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Union nationale d’électricité (UNE)

European companies exposed to a wave of litigation over Russian LNG contracts
The European Union is facilitating the use of force majeure to exit Russian gas contracts by 2028, a risky strategy for companies still bound by strict legal clauses.
He Dreiht comes online as German offshore wind model faces deadlock
The He Dreiht offshore wind farm delivers its first MWh as the German auction model stalls, offering EnBW and its institutional investors a strategic showcase.

Funds shift from natural gas to EU carbon allowances

Amid an expected LNG surplus from 2026, investors are reallocating positions toward the EU carbon market, betting on tighter supply and a bullish price trajectory.
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Berlin plans to acquire 25.1% of TenneT Germany by early 2026
Germany plans to finalise the €5.8bn ($6.34bn) purchase of a 25.1% stake in TenneT Germany to strengthen its control over critical national power grid infrastructure.
Hungary doubles oil shipments to Serbia amid US sanctions on refinery
Hungary increases oil product exports to Serbia to offset the imminent shutdown of the NIS refinery, threatened by US sanctions over its Russian majority ownership.

United Arab Emirates launches $1 billion energy plan in Yemen

Global South Utilities is investing $1 billion in new solar, wind and storage projects to strengthen Yemen's energy capacity and expand its regional influence.
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Ørsted and ESB secure 900 MW offshore contract off the coast of Ireland
The Irish government has provisionally awarded development rights for the Tonn Nua offshore site to the Ørsted-ESB joint venture under a 20-year contract supporting a 900 MW project.
Tokyo Gas and Okaya launch 75 MWh BESS project in Hokkaido
Tokyo Gas and Okaya & Co. will begin construction in December 2025 of a 25 MW/75 MWh battery energy storage system in Hokkaido, with commercial operations expected in 2028 or later.

TÜNAŞ and KEPCO sign deal to accelerate nuclear development in Türkiye

Türkiye and South Korea have signed a memorandum of understanding to jointly explore nuclear power plant projects, marking a strategic step in the long-term development of Türkiye's energy infrastructure.
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Pemex increases domestic refining despite continued decline in crude oil production
Faced with falling oil production, Pemex is expanding local refining through Olmeca, aiming to reduce fuel imports and optimise its industrial capacity under fiscal pressure.
ENEOS to build two solar plants on former JR Hokkaido railway tracks
ENEOS Renewable Energy will develop two solar installations totalling 4MW on a decommissioned JR Hokkaido line, under a power supply agreement signed with the railway company and the regional electric utility.

Axiom maintains $110mn lawsuit against Tidewater over Canadian asset dispute

Axiom Oil and Gas is suing Tidewater Midstream for $110mn over a gas handling dispute tied to a property for sale in the Brazeau region, with bids due this week.
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RWE commissions 300 MW solar and storage project in Texas
RWE has commissioned a project combining 200 MW of solar and 100 MW of battery storage in Milam County, Texas, addressing the growing electricity demand and expanding its operations in the United States.
Petrobras cuts investment to $109 bn in new five-year plan
Brazil’s state oil company will reduce its capital spending by 2%, hit by falling crude prices, marking a strategic shift under Lula’s presidency.

TotalEnergies sells Bonga stake for $510mn to Shell and Eni

TotalEnergies has finalised the sale of its 12.5% stake in Nigeria’s offshore Bonga oilfield for $510mn, boosting Shell and Eni’s positions in the strategic deepwater production site.
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Asian Development Bank opens nuclear energy financing to developing countries
Asian Development Bank has amended its energy policy to enable funding for civil nuclear projects in developing member countries across the Asia-Pacific region.
Senegal and Norway sign deal to activate Article 6 carbon market mechanisms
Norway plans up to $740mn to fund verified emission reductions, supporting Senegal’s entry into cooperation frameworks under the Paris Agreement.

UK and FirstRand mobilise $150mn to accelerate Africa’s energy transition

British International Investment and FirstRand partner to finance the decarbonisation of African companies through a facility focused on supporting high-emission sectors.
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Ghana restructures its power sector around domestic gas to contain deficit
The Ghanaian government is implementing a reform of its energy system focused on increasing the use of local natural gas, aiming to reduce electricity production costs and limit the sector's financial imbalance.
EDP commissions rooftop solar plant for Johnson Electric in Italy
EDP has launched operations of a rooftop solar plant at Johnson Electric’s site in Asti, targeting an annual output of 400 MWh to strengthen the manufacturer’s energy autonomy and stabilise electricity costs.
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RWE commissions 300 MW solar and storage project in Texas
ENEOS to build two solar plants on former JR Hokkaido railway tracks
Tokyo Gas and Okaya launch 75 MWh BESS project in Hokkaido
Berlin plans to acquire 25.1% of TenneT Germany by early 2026
CPC pipeline restarts after strikes, but pressure remains on Kazakhstan
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.

Enbridge invests $1.4bn to boost Canadian crude exports to US refineries

Enbridge commits $1.4bn to expand capacity on its Mainline network and Flanagan South pipeline, aiming to streamline the flow of Canadian crude to US Midwest and Gulf Coast refineries.
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Rapid reshuffle at Petroperu to drive Talara and Amazon under pressure
The Peruvian state has tightened its grip on Petroperu with an emergency board reshuffle to secure the Talara refinery, fuel supply and the revival of Amazon oil fields.
Bulgaria places Lukoil refinery under state control to avoid US sanctions
Sofia appoints an administrator to manage Lukoil’s Bulgarian assets ahead of upcoming US sanctions, ensuring continued operations at the Balkans’ largest refinery.

Washington demands Gazprom Neft’s exit from NIS and maintains sanctions

The United States rejected Serbia’s proposal to ease sanctions on NIS, conditioning any relief on the complete withdrawal of Russian shareholders.
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IEA forecasts global oil surplus of 4 mbpd in 2026
The International Energy Agency expects a surplus of crude oil by 2026, with supply exceeding global demand by 4 million barrels per day due to increased production within and outside OPEC+.
Cenovus completes MEG Energy acquisition in $5.0bn deal
Cenovus Energy has completed the acquisition of MEG Energy, adding 110,000 barrels per day of production and strengthening its position in Canadian oil sands.