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Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated …
Insurance Firms Deny Chevron’s $57 Million Claim for Iran Oil Seizure Read More »
Faced with a mixed bag of earnings, shareholders are looking for direction. Bloomberg The world’s oil supermajors wrapped up earnings season leaving investors with more questions than answers. BP Plc was last to report, missing estimates and suggesting it’ll do more deals in low-carbon energy — despite pledging to dial back renewables investments and focus on the core fossil-fuel …
Big Oil Needs to Figure Out Its Strategy, and Fast Read More »
(Reuters) – TC Energy’s planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up. The South Bow spin-off, which TC investors will vote on June 4, will help Calgary, Alberta-based TC …
TC Energy’s Oil Pipeline Spin-Off Faces Obstacles in Bet on U.S. Gulf Read More »
Oil and gas producers Santos and Repsol are exploring a sale of a minority stake in oilfields in Alaska they jointly own and develop in a deal that could be worth about $1 billion, according to people familiar with the matter. The oilfields include the Pikka project, which is one of the largest oil prospects in Alaska …
Energy Producers Santos, Repsol Explore Sale of Stakes in Alaska Oilfields Read More »
A drop in crude oil prices has put the U.S. back in the market for replenishing the Strategic Petroleum Reserve after selling off a record amount of crude from the stockpile in 2022. A little more than a month ago the Department of Energy canceled the purchase of about 3 million barrels of oil for …
Lower Oil Puts U.S. in Market to Buy for Strategic Petroleum Reserve, For Now Read More »
World oil demand is expected to grow lesser this year than earlier estimates and output should grow faster than thought previously, resulting in a more balanced market, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency hiked its production forecasts from regions outside the Organization of Petroleum Exporting Countries (OPEC), while also lowering …
EIA Cuts World Oil Demand Forecast for 2024, Hikes Output Expectations Read More »
Payouts from the world’s biggest international oil companies hit a record US$114 billion last year Bloomberg News BP PLC maintained the pace of its share buybacks even as first-quarter profit and cash flow fell by more than expected and net debt increased. The result marks the end of a mixed set of Big Oil earnings which saw Shell PLC, TotalEnergies SE and Chevron …
BP Ends Big Oil Earnings with Maintained Share Buybacks Read More »
The United States sees Iran’s capacity to move its oil as reliant on service providers based in Malaysia, with oil being transferred near Singapore and throughout the region, the U.S. Treasury Department’s top sanctions official said on Tuesday. Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, was speaking during a four-day visit to Singapore …
Iran’s Capacity to Move Oil Reliant on Malaysian Providers, U.S. Official Says Read More »
Canada’s Woodland Cree First Nation has rejected oil and gas producer Obsidian Energy’s proposal to expand drilling operations on its traditional territory, the Indigenous community said in a statement on Monday. WHY IT’S IMPORTANT The formal notice that Woodland Cree’s chief and council have rejected Obsidian’s drilling plans mark a further breakdown in relations, after …
Canadian First Nation Rejects Obsidian Energy Drilling Expansion Plans Read More »
The U.S. has sufficient supply of oil in the Strategic Petroleum Reserve to address any supply concerns and is monitoring markets on how to use it, Amos Hochstein, President Joe Biden’s energy adviser, said on Monday. The SPR is still near 40-year lows after Biden directed the largest ever sale of 180 million barrels from …
