EnQuest pays its first dividend after a swing to an annual profit
EnQuest, a North Sea oil producer, declared its first ever final dividend of 15 million dollars on Thursday. The higher oil prices helped to boost the company's annual profit after tax. The shares of the London listed energy group rose by 3.4% at 13.8 pence as of 0830 GMT after it announced that it would pay its first dividend of 0.616 penny per share in June. It reported a profit after tax of $93.8 millions for 2024. This follows a loss of $30.8 million the year before. EnQuest has declined to provide an update about the discussions ahead of EnQuest's deadline to submit an offer on April 4.
Trump's Energy dominance aims to attract more global companies to the US
Executives said that the market upheaval caused by U.S. president Donald Trump's protectionist policies on trade has not dampened interest from foreign investors in the U.S. Energy Industry. They praised his promise to reduce regulations and support fossil energies. Trump made energy dominance the cornerstone of his administration. He declared a national emergency on his first official day in office, and pulled the U.S. out of the Paris Climate Agreement. He has encouraged energy companies to increase fossil fuel production, and promised lower prices for consumers. Trump's energy stance has been widely welcomed by the U.S.
Baker Hughes, CERAWEEK: Oil producers are unlikely to spend more this year
Baker Hughes CEO Lorenzo Simonelli stated on Monday that U.S. producers of oil and gas are unlikely to increase their spending this year. Instead, the output will be boosted by improved efficiency rather than through new drilling. The U.S. administration of President Donald Trump has repeatedly urged the oil and gas industry to "Drill baby, drill" to maximize production and lower consumer energy costs. Even though oil prices are down, many producers continue to focus on capital discipline rather than uninhibited drilling. Simonelli, speaking at the CERAWeek Conference by S&P Global held in Houston…
Tanzania announces that it will launch a round of oil exploration licensing in May
Tanzania announced on Thursday that it would launch its fifth round of oil and gas licensing in May, in which 26 explorations blocks will be auctioned to attract new investment to the hydrocarbon sector in east Africa. Charles Sangweni of the Petroleum Upstream Regulatory Authority in Tanzania (PURA), the director general, said that 23 blocks are located offshore in the Indian Ocean, while three others are in Lake Tanganyika. This will be the first round of oil and gas licenses in Tanzania for more than 10 years. Exploration in the past led to the discovery that more than 57 trillion cubic feet of natural gas were available.
Trump's tariffs threaten Canada's oil and natural gas drillers
Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented. The Canadian drilling industry lost thousands of jobs between 2014 and 2020 as a result of low oil prices, and the COVID-19 pandemic. Industry representatives say that activity has increased since 2020. However, Trump's threat of imposing a 10% tariff for the 4 million barrels a day (bpd), or Canadian crude imported to the U.S., could change this.
Chevron restructures its business and reshuffles the leadership
Chevron announced on Monday that it will reorganize its business structures, and reshuffle its leadership team. This is the latest step taken by the U.S. oil major to streamline its operations. As it deals with cost overruns, delays and delays on a major Kazakhstan project, the company said that it could lay off as much as 20% of its worldwide workforce by 2026. The $53 billion purchase of Hess by Exxon Mobil has been delayed due to an arbitral battle. Oil, Products and Gas will be consolidated in two segments - Upstream and Downstream, Midstream & Chemicals. Mark Nelson, the company's executive vice president, will continue to be in charge.
Malaysian PM: Petronas will adhere to contractual commitments
Anwar Ibrahim, Prime Minister of Malaysia, said that Petroliam Nasional Berhad, the state-owned energy company, will continue to fulfill all contractual obligations. This was after discussions over gas distribution between Petros and Petroleum Sarawak Berhad, sparked industry concerns. The recent deadlock between Petronas (run by Petros) and Sarawak (home to 60% of Malaysia's natural gas reserves), has stirred up a lot of controversy. You can also contact us for more information. Over the likely impact of the former, which is a major contributor to the government's coffers.
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. Laura Daniel-Davis, Interior's Acting Deputy Secretary, said: "Fish, wildlife, and the land have been a source of food for Alaska Natives in this area for millennia.
JPMorgan Upgrades YPF and Expects Further Growth for the Argentine Energy Sector
In a client note, JPMorgan analysts raised their rating of Argentine oil company YPF. They said that the energy sector in South America has more room to grow as part of its "economic transformation". The U.S. Investment Bank raised its YPF recommendations to "overweight" and from "neutral." It also more than doubled the price target from $25.00 to $59.50 for each American Depositary Receipt. In 2024, YPF shares soared by more than 150% during a major rally of Argentine stocks as participants in the market celebrated the libertarian president Javier Milei's measures since he assumed office in December 2023.
Biden's DoE LNG Export Study Tepid on New Permits
The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits.Biden in January had paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe so that his administration could conduct the review, triggering complaints from the oil and gas industry."The main takeaway is that a business-as-usual approach is neither sustainable nor advisable," Energy Secretary Jennifer Granholm told reporters ahead of the release of the study.
OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"
It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output.The soft state of global demand is by itself sufficient reason to justify the decision at this week's meeting of the group to defer winding back some of its production cuts until at least April.But weak demand growth may be the least of OPEC+'s worries as the oil market is about to be hit with the return of Donald Trump and all the uncertainty and contradictory policies that may bring.Trump's return to the U.S. presidency is likely to change the market dynamics for crude…
Report: Oilfield services consolidation will increase under Trump
According to Deloitte’s 2025 Oil and Gas Industry Outlook report, the oilfield services sector will consolidate in 2025. Donald Trump is expected to loosen regulations for the U.S. industry. This increase in services deals follows a wave mega-mergers between oil producers such as Exxon Mobil, Pioneer Natural Resources, and ConocoPhillips, Marathon Oil. Deloitte is the largest consultancy in the world. Deloitte says that small oilfield companies may seek to buy out their customers as they consolidate and shrink. This follows a flurry of M&A across upstream clients.
Brazil's prosecutors press Petrobras to conduct more Amazon drilling studies
Brazilian federal prosecutors have asked Petrobras, the state-run oil company, to conduct more studies before drilling near the Amazon rainforest coast, citing the potential effects of extreme weather conditions on tides. Documents filed Monday with environmental agency Ibama show that the prosecutors cited the possible effects of extreme weather conditions on tides. A technical assessment by an oceanographer commissioned by Federal Prosecutor's Office on Oct. In a Nov. 19 letter to Petrobras, prosecutors warned that if Petrobras failed to meet the "minimum requirements" to obtain a license they would file a lawsuit due to the potential environmental damage.
Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity. Wright, who founded a foundation to expand propane cook stoves for developing countries, believes that poverty is a greater threat and can be reduced with hydrocarbons.
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 implemented 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. It also urged Trump to lift the pause on liquefied gas export permits and work with Congress on repealing a fee for methane emissions during drilling operations.
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. It also urged Trump to lift the pause on export licenses for liquefied gas facilities, and to work with Congress to eliminate a fee on drilling methane emissions.
How methane threatens climate goals
Scientists and policymakers are urging aggressive action to reduce the production of methane, a powerful greenhouse gas. Nearly 160 nations have committed to reducing methane emission levels by 30% from 2020 levels by the end this decade. The 2024 Global Methane Budget Report states that atmospheric methane has risen the fastest in the past five years since records began in 1970, largely due to natural sources. The methane molecules trap heat more effectively than the carbon dioxide molecules (CO2). This means that fewer of these molecules can cause the same level of warming. Reducing them will have an immediate impact than reducing CO2.
Canada proposes a sharp reduction in emissions from the oil and gas industry by 2030
On Monday, the Canadian government released draft regulations which would cap greenhouse gas emissions from the oil and natural gas sector. Producers will be required to reduce emissions by 35% from 2019 levels and 2030. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance. It will also provide an incentive for polluting firms to improve their production processes. Ottawa stated that oil and gas production would still grow by 16% in 2030-2032 compared to 2019 levels, but without a cap. The Canadian GDP will only decrease by 0.1%.
Petrobras' focus remains Brazil despite Africa plans, director says
Petrobras, the state-owned oil company in Brazil, has its main focus on its own country. Its director of exploration, production, said this Thursday. He added that Brazil remained a top priority, even though it plans to expand into Africa. Petrobras, which is looking to replenish its oil reserves in the future, has publicly expressed interest in expanding their oil fields in Africa. This move comes after years of the company focusing on Brazil. Director Sylvia dos Anjos said in an interview that the Brazilian oil giant has evaluated billion-dollar blocks across Africa. She added that over ten opportunities had been assessed by the company.
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. This led several oilfield services companies to leave Russia, but SLB remained in the country and helped keep Russian oil flowing.
