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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.

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.

India and Russia strengthen nuclear cooperation with new projects

Russia and India are preparing an expanded agreement for the construction of VVER-1200 reactors and modular nuclear power plants, while accelerating work at the strategic Kudankulam site.
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Three U.S. gas basins reshape prices, flows and contracts

Appalachia, Permian and Haynesville each reach the scale of a national producer, anchor the United States’ exportable supply and set regional differentials, LNG arbitrage and compliance constraints across the chain, amid capacity ramp-ups and reinforced sanctions.

Vallourec to deliver over 30,000 tonnes of pipes for TotalEnergies in Iraq

TotalEnergies has tasked Vallourec with supplying tubular solutions for drilling 48 wells as part of its integrated gas project in Iraq, reinforcing their ongoing industrial cooperation on the Ratawi field.

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.
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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Swiss trader Gunvor has withdrawn its $22bn offer to acquire Lukoil’s international assets after the US Treasury announced it would block any related operating licence.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 grants Orban oil exemption in exchange for US gas deal

The United States grants Hungary a one-year waiver on sanctions targeting Russian oil, in return for a commitment to purchase US liquefied natural gas worth $600mn.

Gunvor rules out resale of Lukoil assets to Russia after acquisition

Commodities trader Gunvor confirmed that the assets acquired from Lukoil will not return under Russian control, despite potential sanction relief, amid growing regulatory pressure.
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Western sanctions disrupt Lukoil’s international operations

Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.

Aramco’s net profit drops for the eleventh consecutive quarter

Aramco reported a 2.3% decrease in its net profit for the third quarter, amid global economic uncertainties and an oversupply of oil, although its adjusted earnings showed a slight increase.

Pakistan cancels 21 Eni LNG cargoes and seeks to renegotiate its contracts with Qatar

Pakistan cancels 21 planned LNG cargoes from Eni due to a gas surplus and negotiates with Qatar for potential deferment or resale of shipments.
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China cancels VAT rebate and reshapes the global solar market

China's decision to cancel the 13% VAT rebate on photovoltaic module exports triggers a sharp price adjustment and reshapes a market under pressure for the past two years.

Qatar threatens to suspend LNG exports to Europe over CSDDD directive

Qatar warns it could halt its liquefied natural gas (LNG) deliveries to the European Union if the CSDDD directive is not softened, a move that reignites tensions surrounding Brussels' new sustainability regulations.

QatarEnergy awards EPC contract for 4.1 MTPA CCS project

QatarEnergy has awarded Samsung C&T Corporation an EPC contract for a 4.1 MTPA carbon capture project, supporting its expansion into low-carbon energy at Ras Laffan.
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EU bans Russian LNG, Arctic bottlenecks and clauses under strain

The gradual ban on Russian cargoes reshapes European flows, increases winter detours via the Northern Sea Route and shifts risk toward force majeure and “change of law,” despite rising global capacity. —

Bulgaria halts fuel exports to EU after sanctions on Lukoil

Sofia temporarily restricts diesel and jet fuel exports to safeguard domestic supply following US sanctions targeting Lukoil, the country’s leading oil operator.

Lukoil sells its African oil assets to Gunvor under pressure from US sanctions

Swiss trader Gunvor will acquire Lukoil’s African stakes as the Russian company retreats in response to new US sanctions targeting its overseas operations.
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Washington temporarily authorises operations linked to Rosneft’s German assets

The United States has issued a general license allowing transactions with two German subsidiaries of Rosneft, giving Berlin until April 2026 to resolve their ownership status.

Turkey locks in 19 Bcma of LNG, Moscow and Tehran under pressure

Botaş lines up a series of liquefied natural gas (LNG, liquefied natural gas) contracts that narrow the space for Russian and Iranian flows, as domestic production and import capacity strengthen its bargaining position. —
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Iran: Oil Dependence Limits Alliances with Moscow and Beijing

Despite strong ties, Iran's dependence on oil revenues limits its ability to secure substantial strategic support from Russia and China amid current international and regional crises, according to several experts.

Westinghouse wins $180mn contract to assemble ITER experimental reactor

Westinghouse Electric Company signs a $180mn contract with ITER Organization to complete the final assembly of the vacuum vessel for ITER’s experimental nuclear fusion reactor, currently under construction in Cadarache, southern France.

Orlen ends Russian oil purchases for Czech refinery after contract expiry

Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.
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Chinese independent refiners poised to increase fuel oil imports

The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.

Europe extends gas storage obligations until 2027

The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.

Hormuz Threat: Producing Countries Face an Imminent Diplomatic Crisis

The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.
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Keranic takes over Royal Helium and fast-tracks Steveville plant restart

Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.

Russia Forecasts Drop in Electricity Exports to China

The Russian company InterRAO anticipates a 4% annual reduction in electricity exports, primarily impacted by a significant decrease in shipments to China due to limited hydroelectric production and rising domestic demand.

Hungary and Slovakia jointly oppose European ban on Russian energy

Budapest and Bratislava jointly reject the European Commission's proposal to ban Russian energy supplies, highlighting significant economic risks and a direct threat to their energy security, days ahead of a key meeting.
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Seoul freezes electricity rates amid LNG supply risk concerns

South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.

Russia and Mali Sign Trade Agreements and Target Nuclear Energy

Russia strengthens its economic presence in Mali with new agreements, notably in nuclear energy and gold refining, consolidating strategic cooperation within a rapidly evolving geopolitical context.

Eni, BP and TotalEnergies partially evacuate Iraq; Lukoil maintains operations

Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.
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Chinese Refineries Cautious Amid Iran-Israel Tensions Threatening Oil Supply

Chinese independent refineries remain cautious amid rising Iranian crude prices driven by escalating Iran-Israel tensions, potentially threatening access to the strategic Strait of Hormuz.

Gazprom offers Pakistani company Nigerian assets to boost Asian expansion

Gazprom, affected by a historic $6.9bn loss in 2023, is offering Pakistani state-owned firm OGDCL its petroleum assets in Nigeria to strengthen its presence in Asia’s energy market, according to Pakistani sources.

Russia ready to deliver liquefied natural gas to Mexico

Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
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France: Moratorium on renewables; warning about immediate industrial impact

French Minister Agnès Pannier-Runacher condemns the parliamentary moratorium on new renewable energy installations, warning of the potential loss of 150,000 industrial jobs and increased energy dependence on foreign countries.

UK Sanctions 20 “Shadow Fleet” Tankers and Rosneft Marine

The United Kingdom tightens sanctions against Russia's oil sector by targeting twenty tankers operating in the "shadow fleet" and Rosneft Marine, amid rising crude prices exceeding the G7-imposed price cap.

Vallourec secures $50mn OCTG contract for drilling operations in Qatar

French manufacturer Vallourec will supply Qatar with premium OCTG tubes in a contract worth an estimated $50 million, supporting the planned expansion of oil and gas operations by 2030.
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ORLEN boosts LPG import capacity with major investment

ORLEN Paliwa has doubled storage capacities and increased annual LPG handling by 65% in Szczecin, now reaching 400,000 tonnes following an investment exceeding PLN 150 million ($36.5mn).

Serbia negotiates gas deal with Gazprom at competitive European price

Belgrade is currently finalising a new gas contract with Russia, promising Europe's lowest tariff, according to Srbijagas General Director Dusan Bajatovic, despite Europe's aim to eliminate Russian imports by 2027.
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