Oil & Gas Exploration








Asia

North America

Oil & Gas Equipment

Exxon wants to build its eighth oil and gas project in Guyana, as production increases

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...

Oil & Gas Equipment

TotalEnergies Namibia's project is smaller and later than expected

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....

Refined Products

Chevron's refining division posts its first loss in 4 years, missing earnings estimates

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...

Oil & Gas Drilling

Infinity Natural Resources, backed by Pearl Energy, raises $265 mln through an IPO in the US

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...

Oil Equipment

Texas oilfield accident kills one and injures two

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...

Oil & Gas Equipment

One dead and two injured in fatal Texas oilfield accident

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...

Energy Markets

Mexico will present its energy reform to Congress this Wednesday

Mexico's President Claudia Sheinbaum announced that her government would send Congress a bill on Wednesday to reform the energy sector of the country and create mechanisms for public-private partnership across the oil and gas and power industries. Sheinbaum, in a morning press conference, said that the reform was "very deep". It aimed to simplify structures at state energy firm CFE and oil company Pemex while maintaining prices for residents. Sheinbaum pledged to continue the policies of her predecessor Andres Lopez Obrador including his call for state-controlled energy. Reform would favor state-owned operators, while still allowing public-private partnership. According to the...

Crude Oil

Trump's climate withdrawal creates uncommon discord with Huge Oil

U.S. oil and gas manufacturers are thrilled that President Donald Trump wants to motivate domestic energy development however state his choice to withdraw the United States from worldwide environment cooperation will not help their financial investment plans in the global transition to cleaner energy. The position reflects an uncommon note of discord in between Trump and Big Oil, one of his most important constituencies and long considered the top bad guy behind climate change for pumping and selling the nonrenewable fuel sources driving planetary warming. Removing the United States from the Paris climate offer for the second time was amongst...

Energy Markets

United States drillers cut oil and gas rigs to least expensive given that Dec 2021, Baker Hughes says

U.S. energy firms this week cut the variety of oil and natural gas rigs running for a second week in a row to the lowest given that December 2021, energy services firm Baker Hughes stated in its carefully followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by four to 580 in the week to Jan. 17. > 's decrease puts the total rig count down 40 rigs, or 6% listed below this time in 2015. Baker Hughes said oil rigs fell by 2 to 478 this week, their most affordable because...

Energy Markets

Canadian Natural Resources anticipates higher 2025 production levels

Canadian Natural Resources said on Thursday it anticipates production to increase in 2025, banking on greater demand amid tight products. The energy manufacturer projection overall production of 1.51 million to 1.55 million barrels of oil equivalent per day ( boepd) for 2025. The brand-new production variety represents a development of 12% over 2024 levels. It had approximated an overall production of 1.33 million to 1.38 million boepd for financial 2024. Canadian oil producers in December had actually predicted higher production for 2025, betting on durable need for Canadian crude in the U.S and worldwide markets. Fuel demand in the United...

Crude Oil

Trump contacts us to 'open up' North Sea, get rid of windmills

U.S. Presidentelect Donald Trump called to open up the North Sea and get rid of windmills in a. post on his social networks platform Truth Social on Friday. Oil business have been progressively exiting the North Sea in. recent decades with production decreasing from a peak of 4.4. million barrels of oil comparable daily at the start of the. millennium to around 1.3 million boed today. Trump's post remained in response to a report about U.S. oil and. gas producer APA Corp's unit Apache's plans to leave. North Sea by year-end 2029. The business anticipates North Sea. production to fall...

Oil & Gas

Chevron to pay Woodside $400 mln in stake swap deal for energy tasks

Australia's Woodside Energy said on Thursday it had gotten in into a deal with Chevron to exchange stakes in a number of energy tasks, with the U.S. oil and gas giant making a money payment of up to $400 million to Woodside. Under the regards to the deal, Woodside will acquire Chevron's 16.67% stake in the North West Rack (NWS) Task, the NWS Oil Project and its 20% stake in the Angel Carbon Capture and Storage Job, all located in Western Australia. On the other hand, Woodside will transfer its 13% non-operated interest in the Wheatstone and its 65% operated...

Europe

Crude Oil

Sverdrup oilfield, a massive Equinor field, is shut down by a power outage

A company spokesperson confirmed that Norway's Equinor stopped all production from its Johan Sverdrup field in the North Sea on Tuesday due to a failure in the offshore electricity system. This is the largest oilfield producing in western Europe. The spokesperson did not elaborate. "Repair works have been started, and we're working on a plan to restart the system," he said. The oil price could be supported by the outage, as it was under pressure Tuesday due to concerns over global demand after U.S. Tariffs on China went into effect. Sverdrup produced up to 755,000 barrels per day of oil...

Energy Markets

Big Oil's profits from refining are expected to decline in 2025

Oil executives are not optimistic about the refining industry in 2025 Exxon and Chevron Q4 profit hurt by weak refinery sector Fuel demand in the US and China is waning, posing challenges for independent refiners Sheila Dang & Shariq Khan HOUSTON, January 31 - Big Oil executives saw little hope for a near-term increase in refinery profits, after Chevron Exxon Mobil, and Shell reported earnings in the fourth quarter that were severely affected by a decline in margins. Refining margins have been hurt by a combination of sputtering growth in demand and an increase in global refinery capacity in 2024....

Fossil Fuels

Norway's Cognite shifts HQ to U.S., co-founder states at Davos

Norwegian industrial software company Cognite strategies to move its head office to the U.S. this year to gain access to fastergrowing markets in North America, Asia, and the Middle East, its cofounder John Markus Lervik told Reuters on Tuesday. Lervik told the Reuters Global Markets Forum that Europe's. regulative environment was hindering growth. We are doubling down in the U.S., and with the new. president's concentrate on financial investment, we're growing additional. strongly, with over 100 open positions, he stated. Donald Trump's second presidency, marked by trade hazards. and sweeping executive actions, positions fresh threats for European. players as tariffs...

Western Europe

Middle East

Oil & Gas Exploration

The President of Lebanon says that he hopes TotalEnergies resumes oil and gas exploration as soon as possible

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...

Oil & Gas

Kuwait's KPC CEO says oil production capacity exceeds 3 million bpd

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...

Crude Oil

Head of Libya's National Oil Corporation has left role, sources state

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...

Oil & Gas Drilling

BP, Iraq agree on technical terms to redevelop Kirkuk oil fields

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...

Oil & Gas Exploration

Glencore-Chandra Singapore refinery to earmark 20% of output for Shell, sources state

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...

Natural Gas

OPEC cuts 2024, 2025 global oil demand development view again

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...

Energy Markets

Iraqi oil output was listed below OPEC+ quota in September, states gov' t official

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...

Energy Markets

OPEC once again decreases 2024, 2025 worldwide oil need growth view

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...

Crude Oil

OPEC+ nearing arrangement to delay oil output walking, sources state

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....

Fossil Fuels

Libya's oilfield closures spread in standoff over central bank

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....

Fossil Fuels

Projectiles did not impact United States base in Syria, US authorities say

Projectiles released in the direction of a U.S. airbase in a gas field in Syria's Deir alZor province did not hit the center, two U.S. officials said on Tuesday. Previously, a security source informed Reuters that Iran-backed militia targeted the base with six shells, all of which fell in the area of the U.S. base, including that the U.S.-led union reacted to the attack with weapons. The U.S. official, speaking on the condition of anonymity, stated the projectiles did not strike the base and there were no injuries. The main mentioned preliminary reports that can alter. Lebanese pro-Iranian tv channel...

Natural Gas

OPEC+ likely to adhere to output policy at Aug 1 JMMC meeting

An OPEC+ panel is unlikely this week to make any changes to its existing deal to cut production and to begin unwinding some cuts from October, in spite of current sharp declines in oil rates, 5 sources from the producer group told Reuters. Leading ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee conference (JMMC) on Thursday at 10:00 GMT. I believe it is unlikely that we will see a new modification or advancement in Thursday's conference, especially to restrict...