Author: omc_admin

(Bloomberg) – CNOOC Ltd., China’s biggest offshore driller of crude oil, saw profits fall in the first quarter after a drop in global prices. The energy giant reported a 7.9% decline in net income to 36.56 billion yuan ($5.03 billion) after revenue fell 4.1% to 106.85 billion yuan, according to a statement on Tuesday. CNOOC has led Beijing’s efforts to boost oil and gas output and bolster energy security, and its focus on extraction helped deliver near-record annual profits last year. But that dependence on upstream prices was a burden in the first quarter.  The average price of Brent…

Woodside has made a final investment decision to develop the three-train, 16.5 million tonne per annum (MMtpa) Louisiana LNG development. Woodside is targeting first LNG in 2029. Development of Louisiana LNG will position Woodside to deliver approximately 24 Mtpa from its global LNG portfolio in the 2030s, and operating over 5% of global LNG supply.1 The development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 Mtpa. At full capacity, the foundation project is expected to generate approximately $2 billion of annual net operating cash in the 2030s. It will…

Petro-Victory Energy Corp. has completed its previously announced acquisition of Capixaba Energia LTDA, a producing oil and gas asset, generating substantial free cash flow, in the Espírito Santo Basin. The acquisition was completed in partnership with BlueOak Investments, Petro-Victory’s strategic financial partner. This acquisition, originally announced on March 6, 2025, marks the first successful transaction under the Petro-Victory and BlueOak partnership, reinforcing their shared commitment to unlocking value in Brazil’s energy sector. “The closing of the Capixaba Energia acquisition marks a major milestone for Petro-Victory and a testament to the strength of our strategic partnership with BlueOak Investments,” said Richard F. Gonzalez, CEO of Petro-Victory. “This…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.76 million barrels in the week ending April 25, after analysts had estimated a much smaller 390,000-barrel build. The API reported a 4.565 million barrel dip in the prior week.So far this year, crude oil inventories are up more than 23 million barrels, according to Oilprice calculations of API data.Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 1 million barrels to 398.5 million barrels in the week ending April 25. Inventory levels in…

The UK experienced its hottest day of the year so far on Tuesday and temperatures could reach 30C at the earliest point on record later this week, forecasters said.The highest temperature recorded on Tuesday was 24.9C in Ross-on-Wye in Herefordshire, according to the Met Office.The previous hottest day this year was 24.5C recorded in St James’s Park, London, on Monday.The Met Office, which warned last month that the climate crisis is pushing temperature extremes to new levels, said temperatures could hit 27C or 28C on Wednesday in southern England and the Midlands.In a further sign of the changing climate, Wales…

Woodside has made a final investment decision to develop the three-train, 16.5 million tonne per annum (MMtpa) Louisiana LNG development. Woodside is targeting first LNG in 2029. Development of Louisiana LNG will position Woodside to deliver approximately 24 Mtpa from its global LNG portfolio in the 2030s, and operating over 5% of global LNG supply.1 The development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 Mtpa. At full capacity, the foundation project is expected to generate approximately $2 billion of annual net operating cash in the 2030s. It will…

Mexican industrial valve manufacturer Walworth opened its new production plant in Dubai, UAE, a key strategic step to strengthen its presence in the Middle East and significantly improve its supply chain in the region. For the last 15 years, Dubai has served as Walworth’s vital commercial hub in the Middle East, functioning effectively as our distribution and sales center. With the rise of nearshoring, new regulations on local content, and Dubai’s strategic geographic location, we are taking decisive action to expand our operations by establishing a production facility in the region. “The opening of our new plant in Dubai is…

Subsea Integration Alliance (SIA) partners Subsea7 and SLB OneSubsea have secured a substantial1 engineering, procurement, construction, and installation (EPCI) contract for bp’s Ginger project, offshore Trinidad and Tobago. The Ginger project is a notable project award under the new global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7. Building on a long-standing successful relationship, this agreement establishes a new way of working that enables system-level optimization through increased transparency and early engagement. Further, the framework defines a novel commercial model that effectively aligns incentives for accelerated and maximized value creation among all stakeholders…

Bounce Completes First Phase In addition to indications from the 20-Day MA, the top of the rally at $65.32 was a test of prior long-term support (red highlight) as resistance and signs of resistance were clear. The trend high day last Wednesday ended with a bearish engulfing pattern. It was followed by a minor rally that found resistance around the 20-Day MA yesterday, but at a lower price since the line continues to fall. Lower Support Levels Crude oil looks certain to test an interim swing low and 50% retracement at $60.40 and $60.27, respectively. And it may still do…

Petro-Victory Energy Corp. has completed its previously announced acquisition of Capixaba Energia LTDA, a producing oil and gas asset, generating substantial free cash flow, in the Espírito Santo Basin. The acquisition was completed in partnership with BlueOak Investments, Petro-Victory’s strategic financial partner. This acquisition, originally announced on March 6, 2025, marks the first successful transaction under the Petro-Victory and BlueOak partnership, reinforcing their shared commitment to unlocking value in Brazil’s energy sector. “The closing of the Capixaba Energia acquisition marks a major milestone for Petro-Victory and a testament to the strength of our strategic partnership with BlueOak Investments,” said Richard F. Gonzalez, CEO of Petro-Victory. “This…