Chinese Companies Shy Away From Russian Oil
Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow, multiple trade sources said.Russian oil supplies to top buyers India and China fell sharply following the January 10 sanctions by the former Biden…
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron to work in Venezuela citing President Nicolas Maduro’s lack of electoral Reforms.
Sinopec certifies reserves of 1.3 billion barrels at East China Shale Oil Plays
Sinopec Corp announced on Monday that the Chinese government had certified new geological resources of about 180 million tons or 1.3 billion barrels at two of their shale-oil plays. Sinopec announced that the new reserves had been tapped in the Xinxing Field in the Jiyang trough in the Bohai Bay Basin and in the Qintong Field in the Subei Basin. The shale formations of Xinxing are buried between 2…
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S.
Bolivia's YPFB and other operators will pump almost $704 mln in oil projects this Year
The Bolivian state oil company YPFB, along with other operators, will invest $703,7 million in this year's investment plan, according to the company, which noted that almost three quarters of the plan will be spent on exploration and production. According to a YPFB statement, 72% of the budget will go towards so-called "upstream" activities that are aimed at discovering and extracting oil and gas in the South American country.
Nigeria's NNPC contains fire at storage facility
The Nigerian State Oil Company NNPC said that a fire in a crude oil storage barge on its Cawthorne Channel site, located along the coast of Rivers State, had been put out with no injuries. Olufemi Soneye, NNPC's spokesperson, said in a late-night statement on Thursday that the fire started around 1310 GMT Wednesday and spread quickly to other barges. Soneye stated that the incident did not affect operations at the flowstation.
ADNOC Drilling plans to refinance $1.25 billion worth of debt
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, wants to refinance its debt due later this year, totaling $1.25 billion. Its chief financial officer announced that on Friday. Youssef Salm, the company's CFO, said that it will refinance term loans worth $500 million as well as a revolving loan facility of $750 million due in October 2025.
Mexico's Carlos Slim: 'Complicated' deepwater project being evaluated
Mexican billionaire Carlos Slim announced on Monday that he and his team are re-evaluating the deal they signed with Pemex, Mexico's state oil company to develop Mexico’s first deepwater gas field. The project has been plagued by issues over its commercial viability for years. The comments are in line with an exclusive published last month, which revealed that…
Interra claims that oil contract was signed with Myanmar before the junta took power
Interra Resources, a Singapore-listed oil explorer, said Thursday that a production sharing contract between its subsidiary in Myanmar and a government-controlled entity was extended several years before 2021. The statement was made in response to an inquiry by the Singapore Exchange, a week after Justice for Myanmar claimed in a report Interra "helped provide the junta with over 2 million barrels" of oil and had "fueled its ongoing war crime".
Palmetto prices end higher amid fears of reduced production and weak demand
The price of Malaysian palm oils futures increased for the second session in a row on Thursday. This was due to expectations of a decrease in production. However, gains were limited by a lack demand from major importing countries. The benchmark contract for palm oil delivery in April on the Bursa Derivatives Market gained 71 Ringgit or 1.64% to close at $4,405 Ringgit ($993.91) per metric ton.
Reforms to the Mexican oil company Pemex will give it more flexibility in forming partnerships
A bill that was sent to Congress Wednesday will allow Pemex, the state-owned Mexican oil company, to work with private companies. This will ease restrictions imposed by the previous administration. The bill is expected to be passed by a large margin. Pemex can then enter into exploration and extraction contracts with private companies, after these contracts were canceled by the former president Andres Manuel Obrador.
Samsung E&A awarded a $1.7 billion contract by TA'ZIZ for the UAE's first methanol facility
Abu Dhabi's TA'ZIZ announced on Monday that it had awarded a $1.7billion contract to Samsung E&A for the construction of the UAE's 1st methanol facility. The plant is expected to produce 1.8m tons of methanol annually upon completion in 2028. TA'ZIZ is a joint venture of Abu Dhabi's state oil giant ADNOC with the sovereign fund ADQ. It was launched in 2020 in order to promote the development and growth of the new chemical industries.
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.
