Latest News
-
Shares rise as oil is found in Mopane's Galp new well
The Portuguese oil company Galp announced on Tuesday that it had discovered significant amounts of light oil and condensate gas in a well at Namibia's Mopane Field, creating new exploration opportunities. This has sent its shares sharply up. Initial estimates of the Mopane oil and gas discovery by Galp were at least 10 billion equivalent barrels. The company has drilled four wells in 2024 in order to explore and appraise the first hub of the Mopane Complex in the northwest region. A fifth well was drilled last month in the southeast region. In a press release, it said that the new Mopane-3X well was 18 km away from the original and targeted two prospects, AVO-10, and AVO-13, as well as a deeper sand in 1,200 metres of water depth. The report also noted that the oil viscosity was low and there were high levels of pressure and permeability. Galp shares rose 7% during morning trading, leading the Stoxx 600 pan-European index. Jefferies stated in a research report that the well would de-risk the resource estimate of 10 billion boe for the Mopane Complex, and support the case to develop a Multi-Floating Production Storage Offloading Development. Galp wants to sell half its 80% stake of Mopane’s Petroleum Exploration Licence 83, but it says it's not in a hurry. (Reporting and editing by David Evans; Sergio Goncalves, Joao Vicente Mauicio)
-
Palm oil prices rise on the back of strong Chicago soyoil and low production
The price of Malaysian palm oils futures rose on Tuesday. This was due to a weak outlook for production in February, and the strength of Chicago soyoil. However, weak Dalian oils, and muted exports, limited gains. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives Market gained 2 ringgit or 0.04% to 4,561 Ringgit per metric ton. A Kuala Lumpur based trader stated that "lower production provides support". Dalian's palm oil contract, which is the most active contract in Dalian, lost 0.97%. Chicago Board of Trade soyoil prices rose by 0.8%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price changes of competing edible oils. A senior regulatory official said that Malaysia's palm oils stocks will fall to 1.5 million tons by the end February due to floods which have affected production, and Ramadan, the festival of fasting, has boosted demand. A leading palm oil producer said on Tuesday that the supply of palm oil is likely to be tight for two to three more months due to the floods in Indonesia and Malaysia. These two countries are the top two producers of palm oil worldwide. According to cargo surveyor, the exports of Malaysian products containing palm oil in the period February 1-25 are expected to decline by 2.7%. Intertek Testing Services Independent inspection company AmSpec Agri Malaysia estimates that exports have increased by 1.2% compared to a month earlier. As a double-top or flat pattern may be forming, palm oil could fall towards the low of 4,457 Ringgit per metric tonne on February 17.
-
Japanese auto industry asks for government assistance against US tariffs
The Japan Automobile Industry Association urged the Japanese government to protect Japanese automakers against tariffs the United States could impose on autos and auto parts imported from Japan. JAMA chairman Masanori Katayama expressed concern about the economic damage that could be caused to both Japan and the United States if President Donald Trump's government imposes high tariffs on imports of autos from Japan. Trump announced last week that he would impose a 25% tariff on auto imports as early as April 2. Steel and aluminum will be subject to separate 25% tariffs starting March 12. Katayama made his remarks in Tokyo at the beginning of a meeting between Trade and Industry Minister Yojimuto and Katayama. Toyota, Honda, and Nissan executives were also in attendance. Japanese automakers will be vulnerable to any additional tariffs Trump imposes, especially on auto imports. Toyota, Honda, and Nissan all produce some of their top-selling U.S. models either in Canada or Mexico. Subaru, Mazda and other smaller firms are also at risk. Muto, a reporter, said that during the closed-door meeting, executives from the auto industry expressed concerns about being unable to pass higher costs due to higher U.S. Tariffs, and their economic impact. On Tuesday, Muto had separate meetings with the steel and aluminum industries of Japan to discuss the tariff issue. Tadashi Imai (also president of Nippon Steel) told reporters, before the meeting, that the main concern for the Japan Iron and Steel Federation was that protectionism could further depress the global steel markets.
-
Arteta says he will not give up the title race despite his death.
Mikel Arteta, the Arsenal manager, said that his team will not give up the Premier League race for the title despite falling further behind the leaders Liverpool following Saturday's defeat to West Ham United. He also insisted that the team has done well despite the injuries and setbacks. "We won't stop" Arteta said to reporters, "Over my dead body," on Tuesday before their midweek match against third-placed Nottingham Forest. Liverpool is 11 points ahead of Arsenal who has a game left. Second-placed Arsenal faces a mountain to climb with the injured Gabriel Jesus, Kai Havertz, Bukayo Saka, and Gabriel Martinelli. Liverpool is unbeaten in league play since September. Arteta explained: "If someone tells you, at the beginning of the season, that you played five games with a yellow card and over 30 minutes in each game, you have lost a certain number of players, you are at least in the middle of table." This is not the case. This shows the team's resilience, resourcefulness, and ambition." Arteta stated that Arsenal won exactly the same number of points in 15 matches before the West Ham loss. "We lost and then they won... it was hard to accept," said the former Arsenal midfielder. There are so many games available. You have to go back. We have the level, the consistency, and the desire to do it again. On Wednesday, we will do exactly that. "You have to reach certain numbers to win this league, and we must hit that number to have a chance." (Reporting by Chiranjit Ojha in Bengaluru Editing by Christian Radnedge)
-
Arctic doomsday vault receives more than 14,000 samples
The vault, which stores food crops seeds from all over the world in caves created by humans on an isolated Norwegian Arctic island, will receive 14,000 more samples on Tuesday. In 2008, the Svalbard Global Seed Vault was created as a backup to the gene banks around the world that store genetic codes for thousands of species. The vault, protected by permafrost and ice, has received samples all over the world and played an important role in the rebuilding of seed collections that were damaged in the Syrian war between 2015 and 2019. In a press release, Crop Trust Executive Director Stefan Schmitz said that the seeds represent more than just biodiversity. They also reflect the culture, knowledge and resilience of communities who care for them. The Crop Trust stated that the new contributions included a sample from 15 species of Sudan consisting of various varieties of sorghum, a plant which is important for both the food security of the country and its cultural heritage. The conflict between the Rapid Support Forces (RSF) and the army that erupted in April 2023 killed tens thousands and forced 12 million people to flee their homes. It also plunged half of Sudan into famine and other locations into hunger. In a recent statement, the Director of Sudan's Agricultural Plant Genetic Resources Conservation and Research Centre stated that "these seeds are a symbol of hope in Sudan". The Crop Trust announced that a total of 14,022 samples, including rice from Thailand and seeds from Nordic tree species, will be collected at 1430 GMT. (Reporting and editing by Terje Sollvik and Christina Fincher, and Louise Rasmussen).
-
IFR reports that Saudi Arabia has set a price guide for its first green bond.
The fixed income news service IFR announced on Tuesday that Saudi Arabia had set its initial price guidance for the euro-denominated green bond issued in the country's first year and the 12-year bond. IFR stated that the initial price for the green bond was 155 basis points above mid-swaps and 175 bps above the same benchmark for 12 year conventional papers. IFR reported that proceeds from the green bonds will be used to refinance or finance projects in the categories of green project eligible. Saudi Arabia's green finance framework aims to use proceeds of green bonds for funding cleaner energy transitions and diversification of the economy. It also aims to protect its natural environment. The Kingdom raised $12 billion in global debt markets last month through a three-part sale of bonds, which attracted strong investor demand. Proceeds are expected to cover the budget deficit and help pay down its debt. Saudi Arabia, which is the largest oil exporter in the world, forecasts a fiscal deficit for 2025 of $27 billion as it continues to spend strategically on projects related to Vision 2030, its ambitious plan to revamp the economy.
-
Blume Ventures report suggests that India's quick-commerce industry may struggle to maintain its current growth.
According to a Blume Ventures report, India's fast-growing quick-commerce industry may struggle to keep up its current growth rate as the sector is limited in terms of expansion outside major cities and that competition from larger ecommerce players increases. Indus Valley 2025, a report by the venture capital firm, said that these companies provide everything from groceries to electronics in minutes. Their market share has increased to $7.1 billion fiscal year 2025 compared to $300 million in 2022. It said that India's "fastest-growing industry segment" (defined as the one with the highest growth rate) was dominated by Zomato owned Blinkit, Zepto, and Swiggy Instamart. The gross order value (GOV), which is the total amount of money spent on a product, increased 24 times in the same time period. The report warns that the growth of the monthly transacting users (MTUs) will slow down soon, just as it did in the past for the ride-share sector, food delivery, and ecommerce sectors. The quick-commerce companies are also facing stiff competition from large online platforms like Walmart's Flipkart and Amazon, as well as Reliance who plan to launch their quick-commerce services. "... While it's not certain that they can compete with quick-commerce players in the market, increased competition is likely to have an impact on industry profits," said the report. The report also said that the growing sector would likely affect the local food ecosystem and will attract regulatory measures in order to control its growth. In an interview earlier this month, TVS Capital Funds chairman Gopal Srinivasan said that India's frenzy for quick-commerce is a "passing trend" and not sustainable in the long term. Blume Ventures is one of the first investors in the crisis-ridden quick-commerce company Dunzo. The firm, which has been plagued by layoffs, founder departures, and unpaid vendor fees, may be on the verge of closure. (Reporting and editing by Ashwin Nandy; Ashwin Manikandan)
-
Malaysia's Petronas reports a profit decline in 2024 due to global volatility and lower oil prices
Malaysia's Petroliam Nasional Bhd, the state-owned energy company, reported a decline in profits in 2024, compared with a year earlier, due to global volatility, lower oil prices, and geopolitical tensions and economic uncertainty. The firm also warned of future market challenges. Petroliam Nasional (or Petronas) reported a profit of $55.1 billion after taxes in 2024, compared to $80.7 billion in 2023. In 2024, revenue fell from 343.6 billion to 320 billion Ringgit. Capital investments in 2024 were 54.2 billion Ringgit compared to 52.80 billion Ringgit in the year 2023. Tengku Muhammad Taufik Tengku Aziz, Petronas' Chief Executive Officer, said that the oil and gas sector has been facing a number of challenges, including the deglobalisation of the industry, the backlash against efforts to improve environmental, social, and governance, and the threat a long-term trade war. Tengku Tafik said at a press briefing that he expected the uncertainty to last well beyond 2025. Petronas, he said, will overcome the challenges through a prudent financial management and maximising its assets' potential. Tengku Taufik said that Petronas was committed to future-proofing its portfolio by strategic investments into a joint venture for a liquified gas plant in Canada, as well as in upstream ventures with Angola and Indonesia. Tengku Taufik added that the state-owned energy company will need to reallocate resources and eliminate inefficiencies aggressively as it announces plans to reduce workforce. Tengku Taufik stated that the Petronas workforce reduction would begin in stages in the second half of this calendar year. He did not specify how many employees the reduction would affect. According to its website, Petronas employs nearly 50,000 people.
Reports from RIA: Russia arrests teenager suspected of helping Ukraine to target the Ryazan Oil Refinery with drones
The Russian news agency RIA reported that Russian authorities detained a boy aged 17 for gathering intelligence in order to assist Ukraine in targeting the Russian oil refinery at Ryazan with drones.
RIA reported law enforcement officers had arrested the boy under investigation for "terrorism and treason", which can carry a sentence of up 20 years in prison.
RIA reported that the boy (whom it did not identify) was accused of collecting information and painting graffiti in exchange for money for Ukrainian intelligence since the fall of 2024. The report said that he confessed his crime when questioned.
He was quoted as saying that the Ukrainians had asked him to go to Ryazan in January to collect information about the refinery.
Three industry sources have confirmed that the Ryazan refinery in Russia, located 240km south of Moscow has suspended operations following an attack on Monday by Ukrainian drones.
Ukraine has repeatedly targeted Russian infrastructure for energy to try and undermine Moscow's funding of the war.
Around 10% of Russia's refining capacity has been affected by the strikes.
reported
Earlier this month. Reporting by Felix Light, Editing by Andrew Osborn
(source: Reuters)