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British Business – February 26
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. BP, the oil major in Iraq, and the Iraqi government have agreed to allow the energy group work on the redevelopment and exploitation of four large gas and oil fields in Kirkuk.
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BP changes course by increasing fossil fuel investments while cutting back on renewable energy
BP announced on Wednesday that it would increase its annual oil and natural gas investment by $10 billion. This will return the focus to fossil-fuels as part of Murray Auchincloss’ efforts to improve financial performance and boost returns. The oil giant has slashed its planned annual…
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Copper giant Chile is'monitoring" US probe on potential metals tariffs
The Chilean Foreign Ministry said that on Wednesday it was "monitoring' a U.S. investigation looking at potential new tariffs for copper imports, a critical metal used in electric vehicles, military equipment, the power grid, and many consumer products. In a brief response, the ministry stated that it would monitor the situation after U.S.
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EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels…
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Exports of crude oil by Mexico's Pemex fell 44% in January
Official numbers reveal that crude oil exports from the Mexican state energy company Pemex fell 44% in January, compared to last year, to 532 404 barrels per daily (bpd), their lowest level in decades. The company admits it has been struggling with crude's quality. The level for January…
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Shell's LNG enthusiasm for Asia is hampered by a conundrum of volume and price: Russell
Shell's long-term outlook is contradictory, which shouldn't be surprising. Shell's annual LNG outlook was released last week.
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EIA reports that US oil and natural gas production reached a record high in December.
The U.S. Energy Information Administration reported on Friday that U.S. crude and natural gas production set records in December…
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Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for a fifth consecutive…
Latest news
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FTSE 100 closes February at record high, boosted by earnings
The UK's benchmark FTSE 100 index closed at its highest level ever on Friday. This was boosted by corporate earnings, including…
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Equinor Norway LNG plant will be off-line March 10-14
According to a Friday regulatory filing, Equinor will shut down its Hammerfest LNG Terminal from March 10 through March 14…
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Petrobras will commission four additional ships by 2026, bringing the total to 48.
Magda Chambriard, the Chief Executive of Petrobras, said that four new support vessels would be ordered by the company by 2026.
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Data shows that Russia's LNG exports between January and February fell 7.3%.
LSEG released preliminary data on Friday showing that Russia's LNG exports in the first half of this year were down 7.3% compared to a year ago…
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EUROPE GAS prices extend gains amid LNG worries and colder weather
The European and British wholesale prices of gas extended their gains from the day before, due to colder weather forecasts.
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China reduces carbon intensity by 2024, but still falls short of key targets
China's economy has become less carbon-intensive last year, thanks to a record increase in renewable energy capacity. However…
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EOG Resources exceeds profit expectations for the fourth quarter on higher production
EOG Resources surpassed fourth-quarter profit expectations on Thursday as higher production helped offset lower oil price.
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Alberta projects C$5.2-billion budget deficit if Trump tariffs proceed
Alberta, Canada's oil producing province, forecasted a deficit of C$5.2billion ($3.5billion) for fiscal 2025/26 if U.S. Tariffs were implemented.
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Staff of Brazil's Ibama recommend against Petrobras drilling Amazon region
Two sources with knowledge of the matter said that the technical staff at Brazil's environment agency Ibama recommended to…
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Expand Energy is on track to increase US natgas production to meet the growing demand
Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday…
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Data shows that Portovaya, Kryogaz-Vysotsk and other Russian LNG exporters have stopped LNG exports due to sanctions.
LSEG data on Thursday showed that two small-scale Russian LNG producers located along the Baltic Sea shores, Portovaya LNG…
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Spain's Endesa faces new arbitration over LNG contract dispute
The Spanish power utility Endesa faces a new arbitration over a price review for a long-term contract to supply liquefied gas (LNG)…
Exploration
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Mexico advances energy reform to reinforce dominant roles of state-owned companies
Mexico's Senate passed on Wednesday laws for an energy reform which strengthens the dominance of state-owned companies Pemex CFE…
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US Senate confirms Trump's trade chief Greer before Canada and Mexico tariffs
The U.S. Senate voted overwhelmingly on Wednesday to confirm Jamieson Grer as U.S. trade representative, giving the veteran…
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Copper giant Chile is'monitoring" US probe on potential metals tariffs
The Chilean Foreign Ministry said that on Wednesday it was "monitoring' a U.S. investigation looking at potential new tariffs for copper imports…
Drilling
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British Business – February 26
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy.
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Iraq and BP agree on four Kirkuk oil fields
Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday.
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Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services.
Production
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Chevron restructures its business and reshuffles the leadership
Chevron announced on Monday that it will reorganize its business structures, and reshuffle its leadership team. This is the…
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ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia
ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment…
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Guyana will soon sign a oil deal with TotalEnergies led group
Energy Minister Vickram Bharrat said that Guyana is expecting to sign a production-sharing agreement soon with a French consortium…
