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Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.A bitter dispute between ExxonMobil and Chevron over ownership of a gigantic oil project with up to $1tn in reserves is scheduled to be heard before an arbitration court in London on Monday, in a case with big implications for both companies and the wider industry.      The US supermajors are battling over the right to acquire a 30 per cent stake in Guyana’s Stabroek oilfield which is owned by Hess, a US energy company that agreed to a $53bn…

New Delhi: Crude oil production from the PY-3 offshore field in the Cauvery Basin has resumed after a 13-year shutdown, following the completion of Phase I of the revised Field Development Plan (FDP), a joint statement by Oil and Natural Gas Corporation (ONGC), Invenire Petrodyne Limited, and Hardy Exploration & Production (India) Inc. said.The PY-3 Field, located off the east coast of India, was first brought on-stream in 1997 and had been shut since July 2011. The field is being developed under a Joint Venture (JV) comprising ONGC with a 50.63 per cent participating interest, Hardy Exploration with an effective…

New Delhi: Consumption of petroleum products in the country stood at 20.13 million metric tonnes (MMT) in April 2025, recording a marginal year-on-year decline of 0.2 per cent compared to 20.16 MMT in the same month last year, according to data released by the Petroleum Planning and Analysis Cell (PPAC).Petrol consumption increased 5 per cent to 3.45 MMT in April from 3.29 MMT in April 2024. Diesel, which accounts for the largest share in petroleum products consumption, recorded a 4.4 per cent increase to 8.28 MMT, up from 7.93 MMT in April last year.Consumption of LPG rose 6.2 per cent…

WiseTech Global is making a major push into the U.S. market with a $3.25 billion deal to acquire Texas-based logistics software company e2open. The all-cash acquisition will bring on more than 5,600 customers, connect 500,000 businesses, and strengthen WiseTech’s reach in global supply chains. What’s RelatedWiseTech will pay $3.30 per share, and the deal already has support from a majority of e2open’s shareholders. Pending regulatory approval, it’s expected to close in the first half of 2026. “This is a strategically significant step in achieving our expanded vision to be the operating system for global trade and logistics,” said Richard White,…

Google announced last week that it is rolling out a new search tool powered by AI that it’s calling, simply, AI Mode.That could be bad for Reddit.Reddit has grown significantly over the past year, thanks in large part to Google prioritizing Reddit links in its search results and because searchers are often looking for human input on an internet increasingly dominated by AI and automated bots.At Google I/O last week, Google CEO Sundar Pichai described AI Mode as a “total overhaul” of the company’s search tool. AI Mode will offer users a more conversational experience, rather than the traditional list…

What do all intelligent beings have in common? Four things, according to Meta’s chief AI scientist, Yann LeCun. At the AI Action Summit in Paris earlier this year, political leaders and AI experts gathered to discuss AI development. LeCun shared his baseline definition of intelligence with IBM’s AI leader, Anthony Annunziata. “There’s four essential characteristics of intelligent behavior that every animal, or relatively smart animal, can do, and certainly humans,” he said. “Understanding the physical world, having persistent memory, being able to reason, and being able to plan, and planning complex actions, particularly planning hierarchically.”LeCun said AI, especially large language…

(Bloomberg) – The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations in Venezuela, according to people familiar with the matter. The Treasury Department plans to grant the waiver permitting Chevron to carry out only critical upkeep and safety-related functions in the sanctioned South American nation, said the people, who asked not to be identified discussing private information.  The license would come at the end of a period when the U.S. has instructed Chevron and other U.S. companies to wind down their production…

(Bloomberg) – The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations in Venezuela, according to people familiar with the matter. The Treasury Department plans to grant the waiver permitting Chevron to carry out only critical upkeep and safety-related functions in the sanctioned South American nation, said the people, who asked not to be identified discussing private information.  The license would come at the end of a period when the U.S. has instructed Chevron and other U.S. companies to wind down their production…

Scott Galloway, a prominent marketing professor at New York University, says Elon Musk’s links to the cost-cutting White House DOGE Office fueled “one of the greatest brand destructions” of all time.Speaking on an episode of the Pivot podcast, which he cohosts with journalist Kara Swisher, Galloway said Musk’s role with the agency had taken a major toll on Tesla.”Tesla was a great brand,” Galloway said.”The rivers have reversed and the tide has turned entirely against him,” he continued, citing a recent Axios Harris poll that showed Tesla had plummeted from eighth place in the ranking of America’s 100 most visible…

(Bloomberg) — Canada’s new energy minister said it’s critical to build carbon-capture systems for the oil sands and identified crude and natural gas exports as a major priority for Prime Minister Mark Carney’s government. “Energy is Canada’s power,” Tim Hodgson, who was first elected to Parliament last month after a career in finance, said in a speech to the Calgary Chamber of Commerce on Friday. “It gives us an opportunity to build the strongest economy in the G-7, guide the world in the right direction, and be strong when we show up at a negotiation table,” he said,…