China's 2024 refining output is expected to decline by a rare amount due to weak demand
China's oil refining throughput in the year 2024 will be the lowest in over two decades, barring 2022 when the world was hit by the pandemic. Plants have reduced production in response to stagnant demand for fuel and low margins. National Bureau of Statistics data showed that the world's second largest refining industry, after the U.S., processed 1.6% less crude last year.
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise. This led to rolling blackouts during the hot summer.
New sanctions imposed by the US on Venezuelan officials following Maduro's inauguration
The United States imposed sanctions Friday on eight Venezuelan officials, and raised to $25 million its reward for the arrest of Nicolas Maduro the day before his inauguration into a third term after a disputed vote last year. The latest of a series punishments taken by the outgoing Biden Administration against Maduro’s government following the July election…
PDVSA 2024 Oil Exports Climb in Choppy Year
Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results, the OPEC country's oil exports rose for a second consecutive year…
Judge rejects bids to block Gramercy Fund lawsuits
A U.S. court ruled on Monday that three companies can continue their lawsuits to increase their chances of receiving proceeds from an auction of Citgo Petroleum's parent shares. In a motion to block parallel lawsuits, the court officer who oversees the auction at federal court in Delaware said that the decision could reduce any proceeds from a sale. Citgo parent…
ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling. ADNOC Drilling owns 55% of the company, which was created to access unconventional energy resources such as oil and gas requiring advanced extraction techniques.
Mexican firefighters put out a second fire at Pemex in a week
The fire at the refinery of Pemex, Mexico's state oil company, has been put out, according to both the firm and authorities on Thursday. No injuries have been reported. Pemex has not yet revealed what caused the accident at its Minatitlan Refinery, located in eastern Veracruz State. The refinery can process up 285,000 barrels of oil per day. Pemex stated in a press release that the fire did not affect its employees or facilities.
Malaysian billionaire Ananda Krishnan dies at 86
His private investment firm announced that Ananda Krishnan died at age 86. He had a wide range of business interests, from oil and natural gas to telecommunications. The cause of death has not been determined. The tycoon avoided publicity, but became known internationally in the mid-1980s after he helped fund the Live Aid concert organised by rock star Bob Geldof. He started out as a young businessman by setting up a consultancy.
ADNOC, the state oil company of UAE, has established an international investment arm XRG
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Wednesday that it had launched XRG. This investment firm focuses on low-carbon energy sources and chemicals. It is valued at over $80 billion. When it starts operating in 2025's first quarter, the company will focus initially on "transformational global investments". This is according to a statement from its parent Abu Dhabi National Oil Company.
US Court Ready to restart Citgo Auction
A court advisor recommended Tuesday that the auction of shares in Citgo Petroleum's parent company to pay Venezuelan claims needs to be reworked. He acknowledged that a year-long process had been in disarray and needed a fresh start.The U.S. District Court in Delaware auctions shares in PDV Holding in order to pay $21.3 billion in claims made against Venezuela…
Pemex Salina Cruz Refinery Blaze Extinguished
A fire that broke out on Tuesday morning at the Mexican state oil company Pemex's refinery at the Salina Cruz in Oaxaca state has been put out, local authorities said.There was no loss of life or property damages, the local civil protection agency said.
Chinse CNPC aims to produce 12.4 mln bbls at shale project, according to state media
China's state-owned energy group CNPC aims at producing 1.7 million metric tonnes of shale crude oil or 12.4 millions barrels in the next year as part of a pilot project, according to a report by Xinhua, the state news agency. The Jimsar Shale Gas Project, located in Junggar Basin, is one of three pilot shale oil projects that state oil companies are trying develop. Other two projects are Gulong, in northeast China, and Jiyang, in east China.
Petrobras and Yara Sign Agreement for Diesel Exhaust Fluid Sales in Brazil
Petrobras, Brazil's state oil company, has signed agreements with ANSA and fertilizer firm Yara. Yara could sell AUS 32 diesel-exhaust fluid in Brazil. Brazil imports AUS32, or 32% solution of aqueous Urea, to reduce the emissions from diesel cars. ANSA will produce AUS 32 in its plant in Parana in the south of Brazil, which should be operational again in May. This is also another step in Petrobras's goal to enter the fertilizer industry.
Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.
Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products, solar panels, batteries, and non-metallic minerals from 13% down to 9%.
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation.
Mexico simplifies fiscal regime for Pemex, the state oil company
Mexico announced a plan on Wednesday to simplify the fiscal regime of state oil company Petroleos Mexicanos (Pemex), in an effort to boost a producer whose heavy loans have burdened state coffers. Claudia Sheinbaum, Mexican president, said during the morning press conference Pemex will pay a general tax of 30% on its non-associated gas operations. Sheinbaum explained that the measure was taken to increase "transparency"…
Colombian court reverses order to suspend gas well off Caribbean coast
On Wednesday, a Colombian court overturned a previous court order that was issued last month, which had suspended operations at Sirius-2 (formerly known as Uchuva-2), a major offshore gas well. The ruling was issued on October 29, following a complaint from Indigenous communities that their way of living would be negatively affected by the development of the well.
China's CNOOC signs contract for oil development in Iraq's Block 7
CNOOC Ltd, a Chinese company, announced Wednesday that it had signed an Exploration, Development & Production Contract with Iraq's State-run Midland Oil Company for the exploration of oil and gas in the Block 7 Field. CNOOC Africa Holding Ltd, the state oil and gas company's fully owned unit, will hold 100% interests and act as the operator for the 6,300-square-kilometer Block 7, located in central Iraq's Diwaniyah province.
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy.
Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.
According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure of newly-elected President Claudia Sheinbaum. The document also shows that Pemex will intensify its deepwater exploration as well as develop new business models in order to attract investors.
