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Energy transition disrupts the financial balance of utilities in Asia-Pacific in 2026
Tema refinery restarts partially after four-year shutdown in Ghana
Duke Energy files permit request for nuclear project in North Carolina
CB&I acquires Petrofac’s Asset Solutions business to strengthen global growth
Vestas signs seven contracts in Germany totalling 273 MW of wind capacity
Perenco Congo commits $200mn for Kombi 2 platform and strengthens its presence
Perenco Congo begins construction of the offshore Kombi 2 platform, a project exceeding $200mn aimed at increasing the country’s oil production and resource development.
Weakened by sanctions, Iran loses influence on the global oil market
Long a major player in OPEC, Iran sees its influence on the oil market significantly reduced due to US sanctions, Israeli strikes, and increasing reliance on exports to China.

Syria resumes petroleum exports from strategic Banias refinery

After several months of interruption following a major political upheaval, Syria's Banias refinery has shipped its first cargo of refined products abroad, marking a partial revival of its energy sector.
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ExxonMobil secures strategic licence extension for Angola’s Block 17
ExxonMobil and its partners have extended the production sharing contract for Block 17 in Angola, securing the continued operation of major infrastructure in a key offshore asset for Africa’s oil sector.
Egypt announces second oil discovery at Abu Sannan in three months
Egypt’s General Petroleum Company discovers a new oil field in Abu Sannan, producing 1,400 barrels per day, confirming growing interest in this mature Western Desert region.

South Sudan seeks China’s assistance to revive its oil fields

The South Sudanese government is collaborating with Chinese group CNPC to reactivate several major oil fields, aiming to stabilise national production affected by political instability and ongoing technical difficulties.
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TotalEnergies buys 25 % of 40 US offshore licences from Chevron
TotalEnergies takes 25 % of a portfolio of 40 exploration permits on the US Outer Continental Shelf, deepening its partnership with Chevron in the Gulf of Mexico’s deepwater.
Oil: OPEC maintains forecasts, Russia below production quota
OPEC confirms global oil demand estimates for 2025-2026 despite slightly adjusted supply, while several members, including Russia, struggle to meet their production targets under the OPEC+ agreement.

European Union Hesitates to Independently Lower Russian Oil Price Cap

Facing anticipated refusal from G7 countries to lower the Russian oil price cap to $45, the European Union weighs its options, leaving global oil markets awaiting the next European sanctions.
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Dangote opens its refinery to Nigerian distributors starting August 15
Starting August 15, the Dangote refinery will directly supply gasoline and diesel to Nigerian distributors and industries, expanding its commercial outlets and significantly reshaping the energy landscape of Africa's leading oil producer.
Hydrocarbon pollution: Rømø closes beaches at peak tourist season
The sudden appearance of hydrocarbon clusters has forced the closure of beaches on the Danish island of Rømø, triggering an urgent municipal investigation and clean-up operation to mitigate local economic impact.

Cenovus Energy restarts full production at Christina Lake site

Canadian company Cenovus Energy has fully resumed oil sands production at its Christina Lake site following a wildfire-related shutdown in Alberta.
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CGC launches Vaca Muerta project and bets on heavy crude
Argentine company Compañía General de Combustibles is starting operations in the Vaca Muerta shale basin while boosting heavy crude production due to strong local demand and rising prices.
Nigeria struggles to secure $5 billion loan from Aramco
Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.

Italiana Petroli to Decide Buyer by Late June for Estimated €3 Billion Sale

Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.
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ExxonMobil tops upstream explorer ranking according to Wood Mackenzie
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
Petronas cuts 5,000 jobs and exposes contradictions in its African operations
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.

Kremlin Warns of Global Impact from New Russian Oil Price Cap

The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.
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Libya Hits 12-Year Oil Peak Despite Ongoing Political Instability
Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.
Two powerful financial algorithms now dictate global oil prices
According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
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