Venezuela’s state oil firm PDVSA is tightening terms for buyers after a monthlong halt to most exports of crude and fuel, demanding prepayment ahead of loadings in either cash, goods or services, company documents showed. PDVSA’s new Chief Executive Pedro Tellechea put the move in place this month. It reinforces …
Read More »Oil Falls Ahead of OPEC+, US Federal Reserve Meetings
Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility. Brent crude futures fell 20 cents, or 0.2 per cent, …
Read More »Saudi Arabia may Lower Crude Prices to Asia for 4th Straight Month
Saudi Arabia, the world’s largest oil exporter, may trim prices for crude grades sold to Asia for a fourth straight month in March, amid low physical oil premiums, as oversupply worries linger despite expectations of demand recovery in China. State oil company Saudi Aramco may lower the official selling price …
Read More »ADNOC Eyes Valuation of at Least $50 bln for Its Gas Business
The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year. The state oil …
Read More »BP: Russia’s War in Ukraine is Accelerating the Shift away from Oil and Gas
Russia’s war in Ukraine will accelerate the shift away from oil and gas as countries around the world prioritize domestic renewable energy sources as a way to increase security of supply while also cutting carbon emissions. That’s the conclusion from the latest annual energy outlook from the economists at BP. …
Read More »Oil, Gas, Petchem Expo Running in Assaluyeh
The 14th edition of the South Pars Oil, Gas, Refinery, and Petrochemical Exhibition (SPPEX 2023) was inaugurated in the Pars Special Economic Energy Zone (PSEEZ) at Iran’s energy hub Assaluyeh on Sunday. The opening ceremony of the exhibition was attended by several provincial officials including Abolhassan Razminia, the head of …
Read More »QatarEnergy Joins TotalEnergies, Eni on Two Lebanon Blocks
France’s TotalEnergies and Eni have completed the transfer to QatarEnergy of a 30% interest in exploration Blocks 4 and 9 off the coast of Lebanon, the French firm said on January 29. “We are very pleased to welcome QatarEnergy in our exploration acreage in Lebanon. The recent delineation of Lebanon’s …
Read More »Oil and Gas in for Turbulent Year as Governments and Industry Butt Heads
Windfall taxes, price caps, and calls for more oil and gas production marked 2022 in oil and gas. It looks like we’re in for a lot more of the same this year, especially with Western governments doubling down on their emission-reduction ambitions. The record profits that oil and gas majors …
Read More »Italy’s Eni Signs $8 Billion Gas Deal as Meloni Visits Libya
Italian energy giant Eni signed an $8 billion gas deal with Libya’s state-run National Oil Corporation Saturday as Prime Minister Giorgia Meloni visited Tripoli. European governments have been scrambling to find alternatives to Russian gas since last year’s invasion of Ukraine saw deliveries slashed to less than half their pre-war …
Read More »U.S., EU Make $8.5 Billion Payment to Support South Africa’s Energy Transition
The United States supports South Africa’s transition to cleaner energy and will help mobilize financing from the private sector to assist the country which is heavily dependent on coal, U.S. Secretary of the Treasury Janet Yellen said on Friday during a visit to South Africa. Currently, coal is by far …
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