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Fossil Energy

Maurel & Prom strengthens presence in Angola with strategic offshore acquisition
Maurel & Prom acquires additional stakes in two offshore oil blocks in Angola, consolidating its existing assets for an initial sum of $23mn, potentially rising based on market developments and production performance.
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.
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.
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.
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.
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.
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.
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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Neoenergia begins construction of BRL30mn green hydrogen unit in Brazil
Kuwait launches tender for 1.1 GW solar power project
ENGIE and SOLARCYCLE launch innovative recycling programme for solar panels
Globeleq acquires 51% of Lunsemfwa Hydro Power in Zambia from Norfund
Egypt secures 290 LNG shipments to meet summer demand
North Atlantic in talks to acquire Esso’s Gravenchon refinery
North Atlantic has entered exclusive negotiations to acquire the Gravenchon refinery, France’s second-largest, from ExxonMobil in a deal reshaping the industrial landscape of the Seine Valley.
Shell strengthens position in Nigeria by acquiring TotalEnergies’ stake in Bonga
TotalEnergies sells its 12.5% stake in the offshore Bonga oil field to Shell for $510mn, raising the British group's share to 67.5% in the OML 118 block off the Nigerian coast.

Chevron receives narrow U.S. authorization to retain its Venezuelan assets

The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.
Indonesia Energy aims to strengthen its upstream oil presence in Indonesia
Indonesia Energy announces a ramp-up in its oil assets with a 60% increase in proven reserves and confirms a strategic shift toward gradual energy diversification.
SK Innovation Intensifies Oil Investments with New Projects in Asia
SK Innovation, through its subsidiary SK Earthon, is accelerating investments in offshore oil exploration projects in Southeast Asia, enhancing South Korea's energy security through a regional strategy focused on operational efficiency.

The Libra consortium launches production at Mero-4 with a China-integrated FPSO

Production at the Mero-4 field began on May 24 using a 180,000 barrels/day FPSO, the result of international cooperation among six partners operating offshore Brazil.
Russia Challenges Adjustment to Price Cap on Its Oil Exports
As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
Namibia appoints former Chevron executive to lead its oil strategy
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.

Valeura to drill ten new wells after successful campaign offshore Thailand

Valeura Energy has completed eight wells on Block B5/27 in the Gulf of Thailand, securing stable output and preparing a new investment phase at the Nong Yao field.
Shell awards Mecpec Trading as Best Reseller in East Asia
Shell recognised Mecpec Trading for its 2023 fuel sales growth and contribution to Singapore's distribution network, with a 23% increase in total volume delivered.
Fire halts operations at Ecuador’s largest oil refinery
Petroecuador suspended activities at its Esmeraldas refinery following a fire, with no injuries reported, while an investigation is under way to assess the damage.

Pemex Launches Major Restructuring Aimed at Saving 10.5 Billion Pesos

Petróleos Mexicanos (Pemex) plans to eliminate over 3,000 non-union positions as part of a comprehensive restructuring initiative aimed at significantly reducing operational costs.
TotalEnergies launches Mero-4 production with 180,000 barrels per day in Brazil
TotalEnergies has started production at Mero-4, raising the total capacity of the Mero field to 770,000 barrels per day via five offshore units off the coast of Brazil.
Oil majors threaten dividend cuts as crude holds at $60
Falling oil prices strain shareholder returns as supermajors weigh high dividends against cash flow stability.

Trump casts uncertainty over oil licenses in Venezuela

Economically fragile Venezuela awaits a critical U.S. decision on renewing oil licenses granted to multinationals, a crucial issue that could significantly affect its recent economic recovery and financial stability.
Niger orders CNPCNP executives to leave over breach of local content rules
Nigerien authorities instruct the local arm of China National Petroleum Corporation to repatriate expatriates who have held positions for over four years, citing violations of local content requirements and economic sovereignty.
Union Investment removes TotalEnergies from sustainable funds amid Uganda dispute
German asset manager Union Investment has excluded TotalEnergies from its sustainable funds over allegations of human rights violations linked to the EACOP oil project in Uganda, further complicating its international financing.

Libya shuts down oil pipeline after leak near Zawiya

The National Oil Corporation suspended crude transport from the Hamada fields following a leak detected south of Zawiya, 45 kilometres from Tripoli.
Iraq entrusts major energy project in Basra to Sino-Iraqi consortium
Iraq has signed a deal with China’s Geo-Jade and Hilal al-Basra to develop an integrated project combining oil, refining and electricity in the country’s south.
US oil stocks rise despite strong refinery activity
US commercial crude oil inventories rose by 1.3 million barrels last week, defying market expectations, according to data published by the US Energy Information Administration.

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