Guyana will soon sign a oil deal with TotalEnergies led group
Energy Minister Vickram Bharrat said that Guyana is expecting to sign a production-sharing agreement soon with a French consortium led by TotalEnergies, which will allow the country to explore an off-shore area. Guyana, the fastest-growing oil producing country in the world, is on track to produce 940,000 barrels of crude oil per day this coming year. This is nearly 1% more than last year's output. All of Guyana's crude oil is produced by a consortium led the U.S. company Exxon Mobil. TotalEnergies, a consortium led by Exxon Mobil, won the block at an auction held in 2023. The government has been trying to diversify this sector.
Norway Oil Industry expects record investments in the coming year
A survey by the Norwegian National Statistics Office (SSB) on Thursday showed that Norwegian oil and natural gas investments will surpass 2024's record levels this year, due to a flurry development projects. In 2025, the country's largest business sector expects to invest 253.8 billion crowns ($22.61billion) compared with 251.2 billion crowns in 2018. In November, the previous estimate of 252.6 billion crowns for 2025 was made. SSB stated that the increase in 2025 estimates was primarily due to plans for increased investment in new fields…
Malaysia palm oil output resilient despite flood disruption, says MPOB
Malaysian Palm Oil Board said Monday that the country's palm-oil production was resilient, despite recent floods in several states. Ahmad Parveez Ghulam Kadir, MPOB's director general, said that while localised disruptions could occur as a result of temporary waterlogging or harvesting delays the overall impact is expected to be manageable. Malaysian Meteorological Department stated last month that it expected the Northeast Monsoon to last until March. The Northeast Monsoon began on November 5, last year. It warned that heavy rains over a short period of time could lead to flooding in flood-prone and low-lying areas.
Palm oil prices rise on expectations of reduced production in Malaysia
The price of Malaysian palm oils futures rose on Monday, as lower production expectations and lower export estimates offset the weakness in Chicago soyoil contracts. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.38% to 4,232 Ringgit ($968.42). Anilkumar bagani, the commodity research director at Mumbai-based Sunvin Group, says that futures prices were affected by the sharply lower Chicago soyoil after U.S. President Donald Trump threatened to sanction Columbia. He said that the export performance of Malaysia was also consistently poor, as shown during the period from Jan. 1 to 25.
Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico. Companies have also limited their spending on new projects, focusing on returning cash to investors.
Trump's USDA Secretary pick led group against ethanol and farm subsidies
According to an analysis of the group's policies, President Donald Trump's choice to lead the Agriculture Department is Brooke Rollins. She led an organization opposed to ethanol mandates as well as farm subsidies. These are major programs that she could influence, if confirmed. Rollins' background could put her at odds with lawmakers from farm states at her nomination hearing this Thursday, and raise concerns among the corn and biofuel lobby about Trump’s mixed record in his first term of office on ethanol. Geoff Cooper said…
Trump's USDA Secretary pick led group against ethanol and farm subsidies
According to an analysis of the group's policies, President Donald Trump's choice to lead the Agriculture Department is Brooke Rollins. She led a group that opposed ethanol mandates as well as farm subsidies. These are major programs she would be able to influence if she were confirmed. Rollins' background could put her at odds with lawmakers from farm states at her nomination hearing this Thursday, and raise concerns among the corn and biofuel lobby about Trump’s mixed record in his first term of office on ethanol.
VLCC Rates Spike as US Sanctions Bite
Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers designed to curb the world No. 2 oil exporter's revenue due to its war in Ukraine.Many of the newly-targeted vessels, part of a so-called shadow fleet that seeks to avoid Western restrictions…
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's new oil producer became the fifth largest crude oil exporter in the region, after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global growth of oil supplies. Minister Vickram Bharrat announced that detailed figures about output and exports would be released this week. He said that the government will ship 28 cargoes from the crude oil produced by Exxon in 2024.
Lavrov, Russian Foreign Minister, says that Moscow is in touch with Serbia about ownership of NIS oil company
Sergei Lavrov, the Russian Foreign Minister, said that Moscow had been in touch with "Serbian Friends" regarding the fate of Serbian Oil Company NIS. Belgrade is concerned about U.S. sanction because Russia's Gazprom owns a majority stake. The Serbian president Aleksandar Vucic announced on Friday that, following the new U.S. sanction against Russia's oil industry, Gazprom will have 45 days to sell its ownership in NIS. Vucic said that he met with the Russian ambassador in Serbia on Tuesday to discuss "the effects of U.S. Sanctions against Russian Companies" to his NIS.
USDoI: ANWR Drilling Auction Yields no Bids
The U.S. Interior Department said on Wednesday that a congressionally mandated oil and gas drilling lease auction in Alaska's Arctic National Wildlife Refuge received no bids from energy companies.The outgoing administration billed the outcome as proof the 19 million-acre refuge, home to species including polar bears and Porcupine caribou, should remain off-limits to fossil fuel development, even as President-elect Donald Trump seeks to encourage expanded drilling there.The U.S. was scheduled to hold a federal auction for some 400…
Indonesia restricts the export of palm residue and used cooking oil to domestic users
Indonesia has tightened its export restrictions on used cooking oil, palm oil residues and palm oil waste to supply the domestic cooking oil industry and biodiesel. The government announced this in a new regulatory on Wednesday. It said that the move by the top palm oil producer and exporter in the world aims to achieve a new mandate, starting this year, which calls for mixing 40 percent of palm-oil-based fuels with diesel fuel (called B40), up from 35 percent previously. The Indonesian authorities are looking at ways to restrict UCO exports. However, the extent of this tightening is not yet clear.
Market uncertainty caused by Indonesian B40 palm oil delays
Indonesia is yet to implement the higher blend of biodiesel that was planned for January 1, as industry participants are awaiting technical details of the regulation. This has caused confusion among palm oil dealers. The government pledged that it would mandate a 40% blend of palm oil in biodiesel starting Jan. 1. This is known as B40. It will replace the current 35% blend. The benchmark March palm oil contract on the Bursa Derivatives Market closed at 4,336 Ringgit ($968.72), down 2.5%, amid uncertainty over B40 implementation. It had risen earlier by about 1.8% when it tracked gains for Dalian vegetable oils.
Nigerian regulator: Applicants for oil licenses must demonstrate low carbon emissions
Nigerian applicants for oil licenses and permits will be required to provide evidence of low-carbon emissions and a program of renewable energy starting on Wednesday, before they are approved. This was announced by the head of Nigeria's upstream regulatory agency. Gbenga Kmolafe said that the Nigerian Upstream Petroleum Regulatory Commission's policy is to meet the country's target of zero net carbon emissions by 2060. The template is called the Upstream Petroleum Decarbonisation Template. Komolafe stated that enforcement would begin on Jan. 1, 2025 and cover all approvals, including divestments, in the upstream industry.
Biden Administration releases LNG export study and urges caution on new permits
Tuesday, the administration of U.S. president Joe Biden released the long-awaited report on the economic impacts and environmental effects of exports of liquefied gas. The results highlighted the need to be cautious when issuing new permits. Biden had in January halted the Department of Energy’s approvals of U.S. exports of LNG to large consumers in Asia and Europe, so that his government could conduct the review. This triggered complaints from the oil industry. The study's findings were summarized by Energy Secretary Jennifer Granholm in a letter to reporters.
Climate tech firms receive $80 million for removing carbon from paper mills and sewage plants
SAN FRANCISCO, Dec. 17 - Google H&M Stripe, and other members of the Climate-focused Frontier Coalition will purchase $80 million in carbon credits from a company that uses oil industry technology to collect emissions at paper mills and another firm that uses rocks to do the exact same thing at sewage treatment plants. While the U.S. president-elect Donald Trump will likely withdraw from an agreement to limit global warming and reduce support for carbon sequestration, companies from sectors such as tech and finance are continuing to back efforts to remove CO2 from the atmosphere.
Gazprom says that high interest rates are a concern for oil service firms
Alexander Dyukov said that the high interest rates in the oil industry could have a negative impact on firms providing support services. This raised "serious concern".According to a recent poll, the Russian central bank will likely increase its key rate this week by 200 basis points, to 23%, due to the high inflation caused by a weaker ruble.Dyukov told reporters that his company is strong enough to withstand high borrowing costs, and plans to increase investments in the next year."As far as the partner companies are concerned, such as oil services, they do not all have a margin of safety." Dyukov stated that this raises grave concerns.
Oil Slips as U.S. Gasoline Stocks Surprise
Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude CLc1 eased 15 cents, or 0.2%, to $68.64.U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 46,000-barrel draw.Crude stocks fell by 1.8 million barrels in the week ended Nov.
US energy lobby groups cautious about Trump tariffs
The U.S. oil industry said that they are concerned about President-elect Donald Trump’s threats to impose tariffs on Canada, Mexico and the United States, stating that such policies may affect consumers, industries and security. Trump, who will take office on January 20, has promised to impose a tariff of 25% on imports coming from Canada and Mexico. These are two of America's largest trading partners. He said he would do this until these countries crack down on drugs - particularly fentanyl - and migrants at the border. This move appears to be in violation with a free trade agreement.
Chris Wright, CEO of the oil industry, is appointed Energy Secretary by Trump
Donald Trump, the President-elect, announced on Saturday that Chris Wright, an oil and gas executive who is a staunch supporter of fossil fuels, will be his choice to lead the Department of Energy. Wright is the founder of Liberty Energy in Denver, a firm that provides oilfield services. He will likely support Trump's plans to increase oil and gas production and seek ways to increase electricity generation, which is on the rise for the first decade. He will also probably share Trump's opposition against global cooperation in fighting climate change.
