Oil & Gas Exploration

The Indonesian Mining Association urged the Government to reconsider its plan to increase royalty rates on mining products, as the miners already struggle with increasing operational costs and tightening cash flow. Indonesia may consider raising the royalties that mining companies pay for commodities such as coal, nickel and copper. Authorities say this is to improve the industry's governance. Hendra Sinadia, Executive Director of the group, said: "An increase in royalty rates will increase the burden on the business community. It can also affect production and investment planning." He said: "We ask that the government reconsider its plan to raise tariffs,...

Energy and Mineral Resources minister Bahlil lahadalia told reporters Friday that Freeport Indonesia could receive an export quota around 1,000,000 metric tons copper concentrate. Bahlil stated that the government had issued a regulation that allows exports of minerals in force majeure situations. This quota is valid for six-months after the recommendation has been issued. Indonesia, a country rich in natural resources, has banned the export of unprocessed mineral products, including copper and nickel. This is to encourage domestic value-adding. Freeport is asking for permission to export copper concentrator after being forced to stop production of copper cathodes at its new...

MPLX, a midstream company that focuses on expanding its Permian presence, announced Friday that it will purchase the remaining 55% of the BANGL pipeline from affiliates WhiteWater and Diamondback Energy. The deal is worth $715 million. The pipeline sector is booming with deals as companies seek to reduce costs, increase scale, and gain access attractive oil and natural gas producing regions on the U.S. Gulf Coast. The 425-mile BANGL Pipeline transports natural gasliquids from the Permian Basin of Texas to fractionation marketplaces along the Gulf Coast. The pipeline will allow liquids to reach MPLX Gulf Coast fractionation facility, which is...

Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for a fourth consecutive week to reach their highest level since last June. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending February 21. Baker Hughes reported that despite this week's increase in rigs, the total count is still 34 or 5% lower than this time last year. Baker Hughes reported that oil rigs increased by seven this week to 488, the highest level since September. Gas rigs dropped by...

A video was shown to Chevron's employees at a town hall meeting held last week. The video highlighted the success of the oil giant in Colorado, where it is the largest producer of oil and natural gas in the state. In less than 30 minutes, the executives announced their plans to reduce up to 20% of global staff. Chevron, despite progress made in safety and financial performance has fallen behind its competition, the company's leaders informed employees at a meeting held on February 12th. On the webcast, they stated that Chevron's business was becoming too complex, costs were creeping up,...

Diamondback Energy, an oil and gas company, announced on Tuesday that it will buy certain units from EnCap-backed energy producers Double Eagle for approximately $4.08 billion in cash-and stock deal. Diamondback would gain access to 40,000 acres of land in the Permian Basin (the largest oil field in America), one of the last major assets. Diamondback said it would reduce its pro-forma debt by selling at least $1.5 Billion of non-core assets. The shale oil producer plans to reduce net debt to $10 Billion and maintain leverage between $6 Billion to $8 Billion over the long-term. Double Eagle, a Texas-based...

The head of Exxon Mobil in Guyana announced on Wednesday that a consortium led by Exxon Mobil had requested environmental permits for its eighth project - the first to generate gas unrelated to oil production - and to explore a second well at its massive offshore blocks. Exxon is preparing for an active exploration and production year in Guyana, following upgrades to two of its floating facilities. A fourth vessel will arrive in the next few weeks and increase the total capacity of the group's output to 940,000 barrels a day. Guyana has pressed Exxon to deliver and produce more...

FID is expected to end in 2026, not by the end of 2025 Production capacity has dropped to 150,000 barrels a day from 160,000 The country has been discovered by fellow majors PARIS, February 5 - CEO Patrick Pouyanne stated on Wednesday that the French oil major TotalEnergies will make a final decision on investment in its Namibian oil discovery by 2026. The project would produce 150,000 barrels a day. This is down from the initial 160,000 barrels a day that was discussed during its Investor Day in October. Pouyanne's previous target for the decision date on FID was 2025....

Chevron Corp. reported earnings for the fourth quarter below Wall Street expectations on Friday, as low margins forced its refining division into a first-time loss since 2020. The second largest U.S. oil company posted total earnings for the three-month period ending Dec. 31 of $3.24 Billion, up from $2.26 Billion in the same time last year. The company's adjusted earnings per share, which were $2.06, fell below the Wall Street estimate of $2.11, due to weak fuel sales. Fuel sales profits fell across the industry in 2012, as demand for oil slowed down after the pandemic and the economic situation...

Infinity Natural Resources, a private equity-backed oil-and-natural-gas producer in the U.S. raised $265M in its initial public offer on Thursday. This is the latest energy company to sell shares for the first time in New York. The Morgantown, West Virginia based company was valued at $1.18 billion in the IPO. The company sold 13.5 millions shares for $20 within the range of $18 to $21. The energy industry has been a key theme on the IPO market this year, as companies look to capitalize on investor fervor for the sector. Infinity was founded in 2017 and produces oil, gas, and...

On Monday, ProPetro Services conducted fracking at a Permian Resources Corporation well site in Texas. One man died and two other people were injured. Edward Rodriguez, 45 years old, died when a pressured device ruptured. Two other workers were taken to hospital. According to a Reeves County Sheriff's Office statement, ProPetro has shut down its fracking operation and turned off the power in the area during a safety inspection. ProPetro released a statement confirming the incident and stating that the company is working with relevant authorities to determine what caused the incident. Permian Resources Corp has not responded to a...

On Monday, ProPetro Services conducted fracking at a Permian Resources Corporation well site in Texas. One man died and two other people were injured. Edward Rodriguez, 45 years old, died when a pressured device ruptured. Two other workers were taken to hospital. According to a Reeves County Sheriff's Office statement, ProPetro has shut down its fracking operation and turned off the power in the area during a safety investigation. ProPetro and Permian Resources Corp have not responded to requests for comment. The Sheriff's Office Criminal Investigation Division investigators determined that the incident was caused by a pressurized pipe containing approximately...

S&P Global Commodity Insights (Platts), a commodities reporting agency that provides information on commodity prices, stated Monday that the dated Brent crude oil market is working well since U.S. WTI was added to it. Further changes are not expected, Platts said. The first year that WTI Midland was included in the Brent benchmark date after its inclusion in the basket began in May 2023 due to falling North Sea production, was also the first year in which it was the first crude oil grade outside of the North Sea. Platts announced on Monday that Brent oil 2024 is a smooth...

The European Union has suspended sanctions against Syria, including those relating to energy, banking and transport, with immediate effect. The EU has implemented a number of sanctions against individuals and sectors in Syria. After the insurgents led by Hayat Tahrir Al-Sham (HTS), an islamist group, ousted Bashar al Assad from his position as president in December, European leaders began to rethink their approach. On Monday, the EU Foreign Ministers met in Brussels and agreed to suspend sanctions against the oil, gas, and electricity sectors, as well as the transport sector. The Syrian Central Bank has also been exempted from restrictions...

According to a press release from the president's offices, Lebanon President Joseph Aoun told Qatari Premier Sheikh Mohammed Bin Abdulrahman Al Thani on Tuesday that he hoped TotalEnergies would soon resume oil exploration off the coasts of Lebanon. In 2023, the state-owned QatarEnergy will join France's TotalEnergies (ENI.MI), and Italy's Eni in a consortium of three to search for oil and natural gas in two marine blocks off Lebanon's coast. Two sources who were directly involved in the matter said that no hydrocarbons had been found after the exploratory drilling offshore in 2023. TotalEnergies didn't respond to a comment request...

Kuwait's oil production capability now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud alSabah told reporters on Tuesday. The country's oil production capability was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), stated at the time. Kuwait aims to improve its oil output to 4 million bpd by 2035, having actually formerly missed out on an objective of reaching that level by 2020. Discussing U.S. President Donald Trump's views on fossil fuels, Sheikh Nawaf stated there is no alternative to...

The head of Libya's National Oil Corporation (NOC) is no longer in the function at the state oil company, two sources familiar with the matter informed Reuters on Thursday. The NOC runs the technical sector of oil and gas production, along with a number of smaller subsidiaries, in OPEC member Libya, which is the third largest oil producer in North Africa. Given that the fall of Muammar Gaddafi in a NATO-backed uprising in 2011, Libya's oil production has actually been repeatedly hit by groups blocking facilities, in some cases to require material benefits however likewise as a strategy to achieve...

British oil major BP stated on Thursday it has actually reached a deal with the Iraqi government on the technical terms to redevelop the Kirkuk oil and gas fields. The business had actually signed an arrangement with the Iraqi federal government in August to establish and check out the Kirkuk oilfield in the north of the nation, which will also consist of building power plants and solar capacity. Unlike historical contracts that provide foreign companies razor-thin margins, the brand-new agreements are expected to consist of a. more generous profit-sharing model, sources have informed Reuters. Iraq, the second-largest oil producer in...

Glencore and Chandra Asri, preparing to finish their takeover of Shell's landmark Singapore refinery, have set up a brand-new running business and will earmark approximately 20% of output for the plant's outbound owner, sources knowledgeable about the matter said. The endeavor has lined up long-lasting unrefined supply from Abu Dhabi National Oil Co (ADNOC) and remains in talks with other manufacturers for more, one of the sources said. The joint endeavor, called CAPGC and majority-owned by Indonesia-based petrochemicals firm Chandra Asri, is on track to close its acquisition in the very first quarter of 2025 pending regulative approval, a Shell...

OPEC on Monday cut its projection for worldwide oil need growth in 2024 reflecting information received so far this year and likewise decreased its projection for next year, marking the producer group's 3rd successive downward revision. The Company of the Petroleum Exporting Countries in a. regular monthly report stated world oil need will increase by 1.93 million. barrels daily (bpd) in 2024, down from growth of 2.03 million. bpd it anticipated last month. There is a large split in between forecasters on the strength of. need development in 2024, partly due to distinctions over demand. from China and over the...

Iraq produced 3.94 million barrels daily (bpd) of oil in September, less than its OPEC+. output quota of about 4 million bpd, an Iraqi official stated on. Saturday, as the country seeks to increase its compliance with the. target. The production figure offered by the authorities, who asked not. to be called, opposes the findings of a Reuters study. published on Oct. 3, which discovered Iraq had pumped 90,000 bpd more. than the quota in September. Inquired about the survey's findings, the authorities stated. production had been available in listed below the quota due to lower exports,. lowered domestic consumption...

OPEC on Tuesday cut its projection for global oil demand growth in 2024 reflecting information received so far this year and likewise trimmed its expectation for next year, marking the manufacturer group's second successive downward revision. The Organization of the Petroleum Exporting Countries in a. monthly report stated world oil demand will rise by 2.03 million. barrels daily (bpd) in 2024, down from development of 2.11 million. bpd it anticipated last month. There is a wider than normal split between forecasters on the. strength of oil need growth in 2024, partially due to differences. over China and more broadly over...

OPEC+ is nearing a contract to delay an oil output increase arranged to begin in October after oil prices struck their lowest in nine months, 2 sources from the producer group told Reuters on Thursday. The move comes as oil costs have been falling together with other asset classes on issues about a weak worldwide economy and particularly soft data from China, the world's most significant oil importer. It is likely that the countries will act to balance the marketplace by delaying the boost, one the sources said. The second source stated OPEC+ was nearly there on getting an contract....

Libya's oilfield closures spread out on Wednesday as the Sarir field nearly entirely stopped output, two field engineers told Reuters, in the middle of a political disagreement over control of the reserve bank and oil earnings. Authorities in the east, where the majority of Libya's oilfields lie, declared on Monday that all production and exports would be halted. Sarir has a production capability of about 209,000 barrels per day (bpd). Force majeure had actually already been revealed on exports at the 300,000 bpd Sharara oilfield and today Reuters has actually reported disruptions at El Feel, Amal, Nafoora and Abu Attifel....