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December 2021

Orlen acquires 7.6% of Ekofisk project as DNO reallocates assets
Polish state-owned group Orlen strengthens its North Sea presence by acquiring DNO’s stake in Ekofisk, while the Norwegian company shifts focus to fast-return projects.
UK creates taskforce to strengthen energy resilience after Heathrow outage
The United Kingdom launches a taskforce led by the Energy Minister to strengthen the security of the national power grid after a full shutdown at Heathrow Airport caused by a substation fire.

Syria signs strategic oil deal with ConocoPhillips and Nova Terra Energy

The Syrian Petroleum Company has signed a memorandum of understanding with ConocoPhillips and Nova Terra Energy to develop gas fields and boost exploration amid ongoing energy shortages.
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India targets $68bn in Japanese investment to boost gas and hydrogen
New Delhi is seeking $68bn in Japanese investment to accelerate gas projects, develop hydrogen and expand LNG import capacity amid increased openness to foreign capital.
Fincraft offers revised C$1.75 per share bid to acquire Tethys Petroleum
Fincraft Group LLP, a major shareholder of Tethys Petroleum, submitted a non-binding proposal to acquire all remaining shares, offering a 106% premium over the September trading price.

China increases crude oil stockpiles in October as prices stabilise

As global oil prices slowed, China raised its crude stockpiles in October, taking advantage of a growing gap between imports, domestic production and refinery processing.
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Kuwait Petroleum Corporation secures record KWD1.5bn loan to support expansion strategy
Kuwait Petroleum Corporation has signed a syndicated financing agreement worth KWD1.5bn ($4.89bn), marking the largest ever local-currency deal arranged by Kuwaiti banks.
Benin receives offshore unit to relaunch the Sèmè oil field
The Beninese government has confirmed the availability of a mobile offshore production unit, marking an operational milestone toward resuming activity at the Sèmè oil field, dormant for more than two decades.

Baghdad seeks to preserve oil production despite sanctions targeting Lukoil

The Iraqi Prime Minister met with the founder of Lukoil to secure continued operations at the giant West Qurna-2 oil field, in response to recent US-imposed sanctions.
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Pertamina increases imports to meet gasoline demand
The sustained rise in consumption of high-octane gasoline pushes Pertamina to supplement domestic supply with new imported cargoes to stabilise stock levels.
CRR acquires 53 km of oilfield road infrastructure from Islander in Alberta
Canadian group CRR acquires a strategic 53-kilometre road network north of Slave Lake from Islander Oil & Gas to support oil development in the Clearwater region.

Kazakhstan denies any plan to acquire Lukoil’s local assets

Kazakhstan’s energy minister dismissed any ongoing talks between the government and Lukoil regarding the potential purchase of its domestic assets, despite earlier comments from a KazMunayGas executive.
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OPEC and GECF warn of structural deficit in global energy market
OPEC and the Gas Exporting Countries Forum warn that chronic underinvestment could lead to lasting supply tensions in oil and gas, as demand continues to grow.
Popular support for oil exploration rises sharply in Norway
A national barometer shows that 62% of Norwegians support maintaining the current level of hydrocarbon exploration, confirming an upward trend in a sector central to the country’s economy.

ShaMaran delivers first “in kind” cargo to Ceyhan under new Iraqi federal framework

ShaMaran has shipped a first cargo of crude oil from Ceyhan, marking the implementation of the in-kind payment mechanism established between Baghdad, Erbil, and international oil companies following the partial resumption of exports through the Iraq–Türkiye pipeline.
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TGS launches 14,800 km² seismic survey in Brazil’s Pelotas Basin
Norwegian group TGS begins Phase I of its multi-client seismic survey in the Pelotas Basin, covering 21 offshore blocks in southern Brazil, with support from industry funding.
Chandra Asri secures $750mn from KKR to acquire Exxon’s fuel stations in Singapore
Indonesian group Chandra Asri receives a $750mn tailor-made funding from KKR for the acquisition of the Esso network in Singapore, strengthening its position in the fuel retail sector.

Tethys Petroleum increases output and returns to profit in Q3

Tethys Petroleum posted a net profit of $1.4mn in Q3 2025, driven by a 33% increase in hydrocarbon sales and rising oil output.
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Belgrade accelerates on NIS: Vucic sets seven-day deadline to resolve Russian stake issue
Serbia considers emergency options to avoid the confiscation of Russian stakes in NIS, targeted by US sanctions, as President Vucic pledges a definitive decision within one week.
Enbridge invests $1.4bn to boost Canadian crude exports to US refineries
Enbridge commits $1.4bn to expand capacity on its Mainline network and Flanagan South pipeline, aiming to streamline the flow of Canadian crude to US Midwest and Gulf Coast refineries.
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Shell extends exchange premium after collecting $6.2bn in notes
Erex and ENEOS cancel 300MW biomass project in Niigata
Fullmark Energy transfers $46mn tax credit for California storage portfolio
Brussels approves €1.75 bn subsidy for LEAG coal phase-out
Berlin approves strategic minority stake in TenneT Germany
TotalEnergies, QatarEnergy and Petronas receive exploration licence offshore Guyana
TotalEnergies, QatarEnergy and Petronas have signed a production sharing contract to explore the offshore S4 block in Guyana, marking a new step in the country’s opening to operators beyond ExxonMobil.
Gavin Newsom seeks to reposition California as an autonomous player amid US withdrawal
Governor Gavin Newsom attended the COP30 summit in Belém to present California as a strategic partner, distancing himself from federal policy and leveraging the state's economic weight.

Beijing opens major energy projects to private capital to revive investment

Chinese authorities authorise increased private sector participation in strategic energy projects, including nuclear, hydropower and transmission networks, in an effort to revitalise slowing domestic investment.
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India turns to Angolan oil to bypass Russian constraints
India boosts crude imports from Angola amid tightening U.S. sanctions on Russia, seeking low-risk legal diversification as scrutiny over cargo origins increases.
Uniper shuts down Karlshamn-2 after failure of Swedish winter backup scheme
The shutdown of Karlshamn-2 removes 335 MW of heavy fuel oil capacity from southern Sweden, exposing the limits of a strategic reserve model approved but inoperative, and increasing pressure on winter supply security.

Sofia secures Lukoil refinery ahead of planned state takeover

The Bulgarian government has increased security around Lukoil’s Burgas refinery ahead of a state-led takeover enabled by new legislation designed to circumvent international sanctions.
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South Africa reforms its rules to accelerate electricity transmission projects
A new regulatory framework comes into effect to structure the planning, procurement and management of electricity transmission infrastructure, aiming to increase grid reliability and attract private investment.
L’Union africaine réclame une réforme des règles de financement climatique avant la COP30
À l’approche de la COP30, l’Union africaine demande une refonte des mécanismes de financement climatique pour garantir des ressources stables et équitables en faveur de l’adaptation des pays les plus vulnérables.

Global energy efficiency slows to 1.8% in 2025, far from COP28 target

Global energy efficiency progress remains below the commitments made in Dubai, hindered by industrial demand and public policies that lag behind technological innovation.
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Bulgaria passes law to take control of Lukoil refinery
Faced with US sanctions targeting Lukoil, Bulgaria adopts emergency legislation allowing direct control over the Balkans’ largest refinery to secure its energy supply.
Global renewable capacity to reach 793 GW in 2025 despite limited political ambitions
Global solar and wind additions will hit a new record in 2025, but the lack of ambitious national targets creates uncertainty around achieving a tripling by 2030.

South Korea under industrial pressure over emissions targets deemed unrealistic

South Korean refiners warn of excessive emissions targets as government considers cuts of up to 60% from 2018 levels.
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MEG Energy shareholders approve Cenovus merger with 86% support
MEG Energy shareholders have overwhelmingly approved the acquisition by Cenovus, marking a critical milestone ahead of the expected transaction closing later in November.
Lula defends funding energy transition through oil revenues
Ahead of COP30 in Belém, Brazilian President Luiz Inacio Lula da Silva adopts a controversial stance by proposing to finance the energy transition with proceeds from offshore oil exploration near the Amazon.

Petrobras increases net profit in third quarter driven by production growth

Petrobras reported a net profit of $6 billion in the third quarter, supported by rising production and exports despite declining global oil prices.
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Gunvor drops $22bn bid for Lukoil assets under US pressure
Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.
Trump to auction 80 million offshore acres and plans Alaska lease sale
The Trump administration will launch on December 10 a major oil lease sale in the Gulf of Mexico, with a second auction scheduled in Alaska from 2026 as part of its offshore hydrocarbons expansion agenda.

ConocoPhillips raises dividends despite soaring Willow project costs

The US group increased its dividend and annual production forecast, but the $1.5bn rise in costs for the Willow project in Alaska is causing concern in the markets.
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China could reach its CO2 emissions peak around 2028, experts say
An international group of researchers now forecasts a Chinese emissions peak by 2028, despite recent signs of decline, increasing uncertainty over the country’s energy transition pace.
Electricity price surge in Syria deepens social and economic crisis
The end of subsidies and a dramatic rise in electricity prices in Syria are worsening poverty and fuelling public discontent, as the country begins reconstruction after more than a decade of war.