(Bloomberg) — The Democratic Republic of Congo’s plan to auction oil exploration blocks next month threatens to disrupt some of the world’s most important carbon sinks and could jeopardize a $500 million forest preservation agreement. Some of the blocks, estimated to contain 16 billion barrels of crude reserves, overlap with the biggest tr...
(Bloomberg) — Exxon Mobil Corp. and TotalEnergies SE are among a group of Western energy companies poised to win stakes in a multibillion-dollar project to boost Qatar’s gas exports, people with knowledge of the matter said. State producer QatarEnergy may announce its decision as soon as this weekend, according to the people. Several other f...
(Bloomberg) — Oil climbed after Saudi Arabia signaled confidence in demand with a bigger-than-expected price increase of its crude for Asia. West Texas Intermediate traded near $120 a barrel after earlier rising to the highest level in almost three months. Saudi Arabia boosted its official selling prices for Asian customers in July a...
(Bloomberg) — OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the U.S. Ministers approved production increases of 648,000 barrels a day of oil for July and August, up from recent monthly hikes of 432,00...
(Bloomberg) — Tullow Oil Plc agreed to acquire Capricorn Energy Plc in an all-share deal combining resources in Africa and opening up opportunities for expansion across the continent. Tullow Chief Executive Officer Rahul Dhir will lead the merged group, the companies said Wednesday. He already has a close association with Capricorn -- formerly...
(Bloomberg) — The OPEC+ coalition will likely hold firm to its oil production plans this week even as the European Union moves to sanction group member Russia, delegates said. Global oil supply and demand levels remain stable, with no severe disruption yet to Russian exports, and thus require little action from the 23-nation alliance...
(Bloomberg) — Iran’s seizure of two Greek oil tankers in the Persian Gulf raises the risk of further interruptions to shipments from a region that’s a vital source of global energy supplies. On Friday, Iran diverted two Greek tankers, each loaded with about 1 million barrels of oil, into its territorial waters -- an apparent tit-for-tat fo...
Petrofac, a global energy industry services provider, has been selected by i3 Energy to provide well engineering, well operations and well operator services for its UK North Sea license areas. The new three-year contract follows the multi-year provision of well operator and project management services, resulting in the successful delivery of thr...
In a weekly online briefing on Monday, DTEK CEO Maxim Timchenko discussed Ukraine’s energy security. He provided an update on energy sector operations and restoration of electricity supply amid the Russian invasion. The briefing took place in Davos, Switzerland, where DTEK arranged several business meetings. Among the key points he delivered,...
(Bloomberg) — Russia’s seaborne crude exports are flowing unabated, despite European Union regulations that prohibit dealings with the country’s state energy companies. Shipments persist even as Ukrainian President Volodymyr Zelensky renews calls for more sanctions against Moscow. Overall crude shipments edged lower in...