State news agency reports that Saudi Arabia and Indonesia have signed several deals valued at around $27 billion.
Saudi Arabia and Indonesia have signed deals and memorandums worth $27 billion in the private sector, including in clean energy and petrochemicals. This was reported by Saudi state news agency SPA on Wednesday. On Wednesday, Indonesian President Prabowo Subito met with Saudi Crown Prince Mohammed bin Salman. According to the Saudi State News Agency, both sides agreed to strengthen their cooperation on the supply of crude and derivatives in the energy sector, improve the sustainability and efficiency of supply chains, and enhance cooperation in the mineral resources.
Dallas Fed survey: Oil and gas activity decreased in Q2 due to higher US steel tariffs
The Dallas Fed survey released on Wednesday showed that activity in the U.S. Oil and Gas sector in Texas and Louisiana, and New Mexico, decreased slightly in the second half of 2025. This was due to the increase in steel tariffs. The drop in activity comes after U.S. president Donald Trump, who encouraged U.S. manufacturers to "drill baby drill", doubled tariffs for steel and aluminum imports from 25% to 50%. About a quarter (25%) of the steel and aluminum used in America is imported. Investors experienced significant volatility during the second quarter. U.S.
Britain Rejects Moroccan Subsea Power Project In Favor of Domestic Solutions
Britain has rejected a 25 billion pound ($34.39 billion) Moroccan renewable energy project that would have used solar and wind power from the Sahara to supply up to seven million UK homes.The British government, which is aiming to largely decarbonise its electricity sector by 2030, said on Thursday it believed domestic projects could offer better economic benefits."The government has concluded that it is not in the UK national interest at this time to continue further consideration of support for the Morocco-UK Power Project," energy department minister Michael Shanks said in a
Report: Global CO2 emissions in energy reached record levels last year
The Energy Institute's Annual Statistical Review of World Energy showed that global carbon dioxide emissions in the energy sector reached record levels for the fourth consecutive year last year, as fossil fuel consumption continued to rise even as renewable energy also hit record highs. The figures in the report highlight the difficulty of weaning the world economy away from fossil fuels, especially at a moment when the conflict in Ukraine has disrupted oil and gas supplies coming from Russia. And fighting in the Middle East is raising concerns about the security of supply.
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days. Another source said the work is planned to start in late July and will be completed by the end of August, without specifying dates.In July, oil production at Sakhalin-1 is expected to fall slightly to 135…
Dmitriev, a Russian diplomat, says that Saudi Arabia, the US and Russia could work together to stabilize oil markets
Kirill Dmitriev, Russia's Investment Envoy, said that the United States, Saudi Arabia, and Russia could work together to stabilize oil markets, if necessary. Investors were frightened by fears that a wider conflict in the Middle East could disrupt crude supply. Dmitriev said that there is precedent for a similar joint action to be taken in 2020. Dmitriev, speaking on the sidelines at the St Petersburg International Economic Forum, said: "There is an example where (Russian President) Putin and (U.S.
Encino oil and gas deal worth $5.6 billion by EOG expands Utica footprint
EOG Resources, a U.S. oil-and-gas producer, announced on Friday that it will acquire Encino Acquisition Partners, a U.S. oil-and gas company, for $5.6 billion including debt to strengthen its Utica assets. The agreement signed between Canada Pension Plan Investment Board and Encino Energy gives EOG access to an additional 675,000 acres of core land and will expand its multi-basin resource portfolio to over 12 billion barrels. Encino Acquisition of Houston, Texas, is owned by CPP and operates in Ohio's Utica Shale Basin.
The government claims that oil production in Guyana dropped to 611,000 barrels per day in April.
According to a government bulletin published on Friday, oil production in Guyana decreased to 611,000 barrels of oil per day (bpd) in April. This is down from 627,000 in the previous month. The consortium that includes Exxon Mobil, Hess and CNOOC from the United States and China controls all oil and gas production in South America. The production capacity will surpass 900,000.00 bpd by the end of this year, once the fourth facility which arrived in the country on February 1st is connected and installed.
SSE Reduces Investment Plans by 15% Amidst Project Delays
British utility SSE on Wednesday cut its five-year investment plans by 15%, or 3 billion pounds ($4.04 billion), reflecting project delays, supply chain disruptions and also changes in the economic outlook.SSE, which has been pushing ahead towards green energy goals, reduced its investment to around 17.5 billion pounds, with its renewables division taking the biggest hit with a 1.5 billion pound cut.Projects that face delays include Berwick Bank, the world's largest offshore wind farm off Scotland's east coast…
National Grid Takes $402 Million Hit on Paused New York Wind Project
National Grid booked a multi-million impairment charge on a paused U.S. wind project, but said on Thursday it was on track to invest 60 billion pounds ($79.74 billion) in energy networks through March 2029 and its results beat estimates.Its shares rose 2% to 1,038 pence by 0725 GMT, outperforming the wider market, which traded 0.5% lower.The renewable energy sector has been shaken by U.S. President Donald Trump's hostility to wind power.On the first day of his second term in office in January…
Ethiopia signs mineral and energy deals valued at $1.7 billion with Chinese companies
Ethiopia's Finance Ministry said that it has signed deals worth over $1.7 billion with Chinese companies, mainly in the minerals and energy sector. The East African nation is undergoing a massive reform program, including the flotation and restructuring of its debt of $8.4 billion with its official creditors. In a late-night statement, the Finance Ministry announced that two-day Addis Ababa investment conference participants had signed agreements worth more than $1.7 million to invest in the country.
US Regulators Recommend That Venture Global's CP2 LNG Project Gets Greenlight
U.S. federal regulators recommended in a final environmental report that Venture Global's proposed CP2 liquefied natural gas export project in Louisiana get the go-ahead, according to a government document filed on Friday.If constructed, CP2 will be the single largest LNG export facility in the U.S. and help the country remain the world's largest exporter of the superchilled gas.Venture Global already obtained approval to construct the 28 million tonnes per annum plant…
MPLX reports Q1 profits rise on higher volume, but expects minimal tariff impact
MPLX, a U.S. midstream firm, reported on Tuesday a quarterly profit increase aided by higher volumes and transport rates. It also said that it expected minimal impact of tariffs on its operation. Maryann Mannen, CEO of MPLX, said that tariffs have a minimal impact at this point. The U.S. Energy Sector is bracing itself for the possible fallout from President Donald Trump's sweeping trade tariffs, and an intense war of words with China. This could affect oil and gas production and demand.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession.
India extends the deadline for commissioning certain solar energy projects to December
A document obtained by revealed that the Ministry of New & Renewable Energy in India (MNRE), due to multiple obstacles, has extended the deadline for commissioning certain solar projects to December 2025. In a letter sent to the Solar Energy Corporation of India and the Indian Renewable Energy Development Agency, the MNRE cited the limited availability of photovoltaic modules made in India, transmission infrastructure problems, and delays related to tenders as reasons for extending the deadline.
Shell completes survey of Venezuelan gas field as winding down of license approaches
Shell, the oil and gas company, plans to finish a marine survey of the offshore Dragon gas field in Venezuela before the May deadline set by the United States to close all energy licenses in the country. According to LSEG vessel tracking data, the Colombian-flagged Dona Jose II survey vessel arrived in Venezuela sanctioned by the U.S. this month to collect data for Shell and Trinidad’s National Gas Company. Two sources said that the exploration work will be completed within the next few weeks and allow the company determine drilling locations as well as pipeline design…
Chevron, other companies withdraw from Egypt's Red Sea concessions and redirect resources
The Egyptian petroleum ministry reported that a number of multinational oil companies, including Chevron, have left their Red Sea oil concession blocks without finding any oil or gas and have instead channeled their resources to other parts of the country. In 2019, Egypt, as part of its effort to become a hub for energy, awarded the first oil and gas exploration concessions on the Red Sea to Chevron and Shell, and the Abu Dhabi sovereign fund Mubadala Investment Company.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration’s decision late Wednesday to halt the construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that fully permitted developments worth billions of dollars are not secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds. On his first day as president, he issued an executive ordering suspending any new leasing of such projects within federal waters.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration's late Wednesday decision to stop construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that developments with full permits, representing billions of dollars in investment, aren't secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds.
