Oil & Gas Exploration

China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion into a project that will produce 60,000 barrels of crude oil per day by the end of 2026. The project is a rare investment made by a Chinese private firm in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the Maduro administration. This is the first time that the investment amount and production plan have been reported. Beijing is a major ally of Maduro, as well as his predecessor, late President Hugo Chavez. It...

Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday. Sources said that the 270,000 barrel-per-day (bpd) DU-2 crude distillation unit (CDU) at the refinery will be closed for the planned 60-day overhaul. Pemex did not respond to a comment request immediately. DU-2 converts crude oil to feedstocks that are used by most of the other refinery units. The sources say that the fluid catalytic unit (FCCU), the hydrocracking unit producing diesel (HCU) (70,000 bpd), and the...

Two people familiar with the matter have confirmed that India's Bharat Oil Corp, a state-run company, has awarded a 5-month tender to European trader Glencore for 10 million barrels U.S. crude oil. This is helping India to strengthen its energy relations with Washington. India, which is the third largest oil importer in the world, has increased its imports of US crude oil as the negotiations for a bilateral agreement continue. Sources said that Glencore would deliver 2,000,000 barrels of WTI Midland Crude per month to the Indian refiner from November through March. This is double the volume BPCL had imported...

Bloomberg News reported that Cenovus Energy was in discussions with Indigenous groups to buy MEG Energy together. The report cited people who were familiar with the talks. The report stated that a group of First Nations communities, including Chipewyan Prairie First Nation (Chipewyan Prairie First Nation) and Heart Lake First Nation (Heart Lake First Nation), are in discussions with Cenovus to take a C$2 Billion ($1,45 Billion) stake in MEG. Bloomberg reported that the Indigenous stake would receive financial support from both the federal government and the provincial government, with Cenovus bidding for the remainder. MEG Energy shares were up...

The head of a Mexican association that represents global oilfield services firms said on Thursday, despite promises by the government to accelerate payments to suppliers, there are no concrete measures in a new business strategy for Pemex. Rafael Espino is the president of AMESPAC. He said that during a meeting on Tuesday with officials of the energy and finance ministries, as well as Pemex, it was not mentioned how the company will pay off debts from work performed already in 2024, and in the first half 2025. Espino stated that AMESPAC members owed approximately 65 billion pesos (3.49 billion dollars)...

EOG Resources, the U.S. energy company that closed its $5.6 billion Encino transaction on Thursday, beat its second-quarter profit forecast and increased its annual production projection. The company's 2025 production forecast was for an average of 1.224 million barrels equivalent per day (boepd) compared to its previous expectations of between 1.1 and 1.14 million boepd. In a press release, CEO Ezra Yacob stated that "the expansion of our portfolio by the Encino acquisition and our entry into Bahrain, the UAE and Trinidad as well as the strong exploration progress in our domestic portfolio, and Trinidad has significantly improved our industry-leading...

Texas Pacific Land announced a higher core profit for the second quarter on Wednesday as higher royalties revenues offset lower oil prices. The results are coming as the energy sector braces itself for the impact of U.S. president Donald Trump's proposed tariff plans that have weakened oil prices and caused concern about global demand. The company earns money from land usage fees, construction materials sales, water treatment or sourcing services, and oil and natural gas royalty interests. The total revenue for the second quarterly increased from $172.3 to $187.5 millions, largely due to a 6% increase in oil and natural...

The Energy Information Administration reported on Thursday that the U.S. gas demand for May was the lowest since the coronavirus outbreak of 2020. This indicates consumers are cutting back on fuel purchases, despite the lower price. The EIA proxy for demand is the product supplied of finished motor gas, which averaged 9.06 million barrels per day in May. This represents a 3.6% decrease from last year. Donald Trump, the U.S. president, has claimed credit for lowering gas prices. They had risen to a record-high in 2022 because of supply disruptions due to Russia's invasion. Analysts have stated that the decline...

Dmitry Medvedev, the former Russian president, said that the framework agreement between the European Union (EU) and the United States is "anti-Russian", comparing it to a ban de facto on the purchase of Russian oil and natural gas. On Sunday, the U.S. and the EU reached a deal that imposes a 15% tariff on the majority of EU goods. Ursula von der Leyen said, in a subsequent statement, that the agreement will help the EU phase out Russian fossils fuels and replace them with American alternatives. The purchase of U.S. Energy Products will help to diversify Europe's supply sources and...

PTT Exploration and Production, a Thai oil and natural gas company, has purchased full ownership of Block A-18 within the Malaysia-Thailand Joint Development Area. The transaction was worth $450 million and involved Chevron unit. PTTEP announced in a late Friday statement that it had signed the deal with Hess Asia Holdings and Hess (Bahamas), both of which are now owned by Chevron after a recent merger between Hess Corp. PTTEP announced that the acquisition gave it 100% of Hess International Oil Corp's outstanding shares, which hold a 50% participation interest in Block A-18. Chevron is reorganizing its global operations to...

The state regulator reported on Tuesday that North Dakota oil drillers currently operate 29 rigs compared to 32 in June. Operators continue to use more efficient drilling technology. The ability to drill more efficiently allows operators the opportunity to extract more oil with less capital. Nathan Anderson, Director of the Department of Mineral Resources in Washington State said that the decline in rig counts does not mean there is less rock being drilled. The state Industrial Commission reported that oil production in North Dakota dropped 61,000 barrels per day (bpd) in May to 1.1million bpd. The price environment in May...

Baker Hughes, an oilfield services provider, surpassed Wall Street's expectations for the second quarter profit on Tuesday as it benefitted from a robust demand for natural gas services. Energy industry benefits from a rise in natural gas demand, primarily due to LNG exports, and an increase in electricity consumption, mainly because of higher temperatures, data centres, and AI operations. Baker Hughes is trying to leverage the Industrial and Energy Technology (IET portfolio) to drive growth in its natural gas and LNG sector. Baker Hughes says it's well-positioned to meet or exceed its $1.5 billion three-year order target earlier than expected....

NewMed, a partner in the Leviathan field, announced on Thursday that Israel's Leviathan gas field had signed the largest gas export agreement in Israel's history. The deal is worth up to 35 billion dollars and will supply gas to Egypt. Leviathan will sell gas to Egypt for about 130 billion cubic meters (bcm) until 2040 or until the full contract quantity is met. After production started in 2020, the Leviathan reservoir began to supply Egypt. The initial contract was signed in 2019 and is for 60 bcm, or 4.5 billion cubic meters per year. It will be supplied to Egypt...

Israel's Energy Minister Eli Cohen announced on Wednesday that the country will resume natural gas exports once its military deems it safe. The air battle between Israel & Iran is now in its sixth day. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of the exports to Egypt & Jordan have been closed. The older leaves are still in use Field used mostly for domestic supply. Cohen stated that he had been in touch with Egpyt, Jordan and Jordan regarding the...

After agreeing to the first reduction in output in 2022, OPEC+ producers have implemented three levels of cuts. Eight OPEC+ oil producers have begun to increase production this year and unwind the most recent tranche. Sources said that the 22-member OPEC+ group will meet online on Wednesday. This meeting is not expected change policy on output. Eight OPEC+ members plan to meet on Saturday and decide on a July production increase. Algeria, Iraq and Kuwait are the eight countries that have met earlier this year to discuss their production targets. They raised them by almost 1 million barrels a day...

A senior executive at Mubadala Energy said that the company would be happy to provide all of the natural gas produced in its South Andaman Block for Indonesian domestic consumption, and do so at the best possible price. Indonesia wants producers of gas to increase their supplies to domestic consumers as the demand is increasing. The producers have been focusing on exports of LNG and asked the government to revise price caps for domestic gas. They argue that it is not a good business decision when spot LNG prices are so high. Abdulla Bu Ali (President Director of Mubadala Energy...

ConocoPhillips CEO Ryan Lance stated on Tuesday that U.S. shale production will plateau if oil prices stay where they are and will begin to decline when oil prices reach $50 per barrel. "The breakeven has probably not moved much." "I think that long-term if oil prices are in a range where they're comfortable - perhaps in the 70s or 65-75 - we will still see modest growth from the U.S.," Lance said, speaking at Qatar Economic Forum. We see a plateauing of production in the U.S. by the end of this year, unless we have a technological breakthrough. Don't bet...

The company announced on Tuesday that Alfred Stern, Chief Executive Officer of Austrian oil-and-gas group OMV, has decided to not run for reelection when his current term expires on August 31, 2026. Stern is CEO of the Vienna-based firm since September 2021. He previously ran the Borealis division, and tried to steer it away from fossil fuels toward sustainable fuels and chemical. In March, he oversaw the merging of Abu Dhabi National Oil Company with OMV's Polyolefin business, creating Borouge International, a chemical powerhouse with a $60 Billion enterprise value. The merger should be completed in the first quarter 2026....

The companies announced on Friday that North Sea oil producer EnQuest would not make an offering for UK-based Serica Energy as they could not reach an agreement on favorable terms in time due to market volatility. At 1623 GMT, EnQuest shares fell about 5% to 13.14 pence. Serica shares rose 0.3% to 127 pence. Serica announced in March that it was in discussions with EnQuest regarding a potential deal. The termination comes amid an economic wave of uncertainty caused by the sweeping tariffs that U.S. president Donald Trump has imposed around the world. Energy prices have been dragged down by...

Bloomberg News reported Monday that Woodside Energy was in discussions with an overseas division of Kuwait Petroleum about selling a stake in their Louisiana liquefied gas plant. The report was based on people familiar with the matter. Kuwait Foreign Petroleum Exploration is also looking at securing LNG from the project. Other companies are interested in both LNG and equity, according to the report. Woodside Energy and Kuwait Foreign Petroleum Exploration did not respond immediately to comments. Woodside, Australia’s largest gas producer, agreed earlier this month to sell a 40 percent stake in its Louisiana Liquefied Natural Gas plant to U.S....

Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies, BP’s senior vice-president of wells, revealed that the UK oil giant BP uses AI to predict problems and steer drill bits before they occur....

On Wednesday, Turkish Energy minister Alparslan Bayraktar announced on the social media platform X that TPAO, Turkey's national oil company, had signed a joint-venture agreement with U.S. producer Continental Resources for the development of shale deposits in Diyarbakir Basin. This cooperation will contribute greatly to our goal to bring Turkiye’s oil and natural gas resources into our economy. "I hope that this agreement will benefit all parties, as it opens up a new phase in Turkiye's exploration," he wrote in the blog. The Turkish oil and gas industry is not very large. Continental Resources CEO Doug Lawler stated in an...

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...