January 28, 2026 – Oil & Gas 360

Shell and BP Seek U.S. licenses for shared Venezuela-Trinidad gas fields

January 28, 2026

(Oil Price) – UK-based supermajors Shell and BP are seeking U.S. licenses to develop gas fields that Trinidad and Tobago shares with Venezuela, the Caribbean island’s Energy Minister Roodal Moonilal said on Wednesday. BP and Shell have sought to develop two separate cross-border gas fields in Venezuelan and Trinidad and Tobago waters, but progress has been slow in recent years due to the

Former OPEC president stands trial in London bribery case

January 28, 2026

(World Oil) – Diezani Alison-Madueke accepted cash bribes and “vast quantities” of luxury perks in exchange for handing over lucrative government contracts when she served as Nigerian oil minister, prosecutors said on the first day of a London trial. The 65-year-old former OPEC president is charged with five counts of accepting bribes from people linked to energy groups and one

Kazakhstan seeks U.S. approval to buy Lukoil’s Kazakh assets

January 28, 2026

(Oil Price) – Kazakhstan has filed a formal bid with the U.S. Treasury seeking authorization to buy out the Kazakh assets of Russia’s sanctioned oil firm Lukoil, Kazakhstan’s Energy Minister Yerlan Akkenzhenov said on Wednesday. The United States sanctioned Lukoil at the end of October, which prompted the Russian firm, the country’s second-largest oil producer, to seek a sale of its foreign assets. Soon after,

EU’s Ribera warns of increasing dependence on US LNG

January 28, 2026

(BOE Report) – The European Union’s competition chief warned on Wednesday that the region was becoming increasingly dependent on liquefied natural gas (LNG) imports from the United States and should look at how it can best harness local resources. “We are significantly increasing our dependence on liquefied natural gas imported from the U.S.,” European Commission Executive Vice President Teresa Ribera said

Africa set to lead global high-impact exploration drilling in 2026

January 28, 2026

(World Oil) – Africa is expected to remain the world’s most active region for high-impact oil and gas exploration drilling in 2026, driven by continued interest in ultra-deepwater and frontier basins, according to new analysis from Rystad Energy. Global high-impact wildcat drilling activity carried strong momentum into 2025, with discovery success rates rising to 38% from 23% in 2024. Total discovered volumes

Oil prices hover around four-month high, buoyed by weak dollar and outages

January 28, 2026

(Investing) – NEW YORK- Oil prices rose to their highest since late September on Wednesday after a winter storm disrupted U.S. crude production while a weak U.S. dollar and continued Kazakh outages lent further support. Brent crude futures were up 43 cents, or 0.64%, to $68 a barrel at 11:40 a.m. ET (1640 GMT). U.S. West Texas Intermediate crude was up 53 cents, or

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 2.3 million barrels

January 28, 2026

Weekly Crude Oil Storage as of January 23, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.3 million barrels from the previous week. At 423.8 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

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