Revealed: Three discovered resource opportunities up for grabs in Malaysia's ...
Saturday, January 18,2025,02:01
Petronas MPM will formally launch MBR 2025 on 17 February .. read more..
U.S. Shale's Capital Discipline Outweighs Trump's Pro-Growth Rhetoric
Saturday, January 18,2025,00:00
Although corporate executives in the shale industry may be encouraged by the supportive rhetoric of President-elect Donald Trump and his incoming administration, a potential crude oil oversupply and a stagnation in well productivity mean they are less likely to boost drilling budgets. Operators are likely to cut back on Lower 48 drilling if prices stay below $70 per barrel. Industry heavyweights such as Chevron and Diamondback have guided for more modest budgets and slower-to-flat production growth next year. For now, 'Shale 4.0’ priorities,… .. read more..
Oil set for fourth week of gains on US sanctions
Friday, January 17,2025,22:00
Oil prices edged lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions. Brent crude futures were down 41 cents, or 0.5%, at $80.87 per barrel by 11:30 a.m. ET (1630 GMT), having gained 1.4% ... .. read more..
Diesel cracks at five-month high but overall refining margins turn negative
Friday, January 17,2025,22:00
Asia’s middle distillates markets turned volatile amid mixed trading sentiment, though outright prices and window cash premiums climbed week on week on Friday – with margins hitting a five-month high. February refiner sales, especially from South Korea, were mostly underway. Deal prices were mixed given the market’s volatility throughout the course of the trading week. ... .. read more..
Brightmark RNG Holdings Achieves Landmark First Gas Milestone at 10 Midwest R...
Friday, January 17,2025,22:00
Brightmark RNG Holdings LLC announced today that it has delivered first gas at 10 renewable natural gas (RNG) projects across the Midwest. Brightmark RNG Holdings LLC is a joint venture between Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Brightmark Fund Holdings LLC, a subsidiary of Brightmark LLC. With today’s announcement, the ... .. read more..
Prices edge lower on milder temperatures
Friday, January 17,2025,22:00
Dutch and British wholesale gas prices edged lower on Friday morning as forecasts for milder temperatures curbed demand. The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was down 0.30 euro at 46 euros per megawatt hour (MWh), or $13.88 /mmbtu, by 0925 GMT according to LSEG data. The Dutch March contract (TRNLTTFMc2) was ... .. read more..
Italy’s gas consumption at lowest in more than 15 years in 2024, GME says
Friday, January 17,2025,22:00
Italy’s natural gas consumption fell to its lowest level in more than 15 years to 61.7 billion cubic metres (bcm) in 2024, the country’s power market manager GME said on Friday. An overall 2.5% annual drop was mainly due to a decrease in the use of gas in power generation, while consumption by companies and ... .. read more..
A look back at our forecast for global crude oil prices in 2024
Friday, January 17,2025,22:00
Benchmark Brent crude oil prices averaged $81 per barrel (b) in 2024, in line with the $82/b for the year that we had forecast in our January 2024 Short-Term Energy Outlook (STEO) and more in-depth analysis. In the January 2024 STEO, we forecast that markets would be relatively balanced in 2024, changing little from the ... .. read more..
Russia’s ESPO Blend crude value plunges as buyers vanish, freight rates surge
Friday, January 17,2025,22:00
Far East Russia’s ESPO Blend crude values plunged to 17-month lows as Russian oil trade froze following the Jan. 10 sanctions on the country’s energy sector while shipowners demanded increasingly lofty premiums to send cargoes to China. Platts, part of S&P Global Commodity Insights, assessed front-month ESPO Blend at a $9/b discount to Platts Dubai ... .. read more..
Middle East: Benchmarks rally on strong demand, tripling in the week
Friday, January 17,2025,22:00
Middle East crude benchmarks extended their rally on Friday and ended this week at a level of $5 per barrel, about three times higher than last Friday. The sharp gains among Murban, Dubai and Oman premiums as buyers in China and India scrambled for alternative supplies after the latest sanctions by the Biden administration hit ... .. read more..
Mining and Energy Companies Dominate Uzbekistan's Tax Revenue
Friday, January 17,2025,22:00
State-connected energy and mining companies dominate the list of top tax-paying enterprises in Uzbekistan, according to data released January 15 by the country’s State Tax Committee. Overall, the government collected roughly 123.3 trillion Uzbek soums (about $9.5 billion) in corporate tax revenue from 949 major taxpayers in 2024, the committee reported. The top 10 highest paying entities contributed roughly 57 percent of the corporate tax revenue collected by the state. The top three tax-payers were the Navoi Mining and Metallurgical Plant,… .. read more..
Tehran and Moscow Forge 20-Year Strategic Partnership
Friday, January 17,2025,20:00
Russian President Vladimir Putin and Iranian President Masoud Pezeshkian are set to sign a "comprehensive strategic partnership" treaty in Moscow on January 17 as Moscow and Tehran seek to further strengthen their relationship after years of deepening cooperation. The Kremlin announced earlier this week that Pezeshkian would visit Moscow and sign a new partnership agreement. Iranian Foreign Ministry spokesman Esmail Baghaei confirmed at a news conference on January 14 that a treaty would be signed, saying that the process of preparing it took about… .. read more..
Crypto firm Digital Currency Group to pay SEC $38.5 million for misleading in...
Friday, January 17,2025,19:55
Digital Currency Group, the crypto firm founded by Barry Silbert, is paying the SEC $38.5 million for misleading investors. .. read more..
Petrobras Refinery Output Hit Record High In 2024
Friday, January 17,2025,18:30
Brazil’s state-owned oil and gas multinational Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, saw output from its refineries hit an all-time high in 2024 thanks to record production of gasoline and S-10 diesel. Petrobras reported that gasoline output totaled 24.4 billion liters, eclipsing the previous record of 24.2 billion liters posted in 2014 while diesel production reached 26.3 billion liters. The company’s annual refinery utilization rate was 93.2% last year, up from 92% in 2023. Last year, Petrobras lowered capital… .. read more..
US Rig Count Falls in Strong Week for Oil
Friday, January 17,2025,18:08
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, after a 5-rig drop in the week prior. The total rig count fell by four rigs, to 580, according to Baker Hughes, down 40 from this same time last year. The number of oil rigs dipped by 2—down by 19 compared to this time last year. The number of gas rigs saw the same dropoff, losing 2 rigs to land at 98, a loss of 22 active gas rigs from this time last year. Miscellaneous rigs stayed the… .. read more..
Reliance and Nayara gain diesel mkt share as state-run oil cos stagnate
Friday, January 17,2025,18:03
Private sector refiners Reliance Industries and Nayara Energy significantly increased their diesel and petrol retail sales in April-December 2024, gaining market share from state-run refiners. RIL-BP and Nayara used aggressive promotions and price discounts to attract customers as state-run refiners maintained stable prices. .. read more..
US natgas prices drop 5% from 2-year high on milder late Jan weather forecasts
Friday, January 17,2025,18:00
U.S. natural gas futures dropped about 5% on Friday from a two-year high in the prior session on forecasts for milder weather in late January and early February that should cut demand for gas for heating. This weekend, however, extreme cold weather over the Martin Luther King Jr. and Inauguration Day holidays was on track ... .. read more..
EU, Mexico Sign Trade Deal Ahead Of Trump Inauguration
Friday, January 17,2025,17:30
The European Union and Mexico have agreed to a revamped free-trade agreement days before Trump begins a second term. Mexico, in particular, has been working to revamp the trade deal with the EU ahead of Trump’s inauguration as a way to show strength before the review of the US-Mexico-Canada trade agreement, known as USMCA. The U.S. is, by far, Mexico’s biggest trade partner, accounting for 83% of Mexico’s trade relationship. Trump has criticized the EU’s trade practices and said he would impose duties on exports by the bloc.… .. read more..
BP Slashes Jobs, Bolsters Oil & Gas Operations
Friday, January 17,2025,17:00
The backlash against renewable energies continued this week as oil major BP (NASDAQ;BP) announced it is cutting 5 percent of its workforce or 4,700 jobs and 3,000 contractors. The UK-based oil company said the reductions are part of a cost-cutting plan that began last October, when it identified $500 million of cost savings to be delivered in 2025 — 25 percent of the $2 billion target set for the end of 2026. New CEO Murray Auchincloss was quoted by The Associated Press as saying that the company is “focusing resources on our highest-value… .. read more..
Fire at Huge California Battery Storage Plant Forces Evacuations
Friday, January 17,2025,16:30
A fire at the Vistra battery storage plant in California, one of the largest in the world, has prompted evacuations for hundreds of people, and part of a highway was closed early on Friday. The battery storage plant in Moss Landing in northern Monterey County is some 77 miles south of San Francisco. The owner of the plant is Texas-based company Vistra Energy, whose shares fell in market pre-trade on Friday following the news of the fire. The plant contains tens of thousands of lithium batteries, which could be difficult to put out once they catch… .. read more..
SLB revenue in Russia ‘continues to decline’ amid new US sanctions, CEO says
Friday, January 17,2025,16:25
Olivier Le Peuch says SLB’s operations ‘are aligned with the new sanctions’ .. read more..
Oil Sanctions: Trump's Leverage in Ukraine-Russia Conflict?
Friday, January 17,2025,16:00
The Trump administration is currently formulating a sanctions strategy for Russia which might be better able to foster a peace deal in the Ukraine war. "Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months while at the same time squeezing Iran and Venezuela, people familiar with the matter said," Bloomberg reports. Ironically the three countries named happen to be among the world's top oil producers - Russia, Iran, and Venezuela - and Trump's… .. read more..
Kent to help facilitate Kazakh companies' access to Qatar market
Friday, January 17,2025,15:36
UK player teams up with a Kazakh industry body to help Kazakh contractors to bid for jobs in Qatar .. read more..
Italy’s Natural Gas Demand Slumps to 15-Year Low
Friday, January 17,2025,15:30
Consumption of natural gas in the EU’s third-largest economy, Italy, dropped by 2.5% in 2024 to its lowest level in more than 15 years, power market manager GME said on Friday. Demand fell for a third consecutive year in 2024, due to higher prices compared to the pre-energy crisis levels, the market manager said in a monthly newsletter. Gas consumption in power generation fell by 1.6% last year from a year earlier, while residential consumption and the industry saw slight increases in consumption, up by 1.8% and 1.3%, respectively. As a result… .. read more..
Gaza Ceasefire Agreement Halts the Oil Price Rally
Friday, January 17,2025,15:02
Oil prices have stopped rallying as a ceasefire agreement between Israel and Hamas could lead to the end of the Houthi bombardments of the Red Sea, but prices are still set to end the week with a gain.The recent relentless oil price rally that saw Brent break $82 appears to have slowed, but backwardation continues to expand in both Dubai and Brent futures. A potential de-escalation between Israel and Hamas, leading to the Houthis ending their maritime warfare in the Red Sea, could bring flat prices lower from next week onwards, but this week… .. read more..
U.S. Refiners Face Headwinds in 2025
Friday, January 17,2025,14:32
US Refiners Face 2025 Headwinds as Cracks Fall and Geopolitics Complicate Outlook - Following two years of bumper profits, US refiners are bracing for a tougher period ahead as gradually weakening fuel demand growth across the country and potential tariff woes are set to lower downstream profitability. - Despite US refinery utilization holding up at a robust 90.3% in Q4 2024, analysts have lowered expectations for their EBIT by 24% since the start of the quarter, with a coinciding slide in stock value. - The EIA predicts that 2025 will finally… .. read more..
Is $80 Oil Here to Stay?
Friday, January 17,2025,14:30
The global oil market entered uncharted territory this week as the United States tightened its grip on Russian oil exports through sweeping sanctions. These new measures, targeting 183 oil tankers and major producers such as Gazprom Neft and Surgutneftegaz, are poised to strip up to 700,000 barrels per day (bpd) from international markets. Designed to cut off a critical revenue stream for Moscow, the sanctions also add a new layer of pressure to an already fragile supply chain. Freight costs surged in response, creating logistical challenges for… .. read more..
Iran and Russia Sign Cooperation Treaty
Friday, January 17,2025,14:30
Politics, Geopolitics & Conflict The new Iranian president (Masoud Pezeshkian) met with Putin on Friday when the two countries signed a pact for a comprehensive strategic partnership. There is a high-level element of showmanship in this pact, which comes at a sort of crossroads for Russia-Iran relations. Neither ally came to Assad’s aid in Syria, and there have been some intelligence indications of miscommunications between the two over Assad’s fate. There is also the fact that Moscow maintains good relations with Israel, which… .. read more..
The Case for Lower Oil Prices
Friday, January 17,2025,14:30
If you follow markets at all, you are probably aware that this past week was “inflation week” in America. The Producer Price Index (PPI), which measures price changes at the wholesale level, was released on Tuesday, with the measure of retail price changes, the Consumer Price Index (CPI), following closely on its heels on Wednesday. The 5-Day chart for the S&P 500 (above), shows that the numbers were considered good for stocks, or at least were well received by stock traders. There was an initial move up in early trading on Tuesday… .. read more..
Energy Infrastructure Targeted Once Again in Russia and Ukraine
Friday, January 17,2025,14:30
Russia-Ukraine energy infrastructure warfare has once again gained momentum, with Russian airstrikes continuing to target critical facilities in western Ukraine and Ukraine returning the same on the TurkStream pipeline running through southern Russia. This is the backdrop to the halting of Russian gas transit to Europe through Ukraine. Energy started this war, and energy will end it. The Ukrainian attack on a compressor station along the TurkStream pipeline in Russia’s Krasnodar region caused only minor damage and did not halt compressor… .. read more..
Russia’s Fuel Shipments Slumped by 9% in 2024
Friday, January 17,2025,14:30
Russia’s exports of refined oil products by sea declined by 9.1% in 2024 from a year earlier, due to low processing rates, drone attacks knocking out refineries, and export bans, Reuters reported on Friday, citing industry data. Russia shipped a total of 113.7 million metric tons of refined petroleum products last year, while its domestic refining slumped to a multi-year low level of 267 million tons in 2024, the lowest since 2012. The refining rates fell amid weak margins, unplanned refinery outages, and the export bans that Russia introduced… .. read more..
Prolonged Gaza ceasefire could be a 'door opener' into Israel for Saudi Arabi...
Friday, January 17,2025,13:37
Arab governments will be eagerly looking at options to engage with Israel, the only real military power in the region, according to analysts .. read more..
SLB Raises Dividend as Q4 Earnings Beat Estimates
Friday, January 17,2025,13:30
SLB (NYSE: SLB) on Friday boosted its quarterly dividend after reporting higher revenues and earnings beating expectations for the fourth quarter of 2024, on the back of stronger North American and international activity. SLB, the world’s biggest oilfield services provider, reported fourth-quarter earnings per share (EPS), excluding charges and credits, of $0.92, up by 3% sequentially and up by 7% year on year. The earnings also beat the analyst consensus estimate of $0.90 EPS compiled by The Wall Street Journal. SLB’s fourth-quarter… .. read more..
The oil and gas week in pictures
Friday, January 17,2025,12:52
Ceasefire in Middle East, US confirmation hearings and a rig run aground .. read more..
SLB's North America sales support Q4 performance, company increases dividend
Friday, January 17,2025,12:51
Energy services group kicks off $2.3 billion share repurchase programme and hikes dividend by almost 4% .. read more..
‘Vast implications’: Sweeping US tanker sanctions hit China oil shipments har...
Friday, January 17,2025,12:48
More tankers carrying short-haul ESPO barrels have been blacklisted than those loading Urals crude .. read more..
China’s Refining Output Dips for First Time in Over Two Decades
Friday, January 17,2025,12:00
Weaker fuel demand and depressed refining margins in 2024 resulted in the first annual decline in China’s refinery throughput in over 20 years, excluding the pandemic lockdown year of 2022, government data showed on Friday. Chinese refiners processed on average 14.13 million barrels per day (bpd) of crude oil last year, down by 1.6% compared to the record 14.7 million bpd processed in 2023 when China emerged from the pandemic lockdowns, per data from China’s National Bureau of Statistics cited by Reuters. Oil demand in China was lackluster… .. read more..
Peru offshore field gains massive gas reserves boost
Friday, January 17,2025,11:39
Australia-based company unveiled new information about the Piedra Redonda field .. read more..
BP and Iraq sign deal for Kirkuk redevelopment
Friday, January 17,2025,11:17
Meeting follows non-binding memorandum of understanding announced last August that paves way for BP’s redevelopment of Kirkuk region .. read more..
Oil set for fourth week of gains as investors assess US sanctions impact
Friday, January 17,2025,11:00
Oil prices edged up on Friday, heading for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions. Brent crude futures were trading up 30 cents or 0.4% higher at $81.59 per barrel by 0923 GMT, having gained 2.3% so far this week. U.S. ... .. read more..
Asia-Pacific medium sweet crude premiums to stay supported as cracks strengthen
Friday, January 17,2025,11:00
Cash premiums for March-loading barrels of Asia-Pacific regional medium sweet crude are expected to remain supported due to tighter supplies and stronger cracks amid the new sanctions on Russia. Sentiment heard for regional barrels scheduled for March loading was largely bullish, driven by strengthening middle distillate cracks, which were further bolstered by trade disruptions from ... .. read more..
EIA expects oil prices to be under pressure from oversupply in 2025, 2026
Friday, January 17,2025,11:00
Oil prices will be under pressure over the next two years as global production growth outpaces demand, the U.S. Energy Information Administration said in its Short-Term Energy Outlook report. Many analysts expect an oversupplied oil market this year, after demand growth slowed sharply in 2024 in the biggest energy-consuming countries: the U.S. and China. The ... .. read more..
REFINERY NEWS ROUNDUP: Upgrades, new plants in focus in Africa
Friday, January 17,2025,11:00
Refinery upgrades in Africa have been reporting progress with the recent restart of Nigeria’s Warri, following the restart of the Old Port Harcourt and ahead of the anticipated restart of Kaduna and New Port Harcourt. Projects for new plants have also been in the focus on the continent, including Nigeria, Niger and South Sudan, while ... .. read more..
Subsea7 slammed over excessive noise onboard vessel
Friday, January 17,2025,11:00
Workers complain of fatigue to Australia's offshore regulator Nopsema .. read more..
International Diesel Prices Surge After U.S. Sanctions on Russia
Friday, January 17,2025,10:45
Diesel prices in Asia, Europe, and the U.S. jumped this week as the latest U.S. sanctions on Russia’s oil industry added to colder winter weather to boost futures prices and margins amid expectations of reduced diesel and crude supply from Russia. On January 10, the outgoing U.S. Administration imposed the most aggressive sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and… .. read more..
India Replaces Russian Oil With Mideast and African Barrels
Friday, January 17,2025,09:44
Indian Oil Corp, the state major, is buying Middle Eastern and African crude to replace Russian volumes affected by U.S. sanctions, including a cargo of Abu Dhabi Murban crude, which IOC does not normally buy, Reuters has reported, citing trading sources. The Murban cargo fetched a premium of $5 per barrel above the Dubai benchmark, the sources told Reuters. In addition to the rare Murban cargo, which totaled 2 million barrels, Indian Oil Corp. also bought 3 million barrels of Nigerian crude, a million barrels of Gabonese crude, and a cargo of… .. read more..
Rio Tinto and Glencore Discussed a Merger in 2024
Friday, January 17,2025,08:30
Mining giant Rio Tinto and commodity major Glencore last year discussed a possible tie-up of their business, unnamed sources told Bloomberg, adding that the talks never yielded a deal. The report noted that a deal may still be on the table but it is unclear if the two are still in contact about a possible tie-up. A deal of this size would rank among the biggest in the mining industry, the Financial Times commented in a report on the news, noting that Rio Tinto had a market cap of some $103 billion and Glencore was worth around $55 billion. The… .. read more..
European vessel owner slapped with Improvement Notice over excessive noise on...
Friday, January 17,2025,08:29
Workers complain of fatigue to Australia's offshore regulator Nopsema .. read more..
Gas discovery made in the Barents, but not likely to be economic
Friday, January 17,2025,08:18
Well on Elgol prospect hits a small gas column, and will be followed by drilling of the Zagato prospect .. read more..
This week’s leading oil and gas appointments
Friday, January 17,2025,08:12
.. read more..