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NOV

Vantage Drilling cancels a $80m contract after a major regulatory shift
Vantage Drilling halted a 260-day drilling contract for the vessel Platinum Explorer following a rapid evolution of international sanctions regimes that made the campaign non-compliant with the applicable legal framework shortly after it was signed.
Paratus receives $58mn in Mexico following release of public fund
Paratus Energy Services received $58mn through its subsidiary Fontis Energy in Mexico, initiating the repayment of arrears via a government-backed fund established to support investment projects and ensure supplier payments.

Liquid Wind and Umeå Energi launch 100,000-tonne eFuel plant in Sweden

The two partners finalise agreements to industrialise an eMethanol production site in Umeå, with commissioning scheduled for 2028 and a target of capturing 150,000 tonnes of CO₂ annually.
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The United States keeps 50% duties if India buys Russian crude
Washington ties the removal of additional duties to a verifiable decline in India’s imports of Russian crude, while New Delhi cites already-committed orders and supply stability for the domestic market.
China cuts its oil surplus to 570,000 barrels per day and prepares a cycle of strategic purchases
The decline in imports and the rise in refining in September reduced China’s crude surplus to its lowest in eight months, opening the way for tactical buying as Brent slips below 61 dollars.

Finland leads race to host first Nordic fusion reactor, report finds

A technical study commissioned by Novatron Fusion Group identifies Finland as the most prepared country to host a fusion reactor, despite favourable conditions across the Nordic region.
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Zhou Xinhuai leaves CNOOC
Chinese executive Zhou Xinhuai, 54, resigned from his post as chief executive of CNOOC Limited after holding the role since April 2022. A strategic reorganization is underway.
CMA CGM orders six LNG container ships from India’s Cochin Shipyard
CMA CGM becomes the first international container shipping company to commission LNG-powered ships from an Indian shipyard, all to be registered under the Indian flag.

Nigeria targets $23bn to expand electricity access by 2060

Vice President Kashim Shettima stated that Nigeria will need to invest more than $23bn to connect populations still without electricity, as part of a long-term energy objective.
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Jordan confirms its ability to supply Lebanon with energy via interconnections
Amman says it is ready to provide electricity and natural gas to Lebanon using its already operational infrastructure, pending the completion of regional procedures.
Jordan: exporting its electricity via Syria, operational levers and constraints
Jordan can export electricity if three conditions align: fuel availability for its power plants, measurable system surplus, and a functional transit framework via Syria to Lebanon with clear metering and settlement rules.

Trina Storage unveils 6.25 MWh storage system in Saudi Arabia

Trina Storage has introduced its new Elementa 3 energy storage system, engineered for the Gulf’s extreme conditions and aimed at boosting energy density while lowering operating costs.
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Egypt and UAE join forces to connect electricity to Europe
The Egyptian government and UAE-based K&K have signed an agreement to finalise studies for an electricity interconnection project linking Egypt to Europe via Italy.
New Zealand approves the 147 MW Glorit solar project in the Auckland region
The independent commission approved development of the Glorit solar project, with a capacity of 147 megawatts (MW), north of Auckland, following a detailed assessment of environmental, land-use, and economic impacts.

Oman bets on cobalt and nickel catalysts to boost green hydrogen

Sultan Qaboos University announces a breakthrough in water electrolysis using new rare-metal catalysts, improving production efficiency by more than 30%.
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i Grid Solutions and CPower target 30MW in three years with on-site solar PPAs
i Grid Solutions and CPower have partnered to accelerate the deployment of solar plants through on-site power purchase agreements, targeting 30MW of installed capacity by 2028.
KLN advances on WHPA offshore gas project in Libya worth HK$10bn
KLN strengthens its industrial project portfolio with progress on the WHPA platform in Libya, a major offshore site valued at over HK$10bn ($1.28bn), aimed at supporting regional gas supply.

Sun Village connects its first BESS unit and strengthens partnership with Marubeni

Japanese company Sun Village has connected its first energy storage facility to the grid and formalised a strategic partnership with Marubeni Power Retail to operate the asset on electricity markets.
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Brazil and China sign agreement on radioisotope supply
Brazil and China have concluded a three-year agreement to secure access to essential radioisotopes for the medical, industrial and scientific sectors, with no financial exchange between the parties.
FairWind acquires Cosmic Group to strengthen wind energy presence in Asia-Pacific
The acquisition of Cosmic Group by FairWind consolidates its position in Australia and marks a strategic expansion into New Zealand and Japan.
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Sun Village connects its first BESS unit and strengthens partnership with Marubeni
Oman bets on cobalt and nickel catalysts to boost green hydrogen
Egypt and UAE join forces to connect electricity to Europe
Jordan confirms its ability to supply Lebanon with energy via interconnections
Finland leads race to host first Nordic fusion reactor, report finds
Laser fusion power plant project at the Biblis site in Germany
A memorandum of understanding has been signed to develop a nuclear fusion power plant using laser technology in Biblis, Hesse, by 2035. The project brings together the regional government, industrial companies, and scientific institutions to structure a fusion energy sector.
UKAEA and Eni partner for a tritium fuel cycle facility in fusion energy
The United Kingdom Atomic Energy Authority (UKAEA) and Italian company Eni announce a partnership to build the world's largest tritium fuel cycle facility. This project, located in England, aims to optimise tritium management for future fusion power plants.

nT-Tao secures additional $5 million funding for compact nuclear fusion

Israeli nuclear fusion pioneer nT-Tao receives $5 million in funding from the Israel Innovation Authority to accelerate the development of its compact fusion demonstrator. This marks the fourth consecutive time the company has received such support.
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The IEA CERT workshop explores the state and prospects of fusion energy
Industry, academic, and government experts gathered at the IEA CERT thematic workshop to discuss public-private collaboration and funding priorities for the development of fusion energy.
First Light Fusion modifies its strategy and abandons nuclear power plant plans
The British company First Light Fusion announces a major strategic shift: it will now focus on commercial partnerships for its amplification technologies, abandoning its nuclear fusion power plant project.

Fusion Energy: A Record Plasma Duration Set in France

French researchers have achieved a new milestone in fusion experiments by recording a world record for plasma confinement duration, a crucial step toward harnessing fusion energy.
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Nuclear Fusion: First Plasma Generation in the SMART Tokamak
The SMART tokamak, a nuclear fusion experimental device, has generated its first plasma. This major breakthrough marks a turning point in the quest for a compact and efficient fusion reactor.
Record Investments in Fusion Energy: $7 Billion in 2024
Fusion energy reached $7 billion in investments in 2024, driven by businesses seeking efficient energy alternatives. Small Modular Reactors (SMR) have gained significant interest, particularly in industrial sectors.

The UK Invests in the LIBRTI Program to Revolutionize Fusion Energy

The UKAEA’s LIBRTI program, backed by a £200 million budget, prepares key advancements in tritium production, a crucial resource for fusion energy, leveraging international collaboration and advanced digital strategies.
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A site in Virginia chosen to host the first commercial fusion power plant
The American company Commonwealth Fusion Systems (CFS) has selected Chesterfield County, Virginia, to build a fusion power plant, a global first that could revolutionize clean and reliable energy by the 2030s.
Tokamak Energy raises $125 million to accelerate fusion energy and HTS technological innovations
Tokamak Energy announces a $125 million funding round, marking a key step toward the commercialization of fusion energy and the development of high-temperature superconducting technologies. A strategic global collaboration to address energy challenges.

Progress of fusion reactors in Spain and New Zealand

Advances in fusion reactor technologies are underway in Spain with the SMART tokamak at the University of Seville, while the New Zealand startup OpenStar Technologies has made a key breakthrough with its floating magnetic component.
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Tokamak Energy integrates a digital twin to optimize fusion
Tokamak Energy uses digital twin software to maximize the efficiency of fusion experiments, avoiding multiple physical tests and accelerating development.
Tokamak Energy intègre un jumeau numérique pour optimiser sa fusion.