FTC moves to reverse Chevron and Exxon board restrictions
The U.S. Federal Trade Commission has taken a step towards potentially reversing the bans that were placed by the Biden Administration on the joining of the boards at Exxon Mobil and Chevron as a condition for allowing them to acquire two other oil companies.
Brazil prepares a new oil auction amid trade war threats to budget, sources claim
Four people with knowledge of the situation said that Brazil is planning to auction off stakes in offshore oil fields this year as a way to increase revenue. The plan has gained momentum amid declining oil prices and increasing global trade uncertainty.
Occidental Petroleum announces higher oil and gas prices in Q1
Occidental Petroleum, a U.S. shale company, said that the prices received by the firm for its oil and gas production in the first quarter of this year were higher than the previous three months. Benchmark Brent crude averaged $74.98 per barrel in the first quarter of 2018…
Chevron will triple-frac half of Permian wells by 2025 in order to reduce costs and time
HOUSTON, 9 April - U.S. Oil Major Chevron plans on increasing the use of a method that allows it fracture subterranean rocks in three wells simultaneously in the Permian Basin, according to the company. This is in an attempt to reduce the time and costs of oil production.
The Malaysian palm is poised to gain a weekly profit on the strength of physical demand
The price of Malaysian palm oils rose for the third session in a row on Friday. This was due to strong demand before Eid al-Fitr, an Islamic holiday. Also, rival vegetable oil prices were strong. By midday, the benchmark palm oil contract on…
Liberty CEO Gusek views steel tariffs as having a modest impact on oilfield services
Ron Gusek, Liberty Energy's Chief Executive Officer, said that the tariffs imposed by President Donald Trump on steel imports will have a modest impact on oilfield service providers' earnings. Trump has imposed tariffs of 25% on steel and aluminium on March 12 and could be imposing more on April 2.
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%…
Carlyle is looking for buyers of Colombian oil producers
According to sources familiar with the matter, Carlyle's private equity group is looking for a buyer of its Colombian oil company SierraCol. The price would be around $1.5 billion. SierraCol was established by Carlyle in 2020, after purchasing assets from Occidental Petroleum.
Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was…
Chinese Companies Shy Away From Russian Oil
Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow, multiple trade sources said.Russian…
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop.
UAE's ADNOC CEO pledges US gas investment
ADNOC's international investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and is one of the top oil producers in the world. ADNOC’s wholly owned international investment arm XRG…
UAE's ADNOC CEO pledges US gas investment
ADNOC's investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and one of world's largest oil producers. ADNOC’s fully-owned investment unit XRG, which has assets worth about $80 billion…
Saudi Arabia's GDP will grow by 1.3% between 2024 and 2024
Preliminary government data released on Sunday showed that Saudi Arabia's economy will grow by 1.3% in 2024. This growth is due to increased non-oil activities and government initiatives. Data released by the General Authority for Statistics revealed that non-oil activities grew by 4.3%…
Baker Hughes, CERAWEEK: Oil producers are unlikely to spend more this year
Baker Hughes CEO Lorenzo Simonelli stated on Monday that U.S. producers of oil and gas are unlikely to increase their spending this year. Instead, the output will be boosted by improved efficiency rather than through new drilling. The U.S. administration…
UK replaces windfall oil tax with consultation on clean energy future
Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations.
Trump's tariffs threaten Canada's oil and natural gas drillers
Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented.
Devon Energy's production increases help it beat the fourth-quarter profit forecast
Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December.
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.
Novak claims that OPEC+ discussed Trump's call to increase oil output
Alexander Novak, Deputy Prime Minister of Russia, said that the Joint Ministerial Monitoring Committee of the OPEC+ Group of Leading Oil Producers discussed U.S. president Donald Trump's request to increase oil production. Novak said in comments…
