Oil Daily | Chevron CEO Sees Long-Term Oil Demand; Rosneft Reports 68% Profit Drop Amid Market Challenges

【Company News】

Equinor plans to invest $939 million in Ørsted’s $9.4-billion rights issue to strengthen its position in offshore wind. Ørsted aims to raise capital amid industry challenges, and Equinor supports this move, reflecting its confidence in offshore wind's future competitiveness. Equinor will maintain its 10% ownership and nominate a board candidate.

The leader of the UK’s Conservative Party advocates for increased North Sea oil and gas production to lower energy costs. Kemi Badenoch criticizes the current Labour government's net-zero policies, emphasizing the need to harness domestic resources for energy security and economic growth. The Labour government, however, focuses on renewable energy expansion.

Chevron CEO Mike Wirth predicts long-term demand for crude oil despite IEA's peak demand forecasts. He emphasizes the need for continued investment in oil supply due to depletion, highlighting Chevron's acquisition of Hess Corp and its stake in Guyana's Stabroek Block as strategic moves.

The East Africa Crude Oil Pipeline project is progressing, with 64.5% completed and $3.6 billion invested. Despite environmental opposition, funding has been secured for the $5 billion project to transport Ugandan crude to global markets. TotalEnergies and other stakeholders are advancing oil production and pipeline development.

Rosneft reported a 68% drop in net income for H1 2025 due to lower oil prices, discounts on Russian crude, and a stronger ruble. Despite steady production and investments in projects like Vostok Oil, Rosneft faces challenges from global oversupply, sanctions, and domestic monetary policy. The company continues its focus on shareholder returns and ESG progress.