Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions.
Tullow Oil UK returns to profitability on the back of lower impairments and asset revaluation gains
Tullow Oil, an oil and gas exploration company based in West Africa, reported on Tuesday that it returned to profitability last year. This was largely due to a decrease in impairments, and asset revaluation. The company's shares rose by 3.9% early in trading after it reported a profit after taxes of $55 millions for the year ending December 31, 2024. This compares to a loss in 2023 of $110,000,000 when the company reduced the value of one of its West African Oilfields.
Iraq plans to increase oil production above 6 million barrels per day by 2029
Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields.
Petrobras animal center at Oiapoque will be ready for inspection by April
Documents seen by on Monday showed that the environmental agency Ibama should be able to inspect the veterinary center operated by Petrobras Brazil in the Amazon region in April. The center is designed to help animals in case of an oil spill. Petrobras has not yet met the demands of Ibama to build an animal care center near the Amapa state town of Oiapoque. This is a requirement that Ibama made in…
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding.
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron to work in Venezuela citing President Nicolas Maduro’s lack of electoral Reforms. The opposition leaders took advantage of the situation to increase pressure on Maduro.
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak. They pledged to reduce output in March April and May.
Libya announces the first oil exploration bid round in 17 years
Masoud Sulman, the acting chairman of the National Oil Corporation, announced on Monday that Libya will hold its first oil exploration bidding round in over 17 years. Libya is Africa’s second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadhafi was overthrown in 2011.
Sinopec certifies reserves of 1.3 billion barrels at East China Shale Oil Plays
Sinopec Corp announced on Monday that the Chinese government had certified new geological resources of about 180 million tons or 1.3 billion barrels at two of their shale-oil plays. Sinopec announced that the new reserves had been tapped in the Xinxing Field in the Jiyang trough in the Bohai Bay Basin and in the Qintong Field in the Subei Basin. The shale formations of Xinxing are buried between 2…
Pemex's fourth-quarter loss is $9.1 billion
According to a filing on Thursday with Mexico's principal stock exchange, the state-owned oil company Pemex posted a 190.5-billion-peso (about $9.1 billion) net loss for the fourth quarter, after posting profit during the same period last year. Revenues for the government-run oil firm during the period of October to December totaled 436.6 bn pesos. This is an increase of almost 3% when compared with the fourth quarter of 2023.
British Business – February 26
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. BP, the oil major in Iraq, and the Iraqi government have agreed to allow the energy group work on the redevelopment and exploitation of four large gas and oil fields in Kirkuk. Unilever's board of directors has decided to part ways with Hein Schumacher, Chief Executive Officer. They have chosen a new leader they feel will operate at a quicker pace.
Iraq and BP agree on four Kirkuk oil fields
Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday. This is a major breakthrough for Iraq where production has been hampered by war, corruption, and sectarian tensions. The signing takes place a day before BP updates investors on its strategic plan. It is widely expected that BP will reduce investments in renewable energies and return to investing more in oil and natural gas.
After Halliburton layoffs, the Argentine oil union has threatened to strike
The union of oil and gas workers in Argentina's oil rich Chubut province, which has hundreds of employees laid off by Halliburton and a local office closing, threatened to strike after Halliburton closed its local office and dismissed hundreds. Carlos Gomez said that the Chubut Private Oil and Gas Union's deputy secretary, Carlos Gomez spoke on the broadcast radio channel of the union, and claimed…
Equinor will continue with the Rosebank oil and Gas Project in Britain
The UK manager of Equinor, the Norwegian oil and natural gas producer, said Wednesday at a conference on energy in New Delhi that the company will continue to develop its Rosebank oil field. Equinor, along with its partner Ithaca Energy, wants to develop the Rosebank Oil and Gas Field. However the plans to develop one of Britain's final major oil reservoirs have been a lightning-rod for climate activists who are calling for an end to fossil fuel production.
Chevron is struggling to replace its oil and gas reserves amid uncertainty surrounding the Hess deal
Chevron’s oil and natural gas reserves are at their lowest level in more than a decade. This highlights the importance of its planned acquisition of oil producers Hess, which has been stalled by a legal battle with Exxon Mobil. Investors in energy companies use reserve replacement as a key metric. It gives them an idea of how much gas and oil the company could produce, and how long. Chevron would be able to gain a stake on the lucrative oilfields in Guyana…
BP plans to add six new gaswells to the Azeri Caspian sea field in order for it continue production.
BP will add six new gas wells in Azerbaijan’s Shah Deniz field in the Caspian Sea in order to maintain stable production for the future, a senior manager from the international energy giant said. BP operates 21 gas-wells in Shah Deniz. This area is being developed by a BP led consortium, and is crucial to Azerbaijan’s commitment to increase gas exports to Europe, offering an alternative to dwindling Russian supply.
Interra claims that oil contract was signed with Myanmar before the junta took power
Interra Resources, a Singapore-listed oil explorer, said Thursday that a production sharing contract between its subsidiary in Myanmar and a government-controlled entity was extended several years before 2021. The statement was made in response to an inquiry by the Singapore Exchange, a week after Justice for Myanmar claimed in a report Interra "helped provide the junta with over 2 million barrels" of oil and had "fueled its ongoing war crime".
BP to invest upto $25 billion in Iraqi Kirkuk oil and Gas
A senior Iraqi official said that BP will spend up to 25 billion dollars over the life of a project redeveloping four Kirkuk oil fields and gas. Baghdad is trying to win foreign investment back. If the deal is finalized, which could happen in the next few weeks, this would be a major breakthrough for Iraq. The country's production has been severely constrained over the years by war, corruption, and sectarian tensions.
Mexico's Pemex, billionaire Slim renegotiate deepwater gas project
Five sources with knowledge of the situation said that the team of Mexican billionaire Carlos Slim and the state energy company Pemex were discussing significant changes to the deal to develop Mexico's first deepwater gas field. Grupo Carso, Slim's Mexican holding firm, signed a partnership agreement with Pemex last year in order to jointly develop the Lakach oil field in the Gulf of Mexico. The deal…
Kazakhstan wants better terms for oil production sharing agreements
Kazakh President Kassym Jomart Tokayev ordered the government on Tuesday to intensify talks with international oil giants about an extension existing Production Sharing Agreements (PSA) at "better conditions". Central Asia is one of the top 10 oil producing countries in the world. It has a chequered past when it comes to international oil companies. They have been sued for billions of dollars. The government…
