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December 2021

Canada reforms Energy Efficiency Act to align policy with digital markets
The Canadian government introduces major legislative changes to the Energy Efficiency Act to support its national strategy and adapt to the realities of digital commerce.
Quebec maintains sole carbon price at the pump despite federal tax repeal
Quebec becomes the only Canadian province where a carbon price still applies directly to fuels, as Ottawa eliminated the public-facing carbon tax in April 2025.

India invests $872mn to locally produce rare earth permanent magnets

New Delhi launches a 72.8 bn INR incentive plan to build a 6,000-tonne domestic capacity for permanent magnets, amid rising Chinese export restrictions on critical components.
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Long-term contracts reshape electricity market risk over 30 years amid volatility
The rise of CfDs, PPAs and capacity mechanisms signals a structural shift: markets alone no longer cover 10–30-year financing needs, while spot prices have surged 400% in Europe since 2019.
Aksa Enerji to build 119 MW thermal power plant in Burkina Faso
Turkish company Aksa Enerji has signed a 20-year contract with Sonabel for the commissioning of a thermal power plant in Ouagadougou, aiming to strengthen Burkina Faso’s energy supply by the end of 2026.

CPC pipeline restarts after strikes, but pressure remains on Kazakhstan

The Caspian Pipeline Consortium resumed loadings in Novorossiisk after a Ukrainian attack, but geopolitical tensions persist over Kazakh oil flows through this strategic Black Sea corridor.
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Berlin plans to acquire 25.1% of TenneT Germany by early 2026
Germany plans to finalise the €5.8bn ($6.34bn) purchase of a 25.1% stake in TenneT Germany to strengthen its control over critical national power grid infrastructure.
Hungary doubles oil shipments to Serbia amid US sanctions on refinery
Hungary increases oil product exports to Serbia to offset the imminent shutdown of the NIS refinery, threatened by US sanctions over its Russian majority ownership.

Pemex increases domestic refining despite continued decline in crude oil production

Faced with falling oil production, Pemex is expanding local refining through Olmeca, aiming to reduce fuel imports and optimise its industrial capacity under fiscal pressure.
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Petrobras cuts investment to $109 bn in new five-year plan
Brazil’s state oil company will reduce its capital spending by 2%, hit by falling crude prices, marking a strategic shift under Lula’s presidency.
TotalEnergies sells Bonga stake for $510mn to Shell and Eni
TotalEnergies has finalised the sale of its 12.5% stake in Nigeria’s offshore Bonga oilfield for $510mn, boosting Shell and Eni’s positions in the strategic deepwater production site.

Ghana restructures its power sector around domestic gas to contain deficit

The Ghanaian government is implementing a reform of its energy system focused on increasing the use of local natural gas, aiming to reduce electricity production costs and limit the sector's financial imbalance.
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Belgrade begins legal procedure to seize Moscow-controlled Serbian refinery
Serbia is preparing a budget law amendment to enable the takeover of NIS, a refinery under US sanctions and owned by Russian groups, to avoid an imminent energy shutdown.
Suriname targets 220,000 barrels per day in oil strategy by 2028
On the 50th anniversary of its independence, Suriname announced a national roadmap including major public investment to develop its offshore oil reserves.

Dangote selects Honeywell to expand refinery capacity to 1.4 million barrels/day

Nigeria’s Dangote refinery selects US-based Honeywell to supply technology that will double its crude processing capacity and expand its petrochemical output.
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Baghdad maintains oil output by isolating sanctioned Russian assets
Iraq secures production by bypassing US sanctions through local payments, energy-for-energy swaps, and targeted suspension of financial flows to Lukoil to protect West Qurna-2 exports.
BP partially restarts Olympic Pipeline but leaves 60% of capacity offline
Restarting Olympic Pipeline’s 16-inch line does not restore full supply to Oregon and Seattle-Tacoma airport, both still exposed to logistical risks and regional price tensions.

India’s Russian oil imports to drop sharply from December

Faced with tightened sanctions from the United States and European Union, Indian refiners are drastically reducing their purchases of Russian crude from December, according to industry sources.
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South Korea under pressure from the IEA to liberalise its electricity market
In its latest review, the International Energy Agency warns of structural blockages in South Korea’s electricity market, calling for urgent reforms to close the gap on renewables and reduce dependence on imported fossil fuels.
China’s installed power capacity reaches 3.75 bn kW, up 17.3 %
China's power generation capacity recorded strong growth in October, driven by continued expansion of solar and wind, according to official data from the National Energy Administration.
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South Africa inaugurates transmission station to integrate 900 MW of renewables
TEPCO could restart Kashiwazaki-Kariwa nuclear plant as early as January
Aksa Enerji to build 119 MW thermal power plant in Burkina Faso
Canada reforms Energy Efficiency Act to align policy with digital markets
Quebec maintains sole carbon price at the pump despite federal tax repeal
Europeans tighten the noose around Iran with targeted IAEA resolution
The E3 and the United States submit a resolution to the IAEA to formalise Iran's non-cooperation following the June strikes, consolidating the legal basis for tougher energy and financial sanctions.
Lukoil shuts down 430 petrol stations in Finland under US sanctions pressure
Finnish fuel distributor Teboil, owned by Russian group Lukoil, will gradually cease operations as fuel stocks run out, following economic sanctions imposed by the United States.

Exxon to close its ethylene plant in Scotland amid market pressures

ExxonMobil will shut down its Fife chemical site in February 2026, citing high costs, weak demand and a UK regulatory environment unfavourable to industrial investment.
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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.