Four Venezuelan banks were notified this week by the country's government that they will split $300 million of oil revenues deposited in an account in Qatar, enabling them to sell dollars to Venezuelan companies that need foreign exchange to pay for materials, two financial sources and an analyst said. The injection of foreign capital comes after weeks of tightening supplies of dollars, as the U.S. seized Venezuelan oil tankers and hit the country's top revenue flow. Venezuelan companies needing [Read more]
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Shell, Mitsubishi exploring sale options for their stakes in LNG Canada, sources say
Oil major Shell and Japanese conglomerate Mitsubishi Corp are exploring sale options for their respective stakes in the C$40 billion ($28.8 billion) LNG Canada project, three sources familiar with the matter told Reuters. The moves come as owners of the massive liquefied natural gas facility weigh a potential expansion, and after another stakeholder, Petronas, successfully offloaded a piece of the project. Shell, the largest owner with a 40% stake in LNG Canada, has been working with [Read more]
Tuktu Resources Ltd. Announces Results of Special Meeting of Shareholders
Calgary, Alberta--(Newsfile Corp. - January 16, 2026) - Tuktu Resources Ltd. (TSXV: TUK) ("Tuktu" or the "Company"), a junior oil and gas producer based in Calgary, Alberta, announces the results of the special meeting of shareholders ("Shareholders") of Tuktu held on January 15, 2026 (the "Meeting"). A total of 168,408,260 common shares in the capital of the Company (representing 63.42% of the total issued and outstanding shares) were voted in person or by proxy at the [Read more]
Mercuria posts $1.3 billion in 2025 profit, Bloomberg News reports
Swiss commodity trading group Mercuria posted a profit of $1.3 billion last year as it paid almost no tax, Bloomberg News reported on Friday. The company reported taxation of $1 million on its profit of $1.31 billion, an effective tax rate of 0.08%, Bloomberg reported, citing a copy of its accounts. Privately-held Mercuria does not report its results publicly, but recently communicated its accounts for the year ending September to lenders, Bloomberg reported, citing sources. The company [Read more]
International oil companies push for quick reforms in Venezuela to give them control over oil exports
Oil executives and lawyers for international oil companies are lobbying the U.S. and Venezuelan governments for changes in the OPEC member's hydrocarbon law that would give them the right to freely export the oil they produce in Venezuela, sources involved in the talks said. As the administration of U.S. President Donald Trump works to convince energy companies to start work quickly on his $100 billion reconstruction plan for Venezuela's dilapidated oil industry, many potential investors are [Read more]
US drillers cut oil and gas rigs for second week in a row, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid-December, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 543 in the week to January 16, the lowest since mid-December.. Baker Hughes said this week's decline puts the total rig count down 37 rigs, or 6% below this time last year. Baker Hughes said [Read more]
Harold Hamm set to halt Bakken drilling – “Margins are basically gone” – Bloomberg News
Harold Hamm, the oil billionaire and a founder of Continental Resources, told Bloomberg News in an interview on Friday that Continental Resources is set to halt drilling in the Bakken formation as low oil prices have eroded profit margins. According to the article, this will be the first time in over 30 years that Hamm will not have active drilling rigs in North Dakota. Breakevens in the play average around $58/bbl, according to a report by BloombergNEF, very close to where current prices [Read more]
What excites and worries LNG exporters in 2026: Maguire
The year 2025 in the LNG sector will be one for the history books after production and exports of the super-chilled fuel smashed records and raked in billions of dollars in revenues across the global liquefied natural gas supply chain. A 25% surge in LNG purchases by European countries was a key highlight and raised hopes among gas sellers that further growth in gas use in economies such as Germany, Italy and the United Kingdom is in store for 2026 and beyond. On the other hand, lower [Read more]
US oil refiners’ weekly capacity to fall by 450,000 barrels per day, IIR Energy says
U.S. oil refiners are expected to have about 724,000 barrels per day of capacity offline in the week ending January 16, decreasing available refining capacity by 450,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to rise to 1.1 million in the week ending January 23, IIR said. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Jan 16 Jan 14 Jan [Read more]
Mitsubishi to take over Texas and Louisiana shale gas assets for $7.53 billion
Japanese trading house Mitsubishi Corp said on Friday it would take over the U.S. shale production and pipelines assets of Aethon Energy Management for $7.53 billion including debt. The deal - the biggest acquisition to date by Mitsubishi - would give the company a substantial natural gas operation adjacent to the U.S. Gulf coast and the energy export facilities being developed along it. The transaction includes $5.2 billion to acquire Aethon's equity interests and $2.33 billion of net [Read more]
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