OMV Starts Up Major Austrian Gas Development
OMV AG has started production at the Wittau well in Lower Austria, the country’s largest gas discovery in four decades. Phase 1 will deliver 11 tWh (about 1 billion cubic metres) of natural gas, enough to heat roughly 100,000 homes for a decade, with first deliveries slated for winter 2026‑27. The full project, holding 48 tWh of recoverable resources, is expected to double OMV’s domestic gas output and cost €150 million ($174 million) in its initial phase, with a further €500 million ($580 million) investment option. OMV aims to reach 400,000 boe/d production by 2030, balancing oil and gas while reinforcing its European diversification strategy.
USA Upstream M&A Hit $38B in Q1
U.S. upstream mergers and acquisitions totaled $38 billion in the first quarter of 2026, the highest quarterly total in two years, before a volatility‑driven slowdown in March. The Devon Energy‑Coterra Energy merger accounted for roughly two‑thirds of that value at $25.4 billion....
EIA Sees Oil Deficit Widening in 2026
The U.S. Energy Information Administration’s May 2026 Short‑Term Energy Outlook raised its global oil deficit forecast for 2026, projecting a peak shortfall of 8.47 million barrels per day in the second quarter. The deficit narrows to 4.42 mb/d in Q3 before turning...
Uniper Issues Call for Capacity Allocation at German Hydrogen Terminal
Uniper SE has opened an open‑season process for its Wilhelmshaven hydrogen import terminal, which can receive up to 2.6 million metric tons of ammonia annually and crack it into roughly 350,000 metric tons of hydrogen. The project includes a 1‑gigawatt electrolyzer that...
Delegates Say OPEC+ Has Plan to Complete Series of Quota Hikes
OPEC+ delegates say the alliance will complete a series of oil‑quota hikes by September, adding back the remainder of a 1.65 million‑barrel‑per‑day cut that began in 2023. The plan calls for three incremental increases, despite the Iran‑Israel war blocking actual output...
USA Crude Oil Stocks Drop More Than 4MM Barrels WoW
U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 4.3 million barrels to 452.9 million barrels in the week ending May 8, according to the EIA. The Department of Energy announced a 53.3 million‑barrel SPR exchange from four storage sites, part...
JP Morgan Warns Oil Could Average $151 in Q4
J.P. Morgan’s commodities strategists project that if the Strait of Hormuz reopens on September 1, Brent crude could average $151 per barrel in Q4 2026, the highest level across all reopening scenarios. Their base‑case June 1 scenario still sees Brent near $98...
Eneos Buys Chevron Oil Assets in APAC for $2.2B
Japanese refiner Eneos announced a $2.17 billion cash purchase of Chevron's refining and retail assets across the Asia‑Pacific, including a 50% stake in a Singapore refinery. The transaction, slated to close in 2027, marks Eneos' first overseas refinery ownership and expands...
Iberdrola Acquires Another Installed RE Plant in Italy
Iberdrola announced the acquisition of a 40 MW on‑shore wind plant in Italy, bringing its Italian renewable portfolio to roughly 450 MW. The asset, commissioned in 2018, is covered by a long‑term incentive scheme that ensures predictable cash flows and complements the...
Senegal Targets $7.5B Gas Project to End Energy Subsidies
Senegal’s state‑owned oil firm Petrosen announced that developing the Yakaar‑Teranga offshore gas field will require $7.5 billion, with a $2.5 billion first phase to produce 300 million cubic feet per day for domestic use and a $5 billion downstream expansion for fertilizer, petrochemical and...
USA Oil, Gas Workforce Hits Lowest Level Since 2022
BLS data released in April 2026 shows employment in the U.S. oil and gas extraction industry slipped to 115,200 workers, the lowest count since August 2022. The figure follows a modest decline from 115,900 in March and continues a two‑year trend of...
Petronas Inks 20-Year Charter Deal for 5 LNG Carriers
Petronas and Malaysia‑based MISC have signed a 20‑year time charter for five new LNG carriers, with deliveries slated for 2029‑2030. MISC will oversee shipbuilding in Shanghai, then operate and manage the vessels, integrating project management and commercial services. The tankers...
Uniper Flexes Diversified Procurement Portfolio as Profit Rises
Uniper SE reported a Q1 adjusted net profit of €231 million (≈$271 million), reversing a €143 million loss from the same period last year. The German utility highlighted its diversified gas and LNG procurement strategy, which excludes Middle‑East sources and cushions it from...
Trump Says USA-Iran Ceasefire Is on 'Massive Life Support'
President Donald Trump told a live‑streamed White House event that the U.S.–Iran cease‑fire is "on massive life support," likening it to a patient with a one‑percent chance of survival. He added the truce is "unbelievably weak" and the weakest it...
ADNOC Gas Logs Lower Profit as War Hits Deliveries
ADNOC Gas posted Q1 2026 net income of $1.08 billion, a 15% decline year‑over‑year, as export disruptions and weaker domestic demand hit sales. Domestic gas volumes fell 11% to 519 TBTU, while export and traded liquids dropped 20% after the Strait of...
China LNG Imports Signal Recovery
China’s LNG imports are rebounding, with the 30‑day moving average reaching its highest level since late February. Although still below the five‑year average, the gap has narrowed to about half of what it was in early April. The shortfall caused...
Ukraine Says It Hit 2 Major Refineries in Russia
Ukraine announced drone strikes on two of Russia's largest fuel‑producing refineries and a nearby oil‑pumping station. The Yaroslavl plant, co‑owned by Rosneft and Gazprom Neft, processes about 300,000 barrels per day, while Lukoil's Perm refinery handles roughly 260,000 barrels per day....
Pakistan Shuns Spot LNG
Pakistan’s state‑owned LNG arm rejected an emergency spot‑market tender for two May cargoes, betting that the Strait of Hormuz will reopen and cheaper long‑term supplies from Qatar will arrive. The decision follows a cease‑fire in the US‑Iran conflict but comes...
Murphy Oil Avoids Gambling on Current Volatility
Murphy Oil Corp reported Q1 2026 net income of $53 million, down from a year earlier, but adjusted earnings per share of $0.32 beat estimates. Production increased 10% year‑over‑year to 180,053 boepd, driven by higher U.S. onshore output and progress on...
USA Considers Tapping Oil Under Military Bases to Refill SPR
The Trump administration is evaluating the possibility of drilling for oil beneath U.S. military bases and other Department of War sites to help replenish the Strategic Petroleum Reserve (SPR), which is projected to hit its lowest level since 1982. The...
EOG Profit Exceeds Expectations
EOG Resources reported adjusted net income of $1.83 billion for Q1 2026, surpassing the Zacks consensus of $3.07 per share with a $3.41 EPS beat. Revenue rose to $6.92 billion as crude and condensate output climbed to 548,500 bpd, while the company kept its...
Eni Confirms Size of 'Giant' Gas Discovery Offshore Indonesia
Eni confirmed that its Geliga‑1 well in Indonesia’s Kutei Basin contains roughly 5 trillion cubic feet of natural gas and 300 million barrels of condensate. A drill‑stem test showed the well can sustain about 200 million cubic feet of gas and 10,000 barrels of...
Physical Oil Market Does Not Run on Political Timelines
Rystad Energy says a potential U.S.-Iran peace deal is already pushing down oil futures, but physical markets will lag. It estimates a six‑to‑eight‑week gap between credible access to the Strait of Hormuz and a return to 80‑90% of pre‑disruption volumes,...
Shell Profit Soars as Volatility Boosts Trading
Shell reported first‑quarter adjusted net income of $6.92 billion, surpassing the $6.1 billion Bloomberg median estimate. The surge stemmed from heightened oil‑price volatility caused by the Iran‑Israel conflict, which amplified earnings from its large trading desk. Refining margins rose to $17 a...
Shipping Freeze Deepens in Strait of Hormuz
Shipping through the Strait of Hormuz remains largely frozen as Iran expands its declared control zone and the United States rolls out a humanitarian‑styled plan to guide stranded vessels out of the waterway. Only two commercial transits were recorded on...
Wirth Warns Global Energy System Under 'Extreme Stress'
Chevron CEO Mike Wirth told CNBC that the ongoing U.S.–Israel conflict with Iran is pushing the global energy system to "extreme stress." He warned that a prolonged closure of the Strait of Hormuz—through which roughly 20% of the world’s oil...
Russia Says It Has No Plans to Leave OPEC+
Russia’s Kremlin says Moscow will not exit the OPEC+ alliance even after the United Arab Emirates announced its departure effective May 1. The statement, made by spokesperson Dmitry Peskov, underscores that Russia sees no viable path to raise output amid ongoing Ukrainian...
Stalemate in USA-Iran Conflict Continues
Standard Chartered’s energy research chief Emily Ashford warned that the U.S.-Iran stalemate remains fragile, with the April 8 cease‑fire still in place but under pressure from new U.S. naval deployments. She noted that each day of deadlock costs barrels, drives inventory...
OMV Petrom Raises Annual Budget by 23 Percent
OMV Petrom shareholders approved a $2.07 billion capex plan for 2026, a 23% increase over 2025. About 60% of the budget targets the Neptun Deep offshore gas project, which could cost up to $4.68 billion and hold roughly 100 billion cubic meters of recoverable...
Woodside LNG Trading Shielded From Iran War
Woodside Energy reported that its LNG shipments remained unaffected by the Iran‑Israel conflict, thanks to a strategy of securing term shipping contracts. Q1 LNG sales rose to 22 MMboe, up from 20.47 MMboe in the prior quarter, while realized LNG prices were...
Macquarie Strategists Predict USA Crude Inventory Drop
Macquarie strategists forecast U.S. crude inventories will drop by 2.0 million barrels for the week ending April 24, following a 1.9 million‑barrel build the prior week. The model also anticipates a sizable 7.1 million‑barrel draw from the Strategic Petroleum Reserve and modest increases in...
UAE Withdraws From OPEC, OPEC+
The United Arab Emirates announced it will leave OPEC and OPEC+ on May 1, ending a membership that began in 1967. The move aligns with Abu Dhabi’s long‑term energy strategy, allowing it to boost output toward a 5 million‑barrel‑per‑day target by 2027. UAE...
Seatrium Seals Tugboat Fleet Divestment
Seatrium Ltd completed the sale of its 17‑tugboat fleet in Singapore to fellow Singaporean firm KST Maritime for SGD 104 million (≈$81 million). The transaction is part of a broader non‑core asset divestment program that the offshore energy contractor says will generate about...
Hormuz 'Reopening Optimism' Is 'Sliding Fast', Analyst Warns
Analysts warn that optimism about a May 1 reopening of the Strait of Hormuz is eroding, raising the risk of a sharp Brent price adjustment. SEB’s Bjarne Schieldrop notes that each week of delay could add roughly $5 per barrel to...
UK Energy Sec Says North Sea Is an 'Important Resource'
UK Energy Secretary Ed Miliband reaffirmed the North Sea as a vital domestic energy resource, announcing the rollout of Transitional Energy Certificates (TECs) to enable continued production in existing fields. The government’s North Sea Future Plan bans new oil and...
Hormuz Stalls After Iran Made First Ship Seizures
Iran escalated its maritime campaign on Thursday by firing on commercial vessels and seizing two ships, the MSC Francesca and the Epaminondas, marking the first seizures in eight weeks of conflict. Only one bulk carrier, LB Energy, managed to transit...
Iberdrola Raises Generation Capacity to Nearly 59GW
Iberdrola reported an installed generation capacity of 58.9 GW at the end of Q1 2026, a 3.8% increase year‑over‑year. The U.S. portfolio contributed the largest regional boost with 693 MW, while battery storage surged 158% to 683 MW. Offshore wind and solar capacities...
EIA Raises USA Fuel Price Projections for 2026, 2027
The U.S. Energy Information Administration raised its short‑term outlook for gasoline and diesel in 2026‑27. It now projects average regular‑gasoline retail prices of $3.70 per gallon in 2026 and $3.46 in 2027, up from $3.34 and $3.18 in the March...
Calcasieu Pass LNG Secures $1.75B Loan
Venture Global’s Calcasiu Pass LNG subsidiary secured a $1.75 billion senior secured term loan B facility, using part of the proceeds to redeem Stonepeak Bayou’s preferred equity. The financing, led by Goldman Sachs with Barclays, Natixis and Wells Fargo as co‑arrangers, lowers...
Spirit Energy Reveals Proposal to Restructure UK Organization
Spirit Energy announced a proposal to split its UK operations into two independent entities: a Barrow‑based operating company managing the Morecambe Hub fields and an Aberdeen‑based development company focused on the Morecambe Net Zero carbon‑storage business. The restructuring follows the...
Gazprom Starts Up New Oil Project at Urengoy in West Siberia
Gazprom announced the commercial start of oil production from Block 6A of the Achimov deposits at the Urengoyskoye field in West Siberia. Four wells have been brought online with two mobile treatment units, and the company plans to drill more than...
Pakistan Oil Tanker Is First to Cross Hormuz Since US Blockade
A Pakistan‑flagged Aframax tanker, the Shalamar, became the first vessel to exit the Strait of Hormuz with a crude cargo since the United States imposed a naval blockade earlier this week. The ship carried roughly 450,000 barrels of oil loaded...
Texas Petroleum Theft Task Force Holds Meeting
The Texas Railroad Commission’s petroleum theft task force (STOPTheft) convened its second quarterly meeting in Midland on April 2, focusing on expanding its investigative scope beyond crude to include stolen trucks, tools, and copper. The group, created under Senate Bill 494, aims...
Construction Begins for Transco Gas Pipeline Expansion
Williams Companies broke ground on the Northeast Supply Enhancement (NESE) project, expanding the Transco natural‑gas pipeline by 400,000 dekatherms per day. The 10,000‑mile system, which already moves 19.5 million dekatherms daily, will serve roughly 2.3 million homes in New York, New Jersey and Pennsylvania...
Demand for Colombia LNG Shipments Set to Surge
Colombia’s power sector is gearing up for a sharp increase in LNG imports as an El Niño‑driven dry season threatens its hydropower‑dependent grid. Imports, currently 210 million cubic feet per day, are expected to climb to the SPEC terminal’s full 475 mcf/d capacity...
Uniper Breaks Ground for 50MW Battery Energy Storage in Wilhelmshaven
Uniper and Slovenia’s NGEN have broken ground on a 50‑MW battery energy storage system at the former coal‑plant site in Wilhelmshaven, Germany. The project, part of Uniper’s Energy Transformation Hub Nordwest, aims to smooth short‑term grid fluctuations from wind and...
North America Loses Rigs For 7 Straight Weeks
Baker Hughes reported that North America’s weekly rig count fell by 10 units, bringing the total to 680 rigs – 545 in the United States and 135 in Canada. The U.S. rig mix includes 411 oil rigs, 127 gas rigs...
Eni Completes Acea Acquisitions
Eni’s renewables arm Plenitude completed the purchase of Acea Energia and a 50% stake in Umbria Energy, adding roughly 1.2 million electricity and gas customers and bringing its total retail base to over 11 million. The transaction was priced at €500 million (≈$590 million)...
EU Plans Temporary Market Measures to Address Iran War Impact
The European Commission is consulting EU members on a draft State Aid Temporary Crisis Framework that would relax state‑aid limits to offset soaring energy costs caused by the Iran‑related war. The proposal would let governments subsidise fuel, fertilizer and electricity...
Oman Offers 5 Oil and Gas Leases
Oman's Energy and Minerals Ministry announced the opening of bidding for five new oil and gas concession areas, covering more than 53,000 square kilometres across the Greater Barik, Sharqiyah Sands Basin, and Eastern Flank provinces. The blocks—12, 16, 42, 45,...