QatarEnergy Declared Force Majeure on LNG Supply Contracts
The Qatari LNG producer QatarEnergy has declared force majeure on long-term contracts with four countries. This is the second force majeure declaration in March. Iranian strikes have disabled 17% of QatarEnergy’s export capacity. QatarEnergy has declared force majeure on a number of long-term LNG supply contracts, including with clients in …
Venezuela Hopes to Restore Oil Production in the Country
Energy cooperation between Venezuela and the United States makes it possible to expect a recovery in the country’s oil production and will bring economic benefits, Eduardo Quintana, head of the regional branch of the Federation of Chambers of Commerce and Associations in La Guaira state, told RIA Novosti. “There is …
US To Resume Offshore Oil Production Off California Coast
US Secretary of Energy Chris Wright has instructed Sable Offshore Corp. to resume oil production off the coast of California, the U.S. Department of Energy reported. “U.S. Secretary of Energy Chris Wright today directed Sable Offshore Corp. to restore operations at the Santa Ynez field and pipeline system to mitigate …
Alaska Promised Exemption from Oil and Gas Production Ban
During his visit to Alaska, U.S. Interior Secretary Doug Burgum promised to reverse a decision by the previous administration and “free up” 13 million acres of land—out of a total of 23 million acres—for oil and gas production. Joe Biden had previously designated these lands as “special zones.” Companies such …
Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
U.S. Oil Producers Predict the Decline of the Shale Boom
Major oil companies are now openly discussing the end of the shale boom in the United States, attributing it to Donald Trump’s trade policy, which has led to a decline in commodity prices, according to the Financial Times. Market participants told the publication that they are being forced to reduce …
Japan Does Not Believe Gas Production in Alaska Will Begin in 2031
Donald Trump is encouraging Asian countries, including Japan, to participate in the construction of an LNG plant in Alaska, under the pretext of reducing the trade deficit. However, Japanese companies are skeptical about the profitability of this project, which is estimated to cost at least 44 billion US dollars, according …
Bloomberg Reports Possible 60-Day Extension of Chevron’s License to Operate in the Bolivarian Republic of Venezuela
The administration of U.S. President Donald Trump is prepared to extend the license granted to Chevron Corporation for oil production and export activities in the Bolivarian Republic of Venezuela by an additional 60 days, Bloomberg reported, citing sources familiar with the matter. The extension is being considered in the context …
The Abu Dhabi National Oil Company (ADNOC) Will Collaborate with ExxonMobil to Enhance Recovery at the Upper Zakum Oil Field
The Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) and ExxonMobil Corporation of the United States will work jointly to enhance oil recovery at the Upper Zakum offshore oil field, ADNOC announced following the recent visit of U.S. President Donald Trump to the Emirates. The field …
Chevron Corporation and Companies from the European Union Are Requesting Approval from the United States Administration for Projects in the Bolivarian Republic of Venezuela
Chevron Corporation of the United States and European energy companies are currently engaged in negotiations with the administration of President Donald Trump to retain their stakes in joint ventures with PDVSA, the state-owned oil and gas company of the Bolivarian Republic of Venezuela, according to a report by Reuters. The …