energynews

American firm Yaatra invests $5.1 billion in Côte d’Ivoire oil refinery

Côte d'Ivoire signed an agreement with Yaatra Ventures to build a 170,000 barrels/day oil refinery, a $5.1 billion investment aimed at boosting national refining capacity.

The ICJ arbitrates oil dispute between Gabon and Equatorial Guinea

The International Court of Justice ruled on the validity of treaties between Gabon and Equatorial Guinea over three strategic offshore islets potentially rich in oil.

Guyana imposes full financial liability in case of oil spill

Guyana’s Parliament passed a new law requiring oil operators to provide mandatory financial coverage for damages caused by hydrocarbon spills.
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Phillips 66 sells 65% of its fuel retail operations in Germany and Austria

Under pressure from investor Elliott, Phillips 66 sells a majority stake in its European fuel station subsidiary for $2.8bn in a move to streamline its portfolio.

OPEC+ Opens the Taps, IEA Forecasts Rebound in Global Oil Stocks

The International Energy Agency forecasts a significant rise in global oil stocks due to slowing demand in developed economies and OPEC+'s gradual production increases starting in 2025.

Africa Oil doubles production with Prime and issues $25mn dividend

Africa Oil completed the integration of Prime, doubling its production and reserves, while declaring a second quarterly dividend of $25mn supported by strong cash generation.
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Petrobras posts $6bn net profit in Q1 boosted by production increase

Brazilian oil major Petrobras reported a $6bn net profit in Q1 2025, driven by higher production volumes and a stronger real against the US dollar.

TotalEnergies and BWEnergy await final investment decisions on Namibian projects in 2026

Namibia plans to finalise agreements with TotalEnergies for the Venus oil field and with BWEnergy for the Kudu gas field by the end of 2026, according to the country’s petroleum commissioner.

The United States imposes new sanctions on Iranian oil exported to China

The Trump administration has announced new sanctions targeting Iran's oil export network to China amid ongoing nuclear talks between Washington and Tehran.
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Japanese refiners face hurdles diversifying crude imports amid OPEC+ production increase

Japanese refiners, dependent on Gulf crude for 96.6% of imports, are struggling to diversify supply sources as increased OPEC+ output makes Persian Gulf barrels more competitive compared to US crude.

Esso restarts refining units in Port-Jérôme after 750,000 hours of maintenance

Esso’s Gravenchon site restarts operations following a planned shutdown involving 1,000 workers and over 750,000 labour hours.

Russia targets stable return to 10.8 million barrels per day

Deputy Prime Minister Alexander Novak says Russian oil production could reach a sustained level of 10.8 million barrels per day, supported by rising global demand and internal fiscal adjustments.
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Oil rises after trade truce between the United States and China

Oil prices climbed following a joint decision by Washington and Beijing to temporarily suspend tariffs, easing pressure on global demand.

Shell delays two strategic wells at Perdido offshore field in the United States

Shell announced a delay in bringing two new wells online at the Perdido offshore field, temporarily lowering production targets in the Gulf of Mexico.

Aramco’s net profit drops 4.6% in Q1 2025

Lower sales revenues and rising operational costs impacted Aramco’s results, while the company remains central to Saudi Arabia’s economic strategy.
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Oil prices rebound following trade deal between London and Washington

Oil prices climbed on Friday, supported by the signing of a trade agreement between the United States and the United Kingdom, reviving expectations of easing global tensions.

Kern County reopens oil permitting despite historic decline in California

California approved only three new drilling permits in Q1 2025, but Kern County and two CO₂ pipeline bills may reverse that trend.

US shale oil drilling costs to rise 4.5% in 2025

US oil operators will face moderate drilling cost increases in 2025, driven by tariffs, despite price drops in several key service segments.
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Craig Steinke appointed CEO of BluEnergies following James Deckelman’s departure

BluEnergies Ltd. has announced the immediate appointment of Craig Steinke as Chief Executive Officer, succeeding James Deckelman, who is stepping down for personal reasons.

US-China tariff war disrupts China’s petrochemical market

The increase in tariffs between the United States and China is radically reshaping China's petrochemical supply flows, threatening to raise costs and intensify supply challenges in an already strained strategic sector.