Sarawak challenges three federal laws in the top court of Malaysia
Sarawak's government announced?on Monday it had filed a petition with the highest court of Malaysia to challenge three federal laws that govern petroleum. This is part of an?effort broader?to gain more control over the state's natural resources. Sarawak will set up its own company, Petros, in 2024 to purchase, distribute, and supply all the natural gas produced within the state. This puts it at odds with Petronas - the national energy firm. Sharifah Hasidah Sayeed Aman Ghazali is a deputy minister at the Sarawak Premier's Department. She said that the state authorities in Sarawak are attempting to determine whether the Petroleum Development Act of '74…
Romgaz CEO: If acquisition proceeds, Romgaz will need more funding to complete gas project.
If the acquisition of a ailing fertilizer producer by Romgaz this year goes through, it may have to use additional funding to pay for its portion of offshore project Neptun Deep. Romgaz and OMV Petrom have teamed up to develop Neptun Deep, one of Europe's largest natural gas reserves. Both companies will share the estimated cost of 4 billion?euros ($4.72billion) for this project. Romgaz issuing euro-denominated bonds since 2024 via a programme of euro medium-term notes to finance its part of the project. However, it may need to raise more funds if the Azomures purchase goes ahead this year.
Prices for EUROPE GAS are down due to the warmer weather.
Dutch wholesale gas prices fell on Monday, following a decline in the previous trading day. Warm weather forecasts lowered demand. By 0926 GMT, the Dutch contract for the first month was down 1,58 euros to 31.73 euros per megawatt hour. The contract for April is down 1.51 euros, at 31.4 Euro/MWh. The outlook for today is further price weakness. Weather model updates for the weekend were bearish. Temperatures are now expected to 'be notably higher near term, and extend through the first 'two weeks of march, said Wayne Bryan, LSEG Gas Research Principal. This has led to a drop in the demand forecasts.
Saudi Aramco has sold its first Jafurah condensate cargos to US firms and India, according to sources
Four 'trade sources' said that Saudi Aramco, the state energy giant, has sold several cargoes - of ultra-light crude oil from its $100 billion Jafurah plant - to U.S. refiners and majors in India as it prepares to ship its first cargo this month. Aramco is aiming to increase its natural gas production to become one of the world's major players and expand its light crude grade offerings. The Jafurah Project, which contains an estimated 229 trillion standard cubic feet of raw gas, and 75 billion barrels condensate of liquid gas, is at the heart of its ambitions. Sources said that U.S.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.
Turkmenistan’s former president says diversifying the gas exports to Turkmenistan is a 'primary objective'
According to the transcript of a Sunday interview, former Turkmen president Gurbanguly Berdymukhamedov stated that his country's 'primary goal' was to diversify its exports of its massive gas reserves. The fourth largest in the world. Turkmenistan, a?mostly desert? country of 7 million people, has been limited in its gas exports by the lack of pipeline infrastructure. The majority of Turkmenistan's gas exports go to China. Berdymukhamedov was president of Turkmenistan from 2007 until 2022. He then stepped down to be replaced by his son Serdar. He is still influential in his role as "National Leader" of Turkmenistan.
Baker Hughes reports that US drillers have kept the number of oil and natgas drilling rigs unchanged for a second consecutive week.
Baker Hughes, a leading energy services company, said that the number of oil and gas rigs in the United States remained unchanged this week for a second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, remained at 551 during the week ending February 20. This is the same as the previous week. Baker Hughes reported that despite the lack of movement this week, there were still 41 rigs or 7% less than this time last year. Baker Hughes reported that oil rigs remained at 409 this week while gas rigs remained at 133.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.
India's infrastructure production rises by 4% in January
India's infrastructure production rose 4% in January compared to the same period last year, thanks to strong growth in cement and steel production, according to a report released by the government on Friday. The index which measures the activity in eight sectors, and represents 40% of industrial production in the country, rose at a revised rate of 4.7% on an annual basis. * The cement?output increased 10.7% on an annual basis in January, compared with a 13.7% increase that was?revised in December. * Steel production rose 9.9% year-on?year in January, compared with a revised 10.1% growth month?ago.
NYT: Trump's ally Novatek signs deal with Russia on natural gas in Alaska
The New York Times reported that American financier 'Gentry Beach', who is a close friend of Donald Trump's family, had signed an agreement last fall with Russia's Novatek to develop natural gas for Alaska during the Western sanctions against Russia. Trump and Russian President Vladimir Putin held talks in Alaska in August to end Russia's war against Ukraine. On the sidelines of negotiations, U.S. officials and Russian officials discussed a number of?potential deals in energy. According to sources familiar with the discussions, the business proposals…
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions against Venezuela's energy industry this month by issuing general licences that allow global energy firms to operate oil projects and gas in the OPEC nation.
Prices for EUROPE Gas remain firm as tensions between the U.S. and Iran continue
Dutch and British wholesale natural gas prices rose on Friday morning after a sharp increase in the previous session. This was due to tensions between Iran and the United States that could impact the shipping of LNG. Gas market concerns are any possible disruptions of LNG shipments via the Strait of Hormuz. This is especially true for Qatar, the second largest gas supplier in the world. In intraday trading on Thursday, the Dutch front-month contract jumped as high as 16%. Data from LSEG shows that the last time a price rose more than 27.54% in a single day was on Aug. 9, 2023, due to fears of 'Australian LNG strikers.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Credit insurer Coface announced a?full year net income?of 222 millions euros ($261.16?million). They are proposing a dividend per share of 1.25 euro for 2025. GTT, a specialist in LNG containment systems, reported a full-year EBITDA totaling 542 million euro. The company proposed a record dividend per share of 8.94 euro. The company forecasts that its EBITDA in 2026 will be between 490 and 530 millions euros. Imerys, a mineral specialist…
Shell claims US general exploration licenses in Venezuela will enable it to move forward with Dragon natural gas project
Shell's Dragon gas project will be able to move forward with the general licenses issued by the U.S. for oil and natural gas exploration in Venezuela this month, according to a Shell spokesperson on Thursday. As U.S. policies toward Venezuela have shifted, the project has been plagued by a series of starts and stops. The company spokesperson said that the recent general licences are a "positive signal" and allow for progress to be made on the Dragon project. Shell hopes to export gas from Venezuela through the Atlantic LNG facility located in Trinidad and Tobago. Shell spokesperson stated that the company doesn't 'generally' comment on possible dates for investment decisions.
Exxon will determine the size of the natural gas reserves in Guyana's Stabroek Block.
Guyana’s energy minister stated that Exxon Mobil continues to work on determining the size of natural resources in Guyana’s?prolific Stabroek Block as the company pursues wider development of the resource. Previous statements by the U.S. oil giant, who leads the consortium operating the Stabroek Oilfield, have stated that ongoing efforts are being made to better understand the mixture of crude oil, associated gas and non-associated gases. It is crucial to estimate the potential of gas projects for both the domestic and export markets. Vickram Bharrat said that Exxon needs to continue to work on evaluating the amount of natural resources in Guyana.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month. They issued general licenses allowing global energy companies the opportunity to operate oil projects and gas in Venezuela.
Repsol aims to increase payouts and oil production this year
Repsol, the energy group, pledged to its shareholders on Thursday that it would distribute 1.9 billion euro ($2.2 billion) in dividends and share buybacks during this year. It also promised to increase production at its upstream businesses. The Spanish company made shareholder returns one of the top priorities of its strategic plan. It aims to maintain buybacks at 700 million euro this year while increasing dividends by 7.8%, to 1.05 euros per share. The company's return last year was around 1.8 billion euros. Repsol's plans to buy back shares contrast with those of its larger competitors TotalEnergies and BP…
In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this amount has been drained since Russia started its military campaign against Ukraine in February 2022. Calculations are based upon data on production, refining and supplies of oil and gas on the domestic and international market.
Turkey declares Greece-Chevron activities off Crete illegal
The Turkish government said that it was opposed to Greece's unilateral?activities? in the energy fields south-west of Crete, with a consortium headed by?U.S. Chevron, a major oil company, as a violation of international law and good neighbourly relations. Athens responded that its policies adhere to international law. Chevron and its consortium signed exclusive lease agreements Monday to search for natural gas offshore southern Greece. This expands U.S. presence throughout the eastern Mediterranean. The report said that while the activity did not directly affect Turkey's continental shelves…
Gunvor Management Buyout Values Trading Group at Around $5 Billion, Sources Say
According to two sources, and a calculation made based on the financing of the deal via a loan given to employees, a management buyout has valued Gunvor at around $5 billion. Two sources familiar with the deal said that Gunvor's founder Torbjorn Tornqvist provided a loan to employees of more than 4 billion dollars for the buyout. According to the calculations of the two sources, the loan values Gunvor at $5 billion based on Tornqvist’s 86% stake. The financing of this deal provides a rare glimpse into the value of a privately owned commodity trading company. Prior to this, the size of the loan as well as its terms of repayment had not been reported.