thursday for exposure to deadly hydrogen-sulfide. According to the lawsuit, Sergio Antonio Olvera and Jonathan Martinez…

Senegal announces a 25-year plan for economic and social development

Senegal’s government released a 25-year plan of development on Monday. It said that the plan would lay the groundwork for economic sovereignty by focusing on competitiveness, resource management sustainability and good governance. The agenda was launched in March, seven months after the West African president Bassirou Diomaye Faye won a landslide victory at elections on the promise of improving livelihoods. He said: "Our...

Norway court rejects environmental order against oil and gas field

The Norwegian Court of Appeal ruled on Monday in favor of the Government in an appeal brought by environmentalists who wanted to stop the development of three gas and oil fields. Greenpeace, among others, sued the Norwegian Government to stop the development of new oil and natural gas resources. This is the latest dispute related to climate change. In January, a lower court found that Norway's Energy Ministry failed to assess fully the climate impact of future oil and gas use in the fields…

Freeport Indonesia says the fire at its Gresik smelter is under control.

On Monday, the fire at Freeport Indonesia’s Manyar smelter, located in Gresik (East Java), was brought under controlled, according to a spokesperson for the company. No injuries were reported. Katri Krisnati, a spokesperson for the company, said that the company would assess the damages and determine the cause once it was safe to enter the area. According to a report last month, the $3.7 billion copper-smelter…

Nigeria's Belemaoil resumes oil lease 55 operations after a three-year hiatus

The Nigerian independent producer Belemaoil Producing announced on Monday that it has resumed its operations at Oil Mining Lease 55, after a three year shutdown due to theft-related damage. Belemaoil purchased OML 55 from Chevron Corporation in February 2015, which is located in an area of swampy to shallow waters, about 40km west of Bonny's oil export terminal. Belemaoil's spokesperson stated that…

Azerbaijan's oil production for 9 months down 4.8%, says ministry

Azerbaijan’s oil production fell by 4.8% in the first nine-month period of 2024 to 21.6 millions metric tonnes, down from 22.7million metric tons one year ago, said Energy Minister Parviz Shabazov on Monday. He didn't explain the cause of the decline. Production of oil in Azerbaijan has been declining for several years as the output at Azeri-Chirag-Gunashli complex of offshore oilfields, operated by BP, has passed its peak.

Sources say that Brazil's Petrobras will reduce its investments for 2025.

Three sources said that Brazil's Petrobras will reduce its planned investments next year despite the government's request for the state-run company to increase CAPEX. Initial estimates from the firm suggest that spending may be reduced to $17 billion. Petrobras didn't immediately respond to an inquiry for comment. Petrobras' current strategic plan for 2024-2028 includes investments of $102 billion. This is a 31% rise over the previous plan.

Congo cancels the licensing round for 27 oil block

According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition. Aime Sakombi Molindo…

The legal limit for toxic gas released by Pemex near Houston, Texas was exceeded in hours-long leakage of toxic gas

Pemex, the Mexican state-owned oil refinery, reported to Texas regulators that it released 43,500 lbs of highly toxic hydrogen sulfur gas in an incident that killed one person earlier this week. Two contract workers were killed and 35 injured in an accident that occurred on Thursday at a refinery. According to Pemex’s initial report submitted to the Texas Commission on Environmental Quality on October 10, the leak continued for seven hours and forty minutes.

Pemex's Deer Park refinery reduces operations following fatal accident

The Deer Park refinery of the Mexican national oil company Pemex, near Houston, will be operating at a reduced level this weekend following a deadly leak two days ago. The state-owned oil company added that it continues to investigate the cause of last Thursday's hydrogen sulfide gas leak that killed two contract workers while injuring 35 others during work on a unit at the 312,500-barrel-per-day (bpd) refinery.

Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 weeks.

Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since four weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 11. Baker Hughes reported that the total number of rigs was down by 36 or 6% compared to this time last. Baker Hughes reported that oil rigs increased by two this week to 481. Gas rigs dropped by one, to 101.

Kansas Fed reports that drilling activity in the US Rockies and Midwest has fallen for the seventh consecutive quarter.

According to survey results released by Federal Reserve Bank of Kansas City on Friday, oil and gas activity in U.S. Midwest Rockies and Midwest declined in the third quarter. This is the seventh consecutive quarterly decline. The survey was conducted in mid-September and covered companies drilling in Kansas as well as Colorado, Nebraska, Oklahoma, and the northern half New Mexico. Chad Wilkerson is the senior vice-president of the Federal Reserve Bank of Kansas.

Pemex CEO: Bodies recovered from deadly Texas refinery accident

On Friday, Pemex's top executive announced that the two victims of the chemical leak at Deer Park Refinery in Texas had been found and an investigation was launched to determine what caused the fatal incident. Pemex owns and operates the 312,500-barrel-per-day (bpd) refinery located near Houston. Local Texas officials reported that up to 35 people were treated at the plant for exposure to hydrogen-sulfide gases or transported to hospitals in the area.

Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply

Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu), which had been at a high for two years, dropped to 5 Canadian cents in late September. The slump hurts producers…

BP warns that weak margins in refining will hit Q3 profits

BP has said that a decline in the refining margins will reduce its third quarter profit by $400 to 600 million dollars compared to the previous three-month period. In a press release, the British group said that it also expects its oil trading results to be poor. Oil refineries around the world are experiencing a decline in profits that is at a multi-year low. This marks a downward turn for an industry which had seen a surge in returns following the pandemic.

Pemex reports two deaths and five injuries from an oil leakage at a refinery in Texas

Two people were believed to have died and five were being treated for injuries on Thursday after a chemical release at Pemex's 312,500-barrels-per-day Deer Park oil refinery in Texas, the Mexican national oil company said. According to two anonymous sources familiar with the refinery's operations, a contractor who worked there is believed to be the one responsible for opening a hydrogen sulfide line. The gas was deadly and the worker died after being exposed to it.

Shell denied by US regulator the request for documents older than Venture Global LNG

Shell lost its bid on Thursday to obtain access to non-public documents related to Venture Global LNG’s Calcasieu Pass plant. This is a setback to a larger dispute over the access to cargoes coming from the facility. Shell, BP and BP Galp have filed contract arbitration lawsuits in the U.S.A. and Europe over the status and inability of the plant to receive contract cargoes. Shell and other companies…

Mexican President says that new Pemex refinery is running at about 80% capacity

The new refinery of Mexico's state-owned Pemex is currently processing crude oil at 80% capacity, according to the president. This represents a significant increase from the latest data released by the company. The Olmeca refinery, located near the port of Dos Bocas on Mexico's Gulf Coast, has a daily capacity of 340,000 barrels. It is the largest of Pemex’s seven domestic facilities. Pemex’s latest data…

Exxon has secured over 271,000 acres of land in Texas waters to capture CO2 offshore

Exxon Mobil announced on Thursday that it had acquired state leases covering over 271,000 acres of Texas state waters to conduct an offshore CO2 capture operation. Exxon won the lease from the Texas General Land Office after it bid in 2021 for federal land near the Texas coast to capture CO2, and then emerged as the highest bidder in 2023 for 69 blocks of shallow water in the U.S. Gulf of Mexico, in order to expand its carbon storage area.

Occidental Petroleum reports lower oil and gas prices in Q3

Occidental Petroleum, a U.S.-based oil producer, announced on Wednesday that its oil and natural gas production prices were lower in the third quarter compared with the previous period. The company reported that the realized prices or the prices it received for its production during the third quarter were about 6% lower in total for its oil output, and 26% lower in its U.S. Natural Gas output. Concerns…

East Timor spoke with Sinopec and other Chinese companies about stalled multibillion dollar gas project, President says

After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy. However, the development of the project has been held up for years due to disagreements between Australia…

Citgo auction at risk as Venezuelan bondholders file parallel claims

Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S. court to enforce them…

Sources say that a top Kazakh oilfield has reached a record production amid tensions between OPEC+ and the country.

Sources say that Tengiz, Kazakhstan's largest oil field, operated by U.S. giant Chevron, increased output to a new record in October. This could complicate the future efforts of Kazakhstan to meet its OPEC+ quota. OPEC+ named Kazakhstan, Iraq, and Russia among the top 10 oil producers in the world as having repeatedly failed to meet its commitments to reduce oil production for this year. Two industry sources said that Tengiz increased its daily production from 687…