Author: intent

African oil giants advance IPO plans to attract investment

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

In a bid to bolster investment and competitiveness within Africa’s oil and gas sector, national oil companies (NOCs) in Nigeria and Angola are progressing with long-anticipated initial public offerings (IPOs). These IPOs are poised to attract significant global investment, providing much-needed capital to enhance production capabilities, improve infrastructure and foster long-term growth. This move reflects a broader trend of African nations seeking to modernize and diversify their energy sectors, signaling a shift toward greater transparency and accountability in state-owned enterprises, while also positioning the continent as a more attractive investment destination in the global energy market.

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LNG Canada Moves Closer to Launch

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

LNG Canada is the country’s first project for the export of superchilled fuel, with a focus on Asian markets as the biggest demand driver. Eventually, however, Canada could potentially supply 36.2 million tons of LNG per year by 2040, according to estimates by Wood Mackenzie. That’s despite statements by the previous Canadian government that there was no business case for liquefied natural gas in the country. The statements were made in response to a request by the former German chancellor, Olaf Scholz, for potential LNG supply deals with Canada.

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Mexico Revises Oil Production Down

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Late last year, the company’s management revised its budget down, which could prove an additional obstacle to boosting production. The cutback follows instructions from Pemex’s new upstream head, Nestor Martinez, to scale back major well repairs and seismic data contracts. Instead, Pemex will focus on developing new deposits, especially in the deep waters of the Gulf.

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Oil Rises, but Doubts Dominate

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | 0 comment

The US is threatening to further tighten the screws on Russia. A group of 50 Republican and Democratic senators introduced a sanctions package that would hit the third-largest oil producer and countries that buy its fuel if President Vladimir Putin refuses to engage in good-faith ceasefire negotiations with Ukraine or if he breaches any eventual agreement.

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EIA: US Crude Oil Inventories Climb 6.2 Million Barrels

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a build of 6.037 million barrels in U.S. crude oil inventories amid a small gasoline draw. The Brent benchmark was trading up 0.01% at 10:28 a.m. ET at $74.50—a roughly $1 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.18% at $71.33—a roughly $1.60 per barrel rise over last week’s levels.

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Iran Targets Dramatic Output Increase From Oil Fields Bordering Iraq

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Iran is targeting a dramatic increase in oil production from the fields it shares with neighbouring Iraq, according to the chief executive officer of its Petroleum Engineering and Development Company (PEDEC), Nasrollah Zarei. These include its enormous Azadegan oil field (split into North and South sites) that sits on the same reservoir as Iraq’s huge Majnoon site, and the massive Yadavaran oil field which occupies the same reservoir as Iraq’s Sinbad site. Other notable major shared fields – among many others — are Azar (on the Iran side)/Badra (on the Iraq side), Naft Shahr (Iran)/Naft Khana (Iraq), Dehloran (Iran)/Abu Ghurab (Iraq), West Paydar (Iran)/Fakka (Iraq), and Arvand (Iran)/South Abu Ghurab (Iraq). This is part of a broader-based plan to bring output across all Iran’s major fields in the ultra-rich oil field cluster of West Karoun to 1 million barrels per day (bpd) from the current 480,000 bpd.

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One in Five Refineries Faces Shutdown Despite Rising Fuel Demand

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Many observers have argued that China’s concerted electrification push and the diversification into LNG-powered trucks would kill a lot of oil demand. Indeed, consumption data suggests there has been an impact. Yet a new refinery just started operating in China a few months ago, and more recently, its second unit started up, adding a fresh 400,000 bpd to the country’s total capacity. It seems demand is not quite dead yet and will not be for some time—especially for those who make their refineries petrochemical complexes, too.

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Canada Plots Energy Escape Route from Trump’s America

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

The Liberals, who were trailing Conservatives for years under former PM Trudeau, are now ahead in the opinion polls and widening the lead over Conservatives as the new Liberal leader Carney is seen as more capable than Poilievre of standing up to President Trump’s threats. If the six-point lead of the Liberals holds until Election Day, Carney could be able to form Canada’s first majority government in a decade

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Russia Watchdog Halts Oil Loadings at One Berth in Novorossiysk

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

The Novorossiysk port is a key export route for Russian crude oil and petroleum products and any significant disruptions to loadings may affect the nation’s production flows. However, last month, 23 crude tankers loaded there to carry Russian barrels abroad. All of them loaded at berths 1, 1a or 2, according to vessel tracking data compiled by Bloomberg and shipping industry data.

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