EnQuest pays its first dividend after a swing to an annual profit
EnQuest, a North Sea oil producer, declared its first ever final dividend of 15 million dollars on Thursday. The higher oil prices helped to boost the company's annual profit after tax. The shares of the London listed energy group rose by 3.4% at 13.8 pence as of 0830 GMT after…
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional…
CERAWEEK - Chevron CEO calls for sustainable, not extreme US Energy Policy Swings
Mike Wirth, the CEO of Chevron, said that he would prefer to see a more stable energy policy in the United States than a swing from extreme to extreme. The first weeks of Donald Trump's second term in office were marked by a rapid revamp of government, and the reversal many of the policies on energy of the previous administration.
Australian shares gain modestly as commodities support
Australian shares rose on Monday and hovered below the important 8,000-level as commodities fueled a slight recovery in the benchmark index after a selloff in the previous session amid market uncertainty. As of 2341 GMT, the S&P/ASX 200 was up 0.2% to 7963.8. The benchmark index fell 1.8% on Friday to close below 8…
After Trump's tariffs on crude oil, Mexico is seeking Asian and European buyers
Pemex, the Mexican state-owned oil company, is currently in discussions with buyers in Asia and Europe. This is because it's looking for alternative markets to sell its crude oil after U.S. president Donald Trump imposed import tariffs. This week, Trump implemented tariffs of 25% on goods imported from Mexico and Canada.
After Trump's tariffs on crude oil, Mexico is looking for Asian and European buyers
Pemex, the Mexican state-owned oil company, is currently in discussions with buyers in Asia and Europe. This is because it's looking for alternative markets to sell its crude oil after U.S. president Donald Trump imposed import tariffs. This week, Trump implemented tariffs of 25% on goods imported from Mexico and Canada.
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.
FGV Holdings Malaysia expects to see higher profit margins by 2025
FGV Holdings, the Malaysian palm oil producer, said Friday that it expects higher profit margins by 2025. This is due to improved productivity on its estates as well as increased palm prices during the first half year. Mohd. Hairul Abdul hamid, chief financial officer of the group…
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported…
Shale producer APA misses fourth-quarter profit estimates
APA Corp, a U.S. shale oil producer, missed Wall Street's expectations on Wednesday for its fourth-quarter profits as low commodity prices offset a higher production. Brent crude futures declined 3% in 2020 as the economy of the major consumer, China, remained weak. The OPEC+…
Officials from the palm oil industry say that rising biodiesel mandate will dent Indonesian palm oil exports in 2025.
A senior industry official stated on Wednesday that Indonesian palm oil exports in 2025 are likely to fall 7.3% from the previous year to 27,35 million metric tonnes despite increased production. The world's largest producer of edible oil is increasing biodiesel production. Fadhil Hazan…
Palm oil is gaining on the strong markets of rivals
The futures for Malaysian palm oils rose on Tuesday as a result of the strength of rival oils traded on Dalian and Chicago, while participants awaited further information from an industry meeting in Kuala Lumpur. By midday, the benchmark contract for palm oil delivery in May on…
Diamondback Energy exceeds profit expectations for the fourth quarter on higher production
Diamondback Energy, a U.S. shale oil producer, surpassed Wall Street's expectations for the fourth quarter profit on Monday as higher production offset lower prices. In extended trading, shares were up 3% to $159.95. The U.S. Energy Information Administration reported that the…
Brazil adheres to OPEC+ Cooperation letter; No output caps
The Brazilian energy ministry announced on Tuesday that the country has decided to adhere the OPEC+ declaration of cooperation. This formalizes a decision it first made in 2023. Brazil is the biggest oil producer in South America. According to the country's oil regulator, its output will reach 4.32 million barrels equivalent per day by 2024.
Officials in Malaysia have announced that they will take action against fraud in the export of used cooking oil.
Malaysia's deputy commodities minister said that it would crack down on fraud within the used cooking oil sector, while western governments investigated whether the shipments of biofuels from Asia contained virgin oil. According to Deputy Plantation and Commodities Ministry Chan Foong Hin…
Indonesia is expected to complete the full implementation of B40 Biodiesel by March
Eniya Listeiani Dewi, an official with the energy ministry, said that Indonesia is expecting its B40 Biodiesel Programme, which aims to reduce its dependence on diesel fuel imported from abroad, to be fully implemented next month, after initial delays. She stated that distribution…
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per…
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq…
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.
Sources say that US energy company Talos is set to name Shell CEO Goodfellow its next CEO
Two people with knowledge of the matter confirmed on Sunday that Talos Energy is preparing to appoint veteran Shell executive Paul Goodfellow, as its new CEO. Sources said that the appointment of Goodfellow who is currently the chief internal auditor for Shell is expected to be made this week.
