Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years
Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears about energy independence have grown due to dwindling supplies of gas. Chief Executive Ricardo Roa stated that the total 1P reserves for 2024 is equivalent to 1.88 billion barrels oil equivalent at the end of 2023. Roa said that almost 90% of the reserves were in Colombian fields and 11% in operations conducted by the company in the U.S.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay more money for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results. Options include subsidising green plants or green steel products, as well as instituting carbon taxation to encourage producers to change their methods of making steel.
Japan has a plan to make green steel work.
The energy transition is a major challenge, and one of them is decarbonising steel production. This is especially true when consumers around the world are unwilling to pay a premium for greener steel products. In order to achieve this, government policies and regulations will likely be used to set prices in a sector that is responsible for 8% of the global carbon emissions. It is a debate about which policies will produce the fastest and best results. Options include subsidising green plants or green steel products, as well as imposing carbon taxes to encourage producers to change their methods of making steel.
Official Russian energy says US sanctions shouldn't hinder oil trade with India
The latest sanctions by the United States against Russia shouldn't affect the oil trade between Moscow and India, Pavel Sorokin said, Russia's first vice minister of energy, on Tuesday. He added that it is too early to determine the effects. India has become the largest buyer of Russian oil shipped by sea at a discounted price after Western nations implemented sanctions against Moscow and reduced their energy purchases as a response to Russia's invasion in Ukraine in 2022. Washington imposed new sanctions last month targeting Russia's supply chain for oil.
Minister says Canada's Alberta is looking to Japan for new LNG contracts amid US tariff threats
Rebecca Schulz is the minister for environment and protected areas in Canada's Alberta, which is a major producer of gas. She said that expanding into Japan was an important goal in light of a U.S. Tariff threat. Schulz, in an interview with a Japanese journalist in Tokyo on Wednesday evening, said: "The United States is a good example of why we need to diversify the markets we export to. Over the last week, she has met with officials, business lobbies, and company representatives. These include JERA, Japan’s largest LNG buyer, JOGMEC (Japan Gas Association), which is chaired by a Tokyo Gas executive.
The oil price is dropping on the plan to increase US oil production, and the tariffs are being re-instated
Oil prices fell in Asian trading Tuesday, after President Donald Trump announced his plan to increase U.S. production of oil and natural gas and delayed the application of new tariffs. Brent crude futures fell 11 cents or 0.14% to $80.04 a barrel at 0156 GMT. The West Texas Intermediate crude contract for March, the most active one on the market, fell 67 cents from Friday's closing price to $76.72 per barrel. Due to a holiday, there was no settlement on the U.S. oil market for January 20. The contract for February expires Tuesday. Donald Trump announced plans to increase U.S. production of oil and natural gas.
Biden administration protects more Alaska refuge from drilling
The administration of President Joe Biden moved on Thursday to restrict oil and gas drilling in more areas of Alaska's Arctic National Wildlife Refuge. This was a last minute move to frustrate President-elect Donald Trump’s plans to increase drilling in this area. The Interior Department which manages ANWR said that it had identified certain areas of refuge to be protected in order to preserve the fish and wildlife used there by subsistence hunter. Laura Daniel-Davis, Interior's Acting Deputy Secretary, said: "Fish, wildlife, and the land have been a source of food for Alaska Natives in this area for millennia.
Canada approves Bunge-Viterra merger worth $34 billion with conditions
Canada approved Bunge's $34 Billion merger with Glencore-backed Viterra on Tuesday, subject to conditions. This was the last remaining obstacle for an unprecedented global agricultural tie-up. According to a release from the Transport Ministry, the conditions of the approval are Bunge's divestiture six grain elevators located in Western Canada as well as a binding Bunge commitment to invest C$520,000,000 ($362,000,000) in Canada over the next five-year period. According to the ministry, approval requires that Bunge's minor stake in Saudi grain company G3 be subjected to strict and legally-binding controls.
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel. He plans to offer investors dozens of new oil blocks and gas blocks in the coming years. KUFPEC has already started operations in the Natuna Sea. It holds a participation interest in Natuna Block B, which supplies natural gas to Singapore.
Canada Environment Minister warns oil companies against retaining emissions data
Canada's Environment Minister warned Wednesday that oil companies who withheld data on emissions would be violating federal law. This was after Alberta's Premier said the province had considered measures to stop a proposed cap. Danielle Smith, Premier of Alberta, said on Tuesday that her government will introduce a motion to the legislature to allow them to challenge Ottawa's proposed cap on oil and gas emissions. Alberta, Canada's largest oil and natural gas province, is also looking into other ways to undermine the cap should it become law.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Brent crude futures fell 31 cents or 0.4% to $73.56 a bar by 0340 GMT, while U.S. West Texas intermediate crude futures were down 38 cents or 0.5% at $70 a bar. Last Friday, both benchmarks dropped more than 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. Brent settled more than 7% below last week's price, while WTI fell around 8%.
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize 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 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S. West Texas Intermediate Crude Futures rose 10 cents or 0.14%, to $69.32 per barrel. Brent settled more than 7% lower in the last week while WTI dropped around 8%. The contracts saw their biggest weekly drop since September 2, due to a slowing of the Chinese economy and a fall in risk premiums.
China's refinery output in September fell for the sixth consecutive month
China's refinery production fell 5.4% in January compared to a year ago, according to official data released on Friday. This is the sixth consecutive month of declines, despite the opening of a brand new plant, as low fuel consumption and thin refining margins slowed processing. The National Bureau of Statistics (NBS), according to its data, showed that refiners processed 58.73 millions metric tons of crude last month. This is equivalent to 14,29 million barrels of oil per day. As some refineries began to operate again after planned maintenance and a new refinery was opened in Shandong…
Japan's LNG stocks are above the 5-year average and buyers want more cargoes
The data showed that the liquefied gas stocks held by Japan's major electric utilities increased 14% from the previous week to 2,09 million tons on Sept. 8. This is above the average five-year figure for this time of year. Rystad Energy's analyst stated that buyers wanted to buy more cargoes in September due to the forecast of temperatures above average until early October, especially for Japan and South Korea. Japan, second largest LNG buyer in the world after China, relies mainly on long-term LNG contracts but also uses the spot market to meet peak demand for LNG during cold and hot weather.
Australian regulator: No decision on Woodside Browse Gas Project yet
Western Australia's environmental regulator announced on Monday that it will release recommendations in 2025 on Woodside Energy’s Browse gas project. A newspaper had reported earlier this week that the large project could be rejected. This $20.5 billion gas project off the coast of Western Australia, the largest in the country but still untapped resource has been on the drawing boards for years. The Sydney Morning Herald reported on Monday that the Western Australian Environmental Protection Authority (EPA) sent preliminary comments to the company, in February, calling the proposed terms "unacceptable".
Wave of New LNG Export Plants Threatens to Knock Gas Prices
A flood of liquefied natural gas (LNG) export projects due online worldwide in mid-decade will vie against lower-cost renewable energy and a revived nuclear power sector, which could rock gas prices and hurt some proposed projects, analysts say.Proposed and approved new LNG plants would boost LNG supply by 67% increase to 636 million tonnes per annum (mtpa) by 2030 from 2021 levels, potentially saturating the gas market."There's over a trillion dollars of natural gas infrastructure being built in the world today.
South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy
Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International, the trading arm of steel giant POSCO, has already been twice-improved, Senex said."The Senex Board believes it is in the best interests of its shareholders to continue to engage with POSCO International and will assess any proposal received on its merits…
Oil Edges Higher on US, Europe Demand Hopes
Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains.Brent crude futures rose 21 cents, or 0.3%, to $65.61 a barrel at 0137 GMT, after climbing 8 cents on Thursday.U.S. West Texas Intermediate (WTI) crude futures jumped 29 cents, or 0.5%, to $61.72 a barrel, also after an 8 cent gain on Thursday."The market shrugged off last week's (U.S. oil) inventory build, instead comforted by the continued improvement in gasoline demand," ANZ analysts said in a note.U.S.
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.87, or 2.9%, to $65.70 per barrel, after earlier scaling its highest since April 2019.For the week, Brent was up almost 4%…
