BP is nearing a sale of a majority stake in its Castrol lubricants unit to investment firm Stonepeak in a deal that values the entire division at $10 billion, including debt, the Wall Street Journal reported on Tuesday. As part of the deal, BP is set to receive roughly $6 billion in proceeds from the sale of a 65% stake of Castrol to Stonepeak and the deal is expected to be announced as soon as Wednesday, the report said, citing people familiar with the matter. BP and Stonepeak did not [Read more]
News
Oil edges up on strong US economic growth, supply risks
Oil prices posted modest rises on Wednesday, extending gains from the previous session, supported by robust U.S. economic growth and the risk of supply disruptions from Venezuela and Russia. Brent crude futures climbed 4 cents, or 0.06%, to $62.42 a barrel by 0117 GMT, while U.S. West Texas Intermediate crude added 3 cents, or 0.05%, to $58.41. Oil had risen by more than 2% on Monday, with Brent registering its biggest daily gain in two months and WTI climbing the most since November 14. [Read more]
Malaysia’s Petronas signs LNG supply deal with China’s CNOOC
Malaysian state-owned energy firm Petroliam Nasional said on Wednesday it would supply Chinese offshore oil and gas company CNOOC with 1 million metric tons per annum of liquefied natural gas (LNG). The agreement between Petronas LNG and CNOOC Gas and Power Singapore Trading & Marketing builds upon existing cooperation between the two companies, Petronas said in a statement. In 2021, Petronas signed a 10-year LNG supply agreement with a subsidiary of CNOOC valued at about $7 billion. Both [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Dec. 19 Regulatory & Environmental Advisor (Oilsands) PetroChina Canada Calgary Dec. 17 Pipeline Process Operator Roska DBO Conklin Dec. 16 Field [Read more]
US tells UN it will deprive Venezuela’s Maduro, drug cartel of resources
The United States told the United Nations on Tuesday it will impose and enforce sanctions "to the maximum extent" to deprive Venezuelan President Nicolas Maduro of resources as Russia warned other Latin American countries could be next. U.S. President Donald Trump's administration has for months waged a campaign of deadly strikes against suspected drug trafficking boats off the Venezuelan coast and the Pacific coast of Latin America. He has threatened strikes on Venezuelan land. "The [Read more]
US drillers add oil, gas rigs for first time in three weeks, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Tuesday. The oil and gas rig count, an early indicator of future output, rose by three to 545 in the week to December 23. Baker Hughes released the rig count report a few days early due to the Christmas Day holiday. Despite this week's rig increase, Baker Hughes said the total count was still down 44 rigs from this time last [Read more]
Venezuela resorts to floating storage as onshore tanks fill up amid ship seizures
Venezuela's state-run oil company PDVSA has started filling up tankers with crude and fuel oil it has in storage as inventories mount amid moves by the U.S. to seize Venezuela-linked ships, according to company documents and shipping data. The U.S. Coast Guard this month intercepted the Skipper and Centuries tankers in the Caribbean Sea, both fully loaded with Venezuelan crude, and was this week pursuing a third empty vessel that was approaching the OPEC country's shore. The actions targeting [Read more]
McLeod Lake Indian Band joins leadership of First Nations Natural Gas Alliance
Nations in B.C.’s interior expanding voice as part of the LNG supply chain By Will Gibson on December 22, 2025, 10:09 am MST Shawn Prince, an Indigenous employee of Duz Cho works on tree clearing in the Peace River district for the Coastal GasLink pipeline in 2020. Photograph for Canadian Energy Centre Indigenous communities across British Columbia are playing a critical role in building the foundation for LNG—from natural gas supply to pipeline corridors and export [Read more]
Calfrac Announces Closing of Oversubscribed Rights Offering
CALGARY, Alberta, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) is pleased to announce that it has closed its previously announced offering of rights (the "Rights Offering") to the holders of common shares of the Company ("Common Shares") as of the close of business (Toronto time) on November 21, 2025. The Rights Offering period expired at 5:00 p.m. (Toronto time) on December 19, 2025. The Company issued an aggregate of 13,011,153 Common [Read more]
AI data centers are forcing obsolete ‘peaker’ power plants back into service
* AI data center electricity demand revives peaker power plants * Peakers emit more pollution when they run than typical power plants * The power plants are often located in low-income, minority communities By Laila Kearney Dec 23, CHICAGO - In Chicago’s working-class Pilsen neighborhood, a 60s-era oil-fired power plant rises up from an industrial lot behind Dvorak Park, which in warmer weather is packed with children climbing on its colorful playground and zooming down [Read more]
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