T-Lou Oil and Gas Llc

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Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking a...
04/13/2026

Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking another win in its strategy to replenish reserves. The discovery was made within Block C-M-477, roughly 200 kilometers off the coast of Rio de Janeiro state.

Petrobras operates the block with a 70% working interest, alongside BP Plc. (NYSE:BP), which holds the remaining 30%.

Last week, Petrobras signed a $450 million deal with Petronas Petróleo Brasil to acquire the remaining 50% stake in the Tartaruga Verde field and Module III of the Espadarte field in the Campos Basin. This move restores Petrobras to 100% ownership and operatorship of these key assets, which currently produce roughly 55,000 barrels of oil per day.

Petrobras is keen on building its hydrocarbon reserves, as demonstrated by multiple rig deals with OFS giants Valaris (NYSE:VAL), Seadrill (NYSE:SDRL), Transocean (NYSE:RIG), Ventura Offshore and Constellation Oil Services. The Campos Basin find follows a string of recent exploratory successes for Petrobras, including an oil discovery in high-quality carbonate reservoirs (pre-salt) confirmed at the Pituau well in late March 2026.

Beyond the Campos Basin, the company is actively exploring the Equatorial Margin and has recently verified gas extensions in Colombia. The company's ramped up exploration is part of its Strategic Plan to ensure national energy security and replenish reserves in mature producing basins during the energy transition.

Petrobras (PBR) stock is flying, with shares rocketing 83.5% in the year-to-date driven by exceptional operational performance in its pre-salt fields, high-dividend payouts and high oil prices. The company has maintained strong cash flows and rewarded investors despite fluctuating Oil & Gas prices, reinforcing its position as a top-performing energy stock.

Petrobras has seen massive output growth from its high-quality, low-cost pre-salt offshore assets like Búzios and Mero, which offer production costs below $40 per barrel. These assets accounted for over 80% of total production in 2015, and helped to drive overall oil and gas output up by 11%. The stock's dividend yield of 5.60% is amongst the highest for E&P companies listed on the NYSE.

China Sets 2029 Deadline to Shut Down Outdated Petrochemical Plants China plans to phase out some of its outdated petroc...
04/06/2026

China Sets 2029 Deadline to Shut Down Outdated Petrochemical Plants China plans to phase out some of its outdated petrochemical plants by 2029 and upgrade others, under new directives issued by the authorities on Friday.

The Chinese authorities will review which facilities will be upgraded and which will be closed, using lists of outdated petrochemical plants compiled by local governments in recent months, according to documents by the central government cited by Reuters.

China and its refiners and petrochemical producers have been struggling with low margins amid overcapacity and falling demand for road transportation fuels. The Chinese authorities last year stepped up efforts to curb overcapacity that has led to refining losses and thin petrochemical margins amid a glut of producing units that has overwhelmed the entire Asian market.

China is already the world's biggest producer of ethylene and polyethylene, after building seven petrochemical complexes over the past ten years. Previously, the United States was the biggest producer of the petrochemical commodities.

Yet, refining and chemicals firms have not been spared from the so-called “involution” in China, which refers to excessive and self-defeating competition among Chinese companies for limited resources and opportunities.

At the end of last year, the buildout in new petrochemical capacity in China fueled fears that the country could tip the global market into oversupply, hurting smaller petrochemical producers.

Despite a ban on fuel exports from early this month, China has delivered cargoes of diesel and other fuels to Southeast ...
03/30/2026

Despite a ban on fuel exports from early this month, China has delivered cargoes of diesel and other fuels to Southeast Asia in recent days in a sign that Beijing seeks to alleviate the regional crisis and retain diplomatic leverage.

Two weeks after the war in the Middle East began and after it became clear that the Strait of Hormuz wouldn’t be re-opening within days, China banned all fuel exports as crude supply from the Middle East crumbled and forced Asian refiners to turn to alternatives.

The restrictions took immediate effect on March 12 and applied to all cargoes that had not passed through customs as of March 11.

Over the weekend, cargoes from China were observed to arrive at ports in the Philippines and Vietnam, two of the Southeast Asian countries worst hit by the supply loss from the Middle East.

The Ding Heng 36 and Auchentoshan tankers this weekend delivered over 260,000 barrels of diesel to the Philippines, according to ship-tracking data compiled by Bloomberg. Another vessel, Great Ocean, delivered around 100,000 barrels of distillate fuels to Vietnam this weekend, the data showed.

The cargoes may have been cleared for export before the Chinese ban. They would still come as some relief to the struggling Southeast Asian nations that found themselves short on fuels and amid a major oil shock supply and price crisis.

A total of some 90 ships have passed through the Strait of Hormuz since the U.S. and Israel started bombing Iran earlier...
03/18/2026

A total of some 90 ships have passed through the Strait of Hormuz since the U.S. and Israel started bombing Iran earlier this month, according to data from maritime traffic tracking outlets. This is down from over 100 ships traversing the strait on a daily basis before the war.

A lot of these 90 vessels appear to have been oil tankers, the data suggests, with AP, which cited it, saying that many of the successful ships were in so-called dark mode when they passed Hormuz and were likely linked to the Iranian government, according to Lloyd’s List.

Data from Kpler shows that despite the closure of the vital oil chokepoint, Iran has exported over 16 million barrels of crude since the start of the month. This is hardly surprising since it is Iran that controls the strait, preventing the movement of non-Iranian vessels. Recently, however, Tehran also allowed Pakistani and Indian ships to pass through the strait.

The Strait of Hormuz is open, it is only closed to the tankers and ships belonging to our enemies, to those who are attacking us and their allies. Others are free to pass,” Iran’s Foreign Minister, Abbas Aragchi, said last weekend.

Meanwhile, reports said that Iran was in talks with China to allow Chinese-linked tankers to cross the strait, with an Iranian government official telling a CNN reporter that they may also consider allowing other tankers to traverse the strait as long as their cargo was traded in yuan, per The Telegraph. This may explain why ship tracking firms have been reporting a steady—if meager—flow of Chinese-declared vessels via the Strait of Hormuz in recent days.

Traffic along the chokepoint remains severely constrained, with Windward reporting average passages of no more than a couple of vessels. However, on Tuesday, the firm reported a rare departure of an Iranian oil tanker from the Kooh Mobarak terminal that did not go through the Strait of Hormuz. The terminal is located east of the chokepoint. The tanker was loaded with heavy crude for China, Windward reported.

After a 10% jump on Monday, oil prices continued their upward trajectory on Tuesday after U.S. President Donald Trump sa...
03/03/2026

After a 10% jump on Monday, oil prices continued their upward trajectory on Tuesday after U.S. President Donald Trump said that the war in Iran, the military operation dubbed Epic Fury, could take longer than the initially projected four weeks.

“Whatever it takes. ... Right from the beginning, we projected four to five weeks, but we have capability to go far longer than that,” President Trump said late on Monday.

Meanwhile, Iran, in retaliation for the U.S.-Israeli strikes, said it is closing the Strait of Hormuz and vowed to burn any ship trying to transit the narrow lane between Iran and Oman where a fifth of global oil and gas trade passes.

Iran on Monday claimed that the Strait of Hormuz has been closed.

Related: Trump’s Secret Weapon in the Rare Earth War

Ebrahim Jabbari, a senior adviser to the Commander-in-Chief of Islamic Revolutionary Guard Corps (IRGC), was quoted as saying that Iran would “attack and set ablaze any ship attempting to cross.”

“The Strait is closed. If anyone tries to pass, the heroes of the Revolutionary Guard and the regular navy will set those ships ablaze,” Jabbari was quoted as saying.

The U.S. Central Command denies the Strait is closed, a senior U.S. military official told Fox News.

Regardless of the official ‘closed’ or ‘open’ status of the Strait of Hormuz, tanker traffic is effectively halted as no shipper, trader, or oil company ventures to test how serious Iran’s threats are.

Analysts say that oil prices could easily hit $100 per barrel, or even $120 a barrel if traffic through the Strait is not normalized to some extent within three weeks.

BP (NYSE: BP) is suspending share buybacks and retiring the goal to return 30-40% of operating cash flow to shareholders...
02/11/2026

BP (NYSE: BP) is suspending share buybacks and retiring the goal to return 30-40% of operating cash flow to shareholders, as the supermajor looks to strengthen its balance sheet amid intense shareholder pressure.

BP reported on Tuesday fourth-quarter earnings generally in line with expectations, but the market expected more to see other metrics, such as debt and guidance.

The supermajor’s underlying replacement cost (RC) profit, the metric closest to net profit, came in at $1.54 billion for the fourth quarter, meeting Street expectations of $1.53 billion.

Despite the profit in line with estimates, the suspended share buybacks and the now-scrapped guidance to return 30-40% of operating cash flow to shareholders sent BP’s stock plunging by 4% as trade opened in London on Tuesday.

As flagged last month, BP booked post-tax net impairments and impairments in equity-accounted entities of around $4 billion, primarily related to the company’s transition businesses in the gas and low-carbon energy segment.

In capital allocation, BP reaffirmed a resilient dividend is its first capital allocation priority. Dividend is expected to increase by at least 4% per ordinary share per year. For the fourth quarter, BP has announced a dividend per ordinary share of 8.320 cents.

BP also reiterated its primary target of $14 to 18 billion of net debt by end 2027.

“With a continued emphasis on capital discipline and returns, we are reducing capital expenditure for 2026 to the lower end of the guidance range, while continuing to drive down our cost base,” Interim chief executive officer, Carol Howle, said.

Howle took over from Murray Auchincloss in December as an interim CEO until Meg O’Neill, formerly of Woodside Energy, steps in the role of BP’s chief executive on April 1.

“We look forward to Meg O'Neill joining as CEO in April as we accelerate our progress to build a simpler, stronger and more valuable bp for the future,” Howle said.

-lou

The United States has extended a Treasury license that shields Venezuela-owned refiner CITGO Petroleum Corp from credito...
02/02/2026

The United States has extended a Treasury license that shields Venezuela-owned refiner CITGO Petroleum Corp from creditor actions through March 20, a move that preserves the company’s legal status while debt disputes continue, Reuters reported on Monday.

The license prevents creditors from seizing Citgo’s U.S. assets as part of ongoing litigation tied to defaults by its ultimate owner, Venezuela’s state energy company. The protection has been repeatedly renewed over successive months and years as courts and claimants press to resolve claims linked to Venezuela’s sovereign debt and defaulted bonds backed by Citgo shares.

Citgo’s status remains central to both U.S. and Venezuelan interests as Washington adjusts its broader policy toward Caracas. The license extension comes alongside, but is separate from, recent U.S. steps to ease some sanctions on Venezuela’s oil sector, which have allowed limited crude trading and operational activity under specific authorizations. Those measures are part of a wider effort to manage Venezuela’s energy assets while legal and political disputes continue.

Despite relaxed restrictions on trading and refining Venezuelan oil, Venezuela’s hydrocarbon industry faces profound structural and investment challenges. Production has languished for years due to underinvestment, decayed infrastructure, and legal uncertainty that have deterred major international firms from large-scale commitments. Rebuilding output to pre-sanctions levels will demand significant capital over many years.

The license extension hands the U.S. government continued control over the legal trajectory of Citgo during a period of shifting Venezuela policy. Citgo has been at the center of creditor battles since 2019, when bondholders sought to enforce claims by targeting the valuable Houston-based refiner; past extensions have bought time for negotiations and court rulings while the broader energy and legal landscape evolves.

U.S. action on Venezuela’s oil assets comes as Caracas moves to overhaul its hydrocarbons law to attract foreign and private investment and as trading houses re-enter Brazilian-heavy crude markets previously restricted under sanctions. Those policy shifts reflect an emphasis on stabilizing Venezuelan energy output while managing complex financial and geopolitical risks.

BP expects to book up to $5 billion in impairments for the fourth quarter, mostly related to its energy transition busin...
01/15/2026

BP expects to book up to $5 billion in impairments for the fourth quarter, mostly related to its energy transition businesses, while oil trading was weak and gas trading averaged at the end of 2025.

The fourth-quarter results are expected to include post-tax adjusting items relating to impairments, including impairments within equity-accounted entities, in the range of $4-5 billion, primarily related to the transition businesses, BP said in a trading statement on Wednesday, ahead of the full Q4 results, which will be published on February 10, 2026.

“These charges are primarily attributable to the gas and low carbon energy segment and are excluded from underlying replacement cost profit,” BP said.
The refining margin across BP’s assets was slightly lower in the fourth quarter, at $15.2 per barrel, down from $15.8 a barrel in the third quarter of 2025.

The gas marketing and trading result is expected to be average, BP said.

But the supermajor’s net debt is expected in the range of $22 to 23 billion at the end of 2025, down from $26.1 billion at the end of the third quarter. This includes $3.5 billion in proceeds from divestments, bringing the full-year proceeds from asset sales to about $5.3 billion, compared to the previous guidance of above $4 billion.

For the third quarter, BP reported stronger-than-expected earnings in November, as higher output, field start-ups, and improved refining margins offset weaker oil prices and trading results.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a dip of 2.8 millio...
01/07/2026

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a dip of 2.8 million barrels in the week ending January 2. Crude oil inventories rose by 1.7 million barrels in the week prior.

Crude oil inventories in the United States dipped by 5.1 million barrels net for 2025.
US production rose during the week of December 26 to 13.827 million bpd, up from 13.825 million bpd in the week prior, according to the latest EIA data. This is 260,000 bpd more than this same time last year.

At 4:14 pm ET, Brent crude was trading down on the day at $60.53 (-1.99%). Brent is now roughly $1.50 down from this time last week. WTI was also trading down on the day, by $1.37 (-2.35%) at $56.95, with unknowns about the impact that the capture of Venezuela’s Nicolas Maduro will have on the country’s ability to tap its vast oil reserves.

While US crude oil inventories fell, product inventories saw gains.

Gasoline inventories saw another large increase this week, gaining 4.4 million barrels in the week ending January 2. In the week prior, gasoline inventories grew by 6.2 million barrels. As of last week, gasoline inventories were 2% above the five-year average for this time of year, according to the latest EIA data.

Distillate inventories also rose in the reporting period, gaining 4.9 million barrels, after gaining 1 million barrels in the week prior. Distillate inventories were still 4% below the five-year average as of the week ending December 26, the latest EIA data shows.

Shipping Giant Maersk Completes First Red Sea Transit in Two YearsShipping giant A.P. Moller-Maersk completed on Friday ...
12/19/2025

Shipping Giant Maersk Completes First Red Sea Transit in Two Years

Shipping giant A.P. Moller-Maersk completed on Friday the first transit of a container ship via the Red Sea and Bab el-Mandeb Strait in almost two years, after having stopped voyages through the Suez Canal following Houthi attacks on vessels in the region.

Since December 2023, global shipping traffic has been upended by intensified attacks from the Iran-aligned Houthis in Yemen on commercial vessels transiting the Red Sea before and after entering or exiting the Suez Canal.

The Houthi attacks forced many tanker and container ship operators, including Maersk, to reroute voyages via Africa. The longer voyages have increased travel times, delayed goods delivery, disrupted supply chains, and raised shipping costs.

In a first in nearly two years, Maersk said on Friday that on December 18-19, 2025, the Singapore-flagged vessel Maersk Sebarok transited the Bab el-Mandeb Strait and Red Sea, with the highest possible safety measures applied during transit.

Oil Prices Drop 2% Despite Wave of Bullish NewsEven the IEA shifted tone. In its latest update, the agency trimmed the p...
12/11/2025

Oil Prices Drop 2% Despite Wave of Bullish News

Even the IEA shifted tone. In its latest update, the agency trimmed the projected 2026 surplus for the first time since May, cutting its glut forecast from 4.09 million bpd to 3.84 million bpd as sanctions on Russia and Venezuela curb supply and as global demand proves stronger than previously assumed. Improved macro conditions and easing tariff concerns also prompted the IEA to revise 2026 demand growth upward by 90,000 bpd.

U.S. fundamentals leaned supportive as well. API reported a 4.8-million-barrel crude draw, and the EIA on Wednesday confirmed a 1.8-million-barrel draw, reinforcing signs of firm winter demand.

Geopolitics added another layer of upside risk: Ukraine said its SBU drones struck Russian oil infrastructure in the Caspian Sea for the first time, targeting Lukoil-linked assets a new geographic expansion of the conflict’s energy front.

Yet futures still fell. Traders pointed to thin liquidity, algorithmic selling, and fund de-risking as the curve remains stubbornly flat.
So while the fundamentals tilted bullish, the tape didn’t follow a reminder that sentiment, not balance sheets, is still driving December crude.

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4480 General De Gaulle Drive
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