Despite media whining, oil giants are dumping renewables and net-zero goals in favor of profitable oil and gas. Rigzone and The Telegraph, among other outlets, are reporting that many major energy companies are tempering net-zero pledges they made in recent years, turning away from renewables and back towards oil and gas. [emphasis, links added] This […]
Continue ReadingChina Merchants has bought a 70% stake in Vast Infraestrutura, Brazil’s only privately run VLCC terminal, located in the port of Açu in a deal worth up to $714m. China Merchants bought its stake in the oil terminal from US-based EIG Global Energy Partners, which has been developing the site for the past 10 years. […]
Continue ReadingThe eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook. Taking into account the healthy market fundamentals and the positive […]
Continue ReadingA Venezuelan military ship was spotted in Guyana’s waters on Saturday morning sailing close to ExxonMobil’s producing FPSO claiming that the units were operating in “a disputed area”. In a national address, Guyana president Irfaan Ali revealed that the Venezuelan vessel, which entered Guyanese waters on Saturday morning, was part of its coast guard fleet. […]
Continue ReadingPetrobras is beefing up its offshore game, throwing four more support vessels into the mix by 2026—bringing the grand total to 48. Brazil’s state-run oil company is gearing up to boost production to 2 million barrels per day (bpd) at the Buzios field by 2030, cementing Brazil’s status as an offshore oil heavyweight. Petrobras has […]
Continue ReadingAustralian oil and gas player Karoon Energy has bought the Cidade de Itajaí FPSO for $115m from Altera & Ocyan, the joint venture formed by the Brazilian company Ocyan and Altera Infrastructure. The FPSO was bought by Karoon’s wholly-owned Brazilian subsidiary Karoon Petróleo & Gás. The deal also includes approximately $8m of transaction costs. The […]
Continue ReadingAround 120 discoveries were made in 2024, but most were small, unlike major finds in previous years. High-impact drilling is expected in Suriname (Korikori), Cyprus (Elektra), Libya (Area C), and South Africa (DWOB). Oil majors like Chevron, ExxonMobil, and TotalEnergies are leading the charge in new and existing frontier basins. The global oil industry saw […]
Continue ReadingTrafigura Head of Trading: U.S. foreign policy vis-a-vis Iran is the main upside risk for oil. Last year, Trump pledged in his Republican National Convention speech to dramatically lower Iranian oil exports. On Tuesday, the Trump administration imposed further sanctions on more than 30 people and vessels for selling and transporting Iranian petroleum-related products. Trafigura […]
Continue ReadingThe Trump administration imposed a new round of sanctions on oil brokers, ships and people it said were linked to illicit shipments of Iranian crude, framing the move as a return to a “maximum pressure” strategy to squeeze the country’s economy. Twenty-two people and 13 vessels were targeted in the latest sanctions, the State and […]
Continue ReadingThe UK is imposing a new wave of sanctions against the Russian oil trade, targeting an additional 40 ships. The biggest sanctions package against Russia’s shadow fleet brings the total number of oil tankers sanctioned by the UK to 133—more than any other European nation. Publishing details of the sanctions, Britain said the ships being […]
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