Woodside Energy has completed its sell-down of a 40% interest in Louisiana LNG to global investment firm Stonepeak. Under the transaction, Stonepeak will provide $5.7 billion towards the capital expenditure for the development of Louisiana LNG on an accelerated basis, contributing 75% of project capital expenditure in both 2025 and 2026.
The Chevron-operated Leviathan field was ordered to shut on June 13 as a precautionary measure following Israel’s attacks on Iran and Tehran’s subsequent retaliation. The Israeli Energy Ministry also ordered the reopening of the smaller Energean Plc-operated Karish field, which supplies the domestic market.
The Egyptian Natural Gas Holding Company (EGAS) has awarded six offshore and onshore exploration blocks in a bid to attract new investments and ramp up hydrocarbons production, Egypt’s Ministry of Petroleum and Mineral Resources announced on Wednesday.
Rising tariffs have introduced uncertainty about the global economy and, in turn, global oil demand. Additionally, OPEC supply increases have pressured prices and free cash flow. With a larger share of that cash flow earmarked for shareholder distributions and debt service, the trade-off gets trickier when prices fall: Cut capital expenditures and risk future volume declines, or sacrifice dividends and turn off investors.
Patil (2014) describes these differences between generations from a sociological perspective, where the gap is due to rapid modernization and expansion of education via the Internet, which causes many older persons to suffer from a “cultural lag” in knowledge of various aspects of today’s lifestyle. This phenomenon coupled with older ones not being able to carry out the traditional function of guidance and knowledge transfer to younger ones can lead to heated discussions between these generations on political and social issues (Patil 2014).
F. Gregory Gause, professor emeritus of international affairs at Texas A&M University’s Bush School of Government and Public Service, doesn’t believe Iran has the naval capability to close the Strait of Hormuz. If oil tankers begin avoiding the Strait, which 20% of the world’s oil and natural gas travels through, prices could rise, benefiting Texas producers.
“[W]hile Iran has not yet targeted the route, even a limited disruption would severely impact global supply,” Oxford Economics analysts said in a June 20 client note. “In a worst-case scenario, prices could spike to $130 per barrel and shave 0.8 percentage points off global GDP.”
“By 2035, crude-oil production is expected to reach at least 500,000 barrels per day, placing our country among the top five oil-producing countries on the continent,” Minister of Petroleum, Energy and Mines Mamadou Sangafowa-Coulibaly said. “Natural gas will account for 1 million cubic feet per day.”
Peter Huxham and Frik Potgieter, both South African nationals, were arrested on drug-trafficking charges in February 2023, days after a South African court ordered the seizure of one of Equatorial Guinean Vice President Teodoro Nguema Obiang Mangue’s yachts. The two incidents were linked, Bloomberg reported in April last year.
Earlier this year, a senior company executive told Reuters Petrobras was looking to buy interest in African oil fields to boost its reserves and was in talks with potential sellers, including Exxon, Shell, and TotalEnergies. Petrobras’s proven oil and gas reserves increased by 500 million barrels last year, from 10.9 billion barrels to 11.4 billion barrels.