Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that they each acquired a 42.5% share in an offshore Namibia exploration license. The firms are looking to develop oil at one of the last frontiers in exploration. Maravilla Oil and Gas and Eight Offshore Investments Holdings acquired the stakes of the PEL104 license. Both majors have been 'partners' in Brazil oil assets for over a decade.
As the Gulf crisis spills over into business, some UAE companies withdraw from Saudi defence show
Two sources who are directly involved in the matter have confirmed that some UAE companies pulled out of the'major defence exhibition' taking place in Saudi Arabia. This is the latest indication of the rift between two Gulf oil giants which has now impacted business interests. The World Defense Show will take place from 8-12 February in Riyadh, the Saudi capital. It wasn't immediately clear whether all UAE participants in the country pavilion were withdrawn. The Saudi government's media office and the UAE's foreign ministry did not immediately comment on this issue.
Bunge's forecast profit is below estimates due to trade and biofuel uncertainties
Bunge Global, the world's biggest oilseed processor, forecast lower-than expected profit in 2026 on Wednesday. The company is navigating commodity market volatility as well as?tight?margins that took a toll last year. Bunge, a Missouri-based company, reported its lowest adjusted annual profit and fourth quarter since 2019 although both exceeded consensus analyst's estimates. Analysts characterized the outlook as "conservative", but it will likely improve in the second half of the year once U.S. biofuel policies are finalized. Arun Sundaram is a CFRA Research senior equity analyst.
Data shows that Indonesia imported Russian Sakhalin crude oil in December and January.
Ship tracking data revealed on Tuesday that Indonesia imported two cargoes in December and in January of Russian oil. These purchases were rare for the Southeast Asian nation and could be a sign of Russian oil sellers looking to expand their market in response to pressure from other buyers. The Kpler & Vortexa imports came as a result of a decline in demand for Russian crude oil from India. India is one of the largest buyers of Russian oil. The U.S. president Donald Trump announced Monday that India agreed to stop purchasing Russian oil as part of an agreement with the United States.
OPEC+ agrees that oil production will remain unchanged despite Iran tensions
OPEC+ decided to keep its oil production unchanged for March during a meeting on Sunday, the producer group reportedly said. This was despite crude prices hitting six-month highs due to fears that the U.S. might launch a military attack on OPEC's member Iran. Brent crude oil closed at $70 a barge on Friday, near the $71.89 high it reached on Thursday. The eight OPEC+ member countries met as prices rose to a six-month peak. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq, Algeria…
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ agreed to?maintain a?steady?oil output during its Sunday meeting, according to an OPEC+ delegates and a source who was familiar with the talks. This is despite the political tensions that exist between Saudi Arabia and UAE and the capture by the U.S. of Venezuela's president. The eight members of OPEC+ who pump about half a world's oil will meet on Sunday after oil prices dropped more than 18% between 2025 and 2020, their steepest annual drop since 2010. Saudi Arabia, Russia and the UAE along with Kuwait, Iraq…
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ delegates reportedly said that despite the political tensions between Saudi Arabia and the UAE?and U.S. capture the president of smaller producer 'Venezuela,' OPEC+ is likely to maintain steady oil production at its Sunday meeting. The OPEC+ meeting on Sunday, which includes eight members who pump about half of the world's crude oil, was called after oil prices dropped more than 18% between 2025 and 2020, their biggest drop in a year since then, amid concerns over an increasing oil supply. Saudi Arabia, Russia and the UAE along with Kazakhstan…
US EXIM will invest $100 billion in order to secure vital mineral supplies, FT reports
John Jovanovic, chair of the U.S. Export-Import Bank, told The Financial Times that the bank will invest $100 billion in order to secure U.S. supply chains and those of its allies for essential minerals, nuclear energy, and liquefied gas. Jovanovic, a journalist, told the paper that the first deal will cover projects in Egypt and Pakistan, as well as Europe. He added that the West is overly dependent on the supply of these essential materials, which "are not fair". Jovanovic told The FT that early deals for the…
Exxon lifts force majeure on LNG project in Mozambique
Exxon Mobil may lift force majeure for a $30 billion liquefied gas project in Mozambique, according to CEO Darren Woods. Woods made the announcement during a Friday earnings call. Woods, who is referring to a French energy company that is developing an adjacent, but related, project, said: "Total has lifted their force majeure. Reports earlier this week stated that Exxon could not make a final decision on the project called Rovuma until TotalEnergies resumes its work following a force majeure lifted by it four years ago, which was caused by an insurgent attack linked to Islamists.
TotalEnergies says the Mozambique Liquefied Natural Gas project cost has risen to $4.5 billion
TotalEnergies told Mozambique in a letter that costs for its LNG project had risen $4.5 billion over the past four years. It also wants to extend its production agreement by 10 years. The French oil giant confirmed Saturday that it, along with its partners, had decided to lift the force majeure for this project. It was stopped in 2021 due to an islamist militant attack. Before construction can resume, Mozambique’s Council of Ministers must approve an updated budget. The oil and gas regulator of Southern Africa is preparing its own estimate for the additional costs associated with this project.
Sources say that OPEC+ is planning to increase oil production in November.
Three sources familiar with the discussions said that OPEC+ is likely to approve another increase in oil production of at least 137,000 bbls per day during its meeting on Sunday. The group's desire to gain market share has been boosted by the rising price of oil, they added. OPEC+ reversed its April strategy of production cuts and has already increased quotas to more than 2,500,000 barrels per day. This represents about 2.4% world demand. The goal is to increase market share, and to do so, they have been under pressure by U.S. president Donald Trump, who wants to lower oil prices.
Germany's SEFE allocates three TWh of the auction volume to Rehden Gas Storage
SEFE, a German gas company, announced on Wednesday that it has allocated the full volume of working gas it offered in an auction to its Rehden facility located in northern Germany. SEFE Storage announced in a press release that it has allocated storage capacity of 3 TWh in underground storage Rehden, on the PRISMA platform. The wholesale energy market is keen to know whether the gas reserves are being built in Germany sufficiently ahead of winter. Germany is Europe's largest storage location. Internet data from European operator GIE revealed that German storage units were 62.5% filled at the start of this week…
Freeport LNG export facility in Texas returns to service on Monday according to LSEG data
Freeport LNG, a U.S. liquefied gas company, had its Texas export plant take on more natural gases on Monday. This was a sign the plant had recovered from an outage that occurred over the weekend. Freeport LNG is one of the most closely monitored LNG export facilities in the world, as the start and end of its operations can cause price fluctuations on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decline due to a lower demand for fuel from the export facility. Prices in Europe are usually higher due to the drop in LNG supply available from the plant to global markets.
Qatar cut EU LNG supply over sustainability law, shows letter
Qatar threatened to stop gas deliveries to the European Union as a response to the bloc’s due diligence laws on forced labor and environmental damage. A letter sent by Qatar to the Belgian Government, which was seen by, revealed this. Qatar is the third largest LNG exporter in the world, after the United States of America and Australia. Since the Russian invasion of Ukraine in 2022, it has supplied between 12% to 14% of Europe’s LNG. In a May 21 letter to the Belgian Government, Qatari Energy Minister Saad Al-Kaabi stated that the country was responding to the EU Corporate Sustainability Due Diligence Directive (CSDDD)…
EU solar energy deployment declines for the first time in a decade due to subsidy cuts
Industry data revealed on Thursday that the European Union's solar energy expansion is set to experience its first annual decline in over a decade as some governments cut subsidies for rooftop panels. This trend is a reflection of the shifting priorities in Europe, as some countries have reduced their support for green energy or measures to reduce pollution from budgets that are already stretched due to spending on local industries and defence. SolarPower Europe, an industry association, said that the EU is on course to install 64.2 Gigawatts (GW) of new solar power capacity by 2025.
Saudi Aramco may soon issue Islamic bonds as a prospectus suggests
Saudi Aramco published a prospectus for a programme to issue Islamic bonds, or sukuk. This indicates that the state oil giant may tap debt markets soon after raising $5 billion in a three-part sale of bonds this week. The prospectus submitted to the London Stock Exchange, where the sukuk will be listed, dates May 30. Aramco is allowed to issue sukuk for a period of one year under the terms. Aramco raised $5 billion earlier this week through the sale of conventional bonds. The borrower is Aramco, which has seen its profits eroded by economic uncertainty and increased supply on the crude market.
Haddad, Brazil's Haddad, supports research on oil deposits near the mouth of Amazon
Fernando Haddad, the Finance Minister of Brazil, said that while the search for oil near the mouth the Amazon River must continue in Brazil, any discoveries made should not slow down the country's transition towards cleaner energy. The mouth of the Amazon, a vast area stretching between Rio Grande do Norte (Northern Brazil) and Amapa (Southern Brazil), is the area that has the most potential for oil discovery in Brazil's Equatorial Margin. "I'm in favor of doing research. I think it is important to find out what there is.
State planner: China will continue to build coal plants until 2027.
According to guidelines released by the government on Monday for upgrading the coal power grid, China will continue to build coal-fired plants in areas where they are required to meet peak demand or stabilize the grid. This policy could raise questions regarding China's commitment in phasing out coal usage during the period 2026-2030, even though it states that new coal projects are a backup for renewable energy whose output is dependent on sun and wind conditions. According to the guidelines issued by the state planners and energy regulators…
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp. The average contract lasts 12 years. The firm stated that some of the 10 transactions were made public last year, but not all. The firm did not disclose the value of these deals.
After gas cutoff, the breakaway region of Moldova faces prolonged blackouts
Local authorities reported that Saturday saw a longer period of rolling power outages in Transdniestria (the pro-Russian breakaway region of Moldova), which is now without Russian gas because it no longer transits through Ukraine. The flow of Russian gas through Ukraine into central and eastern Europe ceased on New Year's Day, after the transit agreement between the two warring nations expired and Kyiv refused a renewal. Transdniestria is a predominantly Russian-speaking enclave that has lived alongside Moldova since it broke away in the final days of Soviet rule.