OPEC+, the world’s largest oil-producing alliance, is set to boost crude output by another 411,000 barrels per day (bbl/d) in August as part of its effort to reclaim market share. If agreed upon, this would raise OPEC+’s cumulative 2025 production increase to 1.78 million bbl/d—representing more than 1.5% of global demand.
Liquefied natural gas shipping costs have surged to their highest level in roughly eight months, driven by reduced vessel availability as more tankers are redirected to Asia amid rising tensions in the Middle East, Reuters reported citing Spark Commodities’ data.
Russia has expressed intent to supply liquefied natural gas (LNG) to Mexico and share energy sector technologies, as Russian Embassy in Mexico noted to solve challenging geopolitical conditions and improving efficiency of oil processing.
Oxy Oman, wholly owned subsidiary of US Occidental Petroleum (Oxy), secured a 15-year extension of its Exploration and Production Sharing Agreement (EPSA) for the onshore Block 53 in south-central Oman, where it operates Mukhaizna Field, the largest producing oil field in the country. The extended period of the agreement involves drilling activities and applying enhanced oil recovery projects across various reservoirs with the aim of increasing the total estimated recoverable of oil by 800 million barrels (mmbbls). The agreement also entails the utilization of artificial intelligence (AI) to optimize steam flood patterns to boost hydrocarbon recovery.
The Japanese key gas player, Tokyo Gas expects that Israel- Iran war will not affect directly the liquefied natural gas (LNG) purchases.The Japanese key gas player, Tokyo Gas, ruled out that the Israel-Iran war will directly affect its liquefied natural gas (LNG) purchases as it gets its LNG neither from the UAE nor Qatar, the company's CEO Nobuhiro Sugesawa said.
Wael Sawan, the CEO of Shell stated that his company is being "very careful" with its Middle East shipments, due to the Israel-Iran conflict, to ensure not taking unnecessary risks, Reuters reported.
The International Energy Agency (IEA) released a report on the oil market medium-term outlook, where it expected structural changes in the oil market amidst the outbreak of the Israel-Iran conflict.
Algeria’s National Agency for the Valorisation of Hydrocarbon Resources (ALNAFT) has awarded exploration licenses of five regions, out of six, to leading oil companies through the “Algeria Bid Round 2024” competition.
TotalEnergies acquired PETRONAS interests in multiple blocks offshore Malaysia and in one block offshore Indonesia. The blocks are still under operations of exploration, appraisal and development programs.
A consortium led by ADNOC’s (Abu Dhabi National Oil Company) subsidiary, XRG, including the International Energy Investment Company, ADQ (Abu Dhabi Development Holding Company), and global investment firm Carlyle, has submitted a non-binding indicative proposal to acquire global energy company Santos at a cash offer of $5.76 per share, valuing the deal at $19 billion.
