BP posts a net profit of $1.63 bn in the second quarter 2025, driven by operational performance, an operating cash flow of $6.3 bn and a new $750 mn share buyback programme.
Dangote Group appoints David Bird, former Shell executive, as head of its Refining and Petrochemicals division to accelerate regional growth and open up equity to Nigerian investors.
Faced with falling discounts on Russian oil, Indian Oil Corp is purchasing large volumes from the United States, Canada and Abu Dhabi for September, shifting its usual sourcing strategy.
Independent Chinese oil companies are intensifying their investments in Iraq, aiming to double their production to 500,000 barrels per day by 2030 and compete with the sector’s historic majors.
BP has announced the discovery of an oil and natural gas field off the coast of Brazil, in the Santos Basin, marking its most significant find in a quarter of a century.
The dispute over the Corentyne block licence pits Frontera Energy and CGX Energy against the Guyanese government, amid major contractual and offshore investment stakes in the oil sector.
Chevron resumes the shipment of Venezuelan oil to the United States after a multi-year suspension due to sanctions, highlighting the persistence of oil flows between the two countries.
A fire broke out at a Sotchi oil depot after an attack by Ukrainian drones, causing no casualties but temporarily disrupting air traffic and mobilising significant emergency resources.
The consortium formed by ONGC (40%), Reliance (30%) and BP (30%) has signed a joint operating agreement for block GS-OSHP-2022/2, marking the first tripartite collaboration in Indian oil exploration.
Serbia has secured a new 30-day reprieve from the application of US sanctions targeting NIS, operator of the country’s only refinery, which is majority owned by Gazprom.
OMS Energy Technologies Inc. reports solid financial results for 2025, driven by marked revenue growth, improved gross margin and a reinforced cash position in a shifting market.
Five employees injured in an explosion at the Pascagoula refinery are suing Chevron for negligence, seeking significant compensation and alleging major breaches of safety regulations.
South Korea and Japan are reinforcing coordination on strategic stocks and oil logistics as growing dependence on Gulf imports and geopolitical tensions affect the Asian market.
Sonatrach continues to assess underexploited oil and gas areas with the support of Sinopec, following a gradual strategy to strengthen its position on the regional energy market.
Venezuelan oil group PDVSA is mobilising to restart export operations under conditions similar to previous US licences, as Washington prepares to again authorise its main partners to operate.
Two separate strikes in the Vaca Muerta region threaten to disrupt oil and gas production after historic records, with unions protesting layoffs and unpaid wages in a rapidly expanding sector.
US refiner Phillips 66 posted quarterly earnings above expectations, driven by high utilisation rates and lower maintenance costs across its facilities.
The advisory opinion issued by the International Court of Justice increases legal exposure for states and companies involved in the licensing or expansion of oil and gas projects, according to several international law experts.
The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
Occidental Petroleum announces a decrease in its production in the Gulf of Mexico in the second quarter, citing third-party constraints, extended maintenance, and scheduling delays.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
