CALGARY - Suncor Energy Inc. says it has signed a deal to sell a group of non-core offshore assets to Ithaca Energy plc. Under the agreement, Ithaca will make an upfront payment $1.2 billion plus up to an additional $350 million in contingent payments, based on future oil prices. The deal includes a 48 per cent interest in Terra Nova, a 40 per cent interest in White Rose and a 38.6 per cent stake in interest in West White Rose. In addition, Ithaca will assume investment commitments and [Read more]
Headlines
Aramco can make 12 million bpd available within days, CEO says
Saudi Aramco can make its maximum sustainable production capacity of 12 million barrels per day available within days, Chief Executive Amin Nasser told the Energy Intelligence conference in London on Monday. "Our system is intact," Nasser said, adding that the firm has the strategic reserves and flexibility to isolate or shift output as needed. (Reporting by Anushree Mukherjee and Robert Harvey in London, Editing by Louise Heavens) [Read more]
Replenishing crude, fuel supplies could take two years, Saudi Aramco CEO says
The squeeze on crude oil and refined fuels is set to tighten, and it could take up to two years to refill global stockpiles drawn on as an emergency measure, the chief executive of the world's biggest oil company Saudi Aramco said on Monday. Following the start of the US-Israeli war on Iran at the end of February, Iran effectively closed the Strait of Hormuz, choking exports through one of the world's most crucial shipping bottlenecks. Under pressure from US President Donald Trump, the [Read more]
International Petroleum Corporation Announces Results of Normal Course Issuer Bid
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 98,397 IPC common shares (ISIN: CA46016U1084) during the period of September 28 to October 2, 2026 under IPC’s previously announced normal course issuer bid / share repurchase program (NCIB). IPC’s NCIB, announced on December 3, 2025, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated [Read more]
Oil slips as Middle East crude exports rise, G7 to release stocks
Oil prices slipped on Monday as rising crude exports from the Middle East and a release of oil stocks from Group of Seven nations are adding to supplies despite ongoing concerns about further damage to Gulf oil infrastructure amid the Iran war. Brent crude futures fell 35 cents, or 0.34%, to $101.90 a barrel by 0115 GMT, while US West Texas Intermediate crude was at $90.49 a barrel, down 62 cents, or 0.68%. Brent gave up most of its gains last week while WTI was 1.6% lower after G7 [Read more]
Suncor to divest non-core offshore assets and increase shareholder returns
Unless otherwise noted, all financial figures are presented in Canadian dollars (Cdn$). Calgary, Alberta--(Newsfile Corp. - October 4, 2026) - Agreement reached to sell interests in Terra Nova, White Rose, and West White Rose for $1.2 billion cash and an additional contingent payment of up to $350 million Increased share repurchases from $500 million to $750 million per month beginning in October 2026 Investor Day commitments to grow normalized free funds flow by $2 billion and [Read more]
Saudi Arabia unexpectedly cuts oil prices to Asia
Saudi Arabia has unexpectedly cut November crude oil prices for Asia while it raised those for northwest Europe and the Mediterranean regions, a pricing document showed on Monday. The largest Middle Eastern crude exporter set the November Arab Light crude oil official selling price to Asia at $5 a barrel below the average of Oman and Dubai prices, down $3 from the previous month. The discount for November is the widest since June 2020, Reuters data showed. This was against expectations of [Read more]
Alaska LNG shipping savings justifies billions in investment, developer says
Alaska LNG's developer said the project's access to stranded natural gas and shorter shipping routes to Asia will make it competitive with US Gulf Coast rivals, despite questions from some analysts about the project's massive infrastructure costs. When the project is completed, the cost of shipping gas to Asia from Alaska's North Slope would be at least 65% cheaper than shipping LNG from the Gulf Coast, Tim Fitzpatrick, communications director for project developer Glenfarne, said on Sunday [Read more]
Iran’s oil minister resigns, no reason given
Iran's Oil Minister Mohsen Paknejad has resigned and Hamid Bovard, chief executive of the government-owned National Iranian Oil Company, will be in charge of the ministry as acting minister, state media said on Sunday, without providing a reason for the resignation. Mohsen Paknejad has been the oil minister of the OPEC member country since August 2024 and resigns as the seven-month war between Iran and the US puts pressure on the country's economy. "With acceptance of Mohsen Paknejad's [Read more]
Yemen leader announces major military operations against Iran-backed Houthis
The leader of Yemen's Saudi-backed government announced the beginning of a major military operation against the Iran-backed Houthis on Sunday aimed at seizing the territory under their control. "Today, I announce the start of military operations to retake the remaining territory of the republic and extend the authority of the state and its institutions across the entire national territory," Yemeni President Rashad al-Alimi said in a televised address. (Reporting by Eman Abouhassira and Timour [Read more]
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