Sasol Earnings Slump on Weaker Oil and Petrochemical Prices
South Africa’s energy and chemicals firm Sasol booked a 34% decline in its core earnings for the second half of 2023 due to lower crude oil and petrochemicals prices. Sasol reported on Monday core headline earnings per share (HEPS) of $0.95 (18.39 S…
Iraq Reopens Refinery after a Decade-Long Shutdown
Iraq reopened on Friday its rehabilitated North Oil Refinery in Baiji, which had been inactive for more than 10 years and which brings OPEC’s second-largest crude producer closer to being self-sufficient in oil products, the Prime Minister Media Offi…
UK Quits Treaty Allowing Oil Firms to Sue Governments Over Climate Policy
The UK will leave the Energy Charter Treaty (ECT), a 1994 pact that allows oil and gas companies to sue governments over their climate policies for compensation for lost profits.The Energy Charter Treaty was originally designed to promote internationa…
Sri Lanka Pays Partial Oil Debt to Iran with $20M in Ceylon Tea
Sri Lanka has repaid $20 million in oil debt to Iran with tea in a move that Sri Lanka officials say do not violate U.S. sanctions on Iran, Agence France Presse reports. In April 2022, Sri Lanka defaulted on $46 billion in foreign debt, earning a $2.9…
Ghana LNG Import Terminal Nearing Finish Line—and None Too Soon
Ghana’s much-delayed natural gas import terminal is nearing the finish line and is expected to be complete by the end of this year, the country’s oil regulator said on Tuesday.The LNG pipeline and storage network and import terminal, owned by Tema L…
Oil and Gas Firms Hold Crisis Talks Over UK Windfall Tax Plan
Major oil and gas firms are set to hold crisis talks this week to discuss concerns about Labour’s windfall tax plans for the sector.Industry body Offshore Energy UK (OEUK) will host the meetings, which will take place on Tuesday and Thursday.“We rem…
Iraqi Kurdistan Oil Export Restart Still A Way Off
There is no forecasted date for when oil exports from Iraq’s semi-autonomous Kurdistan region to Turkey will resume, a Patriotic Union of Kurdistan (PUK) leader said on Friday.On the sidelines of the Munich Security Conference on Friday, Bafel Talabi…
Firms Hike Spending on Oil and Gas Activity Offshore Norway in 2024
Total investments in oil and gas activity offshore Norway, including pipeline transportation, are estimated to hit $23 billion (244 billion Norwegian crowns) this year, up by 5% compared to last quarter’s assessment, Statistics Norway said on Thursda…
Shell Expects Global LNG Demand To Jump by 50% by 2040
Global demand for liquefied natural gas (LNG) is expected to surge by 50% by 2040, driven by higher demand from Asia, with coal-to-gas switching in China and a boost in LNG consumption to fuel economic growth in South and Southeast Asia, Shell said on…
OPEC Sees World Oil Demand Increasing by 1.8 Million Bpd in 2025
World oil demand next year is expected to increase by 1.8 million barrels per day, OPEC said in its latest Monthly Oil Market Report released on Tuesday.OPEC sees the demand for crude oil rising by 1.8 million bpd to 106.2 million barrels per day next…
Trinidad & Tobago Declares National Emergency after Ghost Ship Oil Spill
The prime minister of Trinidad and Tobago has declared a “national emergency” following a large offshore oil spill in the eastern Caribbean. “This is a national emergency and therefore it will have to be funded as an extraordinary expense,” Rowley…
Shell Resumes Oil Delivery to Nigerian State Refinery Set for Q1 Restart
Shell has restarted crude oil deliveries from its Nigerian terminal to one of the country’s state-owned refineries, which is expected to resume operations this quarter after refurbishment. Shell Nigeria delivered 475,000 barrels of crude oil from …
Standard Chartered: Expect Very Little Growth In U.S. Oil Supply In 2024
Last year, U.S. crude production surged to all-time high, blunting efforts by OPEC+ to keep global markets constrained, and Energy Intel has predicted that robust non-OPEC oil supply is likely to cap oil prices even in the event demand surprises to th…
Petrobras Discusses Joint Projects With Other National Oil Companies
Brazilian state oil and gas company Petrobras is discussing potential cooperation in energy projects with other national oil companies (NOCs) from the Middle East, China, and India, Petrobras CEO Jean Paul Prates told Reuters on Wednesday.The NOCs wit…
Germany to Subsidize 10 GW of New Natural Gas Power Plant Capacity
Germany will tender 10 gigawatts (GW) of new natural gas-fired capacity from power plants that could be converted to hydrogen in the 2030s, as part of plans to ensure stable electricity supply as wind and solar power generation and installations grow.…
Exxon: Biden’s Halt To LNG Project Approvals is ‘A Mistake’
The pause in new LNG export project approvals announced by the Biden Administration last week is “a mistake” as it would actually hold back global efforts to reduce emissions, ExxonMobil’s CFO Kathy Mikells told Bloomberg in an interview published …