Chinese investment in Benin

A Syrian vessel carrying 640,000 barrels of crude has docked in Italy, marking the country’s first oil shipment since the civil war began in 2011, amid partial easing of US sanctions.
Canadian crude shipments from the Pacific Coast reached 13.7 million barrels in August, driven by a notable increase in deliveries to China and a drop in flows to the US Gulf Coast.

Oil and gas to remain dominant in global energy mix through 2050

Faced with rising global electricity demand, energy sector leaders are backing an "all-of-the-above" strategy, with oil and gas still expected to supply 50% of global needs by 2050.
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London has expanded its sanctions against Russia by blacklisting 70 new tankers, striking at the core of Moscow's energy exports and budget revenues.
Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.

Vallourec signs $1bn contract with Petrobras for Brazilian offshore operations

French steel tube manufacturer Vallourec has secured a strategic agreement with Petrobras, covering complete offshore well solutions from 2026 to 2029.
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Increased output from Opec+ and non-member producers is expected to create a global oil surplus as early as 2025, putting pressure on crude prices, according to the International Energy Agency.
The Brazilian company expands its African footprint with a new offshore exploration stake, partnering with Shell and Galp to develop São Tomé and Príncipe’s Block 4.

Drone strikes major Bachneft refinery in Ufa, fire breaks out

A drone attack on a Bachneft oil facility in Ufa sparked a fire with no casualties, temporarily disrupting activity at one of Russia’s largest refineries.
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The divide between the United States and the European Union over regulations on Russian oil exports to India is causing a drop in scheduled deliveries, as negotiation margins tighten between buyers and sellers.
Against market expectations, US commercial crude reserves surged due to a sharp drop in exports, only slightly affecting international prices.

Russia increases oil exports from western ports by 11% in September

Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
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QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.

Union strike threatens fuel deliveries from Dangote refinery

Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
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Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.

Vantage Drilling signs 260-day contract for the Platinum Explorer

Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
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Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Saudi and Iraqi exporters halted supplies to Nayara Energy, forcing the Rosneft-controlled Indian refiner to rely solely on Russian crude in August.
BW Offshore has been chosen by Equinor to supply the FPSO unit for Canada’s Bay du Nord project, marking a key milestone in the advancement of this deepwater oil development.

Heirs Energies revives OML 17 and targets 100,000 barrels per day production

Heirs Energies doubled production at the OML 17 block in one hundred days and aims to reach 100,000 barrels per day, reinforcing its investment strategy in Nigeria’s mature oil assets.
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Budapest plans to complete a new oil link with Belgrade by 2027, despite risks of dependency on Russian flows amid ongoing strikes on infrastructure.
TotalEnergies and its partners have received a new oil exploration permit off Pointe-Noire, strengthening their presence in Congolese waters and their strategy of optimising existing infrastructure.

India defends Russian oil purchases amid Western criticism

India’s oil minister says Russian crude imports comply with international norms, as the United States and European Union impose new sanctions.
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Strathcona Resources plans to acquire an additional 5% of MEG Energy’s shares and confirms its opposition to the company’s sale to Cenovus Energy.
Two drone strikes hit Heglig in August, disrupting the strategic Nile Blend export hub and increasing the vulnerability of Sudanese and South Sudanese oil flows.

China accelerates oil production despite slowing imports

China’s oil production has surged since 2019, driven by national companies and government support, while import dependency remains high.
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Commercial crude oil inventories fell more than expected in the United States, while gasoline demand crossed a key threshold, offering slight support to crude prices.
The United States extends a 30-day reprieve to NIS, controlled by Gazprom, as Serbia seeks to maintain energy security amid pressure on the Russian energy sector.

CNOOC Limited records 6.1% increase in production for H1 2025

With net output reaching 384.6 million barrels of oil equivalent, CNOOC Limited continues its expansion, strengthening both domestic and international capacities despite volatile crude oil prices.
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The Daenerys oil discovery could increase Talos Energy’s proved reserves by more than 25% and reach 65,000 barrels per day, marking a strategic shift in its Gulf of Mexico portfolio.
The United States will apply 50% tariffs on Indian exports in response to New Delhi’s purchases of Russian oil, further straining trade relations between the two partners.

The global petrochemical filtration market will reach $6.76bn by 2030

Rising energy demand is driving investments in petrochemical filtration, a market growing at an average annual rate of 5.9% through 2030.
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Chevron has opened talks with Libya’s National Oil Corporation on a possible return to exploration and production after leaving the country in 2010 due to unsuccessful drilling.
The Impact Assessment Agency of Canada opens public consultation on its 2024-2025 draft monitoring report for offshore oil and gas exploratory drilling off Newfoundland and Labrador.

Cenovus acquires MEG Energy for $7.9 billion in strategic deal

Cenovus Energy announces the acquisition of MEG Energy through a mixed transaction aimed at strengthening its position in oil sands while optimizing cost structure and integrated production.
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Vantage Drilling International Ltd. extends the validity of its conditional letter of award until August 29, without changes to the initial terms.
Libya is preparing to host an energy forum in partnership with American companies to boost investment in its oil and gas sectors.