ADNOC, the UAE's gas company, has completed a $2.84 billion share sale.
Abu Dhabi National Oil Co. (ADNOC), the energy giant of United Arab Emirates, announced early Friday that it had completed a 2.84 billion dollar market offering for its ADNOC Gas division. ADNOC said in a press release that the offering price was 3.40 dirhams for each share. The sale is the largest share offering in the Middle East and North Africa region (MENA) since the $12,3 billion follow-on offer by Saudi Aramco last June and the largest of recent years.
Sources say that RPT-Australian Woodside is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco-backed MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S. Presidency. Trump said that trade partners should purchase more U.S. Energy and has issued several executive order in his first week in office to boost domestic oil and natural gas production.
Sources: Woodside Australia is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco’s MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S. Presidency. Trump said that trade partners should purchase more U.S. Energy and has issued several executive order in his first week in office to boost domestic oil and natural gas production.
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or 0.4%, to $74.23.Both crude benchmarks gained for a sixth-straight day with Brent on track for its highest close since Oct.
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. West Texas Intermediate (WTI) crude futures CLc1 were up $1.5, or 2.23%, to $68.70."Events in Syria over…
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S. West Texas Intermediate Crude Futures rose 22 cents or 0.3% to $67.42 a barrel. Brent fell more…
Rosneft denies reports that 'evil Sechin’ plans to takeover Russian oil giants
Rosneft is Russia's largest oil company. It denied any reports that it was planning to take over a large chunk of the Russian Oil Sector. They said these reports were an attempt to portray its CEO, Igor Sechin as a bad influence. The Wall Street Journal reported on Russia's plans to merge Rosneft with Gazprom, Lukoil and Lukoil. This would result in one of the most powerful oil companies in the world. Rosneft released a statement regarding the reports, which it called "false-flags".
Sempra Port Arthur LNG Phase 2 is ahead of Cameron LNG, according to CFO
Karen Sedgwick, Sempra Infrastructure’s finance chief, said that the Port Arthur LNG Phase 2 project is ahead of Cameron LNG expansion. Sedgwick informed investors in a conference call that the Port Arthur project is moving faster because of a construction agreement that spans both phases with Bechtel. Port Arthur Phase 2 may receive its non-Free Trade Agreement Export Permit early next year, and the company can make a financial determination by the second quarter in 2025.
Saipem, Italy's largest energy company, increases its 2024 forecast and confirms dividend plan
Saipem, an Italian energy contractor, raised its full-year forecast and confirmed that it will resume dividend payments in 2019, after exceeding expectations for the third-quarter results. The group reported adjusted earnings between July and Septembre of 340 millions euros ($366million), above the analyst consensus of 323 millions euros compiled by LSEG. New contracts reached 6.4 billion euro in the third quarter thanks to projects awarded by Qatar and Saudi Arabia.
Baker Hughes exceeds profit forecasts on international drilling demand
Baker Hughes, a drilling equipment and oilfield technologies company, beat Wall Street's third-quarter profit estimates on Tuesday. Oilfield Services Companies have been able to offset some of their declines in North America due to the robust activity on several international markets. Lorenzo Simonelli, CEO of Lorenzo Simonelli Group, said in a press release that he was confident about achieving the midpoint for EBITDA. Baker Hughes…
Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel. Brent closed the week more than 7% down, while WTI fell around 8%. These were the biggest weekly drops since September 2…
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.45%, to $69.53 per barrel. The gains were less than 5% the dollar value of both contracts last week.
Saudi Aramco CEO calls on a reset in energy policies for developing countries
The head of Saudi Aramco, who called for a reset to policies in developing countries, said that progress in Asia's energy transition is slower, less equitable, and more complex than many had expected. Aramco CEO Amin Nasser said that even with the transition as economies expand and standards of living rise, the Global South will likely see significant growth in the oil demand for a very long time. While this growth will eventually stop, it is likely that a plateau is to follow.
Sources confirm that Egypt has awarded the tender for 20 LNG winter cargoes to Egypt.
Four trading sources said on Friday that Egypt's recent bid for 20 cargoes (cartons) of liquefied gas to cover winter demand following a sharp decline in domestic production has been fully allocated. It is the first time Egypt issued an tender to cover the winter demand since 2018. This year, the most populous Arab nation has become a net gas importer. It has purchased more than 50 cargos and abandoned plans to be a reliable European supplier.
Santos' new CFO shines spotlight on succession in top jobs
The Australian energy giant Santos announced on Thursday that Sherry Duhe, a former Woodside and Newcrest executive, has been appointed as its chief financial officer. This announcement comes amid heightened market speculation regarding a possible change in the top position. Duhe will replace Anthea McKinnell as chief financial officers. McKinnell leaves Santos after more than half a century. Kevin Gallagher, CEO of Santos in 2021…
The global oil demand must rise faster to absorb OPEC+'s hike
According to analysts, data and industry sources, the global oil demand growth must accelerate in the coming months, or else, the market may struggle to absorb a planned increase in oil production by OPEC+ starting in October. The United States and China, the two largest oil consumers in the world, failed to meet expectations for the growth of oil demand during the first seven-month period of the year. This was even before renewed fears about a U.S. economic recession led to a sell-off of global stocks and bonds this week.
Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row. The weakness of the sector is concerning for an oil industry that looks to petrochemicals as a way to maintain profits in future years when transportation fuel demand will fall with the energy shift. Industry executives and analysts report that major producers in Asia…
China Banks "Massive Volume" of Crude in May
China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare, draw of 340,000 bpd in April.When assessing the state of China's oil market, it's common to focus on the level of imports and refinery throughput…
Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B
Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.
Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery
Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.Global demand for oil is likely to recover from the second half of the year and could reach 99 million barrels per day (bpd) in 2022, Amin Nasser said at IHS Markit's online CERAWeek conference.Diesel demand has recovered globally due to door-to-door deliveries, though jet fuel lags as people avoid long flights, said Chevron CEO Michael Wirth, who spoke on a p
