Japan Petroleum Exploration said on Thursday it will acquire Verdad Resources Intermediate Holdings LLC (VRIH), which owns tight oil and gas assets in the U.S. for $1.3 billion in its largest-ever deal. JAPEX will buy VRIH, which holds assets in Colorado and Wyoming, from Verdad Resources Feeder LLC using a mix of its own funds and debt. The transaction is expected to close by the end of February 2026. The Japanese energy firm has been seeking to become an operator of a U.S. oil and gas [Read more]
Asia’s imports of US energy drop in 2025 despite Trump trade moves: Russell
Asia's imports of U.S. crude oil, coal and liquefied natural gas are on track to decline this year despite President Donald Trump's efforts to boost shipments as part of his trade and tariff policies. The decline in imports from the United States is largely driven by China, the world's biggest buyer of commodities, which pulled back on purchases after Trump ramped up tariffs on U.S. imports of Chinese goods, with the current average rate around 47.5%. Asia's imports of U.S. crude oil are [Read more]
BP appoints Woodside’s Meg O’Neill as CEO after Auchincloss’ abrupt exit
Oil and gas major BP has appointed Meg O'Neill, the head of Australia's Woodside Energy, as its next CEO to lead its effort to boost profits and refocus on oil and gas after a detour into renewables. O'Neill, who will take over in April following the abrupt departure of Murray Auchincloss, will become BP's first CEO appointed from outside the company in its more than century-long history and the first woman to head any of the world's top five oil majors. The second CEO change in just over two [Read more]
BP’s CEO shake-up could pave way to mega merger: Bousso
The surprise appointment of Meg O'Neill as BP's first outsider CEO offers the bruised $90 billion British oil company three clear strategic choices for moving forward: build, buy or be bought. BP announced on Wednesday that CEO Murray Auchincloss would step down the following day and that O'Neill, current CEO of Australian-listed Woodside Energy, would succeed him in April. BP's head of trading Carol Howle will act as interim CEO until then. The leadership overhaul is the clearest signal [Read more]
US asks oil firms if they would return to Venezuela were Maduro to go, Politico reports
The Trump administration is asking U.S. oil companies if they would want to return to Venezuela were President Nicolas Maduro to go, Politico reported on Wednesday, citing three people familiar with the discussions. Politico also reported that the answer, so far, has been "no." (Reporting by Jasper Ward in Washington; editing by Costas Pitas) [Read more]
US judge blocks Michigan from enforcing order to shut down Enbridge’s Line 5 oil pipeline
A U.S. judge on Wednesday blocked Michigan from enforcing a 2020 order to shut down Enbridge's Line 5 oil pipeline running beneath a channel linking two of the Great Lakes, ruling that pipeline safety is a federal responsibility. The decision comes five years after Michigan Governor Gretchen Whitmer revoked an easement allowing Canadian company Enbridge to operate a 6.4-km (4-mile) stretch of aging pipeline underneath the Straits of Mackinac, which connect Lake Michigan and Lake Huron, citing [Read more]
Venezuela is running out of oil storage space amid tanker curbs, Bloomberg News reports
Venezuela may soon have to start closing some oil wells as it runs low on storage capacity following last week's tanker seizure and U.S. plans to block other sanctioned vessels, Bloomberg News reported on Wednesday, citing people familiar with the situation The country's main oil storage and tankers sitting at its terminals are quickly filling up and may be at maximum capacity in about 10 days, the report said. Reuters could not immediately confirm the report. (Reporting by Nilutpal [Read more]
Carlyle hires Goldman Sachs for Lukoil asset bid
U.S. private equity giant Carlyle has hired Goldman Sachs to work on its bid for Lukoil assets, two sources familiar with the matter told Reuters on Wednesday, as the race for the sanctioned Russian oil firm's overseas portfolio heats up. At least a dozen potential suitors have expressed interest in buying Lukoil assets, including Carlyle, U.S. oil majors Exxon Mobil and Chevron, Abu Dhabi conglomerate IHC, and Saudi Arabia's Midad Energy, sources have said. Both Carlyle and Goldman Sachs [Read more]
US crude stocks fall, fuel inventories fall on robust refining activity, EIA says
U.S. crude stocks fell while gasoline and distillate inventories rose last week as refining activity climbed, the Energy Information Administration said on Wednesday. Crude inventories dropped by 1.3 million barrels to 424.4 million barrels in the week ended December 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw. Wednesday's EIA report marked a sharp contrast from an inventory report released on Tuesday by the American Petroleum [Read more]
Mexican president calls on UN to ‘avoid bloodshed’ in Venezuela
Mexican President Claudia Sheinbaum on Wednesday asked the United Nations to act in order to avoid bloodshed in Venezuela, as tensions escalate between the South American country and the United States. Sheinbaum said during her morning press conference that Mexico is against intervention and against foreign interference in Venezuela. "I call on the United Nations to fulfill its role. It has not been present. It must assume its role to prevent any bloodshed," she said. U.S. President [Read more]
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