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Cenovus Energy acquires additional MEG Energy common shares
Globenewswire· 2025-10-15 10:00
CALGARY, Alberta, Oct. 15, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has acquired an additional 3,276,460 common shares of MEG Energy Corp. (“MEG”) through the facilities of the Toronto Stock Exchange or other Canadian alternative exchanges or markets. Immediately following the acquisition of the common shares, Cenovus beneficially owned, directly or indirectly, and exercised control or direction over, an aggregate of 25,000,000 MEG common shares representin ...
London-Listed Energy Firm Acquires Oil and Gas License in Ukraine
Yahoo Finance· 2025-10-15 09:40
London-listed Pennpetro Energy Plc has signed Heads of Terms to acquire 100% of the Limnytskyi oil and gas exploration license in western Ukraine, the independent oil and gas firm said on Wednesday. The license is located in the Carpathian basin in the far west of Ukraine near the border with the EU. The license has seen more than 100 oil and gas fields discovered to date, Pennpetro Energy said. The license is an “underexplored large-scale and highly prospective opportunity and expected, once developed, ...
Shell, partner reach FID on HI gas project development in Nigeria
Yahoo Finance· 2025-10-15 09:18
Core Insights - Shell's subsidiary SNEPCo and partner Sunlink Energies have made the final investment decision on the HI gas project offshore Nigeria, aiming to deliver 350 million standard cubic feet per day of gas to Nigeria LNG [1][2] - The project is expected to enhance the production capacity of the Bonny Island terminal, aligning with Shell's strategy to increase global LNG production by 4-5% annually until 2030 [2][5] - The HI gas field, discovered in 1985, has estimated recoverable resources of 285 million barrels of oil equivalent and is located approximately 50km offshore at a water depth of 100m [3][4] Project Details - The HI gas project is a joint venture where SNEPCo holds a 40% stake and Sunlink Energies owns 60% [4] - The project includes the installation of a wellhead platform with four wells, a pipeline to transport gas to Bonny, and a gas processing facility at Bonny [4] - Processed gas will be delivered to Nigeria LNG, with condensate directed to the Bonny Oil and Gas Export Terminal [4] Strategic Commitment - Shell aims to bring upstream and integrated gas projects online between 2025 and 2030, targeting a total peak production of one million barrels of oil equivalent per day [5] - The company plans to increase top line production across its Upstream and Integrated Gas business by 1% annually until 2030 [5] - Shell's upstream president emphasized the commitment to Nigeria's energy sector and the focus on deep-water and integrated gas projects [3]
What to Expect From Coterra Energy’s Next Quarterly Earnings Report
Yahoo Finance· 2025-10-15 08:37
Valued at a market cap of $17.7 billion, Coterra Energy Inc. (CTRA) is a Houston-based independent oil and gas company. It operates across the Permian Basin, Marcellus Shale, and Anadarko Basin, producing oil, natural gas, and NGLs. The company is expected to announce its fiscal Q3 earnings for 2025 after the market closes on Monday, Nov. 3. Ahead of this event, analysts expect this energy company to report a profit of $0.46 per share, up 53.3% from $0.30 per share in the year-ago quarter. The company has ...
X @Bloomberg
Bloomberg· 2025-10-15 07:53
TotalEnergies says its third-quarter profit and cash flow may rise slightly after oil and gas output increased https://t.co/IlsxlyM9gc ...
OPEC Secretary General says oil and gas industry needs more investment
Reuters· 2025-10-15 07:15
OPEC Secretary General Haitham Al Ghais reiterated on Wednesday that more investment is needed in oil and gas. ...
More Supertankers Divert After U.S. Sanctions Hit Chinese Oil Port
Yahoo Finance· 2025-10-15 07:15
Core Insights - The U.S. Treasury has imposed sanctions on the Rizhao Shihua Crude Oil Terminal in China, impacting the handling of Iranian crude oil [2][3] - Three very large crude carriers (VLCCs) have diverted from their original destination to other ports in China due to these sanctions [1][2] - The sanctions are part of a broader strategy to disrupt Iran's energy export capabilities, with China being a significant buyer of sanctioned Iranian crude [2][3] Group 1: Sanctions and Impact - The latest sanctions target over 100 individuals, tankers, and an independent refiner, specifically affecting the Rizhao Shihua Crude Oil Terminal [2] - Sinopec, which owns 50% of the terminal, is likely to face disruptions in its crude oil imports, as the terminal is crucial to its operations [3] - The terminal accounts for approximately 20% of Sinopec's imported crude, indicating a significant potential impact on the company's supply chain [3] Group 2: Oil Import Trends - China reported a 3.9% increase in total oil imports for September, averaging about 11.5 million barrels per day, although this reflects a 4.55% decline from August [4] - The effect of the sanctions on overall Chinese oil imports remains uncertain, as importers may adapt by transferring oil from larger vessels to smaller ones for delivery to other Sinopec refineries [4]
Total flags lower LNG sales, rising refining margins in third-quarter trading update
Reuters· 2025-10-15 06:17
French oil major TotalEnergies expects to report a decline in third-quarter results, it said on Wednesday, as asset sales and improving margins for refining crude failed to offset lower oil prices and... ...
Iraq pledges to end $4 billion gas imports from Iran by 2028 as it races to diversify beyond oil
CNBC· 2025-10-15 01:53
Core Points - Iraq's Prime Minister aims to end the country's $4 billion reliance on Iranian gas by 2028 to diversify the economy [1] - Iraq's power grid is strained due to decades of mismanagement, underinvestment, and corruption, with Iranian gas fueling nearly a third of electricity generation [1] - The government has signed deals with TotalEnergies and other firms to invest in capturing flared gas, potentially worth $4 billion to $5 billion annually [1] - Iraq is pursuing a multi-pronged diplomatic approach to attract investments from various countries, including the U.S., China, and Gulf nations [1] - The upcoming elections on November 11 are seen as a benchmark for Iraq's democratic process amid rising youth unemployment [1][2] Economic Diversification - The government is focused on reducing gas flaring, with a commitment to achieve zero flaring by early 2028 [1] - Recent financial and banking reforms aim to strengthen the presence of investment companies in Iraq [1] - The inauguration of a new Pharmaceutical Manufacturing City is expected to attract major American and British firms [1] Youth Employment and Digital Transformation - The government is encouraging the private sector to create job opportunities, particularly for the youth [2] - Initiatives include establishing a National Center for Digital Transformation and a Center for Cybersecurity [2] - A national strategy for artificial intelligence is being prepared to absorb a larger share of young workers [2]
Shell Greenlights HI Offshore Gas Project to Boost Nigeria LNG Supply
Yahoo Finance· 2025-10-15 00:32
Core Viewpoint - Shell's Nigerian subsidiary, SNEPCo, has approved investment in the HI offshore gas development, enhancing Nigeria's LNG exports and supporting Shell's global integrated gas strategy [1] Group 1: Project Overview - The HI field, discovered in 1985, is located about 50 kilometers off Nigeria's coast and is expected to produce up to 350 million standard cubic feet of gas per day, equivalent to around 60,000 barrels of oil equivalent per day, by the end of the decade [2] - The estimated recoverable resource for the HI project stands at approximately 285 million barrels of oil equivalent (mmboe) [2] Group 2: Economic Impact - Production from the HI field will be processed onshore at Bonny Island, contributing to Nigeria LNG (NLNG), where Shell holds a 25.6% interest, and supporting local economic growth through construction and operational employment [3] Group 3: Strategic Commitment - Shell's Upstream President emphasized the company's commitment to Nigeria's energy sector, particularly in Deepwater and Integrated Gas, stating that the HI project will help grow Shell's Integrated Gas portfolio and support Nigeria's ambitions in the global LNG market [4] - The HI development is operated under a joint venture between Sunlink Energies (60%) and SNEPCo (40%), featuring a wellhead platform with four wells and a multiphase gas pipeline to Bonny Island [4] Group 4: Future Outlook - The investment follows Shell's final investment decision (FID) on the Bonga North deepwater project, indicating sustained interest in Nigeria despite challenging fiscal and regulatory conditions [5] - Shell aims to deliver upstream and integrated gas projects achieving a combined 1 million barrels of oil equivalent per day of peak production by 2030 [5] - Liquefied natural gas is central to Shell's energy transition strategy, with a goal to grow global LNG output by 4–5% annually through the end of the decade [6]