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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.

IEA revives oil scenario with no peak before 2050, shaking up markets

The International Energy Agency’s “Current Policies Scenario” anticipates growing oil demand through 2050, undermining net-zero pathways and intensifying investment uncertainty globally.
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Saudi Arabia adjusts crude price to defend market share in Asia
Saudi Aramco cuts its official selling price for Arab Light crude in Asia, responding to Brent-Dubai spread pressure and potential impact of US sanctions on Russian oil.
Petrobras strengthens its grip on Brazil’s spot gasoline market after Refit and SSOil exit
The removal of two Brazilian refiners and Petrobras’ pricing offensive reshuffle spot volumes around Santos and Paranaguá, shifting competition ahead of a planned tax increase in early 2026.

Morrison wins major Shell contract for oil facility in Louisiana

Shell Pipeline has awarded Morrison the construction of an elevated oil metering facility at Fourchon Junction, a strategic project to strengthen crude transport capacity in the Gulf of Mexico.
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Former minister Timipre Sylva wanted over alleged $14.8mn diversion in Nigeria
An arrest warrant has been issued against Timipre Sylva over the alleged diversion of public funds intended for a modular refinery. This new case further undermines governance in Nigeria’s oil sector.
Sofia activates emergency plan as US sanctions on Lukoil approach
With only 35 days of gasoline left, Bulgaria is accelerating measures to secure supply before US sanctions on Lukoil take effect on November 21.

Russia begins withdrawal from NIS to circumvent US sanctions

Russia is negotiating the sale of its stake in Serbian oil company NIS as US sanctions threaten the operations of the company, which plays a key role in Serbia’s economy.
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TotalEnergies, QatarEnergy and Petronas receive exploration licence offshore Guyana
TotalEnergies, QatarEnergy and Petronas have signed a production sharing contract to explore the offshore S4 block in Guyana, marking a new step in the country’s opening to operators beyond ExxonMobil.
India turns to Angolan oil to bypass Russian constraints
India boosts crude imports from Angola amid tightening U.S. sanctions on Russia, seeking low-risk legal diversification as scrutiny over cargo origins increases.
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India signs major US LPG deal under diplomatic pressure
ConocoPhillips reveals major new gas discovery offshore Australia
India and Russia strengthen nuclear cooperation with new projects
Chandra Asri secures $750mn from KKR to acquire Exxon’s fuel stations in Singapore
HyperStrong secures 200 GWh of CATL batteries in ten-year strategic agreement
Western sanctions disrupt Lukoil’s international operations
Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.
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.
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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.
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.
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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.
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.
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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.
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.
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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.
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.
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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.
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.
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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.
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.