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.
Halliburton says it could move quickly to Venezuela if it meets its quarterly profit expectations
Halliburton exceeded analysts' expectations for fourth-quarter profits on Wednesday. This was due to the steady demand of its equipment and services in international markets. The company also announced that it will re-enter Venezuela once commercial and legal issues, such as payment certainty, are resolved. Houston-based Halliburton, which launched the earnings season of U.S.
Kazakhstan CPC Oil Exports Struggle After Tengiz Field Shutdown
Kazakhstan's CPC oil exports could remain restricted even as extensive maintenance on its primary oil export route wraps up, sources said on Wednesday, with force majeure declared at the country's largest oilfield, Tengiz, following a fire.The CPC terminal, which handles about 1.5% of global oil supply and 80% of Kazakhstan's crude exports…
Halliburton makes a move towards possible Venezuelan return by posting vacancies on its job board
Halliburton, an oilfield services company, is looking for resumes to fill a variety of positions in Venezuela, including technicians and engineers, according to an advertisement on a job board dated 16 January. This could indicate a return to the South American nation. The posting comes just weeks after U.S. President Donald Trump urged oil companies to invest $100 billion in Venezuela…
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems…
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar, Syria's biggest oilfield, was taken over by…
Syria tightens its grip after Kurdish withdrawal, IS jail attack reported
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that had been abruptly abandoned by Kurdish troops on Sunday. This was a dramatic change which solidified President Ahmed al-Sharaa’s rule. The Kurdish-led Syrian Democratic Forces, once the main U.S. ally in Syria, have…
After abrupt Kurdish retreat, Syrian troops consolidate their hold
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that was abruptly abandoned by Kurdish troops on Sunday. This dramatic change solidified President Ahmed al-Sharaa’s rule. After fighting for days with the government, the Kurdish led?Syrian Democratic Forces, (SDF), which were once the main U.S. Allies in Syria, decided on Sunday to withdraw.
China's crude and gas production, refinery throughput in 2025 will reach new heights
Government data released on Monday showed that China's crude oil production and refinery throughput will both reach new highs in 2025, with crude oil growth of 1.5% and 4.1% respectively. National Bureau of Statistics reported that the world's second-largest oil consumer will process 737.59 metric tons of crude oil in 2025. Calculations…
Security sources claim that Syrian forces have seized major oil and gas fields in eastern Syria
Officials and security sources reported on Sunday that Syrian troops fighting U.S. Kurdish-led force seized the largest oil field in Syria, the Omar, as well as the Conoco gas fields in eastern Deir 'Zor province, while allied Arab tribes advanced into the oil-rich region along the border with Iraq. The group suffered a major setback when they took over the oil fields east of the Euphrates…
Petrofac UK seeks to reach a compromise with creditors on asset sales
Petrofac, a British oilfield service provider, announced on Wednesday that its creditors would meet later this month to vote on the proposal to compromise on some of their claims in order to allow for the sale of company's Asset Solutions business. Petrofac agreed in December to sell its business to Texas-based CB&I as a way to repay secured creditor…
After cutting costs, Equinor hopes that it can finalize the technical plan for the world's most northern oilfield.
Equinor, a Norwegian company, aims to finalize the technical plans for the development of the Wisting?undersea?oil discovery in the Arctic this year after reducing?its?costs significantly. ?on Tuesday. In 2022, Equinor, along with its partners, put the development of Wisting on hold. Wisting is located in the Barents sea, about 300 km (190 mile) off Norway's north coast.
Trump's "drill baby, drill" agenda in Venezuela hurts producers at the home
Trump wants $50 oil but it's below the profit level of U.S. Venezuelan oil redirected to squeeze U.S. Venezuelan oil to benefit U.S. HOUSTON, January 9 - U.S. Oil Producers already struggling with low oil prices face renewed pressure as President Donald Trump presses them to increase output in Venezuela – a move which would weaken oil markets, reduce revenues and hurt the industry at home.
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S.
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account. This will be boosted with proceeds from crude shipments sold by SOMO, state oil marketing company.
Trump Administration says that there are ways to increase Venezuelan oil production quickly
Trump's administration dismissed Tuesday analysts' estimates that it will?take years? to increase Venezuela's crude oil production. They said there are ways to boost the country?s oil sector quickly. The Trump administration is aiming to increase crude production from Venezuela, the South American country that has the largest oil reserves in the world. This comes after U.S.
Eni and Repsol are fighting to recover $6 billion of gas payments that Venezuela owes them, reports FT
The Financial Times reported that European energy companies Eni and Repsol struggle to recover around $6 billion in gas payments from Venezuela, and are?facing an indifference by U.S. officials regarding the debt. Eni, Repsol and the U.S. Treasury didn't immediately respond to "request for a statement. Could not verify the report immediately.
US oil companies benefit after Trump signals access Venezuelan reserves
U.S. Oil Companies' Shares jumped Monday fueled by the prospect that the U.S. could gain access to Venezuela's vast reserves of oil after President Donald Trump announced that the U.S. was taking control of Venezuela following the arrest of their president. Venezuela has the largest oil reserves in the world, but its production has plummeted over the past decades because of?mismanagement?…
UK-based Harbour Energy is named as the operator of Mexico's Zama Oilfield
Harbour Energy, a British company focusing on the North Sea, announced Wednesday that it had been named the operator of the Zama oil field in Mexico after Pemex and its project partners, GrupoCarso, Talos Energy, agreed to this appointment. The announcement comes just days after Harbour signed a $3.2 Billion deal with?LLOG, which will…
Petrobras Strike-Hit P-40 Platform Shut Down After Gas Leak
According to the workers' union Sindipetro NF, a gas leak at Petrobras P-40 oil platform located in Brazil's 'Campos basin' on Thursday led to a preventive shut down of all activities. According to the Sindipetro-NF union, the platform in the Marlim Sul oil field was managed by a contingency team due to a workers' strike which has…