Romania: OMV Petrom signs a three-year gas supply contract with Moldova
Romanian oil-and-gas group OMV Petrom signed a contract for three years to deliver gas to Moldova from the Black Sea offshore Neptun Deep project, Romania's Energy Ministry announced on Wednesday. Neptun Deep, a joint venture between OMV Petrom, the Romanian state-owned Romgaz and OMV Petrom, is estimated to contain 100 billion cubic metres of recoverable natural gas and is considered one of Europe's largest gas deposits. Neptun Deep, Romania's largest energy project since it finished its second nuclear reactor nearly two decades ago, is on track to deliver its initial gas by 2027.
Exxon's Guyana oil production rose to 668,000 barrels per day last week
Alistair Routledge of the U.S. After receiving the floating production facility in Guyana waters in February, the group is now working on installing it. The companies produced 627, 000 bpd in March. Data from the energy ministry of the country showed that the average 631,000 BPD achieved during the first quarter is 3% more than the previous year. After the fourth facility has been plugged in, the Exxon consortium will increase its output capacity from 500,000 bpd to 900,000. This will result in increased revenue and royalties to the government.
The former head of Pemex exploration, production and production returns to his position after the surprise departure of his predecessor
Three sources confirmed on Friday that the former head of Mexico's state oil company Pemex, the exploration and production division, has returned to his position after the departure of the previous boss earlier this week. Nestor Martinez replaced Angel Cid Munguia, the former head of Pemex Exploration and Production during the administration of Andres Manuel López Obrador. Three sources familiar with the situation said that Martinez resigned on Wednesday. Two of the sources said Cid Munguia would be returning to his old post immediately.
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender international after accepting Chevron’s interest in two blocks south-west of Crete, and one block near the Peloponnese Peninsula. After winning the licence to search for gas in two more blocks of Crete, an ExxonMobil consortium is evaluating seismic data.
Asian countries are looking to purchase more US energy in order to balance trade imbalance
As they try to reduce their trade surpluses with Washington, Asian governments are buying more U.S. gas and oil in order to ease their tariff burdens due to President Donald Trump’s new import duties. Many Asian countries have large trade surpluses and also are major energy importers. Trump's tariffs have caused economic and market turmoil. Here are some measures Asian countries will take to increase their purchases of U.S. gas and oil. Energy Minister Bahlil lahadalia said to…
Asian countries are looking to purchase more US energy in order to balance trade imbalance
As they try to reduce their trade surpluses with Washington, Asian governments are buying more U.S. gas and oil in order to ease their tariff burdens due to President Donald Trump’s new import duties. Many Asian countries have large trade surpluses and also are major energy importers. Trump's tariffs have shook markets and economies. Here are some measures Asian countries will take to increase their purchases of U.S. gas and oil. Energy Minister Bahlil lahadalia said to local…
Indonesia awarded five oil and gas blocks as it seeks energy security
Indonesia has awarded five oil blocks and gas blocks to various companies, the energy ministry announced on Wednesday. The country is trying to increase its oil reserves and energy security. In the next few years, the government will offer more than 60 oil and natural gas blocks in an effort to reverse the decade-long decline of production. In an online broadcast of Wednesday's awards, Tri Winarno said that the government hoped these auction winners would be able contribute to Indonesian energy security in the future.
Tariff talks: Indonesia proposes an increase of $10 billion in US energy imports
Energy Minister Bahlil Lahadalia said to local media that Indonesia would propose an increase of around $10 billion in its crude oil and liquefied gas imports from the United States as part of its ongoing tariff negotiations. Indonesian officials will be leaving for Washington, D.C. later Tuesday to negotiate proposed U.S. tariffs. Indonesia will buy goods from the U.S. worth between $18 and $19 billion in order to reduce its trade surplus, as well as to avoid a 32% tariff threat on its exports. Bahlil stated that the energy ministry recommends increasing the LPG export quota to the U.S.
Tariff talks: Indonesia proposes an increase of $10 billion in US energy imports
Energy Minister Bahlil Lahadalia said to local media that Indonesia would propose an increase of around $10 billion in its crude oil and liquefied gas imports from the United States as part of its ongoing tariff negotiations. Indonesian officials will be leaving for Washington, D.C. later Tuesday to negotiate proposed U.S. tariffs. Indonesia will buy goods from the U.S. worth between $18 and $19 billion in order to reduce its trade surplus, as well as to avoid a 32% tariff threat on its exports. Bahlil stated that the energy ministry recommends increasing the LPG export quota to the U.S.
OPEC+ will discuss Kazakhstan's output at the Thursday meeting, sources claim
Two delegates said that eight OPEC+ nations meeting on Thursday, will focus on convincing Kazakhstan to stop exceeding their output quota as well as its plans to compensate overproduction while the group increases gradual production. Sources have said that the record Kazakh production has angered other members of OPEC+, including Saudi Arabia. OPEC+ has urged the Central Asian nation, as well as other members of the group, to cut further to compensate for excessive production.
The drilling of the offshore gas project in Romanian Black Sea has begun.
On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz. It holds approximately 100 billion cubic metres of recoverable gas. OMV Petrom, a majority-owned company of Austria's OMV, is the largest shareholder in Neptun Deep.
The EU Commission has told Spain that it will not pay in a long-running case of renewable subsidies
The European Commission gave Spain a win on Monday when it told the country that they would not be paying any compensation for claims in the billions of Euros for renewable energy subsidies cut over a decade earlier. After the conservative government of Spain cut renewables subsidies to reduce an artificially low power tariff deficit that had been built up over years, foreign investors, mainly investment funds, filed a lawsuit against Spain. In 2018, French infrastructure-focused…
Sources: Turkey and Slovakia receive US waiver extensions for gas payments to Russia
Sources told reporters on Thursday that the United States has extended waivers to Turkey and Slovakia for gas payments made to Russia. The extensions will be valid until the end of May. Washington imposed sanctions on Russia's Gazprombank in November over the Ukraine conflict. Gazprombank is one of Russia's largest banks and receives payments from Gazprom customers in Europe for natural gas. The United States granted a waiver to Turkey, Hungary, and Slovakia in December. This removed a major obstacle for them to pay for the Russian gas they receive via the TurkStream pipeline.
Cuba is on track to install fifty solar parks by the end of this year, according to the Ministry
The Energy Ministry announced late Wednesday that Cuba was making progress with a China-backed project to install over 50 solar parks in this year, capable of producing more than 1,000 Megawatts. This comes just days after Cuba's outdated grid collapsed, leaving millions without power. Energy officials released the most detailed report on the progress of the plan, stating that two solar parks were completed in February, one in Havana, and another in Cienfuegos, and six more by the end March.
Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors
The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's office announced that Almasadam Sakaliyev would become the new head of the newly-created atomic agency. Uncertainty remains about who will replace Satkaliyev at the Energy Ministry. Satkaliyev has been the minister since April 2023.
US loans TotalEnergies almost $5 billion for Mozambique's gas project. FT reports
Financial Times reported that the Trump administration released nearly $5 billion to fund a project in Mozambique by France's TotalEnergies for liquefied gas (LNG). Estevao Palae, Mozambique’s Minister for Energy, told Financial Times that the U.S. Export-Import Bank has reapproved a loan of $4.7 billion for the project. Before lifting the force majeure that has been in effect since 2021, you must obtain re-approvals for loans from the United States and UK export credit agencies, as well as the Dutch Export Credit Agency.
Kazakhstan will quickly adjust to OPEC+ quota
The Energy Ministry announced on Wednesday that Kazakhstan would quickly adjust its output to bring it back into line with the OPEC+ quota, after exceeding its limit in February. OPEC had said that Kazakhstan contributed the most to a significant increase in crude production by OPEC+ for February. In February, Kazakhstan produced 1.767 millions barrels of crude oil per day. This is up from 1.570 in January. Its OPEC+ quota amounts to 1.468 millions bpd. "The Republic of Kazakhstan took the necessary steps to compensate for the temporary rise in production.
Indonesia introduces new rules allowing exports of minerals in cases of force majeure
The Indonesian Government has published a regulation that allows mineral companies to export ore unprocessed in situations of force majeure, said the Energy Ministry on Thursday. Indonesia has banned the export of raw minerals by 2023 in order to encourage metals to be processed at home. However, there are some exceptions. One is for miner PT Freeport Indonesia which received a permit to export copper until repairs to its Manyar smelter were completed. Freeport asked the government to renew its export license, which expired at the end last year.
Exports of Israeli natural gas to Egypt and Jordan will increase by 13.4% in 2024
Israel's Energy Ministry said that despite Israel's conflict with the Palestinian militant group Hamas, natural gas exports from Israel to Egypt and Jordan increased by 13.4% between 2024 and 2025. Eli Cohen, Minister of Energy, said that the jump "demonstrates Israel's natural-gas industry as a strategic asset contributing to regional security and stability". Israel has committed to providing natural gas to Europe which is diversifying its energy sources away from Russia after the invasion of Ukraine. Cohen stated that his policy was to maximize Israel's natural-gas reserves.
Romanian government extends the energy price cap
Marcel Ciolacu, Romania's Prime Minister, announced on Thursday that the coalition government would extend the price cap for electricity to households and businesses up until June, and for gas, for one year. This is in order to protect consumers from recent increases in energy prices. Since November 2021, Romania caps gas and electricity bills for households, small business, hospitals, schools, and public institutions at certain monthly consumption levels, and compensates suppliers for any difference. The scheme was modified several times, and it was set to expire by the end of march.
