Spain's Moeve joins forces with Masdar to launch a $1.2 billion green hydrogen project
The Spanish energy company Moeve approved a major green hydrogen investment project that involved more than one billion euros ($1.2 billion) of investments. Masdar, an Abu Dhabi renewable energy company, was a minority partner. Moeve announced on Monday that it had made the final investment decision for the first part in the Andalusian Green Hydrogen Valley, Spain. This will have a 300 megawatt capacity and the option to add an additional 100 MW based on grid availability and board approval. It said that it will be the biggest project of its kind in southern Europe.
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction" can be recognized or considered valid until a formal application is submitted, and the prescribed legal process has been completed.French oil giant TotalEnergies, and Brazil's Petrobras announced on Friday that they each had acquired a 42.5% share in the PEL104 offshore Namibia exploration licence.
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that they each acquired a 42.5% share in an offshore Namibia exploration license. The firms are looking to develop oil at one of the last frontiers in exploration. Maravilla Oil and Gas and Eight Offshore Investments Holdings acquired the stakes of the PEL104 license.
Japan's JAPEX purchases US tight oil assets and gas assets for $1.3 billion
Japan Petroleum Exploration Co. (JAPEX), which owns tight oil and natural gas assets in the U.S.A., announced on Thursday that it had 'decided' to purchase the entire equity stake?in Verdad Resources Intermediate Holdings LLC (VRIH) for $1.3 billion. JAPEX will buy the entire VRIH with assets in Colorado - and Wyoming - from Verdad Resources Feeder LLC using 'its own funds and its debt', the company said. It aims to 'close the deal before the end of the month of February 2026.
FT reports that US investor Kimmeridge has offered $6 billion to gas driller Ascent Resources
The Financial Times reported that activist investment firm Kimmeridge Energy Management had made a $6 billion bid to buy Ascent Resources. FT reported that the bid was the latest attempt to stop Energy & Minerals Group (EMG), a private equity firm backing Ascent, from selling a stake of more than 30% in the company to another fund, valuing Ascent as high as $5.5 billion. Ben Dell, managing partner of Kimmeridge in the United States, told the newspaper that "our view is this?is a significant price premium over the valuation proposed for the continuation funds".
Canada's new oil tycoon is shaking up the sector with a bold expansion plan
Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company's status as one of ?North America's fastest-growing oil companies. Waterous wants to expand the company more aggressively and more efficiently than its competitors after Strathcona Resources' hostile bid for MEG Energy was unsuccessful. He wants Canada to be the fourth largest oil producer to increase oil and gas production to boost economic growth during a time of tensions between the U.S.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military presence in Caribbean and has stated that it is willing to talk to Maduro. His government has been struggling to attract foreign investment to the oilfields of Venezuela due to U.S. sanction. According to sources, the U.S. designated Venezuela's Cartel de los Soles as a terrorist organization on Monday…
The battle for MEG Energy in Canada
The shareholders of MEG Energy will vote on Thursday, which could end the long-running battle for the Canadian oil sands manufacturer. This is the timeline for events in this year. Strathcona Resources, a Canadian oil and natural gas producer, announces that it will launch a hostile bid to take over MEG. The deal values the company at C$5.93billion ($4.25billion). MEG's Board urges its shareholders to reject Strathcona bid on June 16, calling it inadequate. The board has announced that it will conduct a strategic review in order to look at alternatives.
Ovintiv expands its Montney shale business with NuVista $2.7 billion deal
Ovintiv announced on Tuesday that it will buy the remainder of NuVista in a cash and stock deal valued at $2.7 Billion, including debt. This move will strengthen the presence of the Canadian shale producers in the Montney basin. The North American firm acquired oil assets in the Montney Shale from Canadian company Paramount Resources for $2.38 Billion in cash last year. The company said that it also planned to start a divestiture for its Anadarko assets, which they expect to finish by the end 2026. The proceeds will be used to reduce debt.
Eni and Petronas combine Indonesian and Malaysian assets in joint venture
Eni, the Italian energy company, and Petronas, Malaysia's state-owned energy company announced on Monday that they had signed an agreement for a joint venture to combine their upstream oil assets and gas assets located in Indonesia and Malaysia. NewCo will manage 19 assets in Indonesia and Malaysia. It plans to invest $15 billion over the next five-year period to develop and explore about 3 billion barrels in discovered reserves. The agreement was signed in Abu Dhabi at ADIPEC.
TotalEnergies sells Norwegian oil assets Vaar Energi to reduce debt
TotalEnergies announced on Wednesday that it had agreed to divest its interests in mature oil fields offshore Norway. This is the latest step in an overall divestment plan aimed at reducing debt. French oil major announced that the transaction should close by the end of the fourth quarter this year. In order to reduce the company's leverage, it is focusing on assets that are more profitable. Patrick Pouyanne, the group's CEO, mentioned "a small sale in Norway of an asset that is mature" during TotalEnergies investor day held on Monday.
US investors target strategic Bulgarian gas storage
Five people with knowledge of the matter report that two American financiers with the support of a former campaign manager for U.S. president Donald Trump approached Bulgarian authorities about a potential investment in a government-owned underground gas storage facility stocked primarily with Russian natural gases. The group, led by Stephen P. Lynch (a Florida financier trying to purchase a gas pipe linking Russia to Germany) and Fei Wang (another U.S.-based investor), is looking…
Chevron wins arbitration against Exxon over Hess deal, according to analysts.
Chevron completed its $55 billion purchase of Hess last Friday, after winning a landmark court battle against Exxon Mobil. This was to gain access the largest oil discovery of the past decade - the Stabroek Block offshore of Guyana. It contains more than 11 billion gallons of oil. This project will drive significant growth in production for the next 3 to 5 years. It will also add new weight on the liquids front from Guyana, Permian and Gulf of Mexico. CVX and XOM have to put the legal dispute behind them in order to move forward with their planned development phases.
Chevron will proceed with Hess acquisition after winning Exxon Guyana's legal battle
Chevron is moving forward with its acquisition of Hess for $53 billion after winning a landmark court battle against Exxon Mobil, allowing it to access the biggest oil discovery in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win, since Hess’ most attractive asset is the stake in the Stabroek Block, located off the coasts of Guyana. The block contains more than 11 billion gallons of oil. It will be a source for growth, as Chevron tries to improve its performance. Hess shares jumped 7.4%, while Chevron shares rose 3.6%. Exxon's shares were slightly lower.
CNBC reports that Chevron won the mediation against Exxon over its Guyana oil assets.
CNBC reported Friday that Hess had won a landmark court battle with Exxon Mobil, its larger rival, to gain access the largest oil find in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win. Hess’ most attractive asset is the stake in the Stabroek Block offshore of Guyana which holds over 11 billion barrels. It's a source for growth at a time when Chevron is working to improve its performance. Exxon, which operates the Stabroek Block with a 45% interest…
Keyera acquires Plains' Canadian Natural Gas Liquids business for $3.77 Billion
Keyera Corp announced on Tuesday that it had agreed to purchase substantially all of Plains Canada's Canadian natural gas liquids businesses for C$5,15 billion ($3,77 billion) cash. The Canadian-based pipeline operator stated that the purchase expands Keyera’s position by bringing a natural gas liquids (NGL) corridor from Western Canada to Eastern Canada under Canadian ownership and brings key NGL infrastructure. Keyera, a Canadian energy infrastructure company, and AltaGas, a Canadian-based firm that processes liquefied gaseous petroleum, entered into long-term contracts in February.
Petrobras CEO: Africa will be the main exploration region for Petrobras outside Brazil.
Petrobras wants to develop Africa as its primary region outside Brazil. The CEO of the state-run oil company said this in a broad interview on Thursday. Petrobras CEO Magda Chabriard said that Ivory Coast extended the "red-carpet" to Petrobras when it granted the company the preference for buying nine offshore exploration blocks on Wednesday. She said that Nigeria, Angola and Namibia also expressed an interest in working with Brazil's giant. Chambriard said, "We are experts on the eastern margins of Brazil," citing similar geological features between the region and Africa.
Petrobras has exclusive rights to explore offshore blocks in Ivory Coast
Petrobras, the state-owned oil company of Brazil, announced on Wednesday that it had won exclusive rights to negotiate for the purchase nine offshore exploration blocks in Ivory Coast. Petrobras stated in a filing that the government had conceded to the exclusive talks after the oil company presented a declaration indicating its interest in the assets. According to the Ivory Coast Government, the blocks are located mostly in deep water in the western part the national sedimentary Basin.
Canadian oil and Gas CEOs avoid rash decisions during the price crash
On Tuesday, CEOs of Canadian producers of oil and gas said they were trying to avoid taking sudden decisions as the global oil price hovers around four-year lows. Doug Bartole said that his Calgary-based company, InPlay Oil, does not expect to reduce production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision. Bartole stated in an interview that it was best to take a long-term view and wait for the outcome. He said this could change, however, if the price of oil continues to fall.
Brazil's Petrobras is looking for African oil assets to increase reserves
Petrobras, the Brazilian oil company, wants to purchase stakes in African oil assets - primarily in Angola and Namibia - to increase its reserves, as it anticipates that production will fall after 2030. A senior executive revealed this on Wednesday. Sylvia dos Anjos told the India Energy Week conference that the Brazilian state-owned energy company is in discussions with existing partners ExxonMobil and Shell to purchase a stake of their African assets. It makes more sense in our portfolio. It's economical. It is convenient to travel anywhere with them because they are our partners.