Australian gas producer Santos wins court fight over net zero claims
A court in Australia dismissed a lawsuit filed against the gas producer Santos on Tuesday. The suit alleged that the company had misled the public about its plans to achieve "net zero carbon emission". The Australasian Center for Corporate Responsibility (an activist shareholder) filed the lawsuit in 2021. It claimed it was the first of its kind to challenge a company's target of net zero carbon emissions in any country.
Maurel & Prom hopes for a resumption of Venezuelan oil sales boosted with the easing of sanctions
Maurel & Prom, a French oil producer, is optimistic that it will be able to resume the export of Venezuelan crude oil soon after the United 'States government eased'sanctions against the country on Friday. On Friday, the U.S. government issued two general licenses, allowing major energy companies to operate in OPEC-member Venezuela. This is the biggest easing of sanctions against Venezuela since U.S. troops 'captured' and removed President Nicolas Maduro.
Brazil's Raizen claims $2 billion in impairment is due to financial issues and not operational challenges
Executives said that Brazil's Raizen had no operational issues and its third quarter impairment of 11.1 billion Reais ($2.12billion) reflects financial difficulties but does not impact liquidity. This was after the company announced "significant uncertainty" regarding the firm's ability?to continue operating. Late Thursday night, Raizen, a joint venture of Shell and Brazilian conglomerate Cosan, reported a quarterly net loss record of 15.6 billion Brazilian reais…
Caturus signs a 20-year LNG Supply Deal with Saudi Aramco
U.S. Gas Producer 'Caturus' said on Friday that its unit, Commonwealth LNG, had signed a twenty-year agreement with Saudi Aramco to supply 1,000,000 tonne per year of lNG from?its proposed Louisiana Export Project. The U.S. is working hard to surpass Qatar and Australia as the largest LNG exporter in the world. Since President Donald Trump lifted the pause on export permits last summer, commercial activity in the LNG sector has risen.
Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035
Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for LNG will grow by 75%, to 700 million metric tons annually, in 2035. This could lead to a shortage of LNG along the Pacific coast, including Asia. Inpex, who runs the Ichthys LNG Project in Australia and develops Abadi LNG in Indonesia, said that it expects global LNG consumption to rise from its current 400 million tons annually, driven by Asia-Oceania?region needs, in its results presentation released on Thursday.
Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035
Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for liquefied?natural gas will grow by 75%, to a total of?700 millions metric tons per year in 2035. This could lead to a shortage in supply in the Pacific coast region, which includes Asia. Inpex, who runs the Ichthys LNG Project?in Australia, and develops Abadi LNG Facility?in Indonesia among other assets, expects that global LNG demand will increase from its current level of 400 millions tonnes per year…
Norway oil investment set to decline by 2026, according to a survey
A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed. Norway is the world's second largest oil producer and supplies about 30% of Europe’s gas after it became its biggest pipeline gas supplier in 2022, following Russia's invasion.
Andy Home, Andy Home: The US and Canada are now working together to secure critical minerals.
The U.S. president Donald Trump just announced "Project Vault", an $12 billion stockpile of critical minerals intended to protect U.S. manufacturing companies from disruptions in supply. The U.S. will need help to fill up the Vault's 60 critical minerals. The friend-shoring game is back and with a vengeance. As the U.S. tries to build a metal alliance to loosen China’s grip on the metals at the core of modern technology. The U.S. has more friends now than ever.
Palm gains on bearish outlook, slightly weaker Ringgit
After a selloff triggered by a major data release and a bearish outlook, Malaysian palm futures gained on Wednesday, snapping the losses of the previous session. The ringgit was also marginally weaker. By midday, the benchmark palm oil contract for April delivery at the 'Bursa Malaysia Derivatives Exchange' had risen 27 ringgit (0.66%) to 4,122 ringgit (1,050.46) per metric tonne. The market has adjusted…
Sources say Mercuria is moving closer to purchasing Raizen's Argentine assets worth over $1 billion.
According to two sources familiar with the situation, a Swiss-founded energy company Mercuria Energy Group is advancing in its bid to purchase a'refinery' and a large number of gas stations located in Argentina. The acquisition would be from Raizen, a Brazilian sugar and ethanol producer in financial trouble. A source told us that the deal may be done soon, but there is still a chance it won't be. The signing could still be weeks away according to a second source.
Sources say Mercuria is moving closer to purchasing Raizen's Argentine assets worth over $1 billion.
According to two sources familiar with the situation, Mercuria Energy Group is advancing in its bid to purchase a refinery in Argentina and hundreds of gas stations from Raizen, a Brazilian sugar and ethanol producer in financial trouble. A source told us that the deal may be done soon, but there is still a chance it won't be. The signing of the agreement could be weeks away, according to a'second source.' She added that the transaction will likely exceed $1 billion.
China's coal production in 2026 is expected to grow at the slowest pace this decade, despite lower imports
A major coal industry group announced?on? Tuesday that China's coal production is expected to increase by 35 million metric tones to 4.86 billion tons in 2026. This would be the slowest rate this decade, despite?projections? of a second consecutive drop in annual imports as a result of Indonesia, its top supplier, ceasing spot exports. China Coal Transportation and Distribution Association said that production by the world's largest producer…
Presidio, a US energy company, plans to use a Goldman Sachs debt facility worth $1 billion to finance deals.
Presidio Investment Holdings and Goldman Sachs are working on a debt?facility of up to $1 billion, which will give the U.S. Oil and Gas Producer a war chest to pursue acquisitions when it becomes a public listed company. Energy producer EQV Ventures Acquisition Corp. will list the company in a few weeks through a merger with blank-check firm EQV Ventures Acquisition Corp. Presidio's model is to improve production by improving operations at existing oil and gas fields…
Palm oil ends lower following the release of MPOB data and rival oils' weakness
Malaysian palm oil prices fell after Tuesday's release of the key data by Malaysian Palm Oil Board (MPOB). Meanwhile, weakness in other edible oils on the Dalian and Chicago market also affected sentiment. The benchmark palm oil contract on Bursa Derivatives Exchange for April delivery fell by 63 ringgit or 1.51% to 4,097 Ringgit ($1,044.89) per metric ton. Data revealed that Malaysian palm oil stocks fell 7.72% in January, for the first time in 11 months.
Norway's Vaar Energi raises production goal, beats profit expectations
Vaar Energi is majority owned by Italy's Eni. On?Tuesday, it raised its production target and reported a higher than expected operating?profit in the fourth quarter. However, Vaar Energi said that they would be cautious with their dividend guidance because of lower oil and gas prices. Oslo-listed Vaar’s earnings before interest, tax and other expenses for October through December dropped 5.8% year-on-year to $947 millions on lower oil prices.
Palmetto erases gains due to market caution and Dalian weakness
Malaysian palm oils futures lost their early gains on Tuesday before the release of the MPOB data at midday. Weaker rival edible oil prices in the Dalian market also weighed on sentiment. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 39 ringgit or 0.94% to 4,121 ringgit (1,050.74) per metric ton. The market was cautious as the MPOB January data was released at midday.
Brazil's Raizen hires financial and legal advisers to try and fix its fortunes
To improve its liquidity, Brazil's Raizen appointed Pinheiro Neto & Cleary Gottlieb to act as legal?advisers as well as Rothschild & Co. as financial advisors. The sugar and ethanol producer, which is in dire straits, has also announced that it and its advisors have begun an exploratory and preliminary assessment of financial and economic alternatives as they try to turn their fortunes around. Raizen is a joint venture of Brazilian conglomerate Cosan with London-listed Shell.
Expand Energy CEO to leave and move to Houston
Expand Energy, a natural gas producer, announced the departure of its CEO Domenic Del'Osso on Monday. It also stated that it plans to move its corporate headquarters from Oklahoma City to Houston this year. The company announced that Michael Wichterich, its chairman, has been named interim chief with immediate effect. Dell'Osso is to serve as an outside adviser during the transition period. Wichterich is the chairman of the company since 2021. He was previously interim CEO in 2021.
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction" can be recognized or considered valid until a formal application is submitted, and the prescribed legal process has been completed.French oil giant TotalEnergies…
Cristal Union announces higher sugar and ethanol production in 2025/26
After integrating a new refinery, and taking advantage of higher sugar beet yields this season, France's second largest sugar producer Cristal Union has produced 6.5% more sugar and 5% alcohol and ethanol. The cooperative said it would produce 1.6 million metric tonnes of sugar from beets, and 2.1 millions hectolitres each of alcohol and bioethanol by 2025/26. This compares to 1.5 million 'tons of sugar, and 2,000,000 hectolitres each of alcohol and bioethanol last season.