Energy policy

Prax Group files for insolvency in the UK after losses at Lindsey refinery
British company Prax Group has filed for insolvency, putting hundreds of jobs at its Lindsey oil site at risk, according to Sky News.
Orlen ends Russian oil purchases for Czech refinery after contract expiry
Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.

Adura becomes the leading independent oil and gas producer in the North Sea

Equinor and Shell launch Adura, a new joint venture consolidating their main offshore assets in the United Kingdom, aiming to secure energy supply with an expected production of over 140,000 barrels of oil equivalent per day.
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Equinor discovers up to 15 mn barrels of oil at Johan Castberg in the Barents Sea
Equinor announces a new oil discovery estimated at between 9 and 15 mn barrels at the Johan Castberg field in the Barents Sea, strengthening the reserve potential in Norway's northern region.
Sierra Leone launches extensive offshore oil exploration with 60 potential blocks
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.

Zambia restructures petroleum logistics to stabilise energy supply

Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
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Grangemouth Closure: UK Oil Stocks at Highest Level in Three Years
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy reports 27% increase in annual profit
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.

S&P downgrades Ecopetrol to BB, Moody’s maintains Ba1 rating

S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
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Shell officially rules out any takeover offer for rival BP
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
Chinese independent refiners poised to increase fuel oil imports
The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.

Petro-Victory launches fully-funded drilling campaign in Brazil

Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
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Port of Corpus Christi expands capacity for large oil tankers
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust puts Prudhoe Bay royalty up for sale
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.

CNOOC partners with KazMunayGas to explore the Zhylyoi subsoil area

CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
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Trump authorizes China to buy Iranian oil, shaking global oil markets
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
Canadian oil sands production poised to reach record high
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.

Enbridge Considers Adding Capacity to Export More Oil to Gulf Coast

Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.
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US oil stocks fall by 3.1 mn barrels, surprising markets
US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.
UK reserves underestimated, GBP 165 billion opportunity according to Offshore Energies UK
The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.
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France and Norway formalize an agreement on cross-border CO₂ transport
Chinese independent refiners poised to increase fuel oil imports
Jinko ESS and Metlen sign 3GWh battery storage deal for Chile, Europe
Invenergy and Meta expand US portfolio with an additional 791 MW
France: Générale du Solaire inaugurates 20 MWc floating solar plant in Alsace
European Union Hesitates to Independently Lower Russian Oil Price Cap
Facing anticipated refusal from G7 countries to lower the Russian oil price cap to $45, the European Union weighs its options, leaving global oil markets awaiting the next European sanctions.
Dangote opens its refinery to Nigerian distributors starting August 15
Starting August 15, the Dangote refinery will directly supply gasoline and diesel to Nigerian distributors and industries, expanding its commercial outlets and significantly reshaping the energy landscape of Africa's leading oil producer.

Hydrocarbon pollution: Rømø closes beaches at peak tourist season

The sudden appearance of hydrocarbon clusters has forced the closure of beaches on the Danish island of Rømø, triggering an urgent municipal investigation and clean-up operation to mitigate local economic impact.
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Cenovus Energy restarts full production at Christina Lake site
Canadian company Cenovus Energy has fully resumed oil sands production at its Christina Lake site following a wildfire-related shutdown in Alberta.
CGC launches Vaca Muerta project and bets on heavy crude
Argentine company Compañía General de Combustibles is starting operations in the Vaca Muerta shale basin while boosting heavy crude production due to strong local demand and rising prices.

Nigeria struggles to secure $5 billion loan from Aramco

Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.
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Italiana Petroli to Decide Buyer by Late June for Estimated €3 Billion Sale
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.
ExxonMobil tops upstream explorer ranking according to Wood Mackenzie
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.

Petronas cuts 5,000 jobs and exposes contradictions in its African operations

Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.
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Kremlin Warns of Global Impact from New Russian Oil Price Cap
The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.
Libya Hits 12-Year Oil Peak Despite Ongoing Political Instability
Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.

Two powerful financial algorithms now dictate global oil prices

According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
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DNO raises $400mn in hybrid bonds to refinance Sval Energi’s debt
Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.
Petrobras enters exclusive talks for nine offshore blocks in Côte d’Ivoire
The Brazilian oil group secured approval from Abidjan to begin negotiations for exploring nine deepwater blocks as part of its business partnerships strategy in Africa.

Shell Shuts Unit After Fire at Its Ethylene Cracker in the U.S.

Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.
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Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL
Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.
Vallourec completes acquisition of Thermotite do Brasil from Mattr
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.

US crude oil inventories fall by 4.3 million barrels

Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
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TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
SBM Offshore sells its stake in FPSO Aseng to GEPetrol
SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.

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