Sources say that Chevron, KEO, ENI, and Primavera will sign energy agreements in Venezuela very soon.
Two sources close to the preparations say that oil?producers Chevron & ENI, as well as investors KEO Capital and Primavera will sign energy 'agreements' in Venezuela by Wednesday. The majority of these pacts are project expansions which have been in negotiations with Venezuela's Oil Ministry and the state oil company PDVSA in order to migrate dozens of energy contract terms in accordance with a comprehensive?oil-reform approved in January. Chevron, the U.S. oil giant, plans to invest?more than $7 billion in order to double crude production to approximately?600,000.00 barrels per day in the OPEC nation over the next five-year period.
Kharg Island, Iran and its energy sector
Oil has jumped on the escalating tensions with Iran, including a post created by AI for U.S. president Donald Trump, who claimed to have seen?the Kharg Island hub of oil being destroyed', a claim that was deemed "laughable" by an Iranian official. A U.S. official stated on Monday that there was no evidence to support such an attack. Here are some key facts about Iran's energy industry. Iran, the third-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), exported 90% of its crude through the island of?Kharg? before the war. However, since the U.S. began a blockade of Iranian exports in mid-April, the flow of crude from Kharg has been disrupted.
Japan's Cosmo energy to continue focusing on Middle East crude despite Iran War
The CEO of Japan's Cosmo Holdings said that despite the Iran War, the company will continue to focus on crude procurement in the Middle East and upstream investment, citing its cost-competitiveness, and the suitability of the crude produced there for Cosmo's refineries. As with its larger counterparts, the country's third largest oil refiner had sourced around 95% of crude from the area before the war began on February 28. This left it vulnerable to disruptions and prompted a search for alternatives. He said that the focus should be on decreasing reliance on Middle Eastern crude oil, rather than the Middle East.
Basra Oil Chief: Iraq could return oil exports within a week to the pre-war levels if Hormuz is reopened.
The head of Iraq's state-run Basra Oil Company has said that the country could resume crude oil exports in a week, provided the?Iran war ends and the Strait?Hormuz is reopened. A study found that Iraq, the largest Gulf oil producer, has seen the greatest drop in its oil revenues as a result the closure of the Strait. This is because Iraq lacks other shipping routes. The country can restore its output quickly to the levels it was before the U.S. and Israeli attacks on Iran, which occurred at the end of the month, led to the closure of the waterway. About a fifth (or more) of all global oil and LNG is transported through the Strait.
Basra Oil Chief: Iraq could return oil exports within a week to the pre-war levels if Hormuz is reopened.
BASRA (Iraq), April 6 - Iraq's crude oil exports could be restored to around 3.4m barrels per day in a week if the Iran War ends and the Strait of Hormuz is reopened, according to the head of Basra Oil Company, the state-run company of Iraq. A study found that Iraq suffered the largest drop in oil revenues among 'Gulf' oil producers due to the closure of the Strait. This is because Iraq lacks other shipping routes. The country is the second largest producer of oil in the Organization of Petroleum Exporting Countries. It can quickly return to the levels of production before the U.S. and Israeli attacks on Iran ended February, which led to the closure of the waterway.
Libya's Mabruk Oil Field to Increase Production to Up to 30,000 Bpd
Libya's Mabruk Oil Operations have resumed production at the?al-Mabruk field, with an initial pumping rate?expected to range between 25,000-30,000 barrels per day, according to the state-owned National Oil Corporation. In a press release, NOC stated that production resumed on the field "following successful commissioning of new early production units". According to its website, Mabruk Oil Operations operates on behalf of NOC & Total E&P. NOC stated that the technical teams have begun to work on increasing the company's?total?production from the Al-Jurf & al-Mabruk - fields to approximately 40,000 BPD by the?end of March.
Venezuelan oil reserves: No quick fixes
Even if U.S. Oil Majors invest the billions that President Donald Trump announced just hours after he took office, Venezuela's crude production is unlikely to increase significantly for many years. Venezuela may have the largest oil reserves in the world, but its production has dropped?over the last decade due to a lack investment by foreign firms. In the 2000s Venezuela nationalized oil operations that included?assets? of Exxon Mobil & ConocoPhillips. Analysts warned that companies who might invest in Venezuela would have to contend with issues such as security, infrastructure and legality, in addition to the possibility of long-term political instability.
Former Glencore employees plead guilty to UK Bribery Charges Ahead of 2027 Trial
Four former Glencore oil traders pleaded not guilt in a London Court on Monday to bribery allegations relating to the Swiss commodity trading company's operations in West Africa. Their trial is scheduled for 2027. Martin Wakefield has pleaded not guilt to three charges of conspiring with Glencore to make corrupt payments between 2007 and 2014 to government officials in Nigeria and Cameroon, and Ivory Coast. David Perez denied two charges of conspiring to make corrupt payments in relation to operations in Cameroon, Ivory Coast. Paul Hopkirk, Ramon Labiaga and David Perez pleaded no contest to a single charge relating to Nigeria.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for oil and natural gas exploration and production in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border. Ennahar TV was the first to announce this deal.
Iraq Navy Detains Oil Tanker in Smuggling Crackdown
Iraq's navy has detained a Liberian-flagged oil tanker in its territorial waters as part of a crackdown on fuel smuggling at sea, sources with the navy and oil and transport ministries said on Friday.Smuggling is common in Gulf waters, where heavily subsidised fuel from some countries is sold on the black market to buyers across the region, though it has been relatively rare until recently for Iraqi authorities to seize ships.The vessel - identified by both the authorities and shipping sources as the Liliana tanker - was carrying 93,000 metric tons of…
Venezuela's oil exports drop by 20% after Chevron cancels cargo
Ship tracking data and documents show that Venezuelan oil exports dropped by almost 20% in April to 700,000 barrels a day (bpd), the lowest level for nine months. This was due to cargo cancellations from U.S. producer Chevron, which forced ships to return to port and left some empty ports. PDVSA, Venezuela's state company, suspended last month most of the loading window it had assigned Chevron. It also ordered the return of certain oil cargoes headed for the U.S. due to payment uncertainty relating to U.S. sanction enforcement. Chevron missed a deadline set by the U.S. Treasury Department on May 27, to end oil operations in the OPEC nation and stop exports.
Canada regulator suspends Imperial's application to extend Norman Wells oil permits
The Canada Energy Regulator announced on Tuesday that Imperial Oil has put its application to extend life of the remote Norman Wells oil-and-gas facility in Canada's Northwest Territories on hold until a report on environmental assessment is completed. The Norman Wells site is located on nine islands, both natural and artificial in the Mackenzie River (Canada's longest river) and near the town of Norman Wells. Imperial, owned by Exxon Mobil Corp., requested last year that its Norman Wells Operating Permit, due to expire Dec. 31, 2024, be extended by an additional 10 years.
Exxon-Seplat $1.28 billion deal approval imminent, Nigeria president says
Bola Tinubu, the President of Nigeria, said that Exxon Mobil Corp.'s sale of its Nigerian assets to Seplat Energy would be approved within days once it received approval from the regulator. Analysts say that the $1.28 billion transaction has been closely monitored since it was announced in 2022. It will also signal to investors similar deals such as Shell's sale of assets to Renaissance in January. In a television broadcast marking the 64th anniversary of Nigeria's independence, Tinubu said that his government is committed to making it easier for investors to come to and leave while maintaining the country's regulatory process.
Trafigura Merging China Oil Operations in New Shanghai Trading Desk
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office, which has long focused on metals, said the sources. Huang Shufu, from the company's Singapore-based oil team, was made the team leader, they said.Trafigura declined to comment on the merging of the offices or on the appointment of Huang to head the Shanghai oil team.
Genel Energy Names Higgs CEO
Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighboring Miran oil and gas field in March.The company swung to an operating loss of $254.6 million in the year ended Dec. 31, including the non-cash charge…
China Willing to Invest $3 Bln in Nigerian Oil Operations
China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.During a visit to Nigeria's state-owned NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more.Guangyu said Nigeria was their largest investment destination and also asked the NNPC to seek common grounds…
Occidental Q1 Profit Spikes above Estimates on Oil Price Rise
U.S. oil producer Occidental Petroleum Corp posted better-than-expected quarterly results on Tuesday, with profit jumping more than six-fold on rising crude prices, cost cuts and improving chemical sales.Oxy, the largest oil producer in the Permian Basin of West Texas and New Mexico, posted net income of $708 million, or 92 cents per share, compared to $117 million, or 15 cents per share, in the year-ago quarter.Analysts expected earnings of 70 cents per share, according to Thomson Reuters I/B/E/S.Oxy's U.S. oil operations swung to a profit in the quarter, largely due to rising crude prices.
Houthis Attack Saudi Oil Tanker
An attack on a Saudi tanker by Yemen's Houthis will not hit oil supplies, Saudi Arabia's energy minister said on Wednesday, after the Iran-allied group said it had targeted a warship in response to an air strike that killed civilians. The Western-backed, Saudi-led coalition which includes other Sunni Muslim states says the Houthis attacked the oil tanker off Yemen's main port of Hodeidah on Tuesday. The Houthis, however, say they targeted a coalition warship in response to an air strike on Hodeidah on Monday that killed at least a dozen civilians, including seven children. "The terrorist attack ...
Noble Group to Exit Oil Trading: Sources
Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure. The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported in November. Since then, Noble has been winding down its remaining oil trading operations in London and Singapore, with many key traders leaving to join competitors. "That (U.S.
Cenovus Energy to Shed Pelican Lake Assets
Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March. Reuters reported in August that Canadian Natural Resources Ltd was among potential bidders for the Pelican Lake assets and was in advanced talks to buy them earlier this month. Cenovus also said on Tuesday it was close to selling its Suffield oil and natural gas assets in Alberta…
