Earlier this week, Chevron completed its acquisition of Hess Corp. It was one of the largest deals in the oil and gas space in recent history, after Exxon’s takeover of Pioneer Natural Resources, finalized in 2024. With that out of the way, the question begs to be asked: could the two U.S. giants strike a deal to create a single, much bigger giant?
Puerto Rico’s government has pulled the plug on contract talks with New Fortress Energy after the island’s federally appointed oversight board declined to approve a proposed $20-billion LNG supply deal, upending years of negotiations and raising questions about the future shape of its energy transition.
OPEC+ looks set to stay the course at Monday’s Joint Ministerial Monitoring Committee meeting, with four anonymous delegates telling Reuters the group is unlikely to tinker with its output policy. A fifth source said it was too early to say. The plan on the table remains: raise production by 548,000 barrels per day in August—part of a previously announced unwinding of 2.2 million bpd in voluntary cuts by eight members. They are then expected to agree to a further 548,000 bpd in September.
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back activity amid weak prices and cautious capital spending.
The United States and European Union officially reached a tariff agreement on Sunday, averting a potentially crippling transatlantic trade war. Following months of contentious negotiations, U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal at Trump’s Turnberry golf resort in Scotland.
Valeura Energy Inc. has entered into a farm-in agreement with PTT Exploration and Production Plc (PTTEP) to earn a 40% interest in Blocks G1/65 and G3/65, in the offshore Gulf of Thailand.
While crude prices were lower in the second quarter — weighing on earnings at other European oil companies — Eni has been buoyed by a cost-reduction program introduced earlier this year, while asset disposals brought down debt.
PTTEP, Thailand’s national E&P company, has signed an agreement to buy 100% of the outstanding shares of Hess International Oil Corporation, which holds a 50% participating interest in the offshore natural gas Block A-18 of the Malaysia–Thailand Joint Development Area (MTJDA).
Oil fell at the close of last week as the dollar strengthened and conviction waned that the U.S. will reach agreements with key trade partners ahead of a deadline this week.
House Republicans are moving forward with plans to pull U.S. funding for the International Energy Agency, saying the group has abandoned objectivity when it comes to projecting the growth of clean energy.