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Oil

Nigeria auctions 50 oil blocks in its 2025 licensing round
La Nigerian Upstream Petroleum Regulatory Commission ouvre la compétition pour 50 blocs d’exploration, répartis sur plusieurs zones stratégiques, afin de relancer les investissements dans l’amont pétrolier.
Serbia forced to shut down its only refinery after US sanctions
Serbia's only refinery, operated by NIS, has suspended production due to a shortage of crude oil, a direct consequence of US sanctions imposed on its majority Russian shareholder.

Oil prices rise amid tensions between Washington and Caracas

Crude prices increased, driven by rising tensions between the United States and Venezuela and drone attacks targeting Russian oil infrastructure in the Black Sea.
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Tullow Oil cuts board size and seeks to refinance $1.8 bn debt
Amid persistent financial losses, Tullow Oil restructures its governance and accelerates efforts to reduce over $1.8 billion in debt while refocusing operations on Ghana.
Baghdad invites US companies to replace Lukoil on West Qurna 2
The Iraqi government is inviting US oil companies to bid for control of the giant West Qurna 2 field, previously operated by Russian group Lukoil, now under US sanctions.

Two tankers targeted in the Black Sea, Ankara warns over maritime security

Two tankers under the Gambian flag were attacked in the Black Sea near Turkish shores, prompting a firm response from President Recep Tayyip Erdogan on growing risks to regional energy transport.
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Harbour Energy to cut 100 offshore jobs over sustained fiscal conflict
The British producer continues to downsize its North Sea operations, citing an uncompetitive tax regime and a strategic shift towards jurisdictions offering greater regulatory stability.
Dangote claims 100% of Nigerian petrol supply and demands priority access to crude
Dangote Refinery says it can fully meet Nigeria’s petrol demand from December, while requesting regulatory, fiscal and logistical support to ensure delivery.

BP restarts Olympic pipeline after leak, increasing pressure on safety

BP reactivated the Olympic pipeline, critical to fuel supply in the U.S. Northwest, after a leak that led to a complete shutdown and emergency declarations in Oregon and Washington state.
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Washington increases military pressure on Caracas as Maduro alerts Opec
President Donald Trump confirmed direct contact with Nicolas Maduro as tensions escalate, with Caracas denouncing a planned US operation targeting its oil resources.
Zenith Energy accuses Tunisia of unauthorised sale of 3,987 barrels of oil
Zenith Energy claims Tunisian authorities carried out the unauthorised sale of stored crude oil, escalating a longstanding commercial dispute over its Robbana and El Bibane concessions.

TotalEnergies sells 40% of two Nigerian licences to Chevron in strategic deal

TotalEnergies restructures its stake in offshore licences PPL 2000 and PPL 2001 by bringing in Chevron at 40%, while retaining operatorship, as part of a broader refocus of its deepwater portfolio in Nigeria.
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Aker Solutions secures NOK2.5bn to NOK4bn offshore M&M contract with ConocoPhillips
Aker Solutions has signed a six-year frame agreement with ConocoPhillips for maintenance and modification services on the Eldfisk and Ekofisk offshore fields, with an option to extend for another six years.
Iran seizes Eswatini-flagged vessel for fuel smuggling
Iranian authorities intercepted a vessel carrying 350,000 litres of fuel in the Persian Gulf, tightening control over strategic maritime routes in the Strait of Hormuz.

North Atlantic France Takes Control of Esso S.A.F. and Renames the Company

North Atlantic France finalizes the acquisition of Esso S.A.F. at the agreed per-share price and formalizes the new name, North Atlantic Energies, marking a key step in the reorganization of its operations in France.
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Imperial Petroleum raises $60mn through direct share and warrant offering
Greek shipowner Imperial Petroleum has secured $60mn via a private placement with institutional investors to strengthen liquidity for general corporate purposes.
Ecopetrol plans up to $6.84bn in 2026 investments to support production
Ecopetrol plans between $5.57bn and $6.84bn in investments for 2026, aiming to maintain production, optimise infrastructure and ensure profitability despite a moderate crude oil market.

OPEC+ maintains output freeze for 2026 and opens quota battle for 2027

Faced with oversupply risks and Russian sanctions, OPEC+ stabilises volumes while preparing a structural redistribution of quotas by 2027, intensifying tensions between producers with unequal capacities.
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UK locks in oil windfall until 2030 with 78% tax pressure
The United Kingdom is replacing its exceptional tax with a permanent price mechanism, maintaining one of the world’s highest fiscal pressures and reshaping the North Sea’s investment attractiveness for oil and gas operators.
Pakistan becomes structural fuel oil exporter, disrupting Asian market balance
Pakistan confirms its exit from domestic fuel oil with over 1.4 Mt exported in 2025, transforming its refineries into export platforms as Asia faces a structural surplus of high- and low-sulphur fuel oil.
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Nigeria auctions 50 oil blocks in its 2025 licensing round
Nakhchivan connects to European energy markets through new interconnection lines
Perenco supplies gas to Moundou and reignites debate over energy investments in Chad
Serbia forced to shut down its only refinery after US sanctions
Kazakhstan launches tenders for 3 GW of renewable capacity by 2026
Chevron in advanced talks to acquire Lukoil’s international assets
The American major could take over part of Lukoil’s non-Russian portfolio, under strict oversight from the U.S. administration, following the collapse of a deal with Swiss trader Gunvor.
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.
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.

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.
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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.
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.
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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.
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.
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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.
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.
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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.
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.
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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.
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.