International

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 …

Source: Oil Price

Loophole allowed Russia to earn $1.2 billion from fuel sales to the EU

Oil Price


An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct …

Source: Reuters

Colombian offshore natural gas discovery smaller than anticipated, Ecopetrol determines

World Oil


(Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated.

Officials …

Source: Oil Price

Canadian oil and gas companies relinquish all Pacific Coast permits

Oil Price


Canada is celebrating a milestone as oil and gas companies have now voluntarily relinquished the last remaining permits for oil and gas exploration and development off its Pacific Coast.

Canada has a federal moratorium on all offshore oil …

Source: Reuters

Global oil demand hit another monthly record in December

Oil Price


Global oil demand rose by more than 500,000 barrels per day (bpd) in December from November, for the eighth monthly record in 2023, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday.

Rising demand …

Source: Oil Price

Saudi Aramco: 6 million bpd of global oil production is being lost every year

Oil Price


Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has …

Source: World Oil

Guyana President calls for “immediate” development of natural gas resources

World Oil


(Bloomberg) – Guyana President Irfaan Ali called for the “immediate” development of its natural gas resources to make the South American country a regional energy powerhouse on top of its rapidly-growing oil exports.

The government is requesting that …

Gabon to buy Carlyle’s oil business, preempting $1.3 billion sale

Gabon to buy Carlyle’s oil business, preempting $1.3 billion sale

Yahoo Finance


LONDON -Gabon’s national oil company has agreed to acquire Carlyle’s Assala Energy after it used its right to preempt the sale of the business for $1.3 billion to France’s Maurel & Prom, the firms said on Friday.

Maurel …

Source: Reuters

Eni smashes earnings estimates with record gas performance

Oil Price


Eni’s (NYSE: E) fourth-quarter and 2023 earnings exceeded consensus estimates as “record-breaking” performance in the gas and LNG division offset weaker oil and gas prices and refining margins.

The Italian energy major reported on Friday adjusted …

Source: Oil Price

U.S. and EU discuss new “Robust Anniversary” sanctions on Russia

Oil Price


The United States and the EU, together with partners, discussed this week the potential of slapping “robust” new sanctions on Russia ahead of the second anniversary of the Russian invasion of Ukraine, a senior U.S. official told Reuters

Source: CNBC

Saudi energy minister pins Aramco’s oil capacity halt on green transition

CNBC


Saudi’s state-controlled oil giant Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables.

“I think we postponed this [Aramco capacity] …

Japex sees U.S. as ‘enticing’ destination for energy exploration

Japex sees U.S. as ‘enticing’ destination for energy exploration

Nasdaq


TOKYO – Japan Petroleum Exploration (Japex) 1662.T sees the United States as the most appealing investment destination for oil and gas exploration and production, despite political risks posed by this year’s election, its senior managing executive officer said on …

Source: World Oil

Argentina plans sweeping oil and gas asset sale to focus on shale production

World Oil


(Bloomberg) – Argentina’s biggest oil company, state-run YPF SA, is planning a sweeping asset sale under President Javier Milei to sharpen its focus on shale production and boost its share price.

The plan is part of a broader …

Source: Reuters

Oil rises nearly 1% as traders assess worsening geopolitical situation

Yahoo Finance


NEW YORK – Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies.

Brent crude futures settled higher by 66 …

Source: Oil Price

LNG “Pause” is not a “Reversal”, Biden admin reassures allies

Oil Price


Assistant U.S. Secretary for Energy Resources Geoffrey Pyatt has told reporters that U.S. allies have been reassured that the Biden Administration’s pause on LNG will not affect currently permitted exports.

“I’ve found that our allies who raise these …

Source: World Oil

Biden officials headed to Guyana amidst Venezuelan dispute over oil wealth

World Oil


(Bloomberg) – Key Biden administration national-security officials traveled to Guyana on Sunday as the U.S. works to prevent the country’s dispute with Venezuela over oil and mineral riches from sliding into armed conflict.

Jon Finer, the principal deputy …

Source: Reuters

Petrobras CEO says Red Sea crisis could send oil above $90

World Oil


(Bloomberg) – Oil prices could top $90 per bbl this year if attacks escalate on ships in the Red Sea, according to the top executive at Brazilian state-controlled oil giant Petroleo Brasileiro SA.

“We have a very fragile
Source: World Oil

Energy trade groups urge Congress to counter Biden’s LNG ban with new legislation

World Oil


(WO) –  Energy Workforce & Technology Council (EWTC) joined the Independent Petroleum Association of America (IPAA), US Oil and Gas Association (USOGA), National Ocean Industries Association (NOIA), Texas Alliance of Energy Producers and Gulf Energy Alliance today in …

Source: World Oil

QatarEnergy to increase production from Qatar’s largest oil field with $6 billion contract packages

World Oil


(WO) – QatarEnergy has announced the award of the four main Engineering, Procurement, Construction, and Installation (EPCI) contract packages related to the next development phase of the offshore Al-Shaheen field (Qatar’s largest oil field) to increase production by …

Source: World Oil

Venezuelan oil production to swiftly decline under renewed U.S. sanctions

World Oil


(Bloomberg) – Venezuelan oil production at a four-year high is expected to decline quickly if the US follows through on threats to reinstate sanctions on the nation.

The Biden administration on Tuesday said sanctions relief to Venezuela’s oil …

OPEC oil output falls in January on new cuts, Libya – survey

OPEC oil output falls in January on new cuts, Libya – survey

Nasdaq


LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output.

The Organization …

Source: Reuters

Saudi state orders Aramco to stop oil capacity expansion

Oil Price


The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd.

The company said in a statement today that its …

Oil slips on China economic headwinds

Oil slips on China economic headwinds

Investing


LONDON – Oil prices edged lower on Tuesday, extending a more than 1% drop in the previous session on China’s economic outlook, though losses were kept in check by supply fears driven escalating tensions in the Middle East.

March …

Source: Reuters

Hedge fund calls on bp to increase oil and gas investment, cut renewable spending

World Oil


(Bloomberg) – Hedge fund Bluebell Capital Partners called on bp Plc to bolster investments into oil and gas and cut spending on renewable energy, saying the company’s shift away from fossil fuels is misguided and weighing on the …