Eni Secures EIB Funding for New Italian Biorefinery
Italian energy group Eni has secured a 15‑year, €500 million (≈$576 million) loan from the European Investment Bank to convert its Sannazzaro de’Burgondi refinery in Pavia into a biorefinery. The facility will add 550,000 metric tons per year of feedstock capacity, producing hydrogenated vegetable oil diesel and sustainable aviation fuel, with operations slated for 2028. This is Eni’s second EIB‑backed biorefinery after the Livorno project, part of a broader plan to lift European biofuel output to 5 MMtpa by 2030. The financing aligns with EU ReFuelEU aviation mandates and Italy’s renewable fuel regulations.
StanChart Warns OPEC+ Could Abandon Cuts at Next Meeting
Standard Chartered’s energy research head Emily Ashford warned that the OPEC+ meeting on April 5 could see the group abandon its voluntary output cuts and associated compensation cuts, effectively unwinding the remaining April 2023 adjustments. She highlighted that eight OPEC+ members, led...
WoodMac Says Iran Conflict Should Prompt North Sea Rethink
Wood Mackenzie argues that the Middle‑East crisis, including Iran, should force the UK to reconsider its ban on new North Sea exploration licences. The firm warns that the UK will depend on US LNG for over 60 % of its gas...
New Zealand Receives Application for Canterbury Hydrocarbon Prospecting
New Zealand’s regulator has received a prospecting permit application from domestic firm CBX Energy Ltd to explore hydrocarbons in the offshore Canterbury Basin, the first such request since the 2018 exploration ban was lifted in late 2025. The government opened...
E&Ps Flag Iran War in Latest Dallas Fed Energy Survey
The first‑quarter 2026 Dallas Fed Energy Survey shows that exploration and production (E&P) companies are flagging the Iran‑Israel war as a major source of volatility. While a few firms note a temporary boost to oil prices and potential profit upside,...
Petrofac Says UK Tax Authorities Won't Appeal Ruling in Creditor Deal
Petrofac confirmed that HM Revenue & Customs will not appeal a Scottish court decision upholding the company’s voluntary arrangement (CVA) with creditors. The CVA, approved on Jan 30, clears the path for the sale of Petrofac’s Asset Solutions division to CB&I,...
CNOOC Ltd Achieves New Production Record
CNOOC Ltd reported a record 777.3 million barrels of oil equivalent, equivalent to 2.13 MMboe per day, a 7% increase over the prior year. Crude output rose 5.8% while natural‑gas production surged 11.6%, underpinning profit resilience. Net profit slipped to $17.7 billion amid...
Philippines Takes Delivery of Russian Oil After US Waiver
Petron Corp., the Philippines' largest refiner, received a shipment of roughly 13.5 million barrels of Russian crude after Washington granted a sanctions waiver for oil already loaded on tankers. The waiver, issued to mitigate supply shortages caused by the closure of...
JERA Secures Regasification Rights at Dunkirk Terminal
JERA Co Inc has signed a six‑year agreement with Dunkerque LNG SAS to secure regasification rights for up to 1.5 million metric tons per annum (about 2 billion m³) at the French Dunkirk terminal, starting in 2030. This marks JERA’s first acquisition of...
Saudi Arabia, Kuwait Push Energy Deals Despite War
Saudi Arabia and Kuwait are pressing ahead with multibillion‑dollar energy transactions despite Iran’s recent attacks on regional oil and gas assets. Kuwait Petroleum aims to raise up to $7 billion by leasing part of its pipeline network, attracting private‑equity and infrastructure...
Norway Gas Production Down in February
Norway’s natural gas production slipped to 355.13 MMcmd in February, a 2.6 % decline from January and 0.4 % below February 2025, missing the NOD forecast by 2.1 %. Gas sales fell to 9.9 Bcm, down 1.4 Bcm from the previous month. Oil output rose to 1.97 MMbpd,...
ADNOC, OMV Tweak Investment Plans for Polyolefins JV
ADNOC and OMV have revised the investment plan for their pending polyolefins joint venture, Borouge Group International AG (BGI), while still targeting a March 2026 close. The partners will curb the 2026 dividend payout, limiting OMV’s share to about €0.6‑0.7...
Eni Plans to Raise Shareholder Returns
Eni announced it will raise its shareholder distribution range to 35‑45% of cash‑flow from operations, backed by a €1.10 dividend and a €1.5 billion share‑buyback program that could retire up to 303 million treasury shares by 2027. The 2026‑30 plan trims annual...
Higher Oil Prices Lead to More USA Production in EIA Forecast
The U.S. Energy Information Administration’s March Short‑Term Energy Outlook raised its 2027 crude oil production forecast by about 0.5 million barrels per day, citing higher West Texas Intermediate prices. The agency now expects average output of 13.61 million bpd in 2026 and...
BP, Eni Start Gas Production at Angola's Quiluma
BP and Eni’s Azule Energy joint venture has begun gas production at Angola’s Quiluma field, delivering an initial 150 MMcfd with plans to reach 330 MMcfd by year‑end. Quiluma is Angola’s first non‑associated gas project, feeding treated gas to the on‑shore plant...
Analyst Warns of 'Big, Big Risk' For Oil Over Weekend
SEB chief commodities analyst Bjarne Schieldrop warned of a “big, big risk” to oil over the upcoming weekend, citing potential damage to Iran’s Kharg island export hub. He noted Brent crude surged 9.2% to $102.4 per barrel, trading near its...
Court Upholds Petrofac Deal with Creditors
A Scottish court upheld Petrofac Ltd's company voluntary arrangement (CVA) after a 99% creditor vote, clearing a legal challenge from HM Revenue & Customs. The CVA enables the sale of Petrofac's Asset Solutions business to CB&I on a debt‑free, cash‑free...
North America Drops 8 Rigs WoW
Baker Hughes reported that the North America rig count slipped to 756 this week, eight rigs lower than the previous week. The U.S. portion rose slightly to 551 rigs while Canada fell to 205, driving the regional decline. Oil rigs...
Uniper Proposes Resumption of Dividend Payments
Uniper SE announced it will propose a €0.72 per share dividend for 2025, marking the first payout since the 2022 government bailout. The German utility reported a net profit of €544 million and adjusted EBITDA of €1.1 billion, a sharp recovery from...
Wood Now Part of Sidara
Sidara Ltd completed its acquisition of John Wood Group at 30 pence per share, injecting $450 million in capital and keeping Wood as a standalone entity. The combined organization now generates over $8.5 billion in revenue and employs more than 55,000 professionals worldwide....
Shell Sells Part of US Lubes Business to Monomoy for $1.3B
Shell PLC announced the sale of its Jiffy Lube International unit, including the Premium Velocity Auto franchise, to Monomoy Capital Partners for roughly $1.3 billion. The transaction covers more than 2,000 service locations across the U.S. and Canada and represents about 6.5%...
Market Spinning After 'Most Epic Price Reversal in Oil History'
Oil prices surged past $100 per barrel before reversing sharply, marking what analysts call the most epic price reversal in oil history. The swing was driven by mixed signals about the U.S.–Iran conflict, including President Trump's comments and hopes of...
Valero Offers $850MM Debt Instrument Sale
Valero Energy priced an $850 million senior note offering due 2036 with a 5.15% coupon, set to close Tuesday. The net proceeds will refinance higher‑cost 2026 debt, including 7.65% debentures and 3.4% senior notes. In 2025 the refiner achieved a record...
Bapco Invokes Force Majeure
Bapco, Bahrain’s state‑run oil refiner, invoked force majeure after a war‑related attack damaged its 90‑year‑old refinery, which now processes roughly 400,000 barrels per day following recent upgrades. The company assures that domestic fuel needs remain satisfied, but it can suspend...
JP Morgan Warns DFC Insurance Cap Is Too Small for the Risk
JP Morgan analysts warned that the Development Finance Corporation’s (DFC) insurance cap of $205 billion is far too low to cover the estimated $352 billion needed to insure all oil tankers transiting the Strait of Hormuz. The firm highlighted that private war‑risk insurers...
Vintage Secures Extension of Loan for Australian Gas Projects
Vintage Energy Ltd received a AUD 10 million loan extension from PURE Asset Management, now lasting until January 2028, after South Australia awarded the company AUD 5 million under its 2025 Gas Initiative. The financing supports production shifts at the Odin and Vali fields, which...
QatarEnergy Stops LNG, Some Downstream Production
QatarEnergy announced an immediate halt to LNG output and several downstream products after military attacks damaged its Ras Laffan and Mesaieed facilities. The shutdown triggered a more than 40% surge in natural‑gas prices and a 52% jump in Europe’s TTF...
Petronas Sees No Disruption From Mideast War for Now
Petronas said it has seen no direct impact on its operations from the ongoing Middle East conflict, though it is monitoring the situation closely. The Malaysian oil‑and‑gas giant holds exploration concessions in Abu Dhabi’s Al Dhafra region and maintains long‑term LNG...
Momentum Midstream Explores Sale That Could Fetch $5B
EnCap Flatrock Midstream is exploring a sale of its gas‑pipeline subsidiary Momentum Midstream for a price exceeding $5 billion. The private‑equity firm has engaged advisers and is gauging interest from rivals and other buy‑out funds. Momentum operates roughly 4,000 miles of...
Eni Approves Project to Enable Biofuel Production at Pavia Refinery
Eni SpA has approved a final investment decision to convert units at its Pavia refinery into a biorefinery capable of processing up to 550,000 metric tons of waste‑derived feedstock per year. The project, which repurposes the Hydrocracker (HDC2) with Ecofining™...
Biggest Oil Cos Need to Find 22MM Bpd by 2040
Wood Mackenzie warns that the world’s 30 largest oil and gas firms must add roughly 22 million barrels of oil‑equivalent per day by 2040 to preserve their share of global demand. Current output of about 50 mbd is projected to fall nearly...
Kosmos Energy Sells Producing Assets in Equatorial Guinea
Kosmos Energy agreed to sell its 40.375% non‑operating stake in Equatorial Guinea’s Ceiba field and Okume Complex to Panoro Energy for up to $219.5 million. The deal provides an upfront $180 million plus contingent payments tied to production and oil‑price thresholds. Proceeds...
