2025-12-29 18:12
Dec 29 (Reuters) - Frontera Energy's (FEC.TO) , opens new tab Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron (CVX.N) , opens new tab to supply crude oil over two years, the Canadian oil producer said on Monday. Under the deal, Frontera will receive an initial $80 million advance and supply a portion of its crude output to Chevron Products Company. Sign up here. Frontera may seek an additional $40 million advance for up to six months on a fully committed basis. The agreement replaces an existing prepayment arrangement set to expire at the end of January 2026, Frontera said. Frontera, based in Calgary, Canada, operates mainly in Colombia and Ecuador. Earlier this year, Guyana’s government cancelled Frontera's joint venture license with CGX Energy (OYL.V) , opens new tab for the Corentyne offshore block. https://www.reuters.com/business/energy/frontera-signs-deal-supply-crude-oil-chevron-unit-up-120-million-2025-12-29/
2025-12-29 17:57
ABUJA, Dec 29 (Reuters) - Nigerian President Bola Tinubu has approved the cancellation of $1.42 billion and 5.57 trillion naira ($3.85 billion) in debts owed by state oil firm NNPC Ltd to the government, the presidency said on Monday. The decision is part of Tinubu's push to clean up NNPC's books and boost transparency as Africa's top oil producer deals with weak revenue and soaring debt, ahead of plans to sell stakes in oil and gas assets. Sign up here. The approval, detailed by oil regulator Nigerian Upstream Petroleum Regulatory Commission (NUPRC), came at the November federal accounts meeting held last week, after a panel urged the reconciling of NNPC's obligations to the government. The write-off covers liabilities through December 31, 2024, including production-sharing contracts, domestic supply obligations, repayment deals, modified carry arrangements and joint venture royalties, the presidency said in a statement. Unpaid obligations from January to October 2025 are still being pursued, while a long-running dispute over an alleged $42.37 billion under-remittance from 2011 to 2017 remains unresolved, with NNPC insisting all revenues were properly accounted for, the presidency said. The move aims to increase transparency in Nigeria's oil sector and align fiscal ties between the state energy giant and a government heavily reliant on crude revenue. ($1 = 1,446.5700 naira) https://www.reuters.com/business/energy/nigerias-tinubu-approves-142-billion-debt-write-off-state-oil-firm-nnpc-2025-12-29/
2025-12-29 17:14
FTSE 100 flat; FTSE 250 up 0.4% Defence shares slide on Ukraine peace hopes International Personal Finance jumps on buyout news Dec 29 (Reuters) - London's FTSE 100 finished little changed on Monday, pressured by declines in precious metal miners and defence shares in the year's final trading week. The UK's blue-chip FTSE 100 (.FTSE) , opens new tab ended flat, while the domestically focussed midcap FTSE 250 (.FTMC) , opens new tab index edged up 0.4% in quiet trading after a long weekend. Sign up here. Talks between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy were in focus, with Trump saying they were "a lot closer" to a deal to end Russia's war, prompting a selloff in defence stocks in the UK and Europe. However, hopes faded after Moscow claimed Ukraine tried to attack President Vladimir Putin's residence, posing a roadblock to negotiations. Babcock International (BAB.L) , opens new tab dropped 3.4%, while BAE Systems (BAES.L) , opens new tab and Rolls-Royce (RR.L) , opens new tab fell 0.8% and 1.1%, respectively. The FTSE index of aerospace and defence (.FTNMX502010) , opens new tab slipped 1.1%. Precious metal miner Endeavour Mining (EDV.L) , opens new tab dropped 4%, as gold and silver pries retreated sharply from recent highs. Industrial metal miners (.FTNMX551020) , opens new tab dropped 0.3% after copper prices pulled back following setting a record just shy of $13,000 a metric ton. Volumes were expected to remain subdued in another holiday-shortened week, with UK markets set to close early on Wednesday and stay shut on Thursday for the New Year break. British lender International (IPF.L) , opens new tab rose nearly 6% after it agreed to a 543-million-pound ($732.5 million) takeover by a company associated with BasePoint Capital. The FTSE 100 has surged nearly 21% so far this year, supported by a rally in defence stocks amid geopolitical tensions and gains in miners and banks. The index is on track for a fifth straight yearly rise, outperforming the pan-European STOXX 600's (.STOXX) , opens new tab 16% gain and Wall Street benchmark S&P 500's (.SPX) , opens new tab 17% increase in 2025. https://www.reuters.com/world/uk/ftse-100-dips-defence-shares-slide-ukraine-peace-hopes-holiday-thinned-trade-2025-12-29/
2025-12-29 12:44
Kazakhstan oil output down 6% in December 1–28 versus November average Tengiz field output down 10% to 719,816 bpd November 29 Ukrainian drone strike damaged CPC terminal Exports via CPC terminal down 19% so far in December CPC terminal under maintenance MOSCOW, Dec 29 (Reuters) - Oil output in Kazakhstan declined by around 6% in December, led by a fall at the vast Chevron-led (CVX.N) , opens new tab Tengiz oilfield after a Ukrainian drone attack damaged Russia's Black Sea exporting terminal, an industry source said on Monday. Ukraine has intensified attacks on Russian energy infrastructure in recent months as it seeks to cut Moscow's revenues and its military strength. Sign up here. Its November 29 drone attack at the Yuzhnaya Ozereevka oil terminal of the Caspian Pipeline Consortium, which handles around 80% of Kazakhstan's oil exports, has disrupted oil sales from Kazakhstan as well as from Russia and drew a rebuke from Kazakhstan's government. The source, who spoke on condition of anonymity due to the sensitivity of the situation, said that oil and gas condensate output from Kazakhstan, the world's 12th largest oil producer, has declined by 6% in December 1-28 from an average November level to 1.93 million barrels per day. Production at the Tengiz oilfield in northwestern Kazakhstan on the northeastern shore of the Caspian Sea has decreased by 10% to 719,800 bpd in December 1-28, the source said. TENGIZ FIELD INVESTED TO INCREASE OUTPUT Chevron, whose participation in the field's development was approved by Soviet leader Mikhail Gorbachev in 1990, embarked on a $48 billion expansion of Tengiz last January. It was meant to raise production there to around 1 million barrels of oil equivalent per day, or just under 1% of global oil output, but the export constraints have set back efforts to reach that goal. Kazakhstan's energy ministry and Tengizchevroil, the operator of Tengiz, the country's largest oilfield, did not immediately reply to a request for comment. KAZAKHSTAN'S OIL EXPORTS DOWN The November drone attack has meant Kazakhstan's exports of its flagship CPC Blend will be their lowest in 14 months in December. The CPC Terminal is the loading point for oil from Kazakhstan's fields operated by U.S. and European oil majors Chevron (CVX.N) , opens new tab, Exxon Mobil (XOM.N) , opens new tab, Eni (ENI.MI) , opens new tab and Shell (SHEL.L) , opens new tab. The source said oil exports from Kazakhstan alone via the terminal fell by 19% so far in December from November's average to 1.082 million bpd. CPC also exports a relatively small amount of Russian oil. Kazakhstan has had to divert part of its oil exports elsewhere, including to the Baku-Tbilisi-Ceyhan pipeline. The source also said that oil supplies via the Atyrau-Samara pipeline to Russia, which forms part of the route for the Kazakhstan's exports to Germany, have increased in December from November by almost a quarter to 255,500 barrels per day. Since November 29, the CPC terminal has operated with a single mooring point - SPM-1 - after SPM-2 was taken offline following the drone attack. SPM-3 was already out of operation, since mid-November, for maintenance, which has been held up by bad weather. Usually, two of the pieces of equipment are engaged in operations, while the third is used as a backup. https://www.reuters.com/business/energy/kazakhstans-oil-output-falls-after-ukraine-drone-attack-major-terminal-2025-12-29/
2025-12-29 12:41
LAGOS, Dec 29 (Reuters) - NNPC Limited, the state-owned energy company of top African oil producer Nigeria, plans to sell stakes in some of its oil and gas assets and has called for bids, according to an invitation document seen by Reuters on Monday. NNPC owns some assets outright and others in partnership with international oil companies, including Shell (SHEL.L) , opens new tab, Chevron (CVX.N) , opens new tab, Eni (ENI.MI) , opens new tab and TotalEnergies (TTEF.PA) , opens new tab. The document did not disclose how much it aims to raise or the size of the stakes on offer, and NNPC did not respond to a request for comment. Sign up here. NNPC had previously outlined plans to sell at least 25% of the equity it holds in select oil and gas fields, either through full divestments or stake reductions, as part of a portfolio optimisation strategy. Oil sector unions opposed the draft plan. According to the invitation document, which was distributed late last week, interested bidders must register online by January 10, after which pre-screening will follow and qualified firms will gain access to a secure virtual data room. Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations and regulatory approvals. Nigeria has struggled to boost crude output and attract investment and is targeting incremental growth through production from marginal onshore fields vacated by international firms. https://www.reuters.com/business/energy/nigerias-nnpc-eyes-stake-sales-some-oil-gas-assets-invites-bids-document-shows-2025-12-29/
2025-12-29 12:41
BEIJING/SHANGHAI, Dec 29 - Holdings of China's digital yuan, or e-CNY, will start generating interest income next year under a new framework, state broadcaster CCTV said on Monday, as China steps up efforts to promote the use of its central bank digital currency. Starting January 1, e-CNY stored in wallets will earn interest based on demand deposit rates, becoming the world's first interest-bearing central bank digital currency, according to CCTV. It means e-CNY is advancing into an era of "digital deposits", from "digital cash", CCTV said. Sign up here. "This will help increase users' willingness to adopt the digital yuan, expand its usage scenarios, and further solidify China's leading position in the global exploration of central bank digital currencies," the state broadcaster said. The use of China's digital yuan is currently limited to some government agencies and state companies. Most transactions via China's ubiquitous digital payment platforms Alipay and WeChat Pay do not involve e-CNY. The People's Bank of China (PBOC) last month reaffirmed its tough stance on cryptocurrencies and vowed to crack down on illegal activities involving stablecoins. Meanwhile, the PBOC is stepping up efforts to promote the use of its own digital currency. The central bank has set up a global operation centre in Shanghai to promote international use of the digital yuan, and has said it would support more commercial banks to operate e-CNY businesses. Earlier on Monday, Financial News, a publication run by the PBOC, said the central bank will issue an action plan on digital yuan management. A new framework for digital yuan measurement, management, operation and ecosystem will take effect on January 1, the newspaper said. https://www.reuters.com/world/asia-pacific/china-issue-digital-yuan-management-action-plan-2025-12-29/
