Next week, a US Senate panel will hold hearings about Trump's energy choices
Mike Lee, chairman of the Senate Energy Committee, announced on Thursday that nomination hearings will be held for Donald Trump's nominees to energy positions on Tuesday and/or Wednesday next week. On Tuesday, January 14th at 10:00 a.m. (14:00 GMT), the committee will hear Doug Burgum's nomination to be Secretary of Interior.
Next week, a US Senate panel will hold hearings about Trump's energy choices
Chairman of the U.S. Senate Energy Committee, Michael McCormack, announced on Thursday that nomination hearings will be held for Donald Trump's nominees to energy positions on Tuesday and/or Wednesday next week. On Tuesday, January 14th at 10:00 a.m. (14:00 GMT), the committee will hear Doug Burgum's nomination to be Secretary of Interior.
Orlen, a Polish company, plans to invest 380 billion Zlotys (about $3.8 billion) by 2035
Orlen, Poland's oil retailer and refiner, plans to invest between $84.3 billion and $91 billion by 2035. This compares to the 320 billion zlotys in investments that were envisaged for an eight-year period under the 2022 Strategy. Orlen shares fell as much as 3,2% after the announcement of Orlen's strategy, but they were only down 0.1% as of 1017 GMT.
Norway's gas production will be slightly lower than the record set in 2025.
The Norwegian Offshore Directorate said that the Norwegian natural gas production is expected to decline slightly this year. It rose 6.9% to a new record of 124 billion cubic meters (bcm). Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union.
Shell downplays Namibia's oil discovery as a blow to the country
Shell has written down $400 million in oil discoveries offshore Namibia, which it considered commercially unviable. This is a major blow to Namibia's attempts to become a crude-producing country. Shell, its partners QatarEnergy, and Namibia's National Oil Company discovered hydrocarbons in block PEL39 2022. This discovery…
Shell warns about weaker LNG and oil sales in the fourth quarter
Shell cut its forecast for liquefied gas production in the fourth quarter of the year on Wednesday. It also said that oil and gas trading is expected to be lower than the results from the previous three-month period. Shell said in a trading update before the full-year results on Jan. 30, it would also take non-cash impairments of $1.5 billion up to $3 billion…
India's ONGC partners with BP to increase production at its largest oil field
India's leading explorer Oil And Natural Gas Corp said on Wednesday that energy giant BP would act as a technical service provider in order to boost oil and natural gas production from the largest producing field of India, located off India's West Coast. BP has pledged an increase in oil and gas production from the Mumbai High Field, discovered in 1974.
Winter storms in the US could lead to power outages and a reduction of natgas supplies
According to energy analysts, the next few weeks could see massive power outages across the U.S. and a spike in natural gas demand. As a result of the "freeze offs" of oil and gas pipes and wells, the demand for gas is expected to increase. According to the U.S. Energy Information Administration, gas is responsible…
Egypt and Eni announce that drilling ships will begin work on the Zohr gas fields
Egypt's Petroleum Ministry said that a drilling ship would arrive in Egypt next month, as Eni begins work to increase production at the massive Zohr offshore field. Egypt planned to become one of the world's major gas exporters after Eni found the field in 2015. However, domestic gas production has fallen in Africa since 2021 and reached a six-year minimum in 2024.
Gazprom expects the price of export gas to decline in 2025
Gazprom, the Russian gas producer, said that it expects to see export gas prices fall below current levels in Europe and Asia in 2025 and on average lower than 2024. The Russian economy ministry also stated that it expects the price of Gazprom gas outside ex-Soviet Union countries to fall by 2025. It is expected that prices will average $304.4 per 1000 cubic metres…
Norway's oil and gas production fell in November but exceeded forecast
Norwegian Offshore Directorate said Friday that although the combined oil and natural gas production in Norway decreased from November of last year, it was still 2,6% higher than the official forecast. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields.
Shell submits offshore drilling plan for Suriname to environmental approval
BG International, a Shell unit operating in Suriname plans to submit a proposal to the country's environment agency to drill up to four explorations wells offshore Block 65. This was revealed by a document from the company on Tuesday. Suriname has begun its journey to offshore oil and gas production. An $10.5 billion project between TotalEnergies APA Corp.
China's oil refinery production in November increased by 0.2% year/year
China's refinery output in November increased slightly compared to last year, ending a seven-month drop, according to official data released on Monday. The National Bureau of Statistics (NBS), according to its data, showed that refiners processed 58.51 millions metric tons of crude last month. This is equivalent to 14,24 million barrels of oil per day.
Cenovus Energy predicts increased production by 2025 for new projects
Cenovus Energy, a Canadian energy company, forecasted higher oil and natural gas production in 2025. It expects to benefit from the new projects that will be coming online. According to LSEG, the company expects upstream production of between 805,000 and 845,000 boepd by 2025. The midpoint is higher than analyst estimates of 820140 boepd.
EIA: US natgas production will decline in 2024 as demand reaches record levels, EIA reports
The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook, released on Tuesday, predicted that U.S. Natural Gas production would decline by 2024 and demand would rise to a new record. EIA predicted that dry gas production would decline from a record 103,8 billion cubic feet per a day in 2023 down to 103.2 bcfd by 2024 due to fewer drilling activities.
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, the market, and other economic factors.
Chevron will take on up to $1.5 Billion in charges for the fourth quarter
Chevron, the U.S. oil company, announced Thursday that it would take charges of up to $1.5billion in the fourth quarter for restructuring costs, asset impairments and sales costs. The company stated in a press release that the majority of the charges were for job reductions and relocations scheduled for the next two-years.
Russia's oil production in 2024 is expected to decline from 518-521 million T
Interfax news agency reported that Deputy Prime minister Alexander Novak said on Thursday that Russia will produce between 518-521 millions metric tons of oil (10.36-10.42million barrels per day). This amount is also expected in 2025. In September, he had predicted a production of 515-521 millions tons. In 2023, Russia produced 529…
Equinor and Shell form UK Oil and Gas Joint Venture
The Norwegian group announced on Thursday that Equinor, a Norwegian oil company, and Shell would combine their British offshore assets in order to form a new entity owned by each party at 50%. The joint venture is expected to be the largest independent producer in the British North Sea by 2025, Equinor stated in a press release.
EIA reports that US oil production fell by the most in September since January.
The U.S. Energy Information Administration's (EIA) data showed that the crude oil production in the United States fell by 157,000 barrels a day (bpd), month-over-month, to 13,20 million bpd during September. This was the biggest decline since January. As Hurricane Francine, and Hurricane Helene made landfall in the Gulf of Mexico in September…
