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Jérémy Thigpen

Lukoil shuts down 430 petrol stations in Finland under US sanctions pressure
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.
Exxon to close its ethylene plant in Scotland amid market pressures
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.

Orlen acquires 7.6% of Ekofisk project as DNO reallocates assets

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.
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Syria signs strategic oil deal with ConocoPhillips and Nova Terra Energy
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.
Fincraft offers revised C$1.75 per share bid to acquire Tethys Petroleum
Fincraft Group LLP, a major shareholder of Tethys Petroleum, submitted a non-binding proposal to acquire all remaining shares, offering a 106% premium over the September trading price.

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.
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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.

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.
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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.

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.
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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.

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.
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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.

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.
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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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Novatek sells liquefied gas with 40% discount to China despite sanctions
Europeans tighten the noose around Iran with targeted IAEA resolution
Berlin approves strategic minority stake in TenneT Germany
Lhyfe signs contract to supply 200 tonnes of certified renewable hydrogen
Lukoil shuts down 430 petrol stations in Finland under US sanctions pressure
Trump to auction 80 million offshore acres and plans Alaska lease sale
The Trump administration will launch on December 10 a major oil lease sale in the Gulf of Mexico, with a second auction scheduled in Alaska from 2026 as part of its offshore hydrocarbons expansion agenda.
ConocoPhillips raises dividends despite soaring Willow project costs
The US group increased its dividend and annual production forecast, but the $1.5bn rise in costs for the Willow project in Alaska is causing concern in the markets.

Saturn Oil & Gas boosts performance through acquisitions and financial discipline

Canadian producer Saturn Oil & Gas exceeded its production forecast in the third quarter of 2025, driven by a targeted investment strategy, debt reduction and a disciplined shareholder return policy.
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Aker Solutions secures five-year contract with ExxonMobil Canada for Hebron platform
Aker Solutions has secured a five-year brownfield maintenance contract extension with ExxonMobil Canada, reinforcing its presence on the East Coast and workforce in Newfoundland and Labrador.
Diamondback Energy generates $1.8bn in free cash flow in Q3 2025
With average oil production of 503,750 barrels per day, Diamondback Energy strengthens its profitability and continues its share buyback and strategic asset divestment programme.

International Petroleum accelerates Blackrod and completes USD 450mn bond refinancing

International Petroleum Corporation exceeded its operational targets in the third quarter, strengthened its financial position and brought forward production from its Blackrod project in Canada.
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DNO strengthens position in Verdande through asset swap with Aker BP
Norwegian firm DNO increases its stake in the developing Verdande field by offloading non-core assets to Aker BP in a cash-free transaction.
TAG Oil secures three-year extension to evaluate BED-1 oil field in Egypt
TAG Oil extends the BED-1 evaluation period until October 2028, committing to drill two new wells before deciding on full-scale development of the Abu Roash F reservoir.

Expro deploys its ELITE Composition™ service on offshore well in Cyprus

Expro delivered its new on-site fluid analysis service for a major oil operator in Cyprus, cutting turnaround times from several months to just hours during an exploration drilling campaign in the Eastern Mediterranean.
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Sinopec signs $40.9bn in deals during 2025 China International Import Expo
Sinopec finalised supply agreements worth $40.9bn with 34 foreign companies at the 2025 China International Import Expo, reinforcing its position in the global petroleum and chemical trade.
Gunvor rules out resale of Lukoil assets to Russia after acquisition
Commodities trader Gunvor confirmed that the assets acquired from Lukoil will not return under Russian control, despite potential sanction relief, amid growing regulatory pressure.

Esso France shareholders approve sale to North Atlantic and €774mn dividend

Esso France shareholders, mostly controlled by ExxonMobil, approved the sale to Canadian group North Atlantic and a €774mn special dividend set for payment on 12 November.
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Marathon Petroleum Misses Its Targets Due to Increased Maintenance Costs
Marathon Petroleum missed its adjusted profit forecast for Q3 due to a significant rise in maintenance costs, despite stronger refining margins, sending its shares down more than 7% in pre-market trading.
TotalEnergies forecasts rising oil demand until 2040 despite energy transition slowdown
TotalEnergies anticipates a continued increase in global oil demand until 2040, followed by a gradual decline, due to political challenges and energy security concerns slowing efforts to cut emissions.

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.
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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.