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Woodside Energy Group Ltd. said Tuesday it had made a positive final investment decision (FID) on the Louisiana LNG project. “The forecast total capital expenditure for the LNG project, pipeline and management reserve is US$17.5 billion (100 percent)”, the Australian oil and gas exploration and production company said in an online statement. As part of a deal announced earlier this month, New York City-based Stonepeak Partners LP will provide a staggered contribution of $5.7 billion in exchange for a 40 percent stake. Woodside later signed an agreement with Uniper SE to supply the German power and natural gas utility up…

Crescent Energy Company said it has closed the sale of non-operated Permian Basin assets to an undisclosed private buyer for $83 million in cash, subject to customary post-closing purchase price adjustments. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3,000 barrels of oil equivalent (boepd), consisting of around 35 percent oil, the company said in a news release. Proceeds from the sale will be used to reduce outstanding borrowings on the company’s revolving credit facility, Crescent said. The transaction has an effective date of December 31, 2024, and Crescent said it plans…

London: Several former traders from oil major Shell have set up trading house Atmin, backed by Afreximbank, to focus on African oil trading, two trading sources familiar with the development said.The move takes place as oil majors and Western banks retreat from Africa and the continent is facing a decline in oil and gas production due to under-investment, while also spending $30 billion annually on fuel imports. Billions of barrels of oil and gas in Africa are at risk of being stranded as a race among global producers is heating up to extract as many resources as possible before the…

Singapore: Chinese offshore oil and gas major CNOOC Ltd’s first-quarter net profit fell 7.9 per cent , weighed by weaker oil prices but higher output helped stem the decline.Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company’s filing with the Hong Kong Stock Exchange on Tuesday. The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1 per cent fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output.CNOOC Ltd’s total net production during…

New Delhi: Bharat Petroleum Corporation Ltd (BPCL) on Tuesday reported a 24 per cent drop in its March quarter net profit on the back of losses on sale of subsidised domestic cooking gas LPG and lower refining margins. Standalone net profit of ₹3,214.06 crore in January-March – the fourth quarter of April 2024 to March 2025 financial year – compared with ₹4,224.18 crore earnings in the same period a year back, according to a stock exchange filing of the company. Profit fell 31 per cent quarter-on-quarter when compared with ₹4,649.20 crore earnings in the October-December 2024 period. BPCL and other…

London-based EnQuest PLC said it has won the bidding for two production sharing contracts (PSCs) for the Gaea and Gaea II blocks in Papua Barat, Indonesia, along with its joint venture partners, as announced by the country’s Ministry of Energy and Minerals. The blocks present unrisked resource potential of multi-trillion standard cubic feet for EnQuest, the company said in a news release. EnQuest said the award marks its entry into Indonesia, “a country that offers a broad range of growth opportunities that span the full upstream lifecycle”. The move further expands EnQuest’s Southeast Asian footprint, adding to its growing momentum…

According to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released on April 10, the EIA expects total U.S. petroleum products consumption to increase in 2025 and 2026. Total U.S. petroleum products demand is projected to come in at 20.38 million barrels per day this year and 20.49 million barrels per day next year, the STEO showed. In 2024, this figure averaged 20.31 million barrels per day, the STEO highlighted. Motor gasoline demand is forecast to contribute 8.90 million barrels per day to the overall 2025 figure, distillate fuel oil is expected to contribute…

Trade War Sparks Demand Concerns and Forecast Revisions Crude prices declined after prolonged U.S.-China trade tensions re-ignited fears of a slowdown in global demand. Analysts at PVM warned that stalling negotiations are eroding confidence in economic growth, prompting a wave of oil demand downgrades. Barclays cut its 2025 Brent crude forecast by $4 to $70 per barrel, citing the potential for a 1 million barrel-per-day supply surplus this year fueled by softening demand and a shift in OPEC+ output strategy. U.S. President Donald Trump’s broad tariff stance has raised the specter of a global recession, with China retaliating by imposing…

BP PLC said Tuesday it expects to make $3-4 billion worth of asset sales in 2025, following a “reset” plan that involves scaling back renewables investment and cutting costs. “This underpins our confidence in meeting our net debt target of $14-18 billion by the end of 2027”, chief financial officer Kate Thomson said of the divestment plan. The British integrated energy company logged $328 million in divestment proceeds for the first quarter (Q1) of 2025, according to a statement of results it published online. BP is making “good progress on our divestment program, including the strategic review of Castrol, and…

Justin Sullivan | Getty ImagesVenmo, long a centerpiece of PayPal’s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year over year in the first quarter, though the company did not provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.While it has long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from…