Oil prices climbed, driven by Ukrainian strikes on Russian infrastructure and the lack of diplomatic progress between Moscow and Washington over the Ukraine conflict.
Chevron has announced a capital expenditure range of $18 to $19 billion for 2026, focusing on upstream operations in the United States and high-potential international offshore projects.
ExxonMobil is shutting down its oldest ethylene steam cracker in Singapore, reducing local capacity to invest in its integrated Huizhou complex in China, amid regional overcapacity and rising operational costs.
Brazil, Guyana, Suriname and Argentina are expected to provide a growing share of non-OPEC+ oil supply, backed by massive offshore investments and continued exploration momentum.
The revocation of US licences limits European companies’ operations in Venezuela, triggering a collapse in crude oil imports and a reconfiguration of bilateral energy flows.
Bourbon has signed an agreement with ExxonMobil for the charter of next-generation Crewboats on Angola’s Block 15, strengthening a strategic cooperation that began over 15 years ago.
Faced with tighter legal frameworks and reinforced sanctions, grey fleet operators are turning to 15-year-old VLCCs and scrapping older vessels to secure oil routes to Asia.
Reconnaissance Energy Africa completed drilling at the Kavango West 1X onshore well in Namibia, where 64 metres of net hydrocarbon pay were detected in the Otavi carbonate section.
CNOOC Limited has started production at the Weizhou 11-4 oilfield adjustment project and its satellite fields, targeting 16,900 barrels per day by 2026.
The Adura joint venture merges Shell and Equinor’s UK offshore assets, becoming the leading independent oil and gas producer in the mature North Sea basin.
A Delaware court approved the sale of PDV Holding shares to Elliott’s Amber Energy for $5.9bn, a deal still awaiting a U.S. Treasury licence through OFAC.
A new $100mn fund has been launched to support Nigerian oil and gas service companies, as part of a national target to reach 70% local content by 2027.
Western measures targeting Rosneft and Lukoil deeply reorganise oil trade, triggering a discreet yet massive shift of Russian export routes to Asia without causing global supply disruption.
The Nigerian Upstream Petroleum Regulatory Commission opens bidding for 50 exploration blocks across strategic zones to revitalise upstream investment.
La Nigerian Upstream Petroleum Regulatory Commission ouvre la compétition pour 50 blocs d’exploration, répartis sur plusieurs zones stratégiques, afin de relancer les investissements dans l’amont pétrolier.
Serbia's only refinery, operated by NIS, has suspended production due to a shortage of crude oil, a direct consequence of US sanctions imposed on its majority Russian shareholder.
Crude prices increased, driven by rising tensions between the United States and Venezuela and drone attacks targeting Russian oil infrastructure in the Black Sea.
Amid persistent financial losses, Tullow Oil restructures its governance and accelerates efforts to reduce over $1.8 billion in debt while refocusing operations on Ghana.
The Iraqi government is inviting US oil companies to bid for control of the giant West Qurna 2 field, previously operated by Russian group Lukoil, now under US sanctions.
Two tankers under the Gambian flag were attacked in the Black Sea near Turkish shores, prompting a firm response from President Recep Tayyip Erdogan on growing risks to regional energy transport.
Serbia is preparing a budget law amendment to enable the takeover of NIS, a refinery under US sanctions and owned by Russian groups, to avoid an imminent energy shutdown.
Nigeria’s Dangote refinery selects US-based Honeywell to supply technology that will double its crude processing capacity and expand its petrochemical output.
Iraq secures production by bypassing US sanctions through local payments, energy-for-energy swaps, and targeted suspension of financial flows to Lukoil to protect West Qurna-2 exports.
Restarting Olympic Pipeline’s 16-inch line does not restore full supply to Oregon and Seattle-Tacoma airport, both still exposed to logistical risks and regional price tensions.
Faced with tightened sanctions from the United States and European Union, Indian refiners are drastically reducing their purchases of Russian crude from December, according to industry sources.
Glencore's attributable production in Cameroon dropped by 31% over nine months, adding pressure on public revenues as Yaoundé revises its oil and budget forecasts amid field maturity and targeted investment shifts.
The profitability of speculative positioning strategies on Brent is declining, while contrarian approaches targeting extreme sentiment levels are proving more effective, marking a significant regime shift in oil trading.
Alaska is set to record its highest oil production increase in 40 years, driven by two key projects that extend the operational life of the TAPS pipeline and reinforce the United States' strategic presence in the Arctic.
TotalEnergies and Chevron are seeking to acquire a 40% stake in the Mopane oil field in Namibia, owned by Galp, as part of a strategy to secure new resources in a high-potential offshore basin.
The reduction of Rosneft’s stake in Kurdistan Pipeline Company shifts control of the main Kurdish oil pipeline and recalibrates the balance between US sanctions, export financing and regional crude governance.
Russian group Lukoil seeks to sell its assets in Bulgaria after the state placed its refinery under special administration, amid heightened US sanctions against the Russian oil industry.
US authorities will hold a large offshore oil block sale in the Gulf of America in March, covering nearly 80 million acres under favourable fiscal terms.
Sonatrach awarded Chinese company Sinopec a contract to build a new hydrotreatment unit in Arzew, aimed at significantly increasing the country's gasoline production.
The American major could take over part of Lukoil’s non-Russian portfolio, under strict oversight from the U.S. administration, following the collapse of a deal with Swiss trader Gunvor.
Finnish fuel distributor Teboil, owned by Russian group Lukoil, will gradually cease operations as fuel stocks run out, following economic sanctions imposed by the United States.
ExxonMobil will shut down its Fife chemical site in February 2026, citing high costs, weak demand and a UK regulatory environment unfavourable to industrial investment.
Polish state-owned group Orlen strengthens its North Sea presence by acquiring DNO’s stake in Ekofisk, while the Norwegian company shifts focus to fast-return projects.
The Syrian Petroleum Company has signed a memorandum of understanding with ConocoPhillips and Nova Terra Energy to develop gas fields and boost exploration amid ongoing energy shortages.
