CHEVRON
Not beating about the bush-type, don
The former US president, Donald Trump, recently proposed that if top US oil executives gave him $1 billion for his re-election campaign, he would repeal Joe Biden's environmental regulations and prevent new ones. This proposal was made in a moderate openness of a private function, rather than insinuations or winks. Trump's hyper-frank deals and appeals are seen as a perverse virtue in politics, as moral bars are often lowered to near the ankles.
Donald Trump asks oil firm CEOs to raise $1 billion for campaign
Donald Trump solicited $1 billion from US oil executives to support his campaign and pledged to undo various environmental regulations implemented by the Biden administration, including emissions rules and LNG export permit freeze, as reported by Washington Post and Reuters.
Reliance renews bid for US license to import Venezuelan oil: Sources
Indian oil refiner Reliance Industries has resubmitted a request to the US for authorization to import crude oil from Venezuela, allowing it to resume oil trade between the OPEC producer and Venezuela. French oil producer Maurel & Prom has also been granted a license to conduct oil and gas operations in Venezuela for the next two years. The US did not renew a general license for Venezuela to export oil and fuel to its chosen markets in April, but some individual authorizations to foreign firms seeking to do oil business with Venezuela would be issued.
Indian Oil set to join high table of F1 fuel producers
Indian Oil Corporation (IOC) plans to produce fuel for Formula One (F1) racing, becoming the first Indian company to do so. IOC aims to supply F1 teams with certified F1 fuel, competing with global majors like Shell.
ONGC wins 7, Reliance-BP one oil, gas blocks in latest bid round
In the recent Open Acreage Licensing Policy (OALP-VIII) bid round, India's ONGC won seven exploration blocks while Reliance Industries Ltd and BP Plc secured one. Oil Minister Hardeep Singh Puri confirmed the signing of contracts for 10 blocks, including three coal-bed methane (CBM) areas. The bidding saw limited private sector participation, with notable exclusions of global energy majors. The government aims to bolster domestic oil and gas production, emphasizing policy reforms to reduce import dependency.
Assam contributes 14% of total crude oil production in the country: Minister
Union Petroleum & Natural Gas Minister, Hardeep Singh Puri, stated that Assam plays a significant role in the production of crude oil and natural gas in India. He further informed that during the last four financial years, from 2019-20 to 2022-23, the state government received a total royalty of Rs. 9291 crore for crude oil and Rs. 851 crore for gas production.
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India begins producing 'reference' fuel, joins select league of nations
India has joined the league of nations producing 'reference' petrol and diesel, specialized fuels used for testing automobiles. The move is part of India's self-reliance strategy and will end the country's reliance on imports. Indian Oil Corporation (IOC) has developed these fuels, which have higher specifications, to replace imports and ensure a reliable supply at a lower cost.
Chevron's Caltex Lubes returns to India after 12 years; HPCL to market it
Chevron Corporation is re-entering the Indian lubricants market after a 12-year absence through a partnership with state-run Hindustan Petroleum Corporation Ltd (HPCL). The companies have signed a 10-year agreement to license, produce, distribute, and market Chevron's lubricant products under the Caltex brand. Chevron sees India as a strategic growth market, particularly for industrial and commercial vehicles.
Chevron's game-changing $53 billion deal with Hess Corp: A bold step into Guyana's oil boom
Chevron Corp has announced a $53 billion all-stock deal to acquire its smaller rival, Hess Corp, in a move that will reshape the energy landscape. The acquisition will give Chevron a 30% ownership stake in 11 billion barrels of oil equivalent in discovered recoverable resources in Guyana, as well as control over 465,000 net acres of high-quality, long-term inventory in Bakken. Experts believe that the deal will transform the competitive landscape and mark a transformative moment in the energy sector, particularly in the rapidly growing oil region of Guyana.
Chevron to buy Hess Corp for $53 bln in all-stock deal
Chevron has announced its plans to acquire Hess in a $53 billion all-stock deal, aiming to expand its presence in the oil-rich region of Guyana. This move will pit Chevron against Exxon Mobil in the shale and Guyana oil basins, two of the world's fastest-growing oil regions. Guyana has emerged as a significant oil producer in recent years, with Exxon Mobil, Hess, and CNOOC collectively producing 400,000 barrels per day.
Israeli energy sites impacted by the Gaza conflict
Israel on Oct. 9 suspended the Chevron-operated Tamar gas field, whose platform is located some 25 kilometres (km) (15.5 miles) off the city of Ashdod along Israel's southern Mediterranean coast. Tamar produced 10.25 billion cubic metres (bcm) of gas in 2022, 85% of which was used in the domestic market while the remaining 15% was exported to Egypt and Jordan.
Israel shuts down major offshore gas field amid violence
In a separate statement, the energy ministry said that Prime Minister Benjamin Netanyahu's government has authorised Energy Minister Yisrael Katz to order a state of emergency for Israel's energy sector over the next two weeks, if deemed necessary. Such a move would allow the government to allocate natural gas to consumers should supply shortages emerge, it said.
Four Indian-origin graduates among eight Chevron Graduate Energy Fellows at University of Houston
Four Indian-origin students from the University of Houston have been awarded the inaugural 2023 Chevron Graduate Energy Fellowship for their involvement in innovative energy research. The fellowship, funded by Chevron, provides a one-year $12,000 grant, mentoring by faculty experts, and the chance to engage with Chevron experts. The recipients' research focuses on scalable innovations for the energy industry, including renewable energy etc.
Buffett's Berkshire posts $35.5 bn profit, buys back more stock
Berkshire Hathaway, led by Warren Buffett, has posted a Q1 profit of $35.5bn, primarily attributed to gains from stocks such as Apple. The results also revealed a faster repurchase of its own stock, amounting to $4.4bn, and the selling of a net $10.4bn of shares. While it pared its investments in some of its stocks, such as Chevron and JPMorgan Chase, it remains to be a major holding in both. Berkshire's cash hoard grew $2bn to over $130bn in Q1. Quarterly operating profit was up 13%, with GEICO contributing to the results.
ONGC Videsh Limited to focus on buying operational assets
The Ukraine war and the Western sanctions disrupted production last year at Russia's Sakhalin 1 field, in which OVL has a 20% stake. Production at Sakhalin 1 has returned to near normal, said Gupta. Sakhalin trouble contributed to OVL's production decline in 2022-23 to 10 mmtoe from 12.2 mmtoe in the previous year.
HPCL in pact to manufacture Chevron's lubricants
Hindustan Petroleum Corporation Ltd (HPCL) has entered into an agreement with Chevron to manufacture, distribute, and market lubricants in India. The agreement provides for Caltex-branded lubricants to be manufactured, distributed, and marketed in India by HPCL. Chevron is a subsidiary of Chevron Corporation and this collaboration encompasses the licensing, production, distribution, and marketing of Chevron's lubricant products under the Caltex brand, including Chevron's proprietary Havoline and Delo branded lubricant products.
Deepwater exploration tempting: Wood Mackenzie
"There is alignment and agreement from the PM's (India) office down to the regulator that more offshore exploration is needed," a report said. The report added that owing to the availability of new unexplored blocks and attractive fiscal terms, major companies like ExxonMobil, Total and Chevron are looking at deepwater opportunities with state-owned ONGC Ltd.
U.S. official says Russia's oil output cut signals unsold oil
Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian oil and oil products on Feb. 5. The move to cut around 5% of output temporarily pushed up global prices.
Carbon tech investment defies venture capital downturn, says PitchBook
The amount raised in 2022 for carbon and emissions technologies was only 2% below 2021's record $14.1 billion, according to a report by PitchBook.
Chevron to buy back $75 billion in stock after record profit
The stock repurchase program will kick in April 1 and will be triple the size of the previous authorization unveiled in early 2019, the company said in a statement.
India to see $58 bn investment in E&P; Chevron, Exxon, Total keen to invest: Minister Hardeep Singh Puri
India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic output to help cut down reliance on costly imports. India imports 85 per cent of its crude oil, which is converted into petrol and diesel, and roughly half of its natural gas that is converted to CNG and used in industries.
ONGC to rely more on advanced tech, says Sushma Rawat
ONGC is also planning to streamline processes to quickly access technologies for exploration. Rajesh Srivastava, who retired last month as ONGC's exploration chief, had helped forge key ties with foreign companies with access to advanced technologies for joint exploration, especially in difficult terrains.
Why revisit the Bernie Madoff saga now? Here's what 'Madoff: The Monster of Wall Street' director says
Madoff: The Monster of Wall Street, a Netflix docuseries has been released on January 4, 2023. The series is directed by Joe Berlinger, who is one of the foremost true-crime documentary directors. The documentary recounts the life of financier Bernie Madoff, who was the mastermind of the biggest Ponzi schemes fraud in the history of Wall Street.
Venezuelan government, opposition reach agreement to establish humanitarian fund for resolving political crisis
Venezuela's debt to Chevron will be paid off with the proceeds from selling electricity. Food and medicine were scarce as a result of the high inflation rate brought on by the sanctions.
US allows oil company Chevron to resume some activity in Venezuela: Official
The Treasury Department said it would allow Chevron to resume limited oil extraction operations in Venezuela.
Oil falls as supply-disruption fears ease amid Russian price cap talks
Oil prices also came under downward pressure after the Energy Information Administration (EIA) said on Wednesday that U.S. gasoline and distillate inventories had both risen substantially last week. The increase alleviated some concern about market tightness.
Warren Buffett‘s Berkshire Hathaway spent $9 billion on stock market in third quarter
Warren Buffet's company Berkshire Hathaway has spent $9 billion on the stock market in the third quarter. Almost one-third of the money would go to energy companies. In total, Berkshire Hathaway spent $66 billion on the stock market in the year's first nine months.
Saudi Aramco's quarterly net income up 39% to $42.4 billion
Aramco joins oil majors such as Exxon Mobil Corp and Chevron that have reported strong or record breaking results in recent weeks, benefiting from surging crude and natural gas prices that have boosted inflation around the world and led to fresh calls to further tax the sector.
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