Chevron to boost capital expenditure by 11%
15/12/2023 by Richard
American oil major Chevron has announced in a press release that it intends its capital expenditure to be between $18.5 billion and $19.5 billion, an 11% increase on this year’s figure, with $14 billion of…
ExxonMobil to increase capital spending to boost production
14/12/2023 by Mark
US-based oil major is poised to gradually reverse the austerity it imposed on itself in 2020, when energy prices crashed in the wake of the COVID-19 pandemic.
Rising US oil production challenges OPEC supremacy
13/12/2023 by OilStoreAdministrator
According to the latest data from the US Energy Information Administration (EIA), the US set a new record for oil production for the second month in a row in September.
TotalEnergies backs World Bank methane initiative
12/12/2023 by Richard
While attending the COP28 climate change summit that recently took place in Dubai, TotalEnergies has announced a $25 million donation to the World Bank’s trust fund for Global Flaring and Methane Reduction (GFMR).
Petrobras CEO confirms no OPEC+ production cuts
11/12/2023 by Mark
Jean Paul Prates, the chief executive of Brazilian oil producer Petrobras, has denied that Brazil will see any form of production cuts when it joins the OPEC+ group.
OPEC+ agrees further voluntary production cuts
08/12/2023 by Richard
At their latest online meeting, oil producers in the OPEC+ group have agreed a package of 2.2 million barrels per day (bpd) in voluntary production cuts for the first quarter of next year.
Fuchs CFO recognised by Capital business magazine
04/12/2023 by OilStoreAdministrator
Isabelle Adelt, Fuchs SE’s Chief Financial Officer (CFO) has beaten hundreds of candidates to be included in the “Top 40 under 40” management category of the business magazine Capital.
IEA sees oil surplus next year
01/12/2023 by Mark
Speaking to Reuters in Oslo on the sidelines of a conference, Toril Bosoni, the head of the oil industry and markets division at the International Energy Agency (IEA), has said that next year will see…
Venezuelan oil production rises after sanctions easing
30/11/2023 by Richard
Reuters reports Erick Perez, the deputy oil minister of Venezuela, as saying that the country is now pumping 850,000 barrels per day (bpd) of crude oil.
Shell finds gas offshore of Egypt
29/11/2023 by OilStoreAdministrator
Shell’s Egyptian arm has discovered natural gas offshore of Egypt in the Mediterranean Sea at the North-East El-Ammiya block.
ExxonMobil to invest $15 billion in Indonesian refinery and CCS facility
27/11/2023 by Richard
US-based oil major ExxonMobil has met with Indonesia President Joko “Jokowi” Widodo in San Francisco and announced $15 billion in investment in Indonesia in the form of a green refinery and a facility for carbon…
OPEC+ to consider further production cuts
22/11/2023 by Richard
Reuters reports three sources from within the OPEC+ group as saying that the cartel will discuss the option of making production cuts to support oil prices.