oil
New York (AFP) - Oil companies drilling on public lands must post larger bonds and pay higher royalties under a rule finalized Friday by the Biden administration. The bonding requirements for development increased to $150,000 from $10,000, a level set in 1960 that no longer covers potential cleanup costs, the Bureau of Land Management (BLM) said in a press release. In another shift, the Department of the Interior lifted royalty rates for leases to 16.67 percent from the previous level of 12.5 percent. The changes were described by Interior Secretary Deb Haaland as the most significant reform t...
AFP
Los Angeles (AFP) - The US Coast Guard is investigating a two-mile-long oil spill just off the California coast near Los Angeles, officials said Friday. The spill is located close to two oil rigs off the shore of Huntington Beach, a popular beach city known for its world-famous surfing, but the source is not yet known, the Coast Guard said in a statement. "The Coast Guard is contacting all potential spill sources in the area, but no source has been identified," it said. Authorities are "working to identify possible impacts to the shoreline and environmental protection strategies" but so far "n...
AFP
Vienna (AFP) - Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty. The plan to extend cuts to mid-2024 comes on top of previous cuts to both oil output and exports as some of the world's largest energy producers drive to push up market rates. Saudi Arabia's energy ministry said it would cut its production by one million barrels per day (bpd) from April to June (Q2), while Russia announced 471,000 bpd of cuts in Q2. "In order to ma...
AFP
New York (AFP) - ExxonMobil and Chevron reported lower but still strong profits Friday as they push ahead with hefty shareholder payouts and major acquisitions. The two biggest US oil companies, which have similar profiles and strategies, both saw fourth-quarter profits dip amid lower commodity prices, especially for natural gas. But both companies still scored mammoth full-year earnings: $36 billion at ExxonMobil and $21.4 billion at Chevron. Those are below the record profits of 2022, which benefited from a spike in crude prices following Russia's invasion of Ukraine, but robust enough to e...
AFP
Washington (AFP) - The United Arab Emirates and its powerful ruler were sued in a Washington court Wednesday, accused of bankrolling a "dark public relations" operation that falsely linked an American oil trader to terrorist financing. The lawsuit filed by the trader Hazim Nada in the District of Columbia alleges that starting in 2017 the UAE paid a Swiss private intelligence firm, Alp Services, to "seriously damage" his reputation and business in a sweeping smear campaign. The alleged operation against Nada, first reported by The New Yorker last year, spotlights a booming industry of what sec...
AFP
New York (AFP) - US energy company APA Corporation has agreed to buy competitor Callon Petroleum in a transaction valued around $4.5 billion including debt, the firms announced Thursday, marking the latest deal in the sector. APA will acquire Callon in an all-stock deal, where each share of Callon is exchanged for 1.0425 shares of APA stock, worth $38.31. This is nearly a 14 percent premium over Callon's closing price on Wednesday. The transaction comes after several high-profile agreements in the energy industry, such as ExxonMobil's megadeal to acquire Pioneer Natural Resources for about $60...
AFP
Paris (AFP) - Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to the weakening of the global economy and increases in output outside the bloc. "The continued rise in output and slowing demand growth will complicate efforts by key producers to defend their market share and maintain elevated oil prices," the International Energy Agency said in its monthly re...
AFP
Caracas (AFP) - A Guyanese army helicopter with seven people on board was reported missing Wednesday near the border with Venezuela, an official said, as tensions between the two neighbors soar over a disputed oil-rich territory. Guyanese Army Chief of Staff Omar Khan told a press conference that contact had been lost with the helicopter shortly after takeoff in bad weather, adding he had "no information to suggest that" Venezuela had been involved. The report of the missing aircraft added to a fast-escalating border feud over the oil-rich Essequibo region, controlled by Guyana for more than a...
AFP
Washington (AFP) - The White House expressed concern Wednesday at mounting tensions between Venezuela and Guyana over a disputed, oil-rich border region, saying it wants them to avoid any "violence" or "conflict." "It's concerning, we're watching this very, very, very closely," National Security Council spokesman John Kirby told reporters when asked about the situation between the neighboring countries. "We obviously don't want to see any violence occur here or conflict occur." Venezuela held a controversial referendum on Sunday on the fate of the Essequibo region -- or Esequiba as it is known...
AFP
Paris (AFP) - The International Energy Agency said on Thursday the risk of oil supply disruptions due to the conflict between Israel and Hamas is limited but that it stands ready to intervene in markets if necessary. The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A weekend attack by Hamas on Israel, and Israeli's military retaliation, have left thousands dead and rattled oil markets, amid fears that other nations might intervene and possibly disrupt shipments in the Middl...
AFP
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