BP profits beat expectations but there is no news about Castrol sale
Oil major BP announced a smaller-than-expected fall in its third quarter underlying profit Tuesday, as a good performance across all divisions, led by refinery helped offset the impact from lower crude prices. There was no news on the sale of Castrol Lubricants, which is the centerpiece of the $20 billion asset-sale campaign to reduce its debt. BP, after a failed foray into the renewables sector under former CEO Bernard Looney has vowed that it will increase profits and reduce costs by re-routing its spending towards oil and gas. BP launched a review in August of the best way to develop and monetise their oil and gas production assets.
BP Beats Profit Expectations in Q3, No Update on Castrol Lubricants Sale
Oil major BP reported a smaller than expected fall in third-quarter underlying profit on Tuesday as a strong performance at all divisions led by refining helped to offset the impact of lower crude prices.However, there was no update on the closely-watched sale process for its Castrol lubricants unit, the centre-piece of its $20 billion asset-sale drive to slash its debt pile.After an ill-fated foray into renewables under previous CEO Bernard Looney, BP has vowed to increase profitability and cut costs while re-routing spending to focus on oil and…
EIA data show that US oil and gas production reached a new record high in August.
The Energy Information Administration reported on Friday that U.S. gas and oil production reached record levels in August despite fears of a market surplus. The record U.S. production of oil has been a major factor in the slumping commodity prices that we have seen this year. Brent crude, the global benchmark, traded just above $65, or 14% less than it did at the same time last. This is partly why the OPEC+ has decided to reverse years of severe supply cuts in order to regain market share. The EIA data revealed that the U.S. crude output increased by 86,000 barrels a day, to a new record of 13.8 million barrels per daily. EIA data shows that the previous record was set in July.
Equinor Q3 core profits fall more than expected
Equinor announced a 9.9% decline in its third quarter profits, which was higher than expected. Oil and gas prices have fallen since a year earlier. The company has maintained its production forecast. Equinor's poll of 21 analysts predicted that the Norwegian energy group would earn $6.31 billion in adjusted earnings for July-September, a slight drop from $6.89. The company's forecast for 2025 capital expenditure of $13 billion was not changed. Equinor, like rivals Shell and BP, promised in February to increase oil and gas production while reducing investment in renewables. The company cited the challenging market conditions of the green energy transformation.
Petrobras CEO: Production at Foz do amazonas could start in seven years
Magda Chambriard, Chief Executive of Petrobras, said on Tuesday that the Brazilian state-owned oil company could begin oil and gas production within seven years in the Foz do Amazonas Basin if the presence of large reserves is confirmed. Petrobras will drill an exploratory hole in Foz do Amazonas near the mouth the Amazon River. The drilling process should take around five months. In an interview, Chambriard stated that "we could delineate a reservoir in two years. Chambriard said that if this deadline is met production will begin as Petrobras output in Brazil's presalt region begins to decline. This will offset the loss.
Portugal's Galp is in advanced discussions to select partner for Mopane by this year
Galp, a Portuguese oil company, is in advanced discussions with several major oil companies to sell a 40 percent stake in the offshore Mopane field located in Namibia. The company expects to select a partner before the end of this year. Galp wants to sell half its 80% stake in the Mopane field to a company who would operate it. Bastos stated that "the interest is enormous", adding that Galp was looking for "a partner who accelerates the Mopane development as quickly as possible...to get the first oil". It's important to know who the best partner is. He said that there are several potential partners in Namibia who are well advanced in their discussions.
Exxon consortium executive: Guyana's oil production at 770,000 barrels per day
The chief of Exxon Mobil's South American subsidiary said that oil production in Guyana by the consortium led by Exxon Mobil has increased to 770,000 barrels a day (bpd). This is after the launch of the fourth floating output facility. According to government and consortium data, the average production of The Exxon Group, which controls all the crude and gas in Guyana was 685,000 barrels per day (bpd) in August, and 740,000 in September. It is the largest operation in the portfolio of the U.S. Energy Major. Since it began crude production in 2019, it has increased offshore output and exported rapidly.
Occidental CEO: Chemical divestiture to improve core oil and gas business
CEO Vicki Hollub said in an interview with the Associated Press on Thursday that Occidental Petroleum would be better positioned to invest in the core oil and natural gas business following the divestiture of a chemical unit. The company will also be able replace the cash flow lost from the division within two and a quarter years. Occidental shares fell more than 7% after Occidental announced earlier that day that they would sell their OxyChem division to Warren Buffett’s Berkshire Hathaway unit for $9.7billion and use the money to pay down debt. Some analysts pointed out that the division is expected to drive future growth.
Sources say that the daily oil production of Kazakhstan's Karachaganak fell by 24 percent in September m/m.
Two industry sources and calculations show that the production of oil in Kazakhstan's Karachaganak gas field dropped to 200,000 barrels a day (bpd), from 264 300 bpd, in August. This coincided with maintenance at Russia’s Orenburg Gas Processing Plant (GPP). According to sources, the production of oil and condensate from Karachaganak, a light oil type, fell by 24% between September 8 and 30 as Gazprom, Russia, carried out scheduled maintenance at its Orenburg processing facility. The plant processes the raw gas from Karachaganak - one of Kazakhstan's biggest fields. Karachaganak's oil and gas production are tightly linked.
Slim's Grupo Carso signs $2 billion deal for Ixachi oil wells with Mexico's Pemex
Grupo Carso, controlled by Carlos Slim's family, announced on Monday that it had reached an agreement with the state oil company Pemex for the drilling of 32 onshore deep wells in the eastern part of Mexico. The deal is worth up to $1.99billion. Wells will be drilled in Mexico's Ixachi field, which is one of the top natural gas fields of the country. It's located in Veracruz, about 70 km (44 mi) south of Gulf Coast. Slim's Companies as the Government seeks to increase private partnerships with state-owned producer. Ixachi reserves were hailed as one of Mexico's most significant discoveries in the past 25 years, as it strives to become energy self-sufficient.
BP approves $5 billion Tiber Guadalupe project in US Gulf
British oil giant BP announced on Monday that it would move forward with a $5 Billion offshore drilling project called Tiber-Guadalupe in the U.S. Gulf of Mexico. This marks another step in BP's new strategy to refocus its oil and gas core business. The project is expected to start oil and gas production by 2030. It will include a floating platform that can produce 80,000 barrels per day of crude oil. BP, which has been underperforming its rivals Shell and Exxon Mobil with increasing debt in recent years, announced in February that it would cut investment in renewable energies and increase oil and gas production in order to turn around the business and win investors back.
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration. The executives blamed Trump policies such as tariffs, and his promise to lower oil price, for the decline in activity. Over…
Guyana's oil production rose to 685 barrels per day during August
The government released data on Wednesday showing that Guyana's oil output increased from 664,000 barrels per day to 685,000 bpd in August, up from 664,000 the previous month. This was boosted by opening the fourth floating production facility in this South American nation. The Floating Production, Storage, and Offloading facility One Guyana was delivered to a consortium led by Exxon Mobil in the United States, which controls all of Guyana's oil and gas production. This increased output beyond 900,000. According to data and an announcement from Guyana's maritime regulator, the new facility began production on August 7 and produced an average of 75 000 barrels per day last month.
Exxon approves Hammerhead investment in Guyana
Exxon Mobil announced on Monday that they had approved the investment decision of their seventh development project, Hammerhead in Guyana. The project is expected to start oil and gas production by 2029. Exxon Mobil announced on Monday that it had approved the investment decision for its seventh development project in Guyana called Hammerhead, which is expected to begin oil and gas production in 2029. Exxon announced that the Hammerhead project will utilize a floating storage and offloading vessel capable of producing about 150,000 barrels per day. Exxon holds a 45% stake in the Stabroek block. Chevron holds 30%, while CNOOC has 25%.
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy. According to a report from the IEA for 2021, there should be no new investment in oil, coal and gas projects if we are serious about meeting our climate targets. The report released…
The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output. In a press release, the IEA, an agency that advises industrialised nations, warned that without continuing investment in existing fields the world would lose each year the equivalent oil production of Brazil and Norway combined, with consequences for markets and energy safety.
White House review of waiver plan for biofuel pits refiners against farmers
The White House is reviewing an important rule that could change the balance between oil refiners, farmers and the Renewable Fuel Standard. It will determine how to redistribute large volumes of biofuel blend obligations that have been recently exempted. The result, which is expected in the next few weeks, will determine what happens to billions of gallons U.S. demand for ethanol and biodiesel. This demand is vital for farmers who provide the corn and soy beans to produce biofuels but expensive to oil refiners who ensure that the biofuels mix into the nation's gasoline supplies.
After staff cuts, US Energy Data Agency delays reports on uranium and international outlook
Energy Statistics, the U.S. Government's arm that collects and analyzes data about energy, has seen its staff reduced this year. On Thursday, it announced it would delay publishing important energy data, including international outlook, as well as key energy information on uranium. An Energy Information Administration spokesperson said that the International Energy Outlook, which was originally scheduled to be released in January, may not be available until September. The annual uranium report, which had been due in June, will now be published in september. The EIA has not responded to the question of whether staff reductions are the cause for the delays.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion. CNOOC’s net production of gas and oil increased by 6%, reaching a record of 384.6 million barrels equivalent of oil during the period. Gas was up by 12% on an annual basis.