Business and Finance
ConocoPhillips is exploring the sale of its oil and gas assets in Oklahoma, which are valued at more than US$1 billion. The potential sale comes after ConocoPhillips's US$22.5 billion acquisition of Marathon Oil in November 2024. The assets include operations in the Anadarko basin, covering approximately 300,000 net acres and…
Woodside divests Greater Angostura assets to Perenco for US$206m
Woodside Energy Group (ASX:WDS) has announced the sale of its Greater Angostura oil and gas assets in Trinidad and Tobago to Perenco for US$206 million. The divestment includes stakes in the shallow-water Angostura and Ruby fields, associated production facilities, and an onshore terminal. This transaction marks a significant step in…
US Energy Secretary seeks US$20b to refill Strategic Petroleum Reserve
US Energy Secretary Chris Wright announced plans to seek up to US$20 billion in funding to restore the nation's Strategic Petroleum Reserve (SPR) to its full capacity, echoing President Donald Trump's commitment to bolstering domestic energy resources. The SPR, established in response to the 1970s Arab oil embargo, can hold…
Shell completes sale of Nigerian onshore subsidiary SPDC to renaissance
Shell has finalised the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, marking a major shift in the energy landscape of Nigeria. The deal, initially announced on January 16, 2024, represents a major step in Shell's strategy to simplify its operations in the country. The…
Pemex reports US$9b loss in Q4 2024 amidst production woes
Petróleos Mexicanos (Pemex), Mexico's state-owned oil giant, has announced a staggering US$9 billion loss for the fourth quarter of 2024, a dramatic downturn compared to the profit recorded in the same period last year. The loss underscores the severe financial and operational challenges plaguing the company. The disappointing results were…
BLM New Mexico oil and gas lease sale generates US$20.67m
The Bureau of Land Management (BLM) New Mexico State Office has successfully auctioned seven parcels, encompassing 1,317 acres, in its recent quarterly oil and gas lease sale, resulting in a total of US$20.67 million in receipts. Proceeds from the combined bonus bids and rentals will be divided between the federal…
ADNOC Gas raises US$2.84b in share offering, oversubscribed 4.4 times
Abu Dhabi National Oil Company (ADNOC) has successfully concluded its marketed offering of ADNOC Gas shares, generating gross proceeds of approximately US$2.84 billion (Dh10.43 billion). The offering involved around 3.1 billion ordinary shares, representing 4 per cent of ADNOC Gas' issued share capital. This move increases the company's free float…
Shell expands stake in Gulf of America’s Ursa platform
Shell plc is set to significantly increase its ownership in the Ursa platform, a key asset in the Gulf of America, through an agreement signed by its subsidiaries Shell Offshore Inc. and Shell Pipeline Company (SPLC). The deal will boost Shell's working interest in the Ursa platform, pipeline, and associated…