Kazakhstan announces that oil production at Tengiz has resumed
The energy ministry announced on Saturday that oil production at Kazakhstan's massive Tengiz Oilfield has been restored, with five wells now operating again. Since the outage, production data for the largest field in Kazakhstan has been unavailable. Kazakhstan announced on Wednesday that it would restart the Tengiz Oilfield in stages. It aims to reach full production within a week.
Chevron beats Q4 profit estimate, eyes Venezuela investment opportunities
Chevron's profits for the fourth quarter fell, but were still higher than expected. The company focused on cutting costs to make its operations more efficient in order to compete with lower crude oil prices through 2025. Chevron is the only U.S. oil producer currently operating in Venezuela. Now in the spotlight due to the U.S.'s capture and removal of Nicolas Maduro…
Bousso: ROI-Oil is not able to break through the range of its current price because it needs a shock from Iran's supply, but a tough talk.
Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied crude oil market will not allow for much more price increase from either side. It would take a massive action to?have a lasting impact on the global balance of supply and demand. Brent crude futures are at their highest level since July last year.
Sources say that OPEC+ will pause oil production in March due to the price increase.
Five delegates said that OPEC+ will likely pause its oil production increases in March when it meets on Sunday. This is despite crude prices rising above $70 a barrel on fears the U.S. might launch a strike against OPEC member Iran. Brent crude is at its highest level since August. The eight OPEC+ member countries, who pump half of the world's oil supply, met as Brent crude prices rose to $72 a barrel.
Geopolitics loom large over Big Oil earnings as investors seek Venezuela details
Exxon Mobil executives and Chevron executives will likely face more questions about their investment opportunities in Venezuela when they speak with analysts this Friday. After President Trump announced that he wanted to invest $100 billion to increase and control Venezuelan production, the U.S. captured and removed Venezuelan President Nicolas Maduro.
Geopolitics loom large over Big Oil earnings as investors seek Venezuela details
Exxon Mobil executives and Chevron executives will likely face more questions on their investment opportunities in Venezuela when they speak with analysts this Friday. After President Donald Trump announced that he wanted to invest $100 billion to increase and control Venezuelan crude oil production, the U.S. captured and removed?Venezuelan president Nicolas Maduro in early this month.
Oil Prices Surge 3% on Worries of US Action Against Iran
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.Brent futures rose $2.10, or 3.1%, to $70.50 a barrel by 11:07 a.m. EST (1607 GMT), while U.S. West Texas Intermediate (WTI) gained $2.09…
Sources say that Chevron wants better terms with Iraq before acquiring the Lukoil Oilfield.
Sources say that Chevron is seeking better terms for the West Qurna 2 Oilfield. Iraq nationalized oilfield operatorship after U.S. Three sources with knowledge of the matter said that Chevron, the U.S. oil major, is pressing Iraq to increase returns on the West Qurna 2 field in order to buy the project from Russia’s Lukoil. Iraq nationalised its oilfield earlier this month after the U.S.
Bloomberg News reports that energy firms could be facing a $4 billion payout if they lose the Karachaganak Arbitration.
Bloomberg News, citing sources familiar with the situation, reported that an international consortium working on the Karachaganak oil field lost a?arbitration suit brought by Kazakhstan. They could be liable for compensation of up to $4?billion, Bloomberg News said. The oil project in Kazakhstan is run by a consortium that includes?Eni, Shell and other partners. Each of them holds a stake of 29.25%.
Baker Hughes sees a significant revenue opportunity for Venezuela
Baker Hughes, an oilfield services company, said on Monday that there are significant revenue opportunities in Venezuela. The main considerations when operating there were safety, conditions for employees and clarity of legal and regulatory frameworks. The Houston-headquartered company has been working with authorities on Venezuela after the U.S.
Sources say that OPEC+ is likely to continue its oil production pause in March, despite the rising prices.
Three OPEC+ delegates said that OPEC+ was expected to maintain its pause in oil production?increases during a Sunday meeting. Prices are rising because of a 'drop in Kazakhstan oil production. Eight members of OPEC+ met to discuss the price of oil. Prices have risen by 8% this month, and now exceed $66 a barrel. This is despite fears that a glut of oil would drive prices down.
Select Eagle Ford assets are being sought by RPT-Exxon XTO.
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, is looking for buyers to purchase?some assets? in the Eagle Ford shale in South Texas. In recent days, ?top ?U.S. Two sources said earlier that Exxon, the oil giant, opened a virtual dataroom to start marketing the assets. Sources said the assets, which cover 168,000 acres net, are worth over $1 billion.
Baker Hughes, a provider of oilfield services, reports a 11% increase in its adjusted quarterly profits
Baker Hughes reported a 11% increase in 'adjusted profits' for the fourth quarter, as demand for?its gas-technology equipment and services outweighed weakness in its oilfield equipment and services business. In recent quarters, the company has benefited from the demand for its equipment and services such as compressors and gas turbines that it offers to LNG companies…
Bloomberg News reports that the US is seeking quick fixes to boost Venezuelan oil production.
Bloomberg News, citing senior officials in the administration, reported that the United States is in discussions with Chevron and other major oilfield service providers about a plan for Venezuela to increase its crude production quickly. The?report stated that officials have discussed the deployment of?SLB and Baker Hughes in order to replace and repair 'outdated equipment and refresh older drilling site.
Exxon's XTO division seeks buyers for Eagle Ford assets
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, has confirmed in a'statement' that it is looking for buyers for its assets located in South Texas’ Eagle Ford shale.basin. Two sources said that Exxon, the top U.S. energy company, opened a "virtual data room" to start marketing its assets in recent days.
Analysts and state regulators say that US crude production will fall due to cold weather.
Energy Aspects reported that state regulators and analysts?said? on Friday that U.S. crude production is expected to'slip' as cold weather forces operators to shut down?production? in key-producing areas. This could lead to a loss of up to 300,000 barrels a day. According to Energy Aspects, freeze-offs will be expected this weekend to hit the Permian Basin, which is responsible for about half of the?total U.S.
SLB is about to increase its activities in Venezuela
SLB, an oilfield service company, said that it could increase its activities in Venezuela if the necessary licensing, safety parameters, and compliance measures were put into place. SLB was one of the oil companies who met with the White House in order to discuss investment opportunities in Venezuela following the ouster of President Nicolas Maduro by the U.S. in early January.
Shell Nigeria announces progress on $20 billion Bonga South West Oilfield
Bola Tinubu, Nigeria's President, has approved "investment linked" incentives for Shell’s Bonga South West Deepwater Oilfield. This follows a meeting between the CEO of the company Wael Sawan and the Nigerian president. Wael Sawan indicated that the project could be greenlit in 2027. The incentives proposed are part of a series of…
SLB tops quarterly profit estimate, plans $4 billion shareholder returns
SLB beat Wall Street expectations for the fourth-quarter profits on Friday as the world's largest?oilfield service provider benefited from ChampionX acquisition and announced?plans? to return $4 billion in profit to shareholders this year. The company acquired ChampionX for $7.75 billion in all-stocks last July. This acquisition added…
Shell offshore Bonga South West Project: Nigeria approves new incentives
Tinubu’s office reported that the Nigerian president Bola Tinubu approved investment-linked incentives to Shell’s Bonga South West Deepwater Oil Project following a meeting with its chief executive. The 'proposed incentives' are the latest of a slew of regulatory reforms that have been implemented in Africa’s leading crude oil producer in order to attract investment and boost oil production.