Japan will keep investment in Sakhalin-1 oil project in Russia
Japan will keep its investment in the Sakhalin-1 oil and gas project in Russia, said the nation’s trade chief.
oil
Biden urges oil companies to cut prices after Shell’s profit doubled
President Joe Biden criticised record energy company profits after Shell announced its second-highest earnings ever while raising its dividend and expanding buybacks.
PetroChina sees earnings rise as strong oil prices counter covid
PetroChina’s third-quarter earnings rose on stronger oil prices even as China’s strict Covid Zero policy continues to constrain fuel demand.
Oil slips as industry report points to jump in US stockpiles
Oil fell as an industry report showed a rise in US crude stockpiles and investors fretted about weaker demand amid slowing growth.
Australia joins pledge to cut methane emissions 30% by 2030
Australia joined the Global Methane Pledge, becoming one of the last major developed economies to sign on to an effort to reduce emissions of the potent greenhouse gas 30% from 2020 levels by the end of this decade.
UN manipulates climate change debate in partnership with Google
Melissa Fleming, UN under-secretary-general for global communications reported last month about how the UN has partnered with Google (NASDAQ:GOOGL) to manipulate search results on climate change. “We own the science,” said Fleming, who has no meaningful scientific training.
Woodside reports record sales, ups guidance
Australia’s largest oil and gas producer Woodside Energy (ASX:WDS) reported record output and sales in the third quarter on the back of stronger natural gas prices and the completion of its merger with BHP’s petroleum business.
Biden says more oil releases possible to cut gasoline prices
President Joe Biden announced the drawdown of an additional 15 million barrels of oil from US emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.
China won’t rush its clean energy transformation, Xi says
President Xi Jinping has promised a slow and steady end to the growth of planet-warming emissions in China, with energy security taking top priority as the country contends with a flagging economy and tumult on global fuel markets.
Cnooc’s profits surge again as higher oil prices persist
Cnooc Ltd said that net income probably more than doubled in the first nine months of the year, as China’s biggest offshore oil and gas driller continues to reap the benefit of higher energy prices.
Oil holds surge as OPEC+ mulls biggest supply cut since 2020
Oil held a two-day surge before an OPEC+ meeting at which the alliance is considering the biggest supply cut since 2020 to revive prices.
China rattles Japan with oil rig in maritime spat
China has installed a new oil and gas production platform near the median line with Japan in the East China Sea, reported the Asia Maritime Transparency Initiative (AMTI), sparking Tokyo’s anger.
PNG offers Santos $1.4bn for 5% share of ExxonMobil-led PNG LNG
Santos (ASX:STO) has confirmed that it has received a US$1.4 billion offer from Papua New Guinea’s (PNG’s) national oil company Kumul Petroleum to acquire a 5% interest in the ExxonMobil-operated PNG LNG export complex from the Australian company. Crucially, the deal, if it goes through, will help Santos’ strategic about face towards oil in Alaska.
As demand surges Indonesia needs radical action and $200bn investment to revive upstream oil and gas
Unlike most governments in the economically developed Western world, Indonesia’s leaders are crying out for more upstream oil and gas investment. However, even as demand is projected to rise up to four times by 2050, Southeast Asia’s biggest economy is struggling to convince energy investors to come.
Chevron to assess exploration potential in India with ONGC
Chevron (NYSE:CVX) confirmed that its wholly owned subsidiary, Chevron New Ventures, has entered into a memorandum of understanding (MOU) with India’s Oil and Natural Gas Corporation (ONGC) to assess the exploration potential across a number of basins in India, the company told Energy Voice.
Oil rises as reopening of Chinese city offsets slowdown concerns
Oil advanced at the start of the week as the Chinese city of Chengdu ended a two-week lockdown, boosting the outlook for demand.
IEA sees biggest China oil demand drop in over three decades
China faces its biggest annual drop in oil demand in more than three decades as Covid-19 lockdowns and a property crisis weigh on growth in the world’s No. 2 consumer, the International Energy Agency said.
Structural integrity of Jadestone’s Montara FPSO questioned by Australia’s regulator after oil spills
Jadestone Energy (LON:JSE) has been slapped with two directives from Australia’s offshore energy regulator as worries rise about the structural integrity of the company’s Montara floating production storage and offloading (FPSO) vessel following two oil leaks.
Oil gets mauled again with demand concerns spurring weekly drop
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Oil plunges to lowest since January as demand concerns escalate
Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as China’s Covid Zero strategy hurts consumption in the world’s biggest crude importer.
IEA says Indonesia needs to invest $8bn per year on energy transition
To hit its 2060 net zero pledge, Indonesia will need to almost triple energy investment by 2030, the International Energy Agency (IEA) said in its latest report. That means an extra $8 billion in investment a year by the end of this decade compared with a business-as-usual pathway.
Oil rallies with OPEC+ decision, G-7 cap plan dominating trading
Oil surged on the possibility that OPEC+ may decide to trim production, and as Europe’s energy crisis worsened after the Group-of-Seven nations endorsed a plan to try to cap the price of Russian crude.
Indonesia finally raised fuel prices. What comes next?
Indonesia is bracing for protests this week after the government raised fuel prices by more than 30% to curb soaring subsidies, as higher costs hit households and small businesses across the archipelago.
Petronas signs LNG export feasibility study with Argentina
Argentina is taking preliminary steps to tap its potential for exporting liquefied natural gas (LNG) with Malaysia’s Petronas, President Alberto Fernandez announced Thursday.
Philippines says open to resume oil exploration talks with China
The Philippines is open to new talks with China on oil and gas exploration, the Southeast Asian nation’s top diplomat said.