Petrobras' drilling in Foz do Amazonas is put on hold by Brazil's oil regulator
The Brazilian oil regulator ANP told Petrobras on Thursday that the company could not resume offshore drilling until it provided information about a 'leak' of synthetic fluid in this environmentally sensitive area. Documents signed on Wednesday by ANP and seen by others earlier recorded the decision. ANP stated in a press release that Petrobras was required to report the cause of the "leak" and mitigation measures. Foz do Amazonas, the large delta formed where the Amazon River meets the Atlantic Ocean on the coast of north Brazil is the largest delta in the world.
Harbour Energy, UK, enters Gulf of Mexico LLOG market with $3.2 billion deal
Harbour Energy, a North Sea-focused company, announced on Monday that it will purchase deepwater oil exploration and production firm LLOG Exploration at a price of $3.2 billion. This marks its entry into the U.S. Gulf of Mexico. In a press release, Harbour said that the deal would consist of $2.7 billion in cash and $500 millions in Harbour's ordinary voting shares. Gulf of Mexico is a top target for oil'majors like BP, Shell, and Chevron due to its vast deepwater resources,?easy accessibility to U.S. Infrastructure, and long-term potential.
Document shows that RPT-Mexico’s Pemex awarded five contracts to boost oil production, but failed to attract big players.
According to four sources with knowledge of the matter, and to a document viewed by us, the Mexican state oil company Pemex has signed five of the eleven new joint venture agreements it planned to sign before the year's end. Pemex, however, was unable to 'attract' major companies and the amount of production that the ventures could add is too small to help Mexico reverse its declining crude oil output. Pemex is trying to convince investors who are reluctant to sign up for 21 new joint ventures that could produce 450…
Document shows that Mexico's Pemex awarded five contracts to boost oil production, but failed to attract big players.
According to sources familiar with the situation and a document viewed by us, the Mexican state oil company Pemex awarded five out of the 11 joint venture contracts that it planned to sign before the year's end. Pemex, however, was unable attract major companies and the production that these ventures could add appears to be too small to help Mexico reverse its declining crude oil production. Pemex is trying to convince investors who are reluctant to sign up for 21 new joint ventures that could produce 450,000 barrels of crude oil per day, or about a quarter its projected output by 2033.
UK court rejects challenge to the issuing of oil exploration licenses
The High Court of London ruled that Britain's decision on Friday to grant more than 20 oil and gas exploration licenses was legal. This ruling dismissed a challenge from campaigners who claimed the government had failed to take into account the effects on climate change. Oceana UK, a marine conservation organization in the UK, brought a case against 28 licences issued by the previous British government on May 20, 2024. It also claimed that the licenses did not assess the risks to marine life.
Sources say that India's HPCL has issued fuel import tenders following disruptions at its Mumbai refinery.
Two sources familiar with this matter confirmed on Tuesday that Hindustan Petroleum, India, had issued two tenders to import transportation fuels in early November, after shutting down one of its processing plants due to contamination. Vikas Kaushal, the chairman of HPCL, said that during the processing contaminated oil it acquired from Hindustan Oil Exploration Company, HPCL closed its gasoline producing continuous catalytic Reformer. HOECL stated in a press release that it would engage in discussions with HPCL to resolve the issue.
The European Court of Human Rights rejects the climate case against Norway Oil
The European Court of Human Rights ruled on Tuesday in favor of the Norwegian Government in a case brought by young activists for climate change who claimed that the country's Arctic oil exploration policy had put their future in danger. Norway, the largest oil and natural gas producer in western Europe, produces four million barrels equivalent of oil per day. It plans to continue producing hydrocarbons into the future, while supporting efforts worldwide to reduce carbon dioxide emission.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early in September as Brazil is preparing to host world leaders at this year's United Nations Climate Summit, COP30, in the Amazonian town of Belem. Brazil's position as host allows it to encourage the international community, and the world at large, to move away from fossil fuels.
New Zealand opens up applications for oil and Gas Exploration Nationwide
New Zealand's Government announced on Thursday that it has opened applications for new permits for oil and gas exploration, following a ban in 2018 on new exploration of fossil fuels. In a press release, the government announced that it would not only invite applicants to bid for licences for oil exploration but also introduce a "new open market" which will allow companies to apply at any time for exploration permits. In a statement, Minister of Resources Shane Jones stated that the open market application system better balances the need to increase gas supply while maintaining robust competition.
Five Point-backed WaterBridge raises 634 million dollars in US IPO
WaterBridge Infrastructure, a company that manages oilfield water, announced on September 16th that it raised $634 Million in its initial public offering (IPO) in the United States. This is the latest indication of renewed momentum within the listing market. Houston-based company, Texas, sold 31.7 millions shares at $20 each, the upper end of their marketed range from $17 to $20.00 per share. It was valued at $2.3 billion in the IPO. WaterBridge is the latest in a string of IPOs. StubHub ticket reseller, Netskope cybersecurity firm, and Pattern e-commerce company are also slated to go public this week.
Nigeria's TotalEnergies deal marks shift to gas development
The Nigerian production-sharing agreement with TotalEnergies will be a model for future agreements, according to the oil regulator. It is the first contract based on a new law aimed at boosting the gas production of the OPEC country. The Petroleum Industry Act of 2021, which recognised the economics of oil exploration and production, was followed by incentives from government such as tax credits for gas-only development and allowances to invest. The agreement reached by the French energy giant and its local partner…
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.
WaterBridge, backed by Five Points, files for US IPO in a hot listings market
WaterBridge Infrastructure, a midstream water management firm, filed for an initial public offering in the United States on Friday. This highlights the growing momentum of new listings. In recent days, a number of corporate issuers joined the IPO pipeline. This could lead to a September launch. Positive IPO sentiment is also expected to be supported by firmer bets on potential rate cuts in the near future. Josef Schuster, CEO of IPOX, said that lower U.S. interest rates and a proliferating rally in U.S. mid- and small-cap stocks could add fuel towards the end of the year.
South African court cancels TotalEnergies' oil exploration permit
The court's decision, which was seen by, showed that a South African court had revoked the environmental authorization granted to TotalEnergies for its joint venture with Shell to explore oil in a block near the Cape Coast. The court did say that TotalEnergies was given the chance to correct the deficiencies found, such as a failure properly to assess the socio-economic impact of any oil spills or to take climate change into account. In her ruling of August 13, Western Cape High court Judge Nobahle Lockwood stated that "Total should be given the opportunity to submit revised or new assessments...
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum. Environmental groups have said that the decision to restart the exploration is a setback to the country's move to renewable energy.
Hindustan Oil Exploration Company Pauses Output At West India Oilfield
Hindustan Oil Exploration Company said on Friday it has temporarily suspended production at one of its oilfields in western India due to adverse weather and is monitoring the situation to resume output when the weather improves.The floating storage offshore (FSO) unit at the company's Mumbai basin has been safely de-moored and anchored at a secure location for over a week, it said."We are prepared for re-mooring the FSO... as soon as the weather improves, allowing us to resume production from the field under favorable conditions," the oil exploring company said.(Reuters)
Egypt's EGAS awards six blocks to international companies in the Mediterranean, Nile delta and N. Sinai
According to a statement released by the petroleum ministry on Wednesday, Egypt's EGAS awarded four blocks to international companies in the Mediterranean Sea, one in Nile Delta, and one in North Sinai. During the exploration period, companies will invest $245 million in order to drill at minimum 13 new exploratory holes. A consortium consisting of Chevron Egypt? Shell's BG?Group won the North Samian and Northwest Atoll blocks, in which it will drill at least two exploratory oil wells. Eni's IEOC was awarded the North Ras El Tin offshore Block with plans to drill 3 exploratory wells.
The 2024 profit of Exxon-led Consortium in Guyana increased 64% to $10.4 Billion
Exxon Mobil, Hess, and CNOOC, a trio of oil producers in Guyana, posted a 64% increase in profit in 2024 to $10.4 billion. This was due to the fact that facility upgrades allowed for sustained production growth. Guyana, a South American nation, has been a profitable operation due to its rapid production expansion, low taxes and royalties, and the relatively low amount of government revenue. Guyana, along with its neighbors who share the same oil basin, is expected to be one of the last frontiers in the world for oil exploration. Exxon reported in January that it expects to earn $33,46 billion by 2024.
Azerbaijan’s SOCAR signs agreements for oil exploration with Exxon and BP
Azeri SOCAR, the state-owned energy company of Azerbaijan, signed agreements with Exxon Mobil & BP for oil and natural gas exploration in Azerbaijan at a conference on energy in Baku. According to the U.S. Department of Energy, Azerbaijan's proven oil reserves are 7 billion barrels. Its proven natural gas reserves are 1.7 trillion cubic meters. The country's oil output has been declining for several years after the Azeri-Chirag-Gunashli (ACG) complex of oilfields passed its peak of 50 million metric tons, or 1 million barrels per day, in 2010. BP declined comment.
Legal advisor: Interra Resources did not violate foreign sanctions in Myanmar
Interra Resources, a Singapore-listed oil explorer, said that it appointed a legal adviser who found that Interra Resources had not violated U.S. sanctions or EU sanctions against Myanmar. The report comes after the activist group Justice for Myanmar made allegations that Interra supplied oil to the ruling military and committed war crimes. In a press release, the company stated that any financial impact from potential sanctions violations will be minimal. Since the military overthrew Aung San Suu Kyi's civilian government, which was elected by the Nobel laureate in February 2021.