BP and Iraq agree on technical terms for redeveloping Kirkuk oilfields
The British oil giant BP announced on Thursday that it had reached an agreement with the Iraqi Government on the technical conditions for redeveloping the Kirkuk Oil and Gas Fields. In August, the company signed an agreement to explore and develop the Kirkuk oilfield located in the north of Iraq.
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation.
Oil Falls as Chinese Demand Sags, Fed Ponders Rate Cut
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, which is the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.Brent crude futures fell 39 cents to $74.10 a barrel by 1:10 p.m EST…
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…
Oil Rises as Syria's Assad Departs, China eases Monetary Policy
Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.Brent crude futures were up $1.34, or 1.9%, to $72.46 per barrel at 11:25 a.m. ET (1625 GMT). U.S.
Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree
On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin.
Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'
Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers…
Alberta, Canada's oil province, will clean up 5% of its inactive wells by 2023
A regulatory report on Thursday said that the number of inactive gas and oil wells in Alberta, Canada’s largest fossil fuel producing province, dropped 5% from 2022 to 2023, indicating progress in reclamation and decommissioning work. Alberta has 79,000 inactive wells compared to 83,000 in 2012.
What OPEC+ oil production cuts are currently in effect?
OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months.
Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.
Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal…
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia…
Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode
LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division.
BP and its partners invest $7 billion into a carbon capture project in Indonesian Papua
BP and its partners announced that they will invest $7 billion into a carbon-capture project and the development of gas fields in Indonesia's easternmost Papua Region, which could unlock an additional 3 trillion cubic feet in gas resources. The British oil producer announced its…
Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is…
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. In September, the FTC barred John Hess's participation on Chevron’s board of directors as part a consent order allowing the proposed acquisition.
Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends
According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111 billion plan to its board for 2025-2029. The filing stated that the business plan allows ordinary dividends starting at $45 Billion for the period and up to $10 Billion in extraordinary dividends.
Viaro CEO accused of forging documents in UK lawsuit to steal millions
Former employer of the CEO of an independent British Oil Producer who is purchasing North Sea assets from Shell and Exxon Mobil, is suing him for allegedly falsifying documents in order to steal substantial amounts. Court documents show that Viaro Energy's CEO Francesco Mazzagatti…
Occidental Petroleum exceeds profit expectations for the third quarter on higher production
Occidental Petroleum, a U.S. oil-and-gas firm, beat Wall Street expectations for the third quarter profit on Tuesday. However, overall earnings dropped 14% due to losses on asset sales and a decline in chemical results. The third quarter results of oil companies were lower than the previous year due to lower prices for oil and gas.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America.
WSJ reports that Russia is exploring a plan to merge Rosneft, a Gazprom subsidiary, and Lukoil.
The Wall Street Journal reported that Russia is working on plans to merge Rosneft oil, a state-backed company, with Gazprom, creating the second-largest crude oil producer in the world. The newspaper reported that executives and government officials have been in talks over the last few months.
