Shell

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.
Petro-Victory launches fully-funded drilling campaign in Brazil
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.

Port of Corpus Christi expands capacity for large oil tankers

The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
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BP Prudhoe Bay Royalty Trust puts Prudhoe Bay royalty up for sale
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC partners with KazMunayGas to explore the Zhylyoi subsoil area
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.

Trump authorizes China to buy Iranian oil, shaking global oil markets

Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
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Canadian oil sands production poised to reach record high
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.
Enbridge Considers Adding Capacity to Export More Oil to Gulf Coast
Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.

US oil stocks fall by 3.1 mn barrels, surprising markets

US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.
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UK reserves underestimated, GBP 165 billion opportunity according to Offshore Energies UK
The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.
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.

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.
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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.
Trump Warns of Oil Price Surge Following Strikes Against Iran
Donald Trump urges control of oil prices following U.S. military action against Iranian nuclear facilities, amid escalating tensions around the strategic Strait of Hormuz, threatening to significantly impact global markets.

PermRock Royalty Trust distributes $539,693 following decline in oil sales

PermRock Royalty Trust announces a monthly distribution of $539,693 to unit holders, impacted by reduced oil volumes and prices in April, partly offset by increased natural gas sales.
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Permian Basin Royalty reduces June distribution due to high costs
Permian Basin Royalty Trust announces a reduced distribution for June due to ongoing excess costs at Waddell Ranch properties and lower volumes from Texas Royalty Properties.
Norway: Johan Castberg oil field reaches full capacity in three months
Three months after starting production, Norway’s Johan Castberg oil field, located in the Barents Sea, reaches its full capacity of 220,000 barrels per day, significantly increasing energy supplies to Europe.

Iraq Suspends Oil Projects Amid Regional Conflict and Strained Logistics

The Middle East conflict forces Iraq to delay certain oil developments, disrupting field operations despite temporary stability in production and exports amid growing logistical tensions.
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United States Identifies 29 Billion Barrels Untapped Through New Technologies
New U.S. estimates reveal nearly 29 billion barrels of oil and 392 Tcf of technically recoverable natural gas on federal lands, marking significant progress since the last assessment in 1998.
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.
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Iraq Suspends Oil Projects Amid Regional Conflict and Strained Logistics
Voluntary carbon market attracts $3 billion to industrial biomass sector
Europe accelerates gas storage filling despite declining reserves
Cheniere Energy Approves Expansion of Corpus Christi LNG Terminal for 2029
France: Moratorium on renewables; warning about immediate industrial impact
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.

DNO raises $400mn in hybrid bonds to refinance Sval Energi’s debt

Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.
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Petrobras enters exclusive talks for nine offshore blocks in Côte d’Ivoire
The Brazilian oil group secured approval from Abidjan to begin negotiations for exploring nine deepwater blocks as part of its business partnerships strategy in Africa.
Shell Shuts Unit After Fire at Its Ethylene Cracker in the U.S.
Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.

Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL

Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.
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Vallourec completes acquisition of Thermotite do Brasil from Mattr
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
US crude oil inventories fall by 4.3 million barrels
Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.

TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field

TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
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SBM Offshore sells its stake in FPSO Aseng to GEPetrol
SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
Meren Energy seeks partners for offshore blocks in Equatorial Guinea
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.

PTAS Aker Solutions secures two-year offshore maintenance contract in Brunei

The oil services joint venture extends its contract with Brunei Shell Petroleum for maintenance and upgrade operations on offshore installations in the South China Sea.
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Renaissance Africa Energy finalises takeover of SPDC’s onshore assets in Nigeria
Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.
Woodside initiates 65 millions USD arbitration procedure against Senegal
Australian company Woodside Energy has filed a complaint with ICSID against Senegal, challenging a CFA40bn tax reassessment related to the offshore Sangomar oil project.

Nigeria ties tax incentives to performance to revive upstream oil sector

Nigeria introduces a tax credit capped at 20% for oil operators meeting cost reduction targets, with a focus on gas and offshore projects.
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Morocco funds expert mission to revive offshore exploration
Following the withdrawal of two British companies, Morocco launches a MAD2.5mn ($270,000) expert mission to boost the appeal of its offshore oil and gas sector.
International Petroleum repurchases 89,200 shares under its NCIB programme
International Petroleum Corporation repurchased 89,200 common shares between 26 and 30 May under its buyback programme compliant with Canadian and European regulations.

US oil rig count falls to lowest level since 2021

US energy companies reduced the number of active rigs for the fifth consecutive week, reaching their lowest level since November 2021, according to data published by Baker Hughes.
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Sweden enforces tighter controls on Russian ships in the Baltic Sea
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
Petrobras signs two agreements in Angola to relaunch its offshore activities
Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.

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