Latest News
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Malaysia's Petronas signs a LNG supply agreement with China's CNOOC
Petroliam Nasional, the Malaysian state-owned energy company On Wednesday,?it said that it would supply Chinese offshore oil company CNOOC 1 million metric tonnes of?liquefied gas (LNG) per year. Petronas stated in a press release that the agreement between Petronas 'LNG and CNOOC Gas and Power Singapore 'Trading & Marketing' builds on existing cooperation between both?companies. Petronas will sign a 10-year contract for LNG supply with a CNOOC subsidiary in?2021. The deal is valued at $7 billion. CNOOC and Petronas have not responded to our requests for details, including the duration of the deal. Petronas and Canadian oil company Pembina Pipeline signed a similar agreement in November to supply 1,000,000 tons of LNG per year for the next 20 years. The deal was a result of its Cedar LNG Project. (Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu)
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Onley, a Scottish cyclist, signs with INEOS Grenadiers
The British team announced on Tuesday that Scottish rider Oscar Onley would join INEOS Grenadiers at the start of the?2026 season, after he had agreed to a transfer from Dutch outfit Picnic 'PostNL. The Kelso 23-year old has been one of the brightest cycling talents since turning pro at 19. He underlined his potential with a 4th-place finish in this year's tour de France, the youngest rider among the top 10. Onley stated in a press release that he was "proud" to join the Grenadiers for a long time. It will also be a British team that races when the Tour de France departs Scotland in 2027." Onley thanked PicnicPostNL for its support and said he would "miss" his friends from the team. He was also proud of what they had achieved together. Thomas, Director of Racing at INEOS Grenadiers, praised?Onley for his maturity and racing craft. Oscar's performance in 2025 was incredible. Thomas, who won Tour de France 2018 said that the way he rides and comprehends a race is beyond his years. He's a real racer. (Reporting and editing by Hugh Lawson; Martyn Herman)
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TankerTrackers.com reports that a loaded supertanker returned to Venezuelan waters after US interceptions.
The very large crude carrier Kelly (flagged by Panama) - which had departed Venezuela last week with oil - has returned to Venezuelan water 'following the U.S. Monitoring service TankerTrackers.com reported on Tuesday that more tankers were intercepted. The U.S. Coast Guard intercepted a Panama flagged tanker Centuries on Saturday, which was carrying 1.9 million barrels?Venezuelan Merey?heavy crude. It is also pursuing a separate?vessel on its way to OPEC -country. Sources say that Centuries and Kelly left almost simultaneously last week escorted on by Venezuelan navy vessels. Kelly is back fully loaded in Venezuelan waters, near the Amuay Port of state-run PDVSA. This was reported by TankerTrackers.com. After the U.S. seize the supertanker?Skipper?earlier in the month, and two additional vessels at the weekend, more than a dozen vessels with cargo are waiting for new instructions from their owners. Last week, U.S. president Donald Trump announced a "blockade", which would apply to all vessels that were under sanctions and entered or left Venezuela. This was done in an effort to increase pressure on Venezuelan President Nicolas Maduro. Guyana's maritime authorities said in a statement this month that one of the vessels was flying a "false Guyanese" flag. Panama's Foreign Affairs Minister said that certain tankers targeted by the United States did not adhere to Panama's maritime laws. (Reporting and editing by Marianna Pararaga, Nathan Crooks, and Jamie Freed).
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Turkey reports that a jet carrying the Libyan army chief lost a signal over Ankara.
The radio?contact with a jet carrying Libyan?army chief-of-staff,?Mohammed Ali Ahmed Al-Haddad was lost shortly after takeoff, according to Turkish Interior Minister Ali Yerlikaya, on Tuesday. Yerlikaya stated on the social media platform 'X' that radio contact had been lost at 1752 h GMT. The jet took off at 1710 h GMT. He claimed that the plane had requested an emergency landing while flying over the Haymana district in Ankara. However, no contact was made after. He added that four other passengers were aboard the jet. Flight tracking data revealed that other flights had been diverted from Ankara’s Esenboga Airport. The Turkish defence ministry announced earlier that the Libyan chief-of-staff had visited Turkey, saying he met with Turkish Defence Minister Yasar Guler and his Turkish counterpart Selcuk Berktaroglu along?with a number of Turkish military leaders. The Turkish broadcasters showed footage of a flashing light near the spot where the jet had lost radio contact. No immediate comment was made by Libyan officials. Reporting by Tuvan Gümrukcu in Ankara and Ece Tksabay; editing by Chizu Nomiyama, Matthew Lewis
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Venezuela passes law against piracy, blockades amid US oil ship seizures
The National Assembly, controlled by the ruling party in Venezuela, unanimously passed a law Tuesday that allows for prison sentences of up to twenty years for those who finance or promote what they call piracy. The law, which includes "other crimes international", follows recent U.S. action against Venezuelan oil exports. U.S. officials said that the U.S. Coast Guard had seized an sanctioned supertanker transporting Venezuelan crude oil earlier this month, and they attempted to intercept another two vessels connected to Venezuela at the weekend. Washington's biggest blow against the state oil company PDVSA is that Washington intercepted their communications. This was after its Treasury Department sanctioned two Rosneft subsidiaries, which were PDVSA's former trading partners. They forced it to reduce production and exports. PDVSA has been under sanctions since 2019. Giuseppe Alessandrello, a pro-government legislator, introduced the draft of "Law to Guarantee 'Freedom of Navigation and Commerce Against Piracy and Blockades and Other 'International Illicit Acts". The National Assembly's President Jorge Rodriguez announced that the bill would be sent to the Executive for approval at the end the session and take effect after publication in the Official Gazette. Washington has increased its pressure on President Nicolas Maduro's government in recent months. This includes a military buildup in the Caribbean, and the killing of dozens in strikes?on boats that it claims, without providing any evidence, are trafficking narcotics off its coasts. The U.S. authorities say that the operations are part efforts to combat drug trafficking and sanctions evasion. Maduro claims that the United States is trying to undermine Venezuela's economic system and remove him from power. Rodriguez also attacked Venezuela's opposition political party, which Leader She has been hiding in the shadows for several months, but she traveled to Oslo earlier this month to receive her Nobel Peace Prize. He said the opposition was promoting sanctions, and that they had "stolen, plunder, bowed to U.S. Imperialism," adding, "They are happy with aggressive actions taking place currently in the Caribbean Sea." (Reporting from Staff)
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Vucic, Serbian Vucic: Gazprom talks with Hungary's MOL about NIS stake sale
Serbian President Aleksandar Vucic revealed on Tuesday that Russian energy giant Gazprom has been in discussions with Hungary's MOL about a possible sale of its majority stakes in 'NIS' - Serbia's only oil refiner. In January, the United States announced sanctions against Russia's oil industry in response to Moscow's conflict in Ukraine. But, NIS's application was repeatedly delayed before finally coming into force on October 8th. "We have no problem with it. We have information that Gazprom representatives have been talking to MOL in Hungary, and we don't have anything against them." Vucic said to reporters on Tuesday that the Hungarians were our friends. "We must finish this as soon as possible - by January 15." Due to sanctions, banks have stopped processing NIS. The JANAF crude oil pipeline in Croatia has also stopped delivering crude to the refinery. Gazprom owns 11.3% of NIS, while its sanctioned oil subsidiary Gazprom Neft has 44.9%. The Serbian Government owns 29.9%, with the rest belonging to employees and small shareholders. Vucic said that Serbia's gas supply agreement with Russia would be extended by another three months. The Balkan nation remains one of Europe’s few remaining buyers of Russian gas. Western nations have pressed the government to align itself with EU sanctions against Russia, but it has not yet taken action. (Reporting and editing by Joe Bavier; Ivana Sekularac, reporting)
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Germany deports criminals to Syria amid pressure on migration
Germany deported to Syria a criminal convicted of a crime for the first time since the beginning of the 14-year civil war in Syria. The government?in?Berlin is trying to show its voters that it's addressing their concerns about migration. Migration is now the top concern of German voters, and the support for Alternative -for- Germany (AfD), a far-right party, has risen. Friedrich Merz, the conservative Chancellor, has responded by taking a more aggressive stance on border security, migration and pledging a faster?deportation. Since the end of the civil war in Syria last year, Syria has been a major focus. Interior ministry says the criminal was handed over to Damascus authorities on Tuesday morning. Another criminal was deported to Afghanistan as the second time in a week. Alexander Dobrindt, Minister of Interior, said that deportations to Syria or Afghanistan should be possible. He said, "Our society has a legitimate interest to ensure that criminals leave our country." Deporting migrants to these two countries would put them in danger, according to critics. The man sent to Syria was a former prisoner in Germany's north-west for aggravated robbery and bodily harm. The Afghan criminal had served a prison sentence in southern Bavaria, for, amongst other things, intentionally bodily harm. (Reporting and editing by Ludwig Burger. Madeline Chambers)
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Kaztransoil and Polish oil pipeline operator Kaztransoil will collaborate on oil shipments from Germany
The Polish company announced on Tuesday that Poland's oil pipe operator PERN had signed an agreement with Kaztransoil regarding technical cooperation in relation to shipments of Kazakh oil? to Germany. PERN stated in a press release that the agreement includes delivery scheduling, information exchange, inspections, and certification of meters used during the handling process. Since the suspension of Russian shipments?after Moscow invaded Ukraine, PERN has been supplying?oil from Kazakhstan to Germany's PCK Schwedt Refinery. The refinery also relies on seaborne supplies via Gdansk. The state-controlled Russian energy firm Rosneft holds a majority stake of PCK which supplies much of Berlin's energy. However, Germany took control of the company after Russia invaded Ukraine. In the first nine-month period of this year, 1.91 million tons of Kazakh oil was shipped to Germany. Kaztransoil will open its first representative office in the European Union on a Polish site, to help ensure stable supplies for Germany. (Reporting by Marek Strzelecki Editing by David Goodman)
Exxon delivers $9.2 billion second-quarter earnings, raises output target
Exxon Mobil on Friday posted a. better than expected $9.2 billion secondquarter profit based upon. rising oil prices and volume gains from its purchase this year. of shale oil firm Pioneer Natural Resources.
Exxon provided a $2.14 per share revenue that beat experts'. price quotes on oil production and rates gains that offset. refining weak point. Results mirrored earnings beats by competitors BP,. Shell and ConocoPhillips.
Higher earnings was driven by record production both in. Guyana and in the Permian, which balanced out lower natural gas and. fuel costs, Chief Financial Officer Kathryn Mikells said.
Earnings was $9.24 billion, up from $7.88 billion a year. earlier, largely on higher oil prices and gains from asset sales. that balanced out weaker refining profits.
Shares were up 1.3% in pre-market trading from $116.95 on. Thursday.
The business cautioned the Golden Pass LNG joint endeavor. development task stalled by the lead contractor's insolvency. would be delayed until late 2025. Exxon owns a 30% stake in the. project and had earlier anticipated a first-half start-up.
US SHALE BOOST
The earnings boost from the Pioneer purchase highlighted how. rapidly Exxon was able total the $60 billion offer compared to. competitors. Chevron and ConocoPhillips' acquisitions are still. waiting on regulative reviews. Chevron today suggested the. closing of its Hess purchase may not take place till the 2nd. half of next year.
Exxon, a partner with Hess in Guyana, has challenged. Chevron's deal and its arbitration claim should be solved by. September 2025, Mikells told Reuters in an interview, behind. Chevron has actually signified.
The top U.S. oil manufacturer raised its 2024 output target by. 13% to 4.3 million barrels of oil comparable each day (boepd). following the Leader deal, Mikells said. Exxon produced 3.74. million boepd in 2023.
We currently see a view of greater synergies than. anticipated when Exxon announced the transaction, Mikells said,. including that any updates would be revealed in December.
REFINING WEAKER
Profits from pumping oil and gas jumped 25% over a year earlier. to $7.1 billion while those from the business's gas and. diesel organization fell 32% to $946 million. Chemicals earnings were. flat at $779 million in the quarter.
Costs rose modestly with capital costs of $7.03. billion, including $700 million in costs on properties gotten. from Leader, up from $6.17 billion in the same quarter a year. ago.
Exxon increased its annual capital expenditure guidance to. $ 28 billion from the formerly approximated $23-$ 25 billion.
The outcomes also revealed greater capital from operations. which will assist fund higher share buybacks and dividends. Cash. circulation from operations reached $10.5 billion, from $9.4 billion. a year back.
The business plans to redeem $19 billion in shares this. year, the largest share redeemed program amongst its top Western. competitors, up from $17.4 billion last year.
Oil and gas production in the 2nd quarter grew by 15%. from the previous quarter, or 574,000 boepd, including the included. Leader contribution. Exxon had actually anticipated that Pioneer would. include 500,000-550,000 boepd of output in the quarter.
Its Guyana operations, which were anticipated to produce about. 600,000 boepd this year with partners, published peak production in. May, with a record of 663,000 boepd.
The business prepares to provide cumulative savings of $5. billion through completion of 2027 versus 2023, including $1. billion in expense cuts during the 2nd quarter.
(source: Reuters)