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The slide in BP’s share price has left the UK energy major vulnerable to a takeover as rivals weigh the opportunity to buy at a steep discount and put an end to its 116 years as an independent company. Listed companies Shell, Chevron, ExxonMobil and TotalEnergies, as well as Abu Dhabi’s Adnoc, have separately run the numbers, according to industry sources and advisers, while oil trader Vitol could be interested in elements of the business.A sum of the parts valuation suggests BP’s assets are worth in excess of £120bn, without including debt and liabilities, more than twice its current market…

An oil company can seek joint development of oil fields with other explorers if the underlying reservoir is connected, the oil ministry has proposed. It however added that if any party involved does not agree, the company must surrender the licence and allow others to develop the fields.The oil ministry’s draft petroleum and natural gas rules for the upstream sector allows licensees to “jointly explore, develop or produce mineral oils through mutual cooperation”. The licencees will have to enter into an agreement with the government “for development of the reservoir as a unit.”This provision could help avoid disputes like the…

(Oil Price) – Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge of the issue have told Reuters. Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume since August 2023, as flows of Iranian and Russian crude rebounded from the lows seen early this year with the U.S. sanctions. However, in March and April, the U.S. sanctioned two small independent Chinese refiners, also known as “teapots” for purchasing and…

ADNOC Drilling has announced strong financial results for the first quarter of 2025, building on its growth trajectory with a focus on strategic investments in fleet expansion, integrated services, AI and global expansion. ADNOC Drilling’s announcement highlighted revenue of $1.17 billion in Q1 2025, up 32% year-on-year, and net profit of $341 million, up 24% year-on-year. “The first quarter of 2025 has been more than just a strong start for ADNOC Drilling, it has demonstrated our financial resilience and laid the foundation for another year of significant growth,” said CEO Abdulrahman Abdulla Al Seiari. “We are progressing at…

(Bloomberg) — Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May, the country’s Energy Ministry said. Central Asia’s largest oil producer will pump a daily average of 277,000 metric tons of crude and condensate in May, the same level as in April, and compared with 260,000 metric tons in March, the Astana-based Energy Ministry said by email. For two months in a row, the Organization of the Petroleum Exporting Countries and its allies have agreed to make super-sized production increases that surprised traders and drove…

Last week, OPEC+ announced it will once again accelerate the pace of unwinding of production cuts, with output targets for June increasing by 411,000  barrels per day, equivalent to three monthly increments. This follows a similar move in April, with the organization appearing willing to stay the course amid low oil prices and fears of weakening demand. We reported that global crude inventories remain low enough, thus giving OPEC+ a window to scale back its voluntary cuts until the market surplus finally arrives. Saudi Arabia appears intent on “punishing” OPEC+ rascals such as Kazakhstan and Iran for repeatedly violating their…

(World Oil) – Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May, the country’s Energy Ministry said. Central Asia’s largest oil producer will pump a daily average of 277,000 metric tons of crude and condensate in May, the same level as in April, and compared with 260,000 metric tons in March, the Astana-based Energy Ministry said by email. For two months in a row, the Organization of the Petroleum Exporting Countries and its allies have agreed to make super-sized production increases that surprised traders and drove down…

ConocoPhillips CEO Ryan Lance (Bloomberg) — ConocoPhillips became the latest U.S. oil explorer to cut spending after a drop in crude prices below $60 a barrel this year. The Houston-based oil giant cut its spending outlook by 3.5% to $12.45 billion, when taken at the midpoint of its guidance range, while leaving its production view unchanged, it said Thursday in a statement announcing first-quarter results. “Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to…

(World Oil) – Permian Resources has reached an agreement to buy core assets in the Delaware basin from Apache parent company APA Corp. The deal, valued at $608 million, includes 13,320 net acres, 8,700 net royalty acres and 12,000 Boe/d directly offset Permian Resources’ core New Mexico operating areas. The transaction is expected to close by the end of the second quarter of 2025. “This acquisition is a natural fit for us and has material upside that Permian Resources is uniquely positioned to realize,” said James Walter, Co-CEO of Permian Resources. “We continue to grow our high return inventory, our net…

The Energy Workforce & Technology Council has released its April 2025 jobs report, indicating a steady employment trend in the energy services sector despite broader market transitions and ongoing global trade uncertainty. Total jobs in the sector reached 639,378 in April 2025, reflecting a minor month-over-month dip of 388 positions from March, according to preliminary data from the Bureau of Labor Statistics (BLS) and Energy Workforce analysis. Nationwide, the U.S. economy added 177,000 jobs in April, demonstrating resilience in the face of global economic headwinds. The national unemployment rate remained unchanged at 4.2% for the second consecutive month.…