Australia and Timor call for progress on Greater Sunrise Gas Field
On Wednesday, East Timor's Xanana Gushmao and Australia's Anthony Albanese said that the Greater Sunrise -gas project should begin "as quickly as possible" with Australia pledging a third of state revenues to its neighbour. Albanese signed a partnership agreement on Wednesday with Gusmao, during his first visit to Australia's northern neighbor.
The UK National Wealth Fund has set its sights on carbon capture, batteries, and hydrogen as a way to boost growth
The National Wealth Fund of Britain announced on Wednesday that carbon capture, power grids and battery manufacturing will be among ten'sector' it will concentrate on in the next five-year period to help the relatively sluggish British economy recover. Oliver Holbourn, CEO of the company, aims to invest between 4 and 5 billion pounds per year (between $5.49 billion and £5.50 billion) in projects.
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S.
Norway Police File Charges Over Suspected Oil Bribery In Congo Republic
Norwegian police said Monday that they have charged two Norwegian executives and an oil company with paying millions of dollars to family members of Congo Republic president Denis Sassou-Nguesso. Norwegian police said that the investigation began after Monaco police requested legal assistance in relation to a suspicious banking transaction.
Australia PM Albanese discusses security and gas with East Timor during his visit to the country
In his first official visit to East Timor, Prime Minister Anthony Albanese is expected to highlight Australia's desire for stronger security and energy relations when he speaks in the?parliament of East Timor on Wednesday. The visit comes at a time when the tiny Catholic nation - also courted by China - continues to push for a liquefied gas plant to be built on its south shore…
Major Gulf bourses see gains as earnings season progresses
Investors focused on corporate earnings drove the early trading on Tuesday on major stock markets across the Gulf. Saudi Arabia's benchmark indices gained?0.4% led by an increase of 0.9% in Al?Rajhi bank. The bank's net profit was 24.79 billion Saudi riyals, up from 19.72 billion the year before. Al Rajhi announced a dividend of 1…
ADNOC CEO: Oil demand will remain above 100 million barrels per day (bpd) through 2040
The head of the Abu Dhabi National Oil Company (ADNOC), said that 'global oil demand is expected to remain at or above 100 million barrels a day until 2040. Demand for both LNG and electricity are expected to grow 50% or more. The Managing Director and Chief Executive Officer?Sultan Ahmed Al Jaber said at the India Energy Week…
Venezuelan oil reform encourages immediate investments, but executives still need to go deeper
Foreign and local executives and attorneys said that a proposed reform to Venezuela's oil laws is sufficient to encourage existing companies to expand, and to start investing. However, deeper reforms are needed to attract the $100 Billion the U.S. estimates is necessary to overhaul the nation's energy industry. The U.S. now controls…
Trinidad's Atlantic LNG Project to Decommission Liquefaction Train
Trinidad and Tobago's flagship liquefied natural gas project, Atlantic LNG, will begin removing one of its liquefaction trains from operations in the last quarter this year, its director for capital projects, Michael Daniel, said on Tuesday.The project's shareholders, including Shell, BP and Trinidad's National Gas Company, agreed…
Tanzanian minister: Tanzania will sign $42 billion mega LNG Project before June
A senior government minister said on Monday that Tanzania is expecting to sign a deal before June for its $42 billion project to build a liquefied gas plant. Production will begin in eight years. Equinor & Shell are the joint operators for this mega-gas project. It aims to unlock 47.13 trillion cubic foot of natural gas reserves.
Houston, the US oil capital, is buzzing as industry prepares for Venezuelan oil rush
Matthew Goitia explains his idea in a bar downtown Houston. He wants to build and refurbish marine terminals for Venezuela that will allow crude oil to be blended and exported, and chemical products shipped. Matthew Goitia, a director at Pelorus Terminals, explains his ambitious plan to refurbish and build marine terminals that can blend and export crude and ship chemical products in Venezuela.
Libya signs 25-year agreement with TotalEnergies and ConocoPhillips that will bring in over $20 billion of investment
Libya's Prime Minister Abdulhamid al-Dbeibah announced that the country will sign on Saturday a 25-year agreement with TotalEnergies of France and ConocoPhillips in the United States. The deal involves more than $20 billion dollars worth of foreign-financed investments and is aimed at increasing production by as much as 850,000 barrels a day.
India's state-owned BPCL signs $780 million oil contract with Brazil's Petrobras
India's Bharat Oil Corp Ltd. will purchase?12,000,000 oil barrels from Brazil's Petrobas for $780 million in fiscal 2027. This is?twice as much as its contract with Petrobas 2026, and will be used to replace Russian oil. A government statement was released on Friday. Indian refiners have redrafted their oil import strategy, purchasing more oil from countries in the Middle East…
Documents show that Venezuela's proposed oil-reform will give companies operating autonomy and cash proceeds to companies.
Drafts of a proposed overhaul of Venezuela's hydrocarbons laws showed that foreign and local companies could operate oilfields independently through a new model of contract, commercialize the?output?, and receive sales proceeds, even when acting as minor partners of PDVSA. Delcy Rodriguez, Venezuela's interim president, presented the proposal last week to the National Assembly.
Deep-sea Mining Company seeks international permit in accordance with new Trump rules
The Metals Co became the first deep sea miner on Thursday to apply for Washington's permission?to mine?the international oceanbed, under a new streamlined permit process that was introduced this week. Deep-sea mines have the potential to produce large quantities of minerals for electric vehicles and energy transition. However,…
Sources say that during Starmer's visit, Britain and China will revive the 'Golden Era business dialogue'
Three sources familiar with this initiative have confirmed that the British and Chinese governments will be aiming to revive "golden age" business dialogues when Keir Starmer, Prime Minister of Britain, visits Beijing next Monday. Top executives from both countries are 'invited' to participate. AstraZeneca is among the British…
In Indonesia, environmental laws result in the loss of permits for a gold mine and a power plant owned by China.
The Indonesian government revoked permits for 28 companies, including a China-backed hydropower station and a gold mining unit operated by the conglomerate Astra International. This was in response to accusations that environmental violations had worsened floods last year. In late November, cyclones caused floods and "landslides" on the island Sumatra.
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems…
Oil prices and earnings in the Gulf region are mixed.
The major Gulf stock exchanges were mixed early on Tuesday as investors awaited earnings and weighed the weaker oil price, while the Saudi index fell on profit-taking following its recent rally. Saudi Arabia's benchmark index fell 0.1% following a rally of 3.3% triggered by government announcements last week to liberalise access to the capital markets for foreign investors starting next month.
Floods in Mozambique force thousands of people to flee, President cancels Davos trip
Witnesses and officials reported that severe floods in Mozambique caused by heavy rainfall forced thousands to leave their homes. Some were left stranded atop roofs while surging waters swamped settlements. Daniel Chapo, the president of Venezuela, cancelled his trip to Davos to attend a World Economic Forum and stated on social media that the "absolute priority" at this time is to save lifes.