Exploration

Santos ex-finance chief blames 'untenable' leadership environment for exit

Sherry Duhe, former chief financial officer of Santos Australia, says that she quit the company after only a year because it was "untenable" in terms of leadership and due to her disagreements with Kevin Gallagher. Santos announced Duhe’s departure on 14 October, less than one month after a bid of $18…

Energy Minister: Orenburg plant in Russia restarts gas imports from Kazakhstan field

Kazakhstan's Energy Minister said that the Russian Orenburg gas plant was damaged by a drone strike on Sunday. It has since resumed receiving natural gases from Kazakhstan's Karachaganak gas field. As part of Kyiv’s campaign to destroy Russian energy infrastructure, the strike on Orenburg…

JERA Nex BP halts US Beacon Wind Project as Costs Soar

JERA Nex BP is a joint venture of Japan's largest power generator JERA with BP. The company plans to stop development of the U.S. Beacon off-shore wind power project in the next few months and layoff its U.S. workers, according to a press release. The decision is the latest blow to the U.S.

Woodside Energy reaches two-week peak after increasing 2025 production forecast

Woodside Energy shares rose to their highest level in two weeks on Wednesday, despite a 9.4% drop in revenue for the third quarter due to lower average realized prices. The largest independent energy company in the country expects its fiscal 2025 production will be between 192 and 197 millions barrels of oil-equivalent…

EQT beats quarterly profit estimates on strong natural gas prices, sales volumes

The U.S. energy company EQT Corp. beat Wall Street expectations for the third-quarter profits on Tuesday. This was due to higher natural gas prices as well as sales volumes. Following the results, shares of the company increased by 1.9% on extended trading. According to the Energy Information Administration’s Short-Term Energy Outlook…

Petrobras CEO: Production at Foz do amazonas could start in seven years

Magda Chambriard, Chief Executive of Petrobras, said on Tuesday that the Brazilian state-owned oil company could begin oil and gas production within seven years in the Foz do Amazonas Basin if the presence of large reserves is confirmed. Petrobras will drill an exploratory hole in Foz do Amazonas near the mouth the Amazon River.

MEG Energy postpones shareholder vote on Cenovus $6 billion merger

The months-long battle for control of Canada’s last pure-play company in the oil sands sector took on a new twist on Tuesday when MEG Energy Corp. postponed an upcoming meeting where shareholders were scheduled to vote on Cenovus Energy’s proposed takeover. Cenovus has exercised its contractual rights to postpone the meeting.

Venture Global receives permission to add natural gas to the final LNG block of Plaquemines Plant

Venture Global has received approval from the Federal Energy Regulatory Commission to add natural gas to the final block at its Plaquemines LNG Export Facility in Louisiana, according to a Federal Energy Regulatory Commission filing. Venture Global's approval by FERC means that it could begin producing liquefied gas at its Plaquemines facility this week.

FTSE 100 edge higher with HSBC and Melrose boost; miners hold gains in check

London's FTSE 100 index rose for a 2nd consecutive day Tuesday. Shares of Melrose, HSBC and precious metal miners helped to boost the index, but losses among precious metal miners held gains back. HSBC, a heavyweight in the banking industry, rose by 1.8% following its appointment of David Lindberg as CEO of UK operations.

Portugal's Galp is in advanced discussions to select partner for Mopane by this year

Galp, a Portuguese oil company, is in advanced discussions with several major oil companies to sell a 40 percent stake in the offshore Mopane field located in Namibia. The company expects to select a partner before the end of this year. Galp wants to sell half its 80% stake in the Mopane field to a company who would operate it.

Segro gains after results; FTSE 100 edged higher due to HSBC's boost

Investors awaited the release of the domestic inflation report later this week. The FTSE 100 in London rose for a 2nd consecutive day. HSBC, the heavyweight in banking, rose 2% following its appointment of David Lindberg as CEO for its UK operations. Lindberg is a former NatWest executive and a veteran banker. The banks index rose 1.2% thanks to its shares.

Vaar Energi Q3 in Norway beats expectations

Norwegian oil firm Vaar Energi reported on Tuesday a stronger-than-expected operating profit for the third quarter and reiterated its production and dividend guidance. Vaar's earnings for the quarter of July-September rose from $740 to $1.07 Billion, a jump of 74%. This is a huge improvement over the $740 Million earned a year ago.

Karachaganak, a Kazakh gas producer, reduces output after a drone strikes a Russian gas plant

The operator of Kazakhstan's Karachaganak Oil and Gas Condensate Field said in an email on Tuesday that production levels have been reduced following "an accident" at Russia's Orenburg Plant. Two industry sources said that on Monday, a Ukrainian drone strike against the Orenburg Gas Processing Plant…

Venture Global to add natural gas to final part of Plaquemines LNG Plant, a filing shows

Venture Global asked federal regulators to allow it to inject natural gas into the final section of its Plaquemines Liquefied Natural Gas plant by Thursday, according to an official filing made on Monday. Venture Global, if the Federal Energy Regulatory Commission gives the permission, will be producing LNG soon from its entire Plaquemines facility…

EBRD aims to increase support for Ukraine Naftogaz

President of the European Bank for Reconstruction and Development said that the bank is looking to increase its support for Ukraine’s state oil and natural gas company Naftogaz after Russian attacks this month on the country’s energy infrastructure. The coordinated and large-scale Russian…

After a drone attack in Ukraine, a giant Russian gas plant has suspended its intake of Kazakh gas

Kazakhstan's Energy Ministry said that a drone attack in Ukraine forced the Orenburg gas processing facility, the largest of its kind anywhere, to stop receiving gas from Kazakhstan. Yevgeny Solntsev, the regional governor of Orenburg, had stated earlier in the day that the drone attack had…

Sources say that Venture Global has been in talks with Ukraine about providing it with more LNG.

Three people have confirmed that Venture Global is in talks with Ukraine about selling it more liquefied gas from its Plaquemines plant, located in Louisiana. This comes as winter approaches and Russia continues to attack Ukraine's infrastructure. According to two people, the talks are being…

Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.

Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 17. Baker Hughes reported that despite…

BP confirms that the fire at Indiana oil refinery has been extinguished; multiple units are down

The company reported that a fire broke out at BP’s Whiting refinery, which produces 440,000 barrels of oil per day, on Friday morning. Gas prices in some parts of the Midwest skyrocketed after the fire at the U.S. Midwest's largest refinery. In an email, the company stated that there were no injuries and that it was an accident.

Sources say that Western pressure will affect Asian purchases of Russian oil in December.

U.S.-European pressure on Asian buyers could limit India's oil purchases from December. This would lead to cheaper supplies in China. However, Japan is unlikely to stop its Sakhalin LNG shipments at this time, according to trade sources and analysts. Washington has been exerting pressure through trade negotiations on China…

NextDecade receives positive FID for Train 5 of the Rio Grande LNG Project in Texas

NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had made a final investment decision in favor of the fifth liquefaction train (also known as a liquefaction station) for its Rio Grande project. The company's shares rose by over 4% during extended trading as this…

Colombia wins offshore wind bid by CIP of Denmark

The head of Colombia's hydrocarbons agency announced on Thursday that a subsidiary from Denmark's Copenhagen Infrastructure Partners, CIP, had bid to develop a wind project for the first round of the South American nation's offshore energy auction. Orlando Velandia of Colombia's National Hydrocarbons Agency…

Venture Global's commissioning extension of Plaquemines LNG Plant has been approved by federal regulators

A regulatory filing revealed that federal regulators approved Venture Global's request for additional time to commission its Plaquemines LNG facility in Louisiana before declaring full commercial operations. Venture Global can sell the liquefied gas at higher prices on the spot market by extending the commissioning phase.

Zelenskiy believes that peace in the Middle East can lead to peace in Russia

On Thursday, Volodymyr Zelenskiy, the Ukrainian president, said that the momentum of the Middle East Peace Process would help to end the more than three-and-a-half-year-old conflict between his country and Russia. Zelenskiy posted on Telegram that "we have a meeting with President Trump planned tomorrow.

The Colombian Sirius gas project is moving forward with consultations and nearing the contracting phase

Alcindo Moritz, Petrobras Colombia's chief, said that the project Sirius, which is being developed by Ecopetrol, a state oil company in Colombia, and Petrobras of Brazil, off its Caribbean coast, has nearly completed half of the consultations with communities who could be affected by it.

South Africa will lift the shale-gas moratorium in this month

The South African government will lift its long-standing ban on shale exploration once new regulations are published this month. In 2011, the regulator was prohibited from processing any new applications for exploration or production rights, as well as reconnaissance permits. This ban followed…

Kyiv reports that a Russian drone and missile barrage has hit Ukraine's gas installations.

Volodymyr Zelenskiy, the president of Ukraine, said that Russia had launched an overnight attack on Ukraine targeting infrastructure with more than 300 drones. He said that the attack was on targets in central Vinnytsia, Poltava, and the northeastern regions of Sumy, Kharkiv, and Kharkiv.

Equinor begins production in Brazil's Bacalhau Oilfield

Equinor, a Norwegian oil company, announced on Thursday that it had begun production in Brazil at its Bacalhau field one year after the original investment decision in 2021. Equinor said that Bacalhau, with recoverable reserves exceeding 1 billion barrels equivalent oil (boe), is the largest offshore field developed to date by Equinor.

Maurel & Prom sales for 9 months fall as crude prices remain high

Maurel & Prom, a French oil and gas company, reported a drop of 13% in its sales for the nine months ending on Thursday. The decline was attributed to lower crude oil prices. The total sales from January to September fell by 15% to $489 millions, down from $559million. Crude oil prices also dropped to $70.6 per barrel.

Cenovus Energy purchases additional shares in MEG Energy

Cenovus Energy has increased its stake in MEG Energy to 9.8%. Cenovus purchased 21.7 million shares on Tuesday, improving its position in acquiring one of Canada's largest pure-play oil and sands companies before the shareholder vote on October 22. Cenovus, which acquired MEG earlier this month…

As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?

Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction.

The Norwegian budget shows that the costs of Aker's offshore projects are rising.

Norway's Budget Proposal showed that the cost of Aker BP’s major oil and gas projects, Yggdrasil, and Valhall-Fenris have risen 32% and 25% respectively from nominal estimates a month ago. The Yggdrasil Project, the largest development project off Norway since 2019 is expected to cost 177.6 trillion crowns ($17.59billion)…

Venture Global requests that Chevron have a say on the Plaquemines LNG startup extension

Chevron asked federal regulators on Tuesday to allow it to give an opinion about Venture Global's request for additional time to commission the Plaquemines LNG facility in Louisiana. The U.S. petroleum major has a long term sales and purchase contract with the plant that could be affected if there is a delay.

Oil bosses are expecting the market surplus to diminish over time

Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members…

Oil executives warn of increased costs due to Trump's tariffs

Two oil executives warned this week about the impact of tariffs on the cost of energy production and investment decisions. TotalEnergies' CEO Patrick Pouyanne said at the Energy Intelligence Forum held in London on February 2 that tariffs on metals were driving up costs for LNG projects.

Cenovus Energy increases stake in MEG Energy before merger vote

Cenovus Energy announced on Tuesday that it had purchased approximately 21.7 million MEG Energy common shares ahead of a vote to merge the two companies. This will strengthen its position in preparation for acquiring one of Canada's largest pure-play oil and sands firms. Cenovus acquired…

BP expects higher upstream production in the third quarter, but weaker oil trade.

BP said that it expects to have a higher upstream production than last quarter, in a trading report released on Tuesday. Results are due on November 4. The company also noted BP's weak oil trading results. It had earlier guided for slightly lower output upstream than the second quarter, when…

Sherry Duhe, Santos' Finance Chief, resigns after one year in the role

Santos announced on Tuesday the resignation of CFO Sherry duhe, only one year after she assumed the position. The Australian gas producer is navigating a period of transition ahead of the start-up of its Barossa, and Pikka, projects. Duhe was appointed as Santos' new CEO in September of last year, amid speculation about a possible leadership change.

Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy

Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for exploration and development of oil and gas in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase.

Exxon consortium executive: Guyana's oil production at 770,000 barrels per day

The chief of Exxon Mobil's South American subsidiary said that oil production in Guyana by the consortium led by Exxon Mobil has increased to 770,000 barrels a day (bpd). This is after the launch of the fourth floating output facility. According to government and consortium data, the average production of The Exxon Group…

Kuwait announces its third offshore discovery as it seeks a boost in output

Kuwait Oil Company announced on Monday that it had made its third offshore find with a production capacity of over 29 million cubic feet of natural gas per day. This is a major boost for the desert nation, which has been struggling to increase output. KOC released a statement that estimated the Jazza field to contain around 1 trillion cubic foot of gas…

Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy

Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for oil and natural gas exploration and production in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years.

Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast

According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil.

Vulcan Energy, Australia's lithium supplier, signs agreement with Glencore

Vulcan Energy announced on Monday that they have signed an agreement to supply Glencore with lithium monohydrate hydroxide from their Lionheart Project located in Europe. Vulcan will provide Glencore between 36,000 and 44,000 tonnes (or about 20 percent) of its current production over a period of eight years.

Congo will revoke cobalt export quotas to companies who fail to export the full volume

In a statement released on Saturday, the mining regulator of the Democratic Republic of Congo said that it would revoke export quotas for companies who fail to meet their export targets, violate environmental or tax regulations, or transfer them to third parties. It was announced that the new rules would come into effect on 16 October.

Strathcona withdraws from MEG Energy race after Cenovus sweetened its bid

Strathcona Resources abandoned Friday its bid to acquire MEG Energy. This ended its months-long struggle with Cenovus Energy over ownership of Canada's largest pure-play oil-sands company. Strathcona is the majority shareholder in MEG. Cenovus raised its offer to C$8.6 Billion ($6.17 Billion) including debt earlier this week.

Sources say that Unipec was involved in the arbitration award announced by Venture Global on Oct 9.

Two sources familiar with the matter say that Venture Global announced on 9 October the settlement of an arbitral case involving Unipec. Unipec is a trading division of Sinopec - a Chinese state-owned oil company. Venture Global announced the resolution first on Thursday, without disclosing who the other parties involved were.

Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in six weeks.

Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation this week, the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10 to 547.

Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.

Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation for the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10.

Sources say that Pemex is overhauling multiple units in the refinery at Deer Park (Texas)

Mexico's national oil company Pemex completed the shutdown of multiple units at its 312,500-barrel-per-day Deer Park, Texas, refinery on Thursday to begin a multi-unit overhaul, people familiar with plant operations said. Sources said that the 270,000 bpd DU-2 crude distillation unit (CDU)…

Equinor abandons offshore electrification due to rising costs

Equinor, citing rising costs, informed the Norwegian government that it had scrapped its plans to reduce greenhouse gas emissions through the connection of several offshore platforms with the onshore grid. Norway's oil and gas industry is the largest contributor to climate change emissions. It accounts for about one quarter of all emissions.

LMEWEEK-Codelco lifts El Teniente loss estimate, copper output target intact

Codelco is likely to suffer copper losses of 45% more than originally estimated. However, Chairman Maximo Pacheco expects a slight increase in production from the world's biggest copper miner this year. The loss of production at the El Teniente mine in Chile, along with other disruptions…

Venture Global sinks after BP's arbitral win raises concerns over pending disputes

Venture Global's shares fell by about 20% Friday, after the U.S. exporter of LNG lost an arbitration against BP for failure to meet a long-term contract. This stoked fears of similar verdicts with other customers who are suing for billions of dollar compensation. The recent victory of Venture Global in an arbitration against Shell was a shock to BP.

Minister: Greece wants to complete the Chevron gas exploration agreement this year

The Greek energy minister announced on Friday that the country is working to complete a contract by the end the year with U.S. major oil company Chevron, and its Greek partner Helleniq Energy. This agreement will cover energy exploration off the coast of Greece. Chevron, Greece's largest…

BP wins arbitration against Venture Global regarding LNG cargoes

Venture Global announced on Thursday that BP had won the arbitration case it brought against Venture Global for failing to deliver liquefied gas to Venture Global under a contract with BP, which was supposed to begin in late 2022. Venture Global announced to the market that the International…

US grants license to Shell, Trinidad to develop Venezuelan gas field, official says

Trinidad's Attorney General said that the U.S. Government has given Shell and Trinidad and Tobago permission to develop a offshore gas field near the maritime border in Venezuela, Trinidad's attorney-general announced on Thursday. In recent years, the project to supply Trinidad with Venezuelan natural gas has been progressing slowly, due to frequent U.S.

Ghana's crude output drops 25.9% during the first half of 2025

The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee.

Chevron expands India Hub to boost AI and digital capabilities

Chevron India opened a 312,000 square foot facility for its Engineering and Innovation Excellence Center in Bengaluru on Thursday, a year and a half after launching this unit. The unit was launched to consolidate its technical work and enhance its digital and AI capabilities. India is playing a growing role in energy transition…

S&P 500 and Nasdaq close higher as Fed worries are outweighed by tech strength

The technology sector helped U.S. stock prices close higher on Wednesday, as investors, unable to access economic data due to the shutdown of the federal government, turned to the minutes from the Federal Reserve’s latest policy meeting to get a sense of the outlook for rate cuts until year-end. Nasdaq, the tech-heavy market, was in front.

Sources say that Congo will tie export quotas for cobalt to data from three-year companies.

Three sources with knowledge of the issue said that the Democratic Republic of Congo would allocate cobalt export quotas annually based on the production and shipment statistics of companies for the past three years. This is a major shift in policy intended to limit the supply of the world's largest producer.

Sources say that Congo will tie export quotas for cobalt to data from three-year companies.

Audit says that Congo mining companies underreported revenues of $16.8 Billion.

A state audit revealed that mining companies in the Democratic Republic of Congo failed to report $16,8 billion between 2018 and 2023. This could have resulted in a reduction of funds for both the government and the local communities. According to the 2018 Congo mining code, companies must contribute 0.3% annual revenue towards community development funds…

The rising tungsten price is a major concern for oil drillers.

U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields.

Cenovus increases its offer for MEG Energy to $6.2 billion

Cenovus Energy sweetened Wednesday its offer to purchase MEG Energy. The deal's value, including debt, was raised to C$8.6 Billion ($6.16 Billion), in an effort to compete with a rival offer from Strathcona Resources. Cenovus increased its offer by C$2.35 per share to approximately C$29.80, and stated that this was their "best and last" offer.

Serica Energy UK cuts production forecast after another Triton failure

Serica Energy, a British company, lowered Wednesday its production forecast for the second consecutive month following a new disruption on the Triton production storage and offloading ship. Serica said that production at the vessel operated by Dana Petroleum has temporarily been halted since September 30 because of a flare system problem.

The rising tungsten price is a major concern for oil drillers.

U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields.

Wall Street Journal, October 8,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Intercontinental Exchange, the owner of the New York Stock Exchange, said that it would invest as much as $2 billion in Polymarket. This deal values the popular crypto-based predictions market at approximately $8 billion.

Australia announces $395 Million to Support Glencore Copper Smelter

Australia announced on Wednesday that it would provide A$600,000,000 ($395,000,000) in financial support to Glencore's Mount Isa Copper Smelter in Queensland and Townsville Refinery over the next three-year period. The bailout will be split 50-50 by the federal and Queensland governments.

Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.

Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field. Majnoon Oil Field is located 60 km from Basra, in southern Iraq. It has an estimated 38 billion barleys of oil.

Commonwealth LNG wants to extend the time for building a planned export facility in Louisiana

A regulatory document indicates that Commonwealth LNG asked federal regulators to extend the construction period and start shipping of liquefied gas from an export facility proposed in Cameron Parish, Louisiana by four years. Commonwealth wrote to the Federal Energy Regulatory Commission…

Peru Minister touts Saudi mining interests and Chevron offshore Potential

A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world…

Commonwealth LNG wants to extend the time for building a planned export facility in Louisiana

A regulatory document shows that Commonwealth LNG asked federal regulators to extend the time period by four years for construction and export of liquefied gas from an export facility proposed in Cameron Parish, Louisiana. Commonwealth wrote to the Federal Energy Regulatory Commission to…

Chevron hires TotalEnergies to shake up its exploration team

Chevron named a new global exploration head on Tuesday as CEO Mike Wirth strives to improve the track record of the company in discovering new oil and gas sources. Kevin McLachlan, vice president of exploration, will succeed Liz Schwarze in November, after she retires from Chevron in February, following 36 years.

Aurubis raises premium for 2026 European Copper to a record $315 per ton

Three market sources reported on Tuesday that Europe's largest copper smelter Aurubis would charge European customers an additional $315 per ton of refined copper in the coming year. This is a record-high for the German company. The premium is added to the London Metal Exchange copper price, which is used in construction and power.

China builds oil reserves in response to a stockpiling campaign

China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news…

Colombia's Ecopetrol will launch a bid for the Covenas regasification Project

Ecopetrol, the state-owned oil company in Colombia, will launch the bidding for a regasification at its Covenas terminal in the northern part of the country later this month. CEO Ricardo Roa announced the plan on Monday. Ecopetrol is expected to begin accepting binding bids on October 14 for the project…

Algeria to invest $60 billion in energy over 5 years, says Energy Minister

Algeria will invest 60 billion dollars in energy projects from 2025 to 2029, as part of an ambitious strategy to promote oil, gas and hydrogen development, said Energy and Mines minister Mohamed Arkab on Monday. Arkab, speaking at an energy conference in Algiers said that 80% of investment would be directed towards upstream exploration and production.

OMV reduces investment targets and cuts back on spending for renewables until 2030

Austria's OMV announced on Monday that it would cut sustainable investments, and reduce its target for organic capital expenditures yearly by 1 billion euro ($1.2 billion). This was also to reflect Borealis' deconsolidation following a merger. The group has set a new organic capital spending goal of 2.8 billion euro per year.

Tshisekedi says that Congo will permanently ban exporters of cobalt who breach quotas.

President Felix Tshisekedi warned that the Democratic Republic of Congo would permanently ban exporters of cobalt who violated its new quota-based system. The world's largest producer is tightening controls to reduce fraud and stabilize prices. Congo, which produces 70% of all cobalt in the world…

OPEC+ has agreed to modestly increase oil production from November, according to sources

Three people with knowledge of the situation said that OPEC+ is planning to increase oil production by 137,000 barrels a day (bpd) from November, the same modest increase as October. The Organization of the Petroleum Exporting Countries, Russia and a few smaller producers have increased their…