British oil major BP said on Monday it will move ahead with a $5 billion offshore drilling project in the U.S. Gulf of Mexico called Tiber-Guadalupe, marking another step in the company's strategy shift to refocus on its core oil and gas business. The project, expected to begin oil and gas production in 2030, will include a new floating platform with the capacity to produce 80,000 barrels of crude per day. After underperforming rivals like Shell and Exxon Mobil in recent years with rising [Read more]
News
Why the Iraq-Turkey oil pipeline was halted for 2-1/2 years
Crude oil flows from Iraq's northern Kurdistan region to Turkey resumed on Saturday for the first time in two and a half years. Here are details about the dispute that halted the piped supply of some 450,000 barrels per day (bpd) in March 2023: WHAT PROMPTED THE SHUTDOWN? Turkey shut the pipeline following an International Chamber of Commerce (ICC) ruling which ordered it to pay Iraq about $1.5 billion in damages for unauthorised oil exports from Iraqi Kurdistan between 2014 and 2018. Iraq [Read more]
Independent Proxy Advisory Firm ISS Recommends MEG Shareholders Vote in Favour of the Plan of Arrangement with Cenovus
ISS highlights that "by all accounts, there seems to be little doubt that a transaction with Cenovus should unlock substantial synergy value" and is "the most prudent path forward" Cenovus Transaction accelerates value realization from MEG's standalone plan, provides MEG Shareholders with substantial cash and highly liquid share consideration and upside participation in long-term value creation potential MEG announces receipt of Competition Act Approval (Canada) and HSR Approval (U.S.) MEG [Read more]
Rockpoint Gas Storage Inc. Launches Its Initial Public Offering
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ CALGARY, AB, Sept. 26, 2025 /CNW/ - Rockpoint Gas Storage Inc. ("Rockpoint" or the "Company") announces today the launch of its previously announced initial public offering of class "A" common shares ("Class A Shares") of the Company (the "Offering") and the commencement of its roadshow following the filing of an amended and restated preliminary base PREP prospectus (the "Amended and Restated Preliminary [Read more]
ISS offers ‘cautionary support’ to Cenovus takeover offer for MEG Energy
CALGARY - Proxy advisory firm Institutional Shareholder Services is recommending "cautionary support" for MEG Energy's plan to be acquired by oilsands giant Cenovus Energy. ISS says in a report that shareholders in MEG find themselves in a dilemma because the Cenovus offer is "neither compelling nor opportunistic," but it's uncertain if a better bid will come. Cenovus made its friendly offer after MEG spurned a hostile one from fellow oilsands producer Strathcona [Read more]
US oil and gas rig counts rises to highest since June, says Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since February, 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, rose by seven to 549 in the week to September 26, its highest since June. Baker Hughes said oil rigs rose by six to 424 this week, their highest since July, while gas rigs fell by one to 117, their lowest since July. The oil and gas [Read more]
US tells India Russian oil curbs key to trade deal progress
U.S. trade negotiators have told their Indian counterparts that curbing purchases of Russian oil is crucial to reducing India's tariff rate and sealing a trade deal, two people familiar with the talks told Reuters. While trade negotiations are on a positive track, a U.S. official said, more work is needed to ensure India addresses U.S. concerns over market access, the trade deficit and purchases of Russian oil. U.S. President Donald Trump has sought to pressure India, the European Union and [Read more]
Economic growth in July could give way to stall in August: StatCan
OTTAWA - The Canadian economy grew in July but any momentum may have been short lived, Statistics Canada said Friday. Real gross domestic product grew 0.2 per cent in July, marking the first signs of growth in four months. Real GDP declined 1.6 per cent on an annualized basis in the second quarter. The growth in July was a bit faster than economists' expectations heading into the release. Statistics Canada said the growth in July was driven by goods-producing industries, which grew 0.6 [Read more]
Kazakhstan’s oil and condensate output rose 3% in August from previous month
Kazakhstan's oil and condensate output rose to 8.885 million metric tons in August from 8.631 million tons in July, driven by production growth at Tengiz, Kashagan, and Karachaganak oilfields, official data showed on Friday. The August figure translates into 2.150 million barrels per day, according to Reuters calculations. Despite exceeding quotas set by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, Kazakhstan restated its commitment to the [Read more]
Energy Briefing AM – What Moved Overnight
Morning Oil & Gas Briefing September 26, 2025 What Moved Overnight WTI crude oil: $64.92–$65.40/bbl (up small on the day; +>4% on the week) WTI/Brent snapshot U.S. natural gas (Henry Hub): $3.19 (unchanged) CAD/USD: 0.7173 - unchanged - Loonie still soft vs USD amid broad dollar strength Canadian Headlines FX dynamics: Ongoing USD strength keeps CAD subdued, cushioning CAD-translated upstream revenues but pressuring import costs. Canadian natgas [Read more]
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