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Brent rise April 2024

Sunoco finalises the acquisition of Parkland Corporation and prepares for New York listing
Texas-based Sunoco has completed the acquisition of Canadian company Parkland Corporation, paving the way for a New York Stock Exchange listing through SunocoCorp starting November 6.
bp divests non-controlling interests in US onshore midstream assets for $1.5 billion
BP sells non-controlling stakes in its Permian and Eagle Ford midstream infrastructure to Sixth Street for $1.5 billion while retaining operational control.

Shell secures exclusive negotiation rights on three offshore oil blocks in Angola

Angola enters exclusive negotiations with Shell for the development of offshore blocks 19, 34, and 35, a strategic initiative aimed at stabilizing its oil production around one million barrels per day.
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Chad aims to double its oil production to 250,000 barrels per day by 2030
Faced with declining production, Chad is betting on an ambitious strategy to double its oil output by 2030, relying on public investments in infrastructure and sector governance.
Two SANAD Drilling Rigs to Resume Operations in Saudi Arabia by Mid-2026
The SANAD drilling joint venture will resume operations with two suspended rigs, expected to restart in March and June 2026, with contract extensions equal to the suspension period.

Dragon Oil and PETRONAS Forge Strategic Oil Exploration Agreement

Dragon Oil, a subsidiary of Emirates National Oil Company, partners with PETRONAS to enhance technical and commercial cooperation in oil and gas exploration and production.
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Canadian Natural Takes Full Control of Albian Mines After Asset Swap with Shell
Canadian Natural Resources has finalized a strategic asset swap with Shell, gaining 100% ownership of the Albian mines and enhancing its capabilities in oil sands without any cash payment.
Imperial sees quarterly net income drop 56% despite record production
Canadian producer Imperial posted net income of CAD539mn in the third quarter, down year-on-year, impacted by exceptional charges despite record production and higher cash flows.

Chevron outperforms despite 21% drop in quarterly profit

The US oil giant beat market forecasts in the third quarter, despite declining results and a context marked by falling hydrocarbon prices.
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Vallourec secures over 20,000-ton pipeline contract in Brazil
The French group will supply carbon steel pipelines to TechnipFMC for the offshore Orca project, strengthening its strategic position in the Brazilian market.
ExxonMobil hit by falling prices despite record output in Guyana
The American oil major saw its revenue decline in the third quarter, affected by lower crude prices and refining margins, despite record volumes in Guyana and the Permian Basin.

Gabon signs deepwater oil exploration deals with BP and ExxonMobil

Gabon strengthens its oil ambitions by partnering with BP and ExxonMobil to relaunch deep offshore exploration, as nearly 70% of its subsea domain remains unexplored.
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Bulgaria halts fuel exports to EU after sanctions on Lukoil
Sofia temporarily restricts diesel and jet fuel exports to safeguard domestic supply following US sanctions targeting Lukoil, the country’s leading oil operator.
Lukoil sells its African oil assets to Gunvor under pressure from US sanctions
Swiss trader Gunvor will acquire Lukoil’s African stakes as the Russian company retreats in response to new US sanctions targeting its overseas operations.

Amapá hosts strategic oil complex with Petrobras and Transpetro

An agreement between Transpetro, Petrobras and the government of Amapá provides for the construction of an industrial complex dedicated to oil and gas, consolidating the state's strategic position on the Equatorial Margin.
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Phillips 66 posts adjusted earnings of $1.02bn in third quarter
The US company reported adjusted earnings of $1.02bn between July and September, supported by the refining and chemicals segments despite a drop in net income due to exceptional charges.
Repsol posts 34% profit drop over nine months despite UK operations
The Spanish oil group reported a net profit of €1.18bn over the first nine months of 2025, hit by unstable markets, falling oil prices and a merger that increased its debt.

Shell posts higher quarterly profit and launches $3.5bn share buyback

The British group’s net profit rose 24% in Q3 to $5.32bn, supporting a new share repurchase programme despite continued pressure on crude prices.
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TotalEnergies and Shell boost profits despite falling oil prices
Third-quarter results show strong resilience from European majors, supported by improved margins, increased production and extended share buyback programmes.
Global petrochemicals market to reach $794 billion by 2034
Driven by industrial demand and production innovations, the global petrochemicals market is projected to grow by 5.5% annually until 2034, reaching a valuation of $794 billion.
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G7 launches over 20 projects to counter Chinese influence on critical minerals
Sinopec and LG Chem Sign Agreement to Develop Sodium-Ion Battery Materials
EDF gets go-ahead for Hinkley Point B decommissioning
ACWA Power signs $10bn in energy and financing deals at FII9
Washington invests $100mn to modernise coal plants as exports drop 11%
Chevron and Helleniq Energy secure four offshore exploration permits in Greece
The Greek government has selected a consortium led by Chevron to explore hydrocarbons in four maritime zones in the Ionian Sea and south of Crete, with geophysical surveys scheduled to begin in 2026.
Sonatrach resumes drilling in Libya after more than ten years of security-related halt
Algerian company Sonatrach has resumed exploration activities in Libya's Ghadames Basin, halted since 2014, as part of a strategic revival of the country's oil sector.

Reliance reconfigures Jamnagar to prove the origin of fuels bound for the EU

The Indian refiner segments campaigns, strengthens documentary traceability and adjusts contracts to secure certified shipments to the European Union, while redirecting ineligible volumes to Africa and the Americas based on market conditions.
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Washington extends operations of Talen’s oil-fired power unit through end of 2025
US authorities have authorised a unit at Talen Energy’s Wagner plant in Maryland to operate beyond regulatory limits until the end of 2025 to strengthen grid reliability.
Gran Tierra signs $200mn prepayment deal and adjusts debt structure in Colombia
Gran Tierra Energy has signed a crude oil sale agreement with a $200mn prepayment and amended its Colombian credit facility to improve financial flexibility.

BP restarts Whiting refinery after power outage and fire

Operations at BP’s 440,000 barrel-per-day Whiting refinery have resumed following a temporary shutdown caused by a power outage and a minor fire incident.
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The EU sanctions CNPC units as ESPO pipeline flows remain stable
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —
Hungary seeks to maintain Russian oil imports despite sanctions
Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.

India redirects its diesel to Africa and Brazil ahead of 2026

Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.
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Washington hits Rosneft and Lukoil, EU tightens, Brent climbs
U.S. sanctions targeting Rosneft and Lukoil trigger a rebound in oil, while the European Union prepares a clampdown on liquefied natural gas and maritime logistics, with immediate repercussions for markets and Russia’s export chain.
Brazil awards five offshore oil blocks ahead of COP30
Ten days before COP30, Brazil awarded five offshore oil blocks for over $19mn, confirming its deepwater development strategy despite environmental criticism.

La Libye cible 1,6 million de barils par jour de pétrole d’ici fin 2026

Tripoli mise sur des partenariats avec des majors et jusqu’à 4 milliards $ d’investissements pour relancer sa production pétrolière, malgré un climat politique divisé.
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Niger maintains oil cooperation with China despite growing demands
Niger hardens its stance on energy sovereignty but avoids breaking with China National Petroleum Corporation, its main oil industry partner, in order to safeguard export revenues.
OPEC production uncertainty keeps global oil market from deeper slide
As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.

Galp aims to secure partner for Namibia’s Mopane field by end of 2025

Portuguese energy group Galp plans to finalise a strategic partnership for its offshore oil project Mopane in Namibia before the end of the year.
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Shell faces $2 billion lawsuit in Nigeria ahead of asset divestment
A traditional leader from the Niger Delta is seeking compensation before Shell’s onshore asset sale, citing decades of unaddressed pollution in his kingdom.
Oxford Energy Institute Data Confirms the Dominance of Contrarian Strategies in Oil Trading
The Oxford Energy Institute study shows that signals from weekly positions and the Brent/WTI curve now favor contrarian strategies, in a market constrained by regulation and logistics affected by international sanctions. —

Russia delivers 105,000 tons of crude to new Kulevi refinery

Russian company Russneft has shipped its first oil cargo to Georgia’s newly launched Kulevi refinery, despite the absence of formal diplomatic ties between Moscow and Tbilisi.
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New Stratus enters Brazil with 32.5% oil deal on two blocks
New Stratus Energy has signed a definitive agreement with Vultur Oil to acquire up to 32.5% interest in two onshore oil blocks located in the State of Bahia, Brazil, with an initial investment of $10mn.
Clearview completes sale to listed company for $1.84 per share
Clearview Resources has completed the sale of all its shares to a listed oil company, exiting Canadian financial markets following shareholder and court approval.