Author: intent

CNOOC Installs Record-Breaking Offshore Oil Platform

Oil & Gas‚ Oil and Gas Industry | intent | June 9, 2025 | Comment off

For 2025, the company lowered its production outlook and said it would keep capital expenditure at 2024 levels, but going forward, it said there were more record-breaking plans in production for the next two years. In 2025, the capital expenditure for exploration in China will mainly be directed to sustain crude oil reserves while expanding natural gas reserves, led by the construction of the three trillion-cubic-meters-level gas regions, CNOOC said in January, as it continues to follow China’s directive to state majors to boost domestic oil and gas reserves and supply.

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StanChart: OPEC+ Is About To Become Much More Transparent

Oil & Gas‚ Oil and Gas Industry | intent | June 5, 2025 | Comment off

A week ago, the 39th OPEC and non-OPEC Ministerial Meeting was held via videoconference, chaired by Prince Abdulaziz bin Salman Al-Saud, Saudi Arabia’s Minister of Energy. According to a press release, the group pledged to “develop a mechanism to assess the maximum sustainable production capacity (MSC) of member countries that will be used as reference for 2027 production baselines”.

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Superpower Struggle Puts Iraqi Kurdistan’s Oil Autonomy at Risk

Oil & Gas‚ Oil and Gas Industry | intent | June 5, 2025 | Comment off

It has been over two years since the Baghdad-based Federal Government of Iraq (FGI) placed an embargo on independent oil exports from the Erbil-based Kurdistan Region of Iraq (KRI). The legal basis for the halting of these essential flows to the finances of the semi-autonomous region of Kurdistan was the International Chamber of Commerce’s (ICC) order that they would not be resumed until Turkey paid the FGI the US$1.5 billion in damages for these allegedly unauthorised oil exports over many previous years.

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Oil Industry Profitability Under Pressure

Oil & Gas‚ Oil and Gas Industry | intent | June 5, 2025 | Comment off

With crude oil prices dropping into the low $60s per barrel, profitability in the oil and gas industry is under pressure, squeezing cash flows and forcing companies to reassess their capital allocation. As a result, upstream investments are expected to decline. Early signals from the peer group of majors support this trend, as they indicate plans to prioritize shareholder returns—particularly dividends and buybacks—over new investments.

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Kazakhstan’s State Oil Firm Eyes Yuan Bonds as It Defies OPEC+ Cuts

Oil & Gas‚ Oil and Gas Industry | intent | June 5, 2025 | Comment off

Kazakhstan’s national oil and gas company KazMunayGas is looking to borrow cheaper funds from overseas debt issues, including bonds denominated in Chinese yuan, the firm’s chief executive Askhat Khassenov told Bloomberg.

“We looked at all options. Currently there is a possibility to sell dim sum, panda bonds,” Khassenov said in an interview with Bloomberg published on Wednesday.

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Saudi Arabia Cuts Oil Prices for Asia as OPEC+ Adds More Barrels

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | June 5, 2025 | 0 comment

Saudi Aramco cut the price of its main oil grade to buyers in Asia after OPEC+ continued with its outsized output increases for a third month.

The Saudis led the producer group over the weekend in agreeing to raise production by 411,000 barrels a day in July, a third straight month of outsized hikes. In tandem with US President Donald Trump’s trade war, the supply increases have helped drive benchmark oil prices about 12% lower in London since early April.

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Oil Falls as Saudi Arabia Seeks More Major Production Hikes

Oil & Gas‚ Oil and Gas Industry | intent | June 5, 2025 | Comment off

Oil fell on signs Saudi Arabia wants another major production increase, raising expectations that a glut of crude will form this year.

West Texas Intermediate slid 0.9% to settle below $63 a barrel, paring losses of almost 2% after Bloomberg News reported that the de facto OPEC leader is open to additional significant output hikes in a bid for market share. The kingdom wants the group to add at least 411,000 barrels a day in August and potentially September, ideally as quickly as possible to take advantage of peak summer demand, according to people familiar with the matter.

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