Energy

Shell plans to reduce its oil and gas exploration and development workforce by 20% as part of a broader initiative led by CEO Wael Sawan to implement cost-saving measures across its operations. This restructuring will primarily impact the exploration and wells development units, resulting in hundreds of job cuts globally, particularly in Houston, The Hague, […]

Libya’s oil output has fallen by more than half, with approximately 700,000 barrels per day offline as of Thursday, due to a political standoff between rival factions over control of the Central Bank and oil revenues. This crisis threatens to disrupt a four-year period of relative stability in the oil-rich nation. Several key ports in […]

Venezuelan President Nicolas Maduro has initiated significant changes within his cabinet, including the leadership of the state oil company PDVSA, following a controversial election that both the ruling party and the opposition claim to have won. The reshuffle includes the return of Diosdado Cabello, a prominent hard-liner and leader of the ruling party, who will […]

The U.S. Commodity Futures Trading Commission (CFTC) has ordered Swiss energy trader TOTSA TotalEnergies Trading SA to pay a $48 million fine for attempting to manipulate the market for European benchmark gasoline futures. This action underscores the CFTC’s commitment to maintaining market integrity. According to the CFTC, the manipulation scheme occurred in March 2018 when […]

U.S. imports of used cooking oil (UCO) from China are projected to reach record levels in the coming months, despite ongoing regulatory uncertainties that could impact the future of this trade. The surge in U.S. demand for UCO, primarily used as a feedstock for biofuels like renewable diesel, has been fueled by federal and state […]

Libya is experiencing a significant escalation in oilfield closures, with the Sarir field nearly halting all output due to a political standoff over control of the central bank and oil revenues. Field engineers reported that Sarir, which was producing approximately 209,000 barrels per day (bpd), has seen its operations severely reduced. On Monday, authorities in […]

Norwegian pipeline gas exports to Europe are on track to approach the historic record set in 2017, following a 10% increase in volumes so far in 2024, according to Gassco CEO Frode Leversund. This rise comes after a decline in 2023 and is attributed to strong demand from European customers, high system availability, and reduced […]

Woodside Energy reported a 14% decline in half-year profit, impacted by lower oil prices, yet the results and its dividend surpassed market expectations, leading to a 4% increase in shares. CEO Meg O’Neill noted significant interest in the proposed equity sale for the Driftwood liquefied natural gas (LNG) export project, which Woodside will acquire through […]

China National Petroleum Corp (CNPC), Asia’s largest oil producer, is reassessing its global strategy to reignite dealmaking, focusing on gas liquefaction and deep-sea drilling, as well as enhancing production from aging wells. The company faces stagnant domestic oil output and a lack of new projects to boost reserves, compounded by slowing economic growth and rising […]

Several oilfields in Libya have ceased production as tensions escalate between rival governments over control of the central bank and oil revenues. Authorities in eastern Libya, where most oilfields are located, threatened to shut down all operations, intensifying their standoff with the internationally recognized government in Tripoli, which relies heavily on these fields for revenue. […]