Qatar is hopeful that the EU will solve corporate concerns about sustainability laws within a year.
Qatar's Energy minister Saad Al-Kaabi stated on Saturday that he hoped the European Union will resolve concerns about its sustainability laws before the end of December. Qatar has expressed its dissatisfaction with the EU Corporate Sustainability Due Diligence (CSDDD), and has threatened gas supply. The dispute revolves around CSDDD’s ability to fine violators as much as 5% of their total global revenue. Qatar will not meet its net-zero emission targets, the minister has said repeatedly. Kaabi predicted that global gas demand will remain strong.
Baker Hughes reports that US drillers have added rigs to their fleet for the fourth time in just five weeks.
Baker Hughes, a leading energy services company, said that U.S. companies added drilling rigs this week for the fourth time within five weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending December 5. This is its highest level since late November. Baker Hughes reported that oil rigs increased by six this week to 413, the highest level since late November. Gas rigs, on the other hand, fell by one, to 129, which is their lowest level since late November. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Petrobras, Brazil's state-owned oil company, says that it could begin Sudoeste de Tartaruga Verde in just two years.
Sylvia Anjos said that Brazil's Petrobras may begin producing oil at the Sudoeste de Tartaruga verde block within two years. In November, the firm discovered the block in Brazil's Campos Basin. Anjos described the discovery as "marvelous" on the sidelines an event in Rio de Janeiro. Anjos explained that the tight timeline for production would be possible due to Petrobras's plan not to commission a floating vessel to develop the well but instead to connect it with an offshore unit nearby through a subsea cable. Petrobras has reduced its investments in the business plan for 2026-2030, partly due to lower Brent oil prices.
Chevron plans to deploy rigs in 2026, and participate in the Nigerian oil license auction.
Chevron announced on Friday that it would participate in the next round of oil licensing in Nigeria and plan to deploy a drill rig by late 2026 in order to expand its operations in Africa's largest energy producer. Jim Swartz said that the company aims at growing its footprint in Nigeria. He cited improved regulatory clarity as a result of the Petroleum Industry Act. "We will be participating in the next licensing round." Swartz, after meeting with the upstream regulator, told reporters that his intention was to continue growing in Nigeria. The licensing rounds in Nigeria are part of an effort to boost production and attract investment after years of underinvestment.
Hungarian energy company MVM is ready to phase out Russian Gas if necessary
Hungary's MVM state-owned group can still supply gas to the country even if Russian imports are stopped, but prices will probably rise, according to its chief executive. As part of a move to reduce the EU's energy dependence on Moscow over decades, the European Union decided on Wednesday to stop importing Russian gas by 2027. Short-term pipeline gas contracts will be affected as early as June 2026. Hungary, a landlocked country, opposes this move and has said that it will challenge the legislation before the EU Court of Justice. Karoly Matrai is the CEO of MVM.
Romanian Brazi Power Plant resumes operation after being shut down by the state
Romanian energy company OMV Petrom is majority owned by Austrian OMV. Its 860 MW, gas-fired Brazi Power Plant has resumed operation after being forced to close due to water restrictions in the Paltinu Dam, which it relies on. According to the company, Brazi's power plant will soon be operating at full capacity. The plant supplies about 10% of the electricity in the country. The Energy Ministry said that 300 MW had been reconnected with the national grid. The plant was operating at a reduced capacity since November 30, and shut down completely on Tuesday. This forced the Energy Ministry to look for alternative sources of power, mostly hydroelectric and lignite fueled plants.
EUROPE GAS - European prices drop on warmer and windier weather
The Dutch and British gas price continued to drop on Friday as the forecast of warmer and windier weather for next week reduced demand and tightened up the spread between United States gas delivery and Dutch prices. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.32 euros, or $9.26/mmBtu at 1025 GMT. Data showed that the U.S. Henry Hub front-month contract fell by 0.10 euros to 14.73 euros/MWh or $5.03/mmBtu. The U.S. Natural Gas Futures are trading at 35-month highs, on the back of near-record gas flows to LNG export plants. Extreme cold is also driving up heating demand and reducing the gap between EU and U.S. markets.
Sources say that India's ONGC is moving closer to retaining 20% of the Sakhalin-1 project in Russia.
Three sources familiar with this matter have confirmed that India's Oil and Natural Gas Corp. will pay into Russia’s Sakhalin-1 abandonment fund using the frozen dividends of Indian companies to retain a 20% stake in the Sakhalin-1 project. ONGC Videsh Ltd., the overseas investment arm for India's largest explorer ONGC and other state-run Indian firms, have been unable to repatriate around $800 million of dividends on stakes in Russian assets, according to industry sources. Sources said that ahead of the visit by Russian President Vladimir Putin to New Delhi…
Chevron's Gorgon project receives $2 billion investment approval
The Australian unit, owned by the U.S. oil company Chevron, announced on Friday that partners in the Gorgon Joint Venture had sanctioned the A$3 Billion ($1,98 Billion) Gorgon Stage 3 Development off the northwest coast of Western Australia. The project will serve as a backfill to the LNG export concern, and will connect the offshore Geryon & Eurytion gas fields with Gorgon's infrastructure on Barrow Island. Chevron plans to drill up to 40 wells in seven fields, with a field life of 2070. Chevron submitted its project proposal to the offshore environmental regulator in August 2024. The proposal was then accepted by them in November after they received public comments.
Florida lawmakers ask Trump to reject drilling on the western coast of Florida
Florida's entire U.S. Congress delegation urged President Donald Trump on Thursday to exclude their state from a plan of his administration to expand drilling for oil and gas to new coastal areas. They said it would threaten Florida's tourism and military industries. The letter from Florida Senators Rick Scott, Ashley Moody, and the 28 House members of Florida was a rare example of bipartisan opposition to the Republican President's policies. The majority of Florida's congressional members are Republicans. The letter stated that more than 50,000 jobs are linked to military facilities in the Florida Panhandle.
Shell-led LNG Canada’s second processing unit is still down, according to sources
Two sources have confirmed that Shell-led LNG Canada’s second processing unit known as Train 2 is still down almost a month after it was first started up. On November 20, the company announced that a restart was scheduled for December 1, and would last approximately two weeks. On Thursday, a spokesperson for LNG Canada stated that it would provide an update this week. The complex, located in Kitimat (British Columbia), is the first major LNG-export facility in Canada, and the first in North America's West Coast. . LNG Canada will export 14 million tonnes of LNG annually when fully operational. The plant was started in July and has been running ever since.
Glenfarne signs 20-year LNG contract with POSCO in South Korea
Glenfarne’s Alaska LNG unit announced on Thursday that it had finalized an arrangement to supply 1,000,000 tonnes of liquefied gas per year to South Korean trading company POSCO International from its planned project for export over a period of 20 years.The agreement follows one signed in September.Since the Russian invasion of Ukraine in 2022, global demand for superchilled fuels has risen. This has led buyers in Europe and Asia into long-term supply agreements with U.S. suppliers.Glenfarne, since becoming the majority owner and lead developer of the Alaska LNG Project in March, has already secured 11 mtpa in LNG commitments from buyers in Japan.
Edison CEO: Group accelerates green investments; EDF eyes minority stake sale
Edison's green investment will increase the Italian utility company's borrowings, said its CEO. EDF, the parent company, plans to sell a small stake in the unit, to avoid increasing its own debt. The Italian utility announced earlier Thursday that it would begin working on renewable projects in Italy with a combined power of more than 500 megawatts (MW) by next year. It will invest over 600 million euros ($700 millions) to build wind and solar farms. Edison CEO Nicola Monti said in an interview that "EDF had many investments in France to make, especially in nuclear sectors. EDF's advisors are studying ways to reduce Edison's parent company's stake in Edison Capital.
Oil Firms in Norway to Drill 18% Less Exploration Wells by 2026, Survey Finds
A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf, such as Equinor Aker BP Vaar Energi, intend to drill 37 exploration wells by 2026. This is down from the 45 drillings done so far this year.Offshore Norway stated that this is because some companies are prioritizing production drilling in the coming year.
YPF CEO gives green light to $20 billion Argentina LNG Project in mid-2026
He said that he expects a decision to be made on a $20 Billion, 12 Million metric tons of liquefied gas per year project by the middle of next. Horacio Marina added that he expected YPF, Eni, and Adnoc’s XRG to each have a third of the equity. Marin stated that exports from the 12-mtpa phase of the project will start likely in 2030 or 2031 or four years after the FID, which could be in mid-2026. Shell announced on Thursday that it had withdrawn from a different phase of the Argentina Gas Project, a full year after signing a development agreement with YPF. The company cited an important change in the scope of the project as its main reason for leaving.
EUROPE GAS - European prices drop as milder and windier weather returns
The Dutch and British gas price fell on Thursday morning, as the forecast for warmer weather and increased wind next week reduced demand. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.55 euros, or $9.44/mmBtu at 0947 GMT. The Dutch day-ahead contracts was down by 0.38 euros to 27.85 Euros/MWh. Gas prices in the UK for the day ahead fell by 2.25 pence, to 70.25 p/therm. The front-month contract also dropped by 1.75 pence, to 71.75p/therm. Ulrich Weber, LSEG analyst, says temperatures in Britain and northwestern Europe will fall on Friday before quickly rising to levels that are much higher than normal.
UK consumers face higher energy bills after regulator approves $37 billion grid upgrade
The British Energy Regulator has approved an investment of 28 billion pounds ($37.33 billion), over the next five-years, to ensure that the energy system is reliable and safe in the future. This is part of a plan to upgrade the energy system which will increase consumer bills by 108 pounds per year. The investment exceeds the provisional estimate of 24 billion pounds made by regulator Ofgem back in July, despite the British Government's promise to lower energy prices. Jonathan Brearley, Ofgem's CEO, said that the investment would support the transition to alternative energy sources and help support new industrial clients to drive economic growth.
Turkey extends Russia Gas Contracts by an additional year with a view to US Investment
Turkey has finalised an extension of one year to its two gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, as part of its efforts to diversify sources of energy. Turkey, Russia's final major gas market in Europe has steadily reduced the proportion of Russian gas in its gas supply mix. It has now fallen below 40%. Both contracts with Gazprom expire this year. Ankara signed separate deals to buy long-term liquefied gas (LNG), with a large part coming from the United States. This was done in order to take advantage of the expected abundance of LNG globally over the next couple of years.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets and individual stocks in France and Benelux. Source familiar with the issue said that German, French, and Spanish Defence Ministers will meet on December 11, to discuss FCAS. Europe's next generation fighter project is at risk due to industrial turf wars. AIRBUS/TIGERAIR : Taiwan's low-cost airline Tigerair 6757.TW announced on Wednesday that the board of directors had approved the purchase of 4 new A321neo planes from Airbus AIR.PA, and the leasing of 11 additional aircraft for T$40billion ($1.28billion) to expand the network.
Miners benefit from financials that drag down the UK's FTSE100
The UK's FTSE 100 dipped on Wednesday, as financials shares declined. This was offset by gains in energy and mining stocks ahead of next week's U.S. Federal Reserve interest rate decision. The blue-chip FTSE 100 as well as the midcap FTSE 250 both fell 0.2% at 11:05 GMT. This is on course to be the third consecutive session of declines. After a session of gains, heavyweight bank shares fell by almost 1%. The British financial regulator announced that it would lift the suspension on motor finance complaints by May 31, 2026. This is two months earlier than originally proposed. It will also finalise a compensation plan for those affected by a misselling scandal.