International

Source: Reuters

ExxonMobil has “no interest” in Hess purchase amidst Chevron dispute, CEO says

World Oil


(Bloomberg) – The boss of Exxon Mobil Corp. said Monday that it has no interest in buying Hess Corp. outright, despite taking Chevron Corp. to arbitration over its proposed $52 billion merger with the other company.

“If we …

Source: Reuters

Saudi Aramco CEO says no peak in oil demand for some time to come

BOE Report


Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin …

Source: Reuters

Oil prices inch higher as attacks on Russian energy facilities intensify

CNBC


Brent crude briefly topped $86 per barrel on Monday for the first time since November, before pulling back, as Ukraine stepped up its attacks on Russian energy infrastructure.

Brent crude oil futures for May delivery were up 51 cents …

Source: Reuters

BP partners with Venezuela on Trinidad gas field

Oil Price


BP and Venezuela are jointly discussing the development of a gas field in Trinidad and Tobago, which the island nation shares with Venezuela.

“BP can confirm that it is in discussions with the government of Trinidad and Tobago …

Source: Reuters

Colombia’s Ecopetrol board blasts anti-oil President’s nominees as unfit

World Oil


(Bloomberg) – Board members of Colombia’s state oil company are objecting to President Gustavo Petro’s attempt to overhaul it with new directors as he works to wean the country off oil and gas.

Ecopetrol SA’s governance committee issued

Source: Reuters

Exclusive-Weak bids in Citgo auction spurs Venezuela to pitch alternative pay plan

US News


HOUSTON/MIAMI (Reuters) -The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar

Oil rises 2% on supply disruptions in Russia, U.S

Oil rises 2% on supply disruptions in Russia, U.S

Yahoo Finance


HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production.

Brent March crude …

Source: Oil Price

Big oil pursues African expansion despite challenges

Oil Price


Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home …

Source: Reuters

Nord Stream sues insurers in London over 2022 pipeline blasts

Nasdaq


LONDON – Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.

Nord Stream AG names Lloyd’s Insurance

Source: Reuters

Venezuela rushes to mend Iran relationship as US sanctions loom

Yahoo News


PUNTO FIJO/CARACAS/HOUSTON – Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps …

Source: Reuters

Petrobras sends production team to Venezuela despite looming oil sanctions

World Oil


(Bloomberg) – Brazilian state-controlled oil giant Petrobras sent a team of production specialists to Venezuela at the request of Nicolás Maduro, whose administration is welcoming oil majors despite U.S. sanctions threats on its oil industry.

The Petrobras delegation …

Source: Reuters

Petrobras loses over $10 billion in market cap after dashing dividend hopes

Yahoo Finance


Petrobras has been a major cash cow for its shareholders in recent years, including the Brazilian government, with the prior management paying out far more than Western oil major peers.

Under new management picked by President Luiz Inacio …

Source: Reuters

EXCLUSIVE-Gulf oil giants Saudi Aramco, Adnoc set sights on lithium

Nasdaq


LONDON/DUBAI – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three …

Source: World Oil

Hess flags potential delay for Chevron Merger as ExxonMobil fights for “massive” oil discovery rights offshore Guyana

World Oil


(Bloomberg) – Hess Corp. signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off …

Source: Reuters

Suncor signs oilsands lease development MOU with Fort McKay First Nation

Yahoo Finance


CALGARY — Suncor Energy Inc. says it has signed a memorandum of understanding with the Fort McKay First Nation on a prospective oilsands lease development opportunity on reserve lands.

The Calgary-based oilsands company says it is progressing early-stage …

Source: World Oil

World oil demand looks strong on U.S. shale production growth, Kuwait Petroleum CEO reports

World Oil


(Bloomberg) – Global oil consumption is strong and the market looks relatively balanced this year as OPEC+ tries to stabilize prices, according to the Chief Executive Officer of Kuwait Petroleum Corp.

The market is expected to tighten further …

Source: World Oil

YPF to exit aging Argentine oil fields to free $800 million for Vaca Muerta shale push

World Oil


(Bloomberg) – Argentina’s biggest oil and gas producer, state-run YPF SA, said its sweeping plan to divest aging oil fields will free up hundreds of millions of dollars to invest in its shale push in the heralded Vaca …

Source: World Oil

Hedge funds bet on Chevron amidst ExxonMobil’s claim to Hess’ stake in prolific oil field offshore Guyana

World Oil


(Bloomberg) – Hedge fund managers that wagered billions on Chevron Corp.’s October deal to buy Hess Corp. are sticking to their bets despite another roadblock that could potentially torpedo the acquisition.

Exxon Mobil Corp. said last week it

Source: Reuters

TotalEnergies and Qatar expand Namibia oil exploration into South Africa

Oil Price


TotalEnergies and QatarEnergy are expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia by acquiring a nearby license in the basin in South African waters.

TotalEnergies and its partner QatarEnergy have signed …

Source: Reuters

EXCLUSIVE-Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects, sources say

Nasdaq


LONDON – Gulf oil giants Saudi Aramco 2222.SE and Abu Dhabi National Oil Company (ADNOC) ADNOC.UL are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar …

Source: World Oil

Chevron, Challenger Energy partner to develop “promising” exploration region offshore Uruguay

World Oil


(WO) – Challenger Energy and its wholly-owned Uruguayan subsidiary, CEG Uruguay SA, have entered into a farm-out agreement with Chevron Uruguay Exploration Limited (“Chevron”), a wholly-owned subsidiary of Chevron Corporation, related to a 60% interest in the AREA …

Source: Reuters

Russia oil fleet shifts away from Liberia, Marshall Island flags amid US sanctions crackdown

Yahoo Finance


LONDON/WASHINGTON-Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data …

Source: Reuters

Africa’s richest person wants to create a trading firm for its biggest refinery

Oil Price


Aliko Dangote, the owner of Africa’s largest refinery and Africa’s richest person, is looking to set up a trading firm that would handle crude supply for the new mega refinery in Nigeria, Reuters reported on Tuesday, citing multiple …

bp prepares to drill pre-salt deepwater well offshore Brazil following unsuccessful exploration attempts by Shell, ExxonMobil

bp prepares to drill pre-salt deepwater well offshore Brazil following unsuccessful exploration attempts by Shell, ExxonMobil

World Oil


(Bloomberg) – bp Plc is preparing to drill a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to …

Source: World Oil

VAALCO Energy joins ExxonMobil, Chevron offshore West Africa with $66.5 million Svenska Petroleum Exploration acquisition

World Oil


(WO) – VAALCO Energy, Inc. has entered into a sales and purchase agreement (“SPA”) to acquire Svenska Petroleum Exploration AB (“Svenska”), a privately-held exploration and production (“E&P”) company based in Stockholm, Sweden. Svenska’s primary asset is a 27.39% …

Source: Reuters

Energy firms boost gas exploration in Southeast Asia to meet growing demand

Nasdaq


KUALA LUMPUR – Energy companies are ramping up exploration activities in Southeast Asia to boost natural gas output and meet long-term demand growth, drawn by recent discoveries and improved investment policies, company executives and analysts said.

Malaysia and Indonesia …

Source: Reuters

ANALYSIS-Exxon’s curveball move in Guyana alters Chevron-Hess deal prospects

Nasdaq


HOUSTON – Exxon Mobil’s surprise challenge to Chevron’s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging …

Source: Reuters

Activist investor pushes for bolder action as bp “quietly” pivots back toward oil and gas

World Oil


(Bloomberg) – bp Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners.

Four

Source: Reuters

Canada’s oil and gas firms to boost upstream capex to $30 billion in 2024

Oil Price


Canada’s oil and natural gas sector is set to boost upstream capital expenditures to around US$30 billion (C$40.6 billion) in 2024, up slightly from an estimated actual investment of US$28.8 billion (C$39 billion) for 2023, the Canadian Association …

Source: Reuters

Fallout from Mexican president’s Pemex ‘rescue’ set to greet successor

Nasdaq


MEXICO CITY – Mexico’s outgoing president has taken steps to promote a smooth hand-off for national oil company Pemex, three sources told Reuters, but the latest moves will likely postpone a day of reckoning for the world’s most heavily-indebted …