Renewing gas flows prevents a new energy crisis in rebel area of Moldova
The head of Moldova's largest energy firm said that gas will be re-routed to the separatist Transdniestria Region. This will prevent a repeat crisis of severe power and heat shortages in the region last January. This will allow the supply of hot water to resume and prepare for the start of winter heating season. This month, the pro-Russian region that broke away from Moldova in 1991, before the collapse of Soviet power, restricted its gas consumption after payment problems led to a reduction from 3.1 millions cubic metres per day to 1.2 million.
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 announcement marked the 5th positive FID of an LNG project in the U.S., the world's biggest exporter of super-chilled fuel. After President Donald Trump lifted his moratorium on new LNG export permits shortly after assuming office in January, the U.S. LNG industry has seen an increase in commercial activity.
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. This is because long-term contracts are only applicable during full operation. Federal Energy Regulatory Commission said that although Venture Global's two long-term customers - Orlen and Chevron - had asked for input, neither objected to the request.
EU rules to ban 'backdoor' Russian oil
A document published Thursday reveals that the European Union requires fuel importers to prove that their fuels were not made with Russian crude. The document gives guidance on the EU’s forthcoming ban on fuels refined from Russian oil, as part of its 18th package of sanctions against Russia for its war in Ukraine. The ban will take effect on January 21, 2019. WHAT IS THE EU ADVISE TO IMPORTERS? Operators are expected to give EU Customs "appropriate proof" of where the crude oil that was used to refine the fuel came from. However, there are some important exceptions.
Qatar's Energy Minister warns EU laws could prevent it from supplying LNG to Europe
Qatar won't be able do business with the EU, or even supply LNG to Europe to fill its energy gap if it doesn't make further changes to its corporate sustainability regulations, said Qatari energy minister Saad Al-Kaabi on Thursday. QatarEnergy, the state-owned company that is one of the largest exporters of liquified gas in the world, has claimed that the EU’s Corporate Sustainability Due Diligence Directive (CSDDD), adopted in 2024 poses a serious risk to the country. EU regulation requires large companies operating in EU to fix any human rights or environmental issues within their supply chain, or else face financial penalties.
McKinsey: Fossil Fuels will dominate the global energy usage beyond 2050
According to a McKinsey study, oil, coal and gas will dominate the global energy mix long after 2050. This is because the demand for electricity continues to grow faster than the transition to renewables. The continued use of fossil fuels is a major obstacle to reaching global climate targets. The report states that the main reason for the increase in electricity demand is a 20-40% projected rise from the building and industry sectors by 2050. North American data centres are seen as the major contributors. Natural gas use for electricity production is expected to increase significantly. Coal use could also continue at higher levels.
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 a public outcry by environmental activists concerned about the effects of hydraulic fracking on the Karoo region. In a statement released after the cabinet meeting on Thursday, the environment minister announced that the regulations for shale-gas production had been finalized and would be published by the end of October.
Santos reduces 2025 production forecast on technical issue at Barossa Project
Santos Australia has lowered its output forecasts for the second time in this year after a technical problem delayed ramp-up at its Barossa project. Inclement weather also hampered recovery of the Cooper Basin project. No. 2 independent oil and gas producer in the country now expects to produce 89-91 million barrels of oil equivalent (mmboe) during fiscal 2025, compared with 90-95 mmboe previously forecast. The country's no. Visible Alpha's consensus forecast of 91.4 million barrels of oil equivalent (mmboe) was not met by the mid-point of this forecast.
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. Crude oil prices fell in the second quarter, after the Organization of the Petroleum Exporting Countries (OPEC+), and its allies began to reverse their self-imposed production reductions totaling 2,17 million barrels of crude oil per day in April.
Australia's Santos reduces its annual production forecast due to weather and vessel delays
Australia's Santos on Thursday narrowed its full-year output forecast due to a slower-than-anticipated start-up of the BW Opal floating production, storage and offloading vessel as well as a slow recovery from floods at its Cooper Basin project. Second-largest producer of gas in the country expects to produce between 89 and 91 million barrels (mmboe), as opposed to its previous projections of 90-95mmboe. Santos, recently the target of a $18.7 billion offer by a consortium headed by Abu Dhabi National Oil Company reported a 11% drop in sales revenue for the quarter ending September 30. This was below Visible Alpha’s estimate of $1.1 billion.
EIA predicts that heating US homes with electricity will cost more than it did last winter
The Energy Information Administration reported on Wednesday that U.S. homes heated by electricity primarily will spend 4% more to stay warm this winter, due to forecasts of higher power prices. The demand for electricity will likely outpace supply due to the growth of data centers, which are driving the AI boom. Also, the electrification and automation of other industries, such as transportation, should result in higher prices for American consumers. The EIA said that households who heat their homes with electricity will have to pay more in the winter, even if temperatures are around 10% higher than the base case scenario.
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 entry costs for shale were lower and the returns faster, so the rapid expansion of shale led to the U.S. becoming the top oil producer in the world. The U.S. president Donald Trump has introduced regulations that are friendly to the industry. As the Permian field, one of the largest fields in the world, is depleted, the most productive shale regions are being tapped.
Santander combines digital bank with consumer finance unit in Europe
Santander, a Spanish bank, announced on Wednesday that it would merge its digital lender Openbank into its consumer finance division in Europe to streamline its structure and cut costs. Santander announced that the new entity would manage Santander’s consumer finance operations, under the Openbank name, beginning with Germany and other markets following. Openbank and Santander Consumer Finance are part of the global digital consumer banking business. This business in Europe has 84 billion euro ($98 billion) of customer deposits. SCF is the leader in auto financing in Europe, with more than 140 billion euro in loans.
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), an increase from a nominal estimation of 134.4 billion a year earlier. The cost of building a new platform to process gas from the Valhall field of Aker BP, combined with the development and production of nearby Fenris, has increased by 75.9 billion Crowns. This is up from the nominal estimate of only 60.9 billion Crowns.
Wood Group CEO Wood to leave following Sidara's takeover vote
Wood Group, a British oilfield engineering and services firm, announced on Wednesday that its chief executive Ken Gilmartin will step down in the next month, after its shareholders have voted on a takeover offer from Dubai-based Sidara, worth 216 million pounds ($288,62 million). The Aberdeen-based firm said that Interim CFO Iain Torrens would replace him. Gilmartin also will leave his role as director of the board of the company following the shareholder vote on November 12 to confirm the takeover of engineering services firm Sidara, the company announced in a press release. The bid was marked by numerous offers and rejections.
In its third-quarter trading report, Total highlights higher sales and rising refining profit margins.
TotalEnergies, a French oil company, expects to see an increase in its third-quarter earnings as increased upstream production and improved crude refining margins will offset lower oil prices. The group announced this on Wednesday. In a trading update, it stated that despite a $10 drop in the price of oil per barrel year-on-year the results and cash flows from the business segments would increase in the range of 0-5% due to the accretive growth in hydrocarbon production and the improved results in the downstream. At 0723 GMT, the group's shares had risen 2.3%. Total faces pressure to reduce its debt after $3.5 billion worth of acquisitions were made in the first six months.
In its third-quarter trading report, Total highlights lower LNG sales and rising refining profits.
TotalEnergies, the French oil giant, expects to post a decrease in its third-quarter earnings, it announced on Wednesday. Asset sales and improved margins for refining oil failed to offset lower prices and reduced liquefied gas production. The European refinery margin of the company averaged $63.0 a ton during the third quarter. This was a 300% increase from the same period in 2013. This was due to increased diesel demand over the driving season, and fewer fuels available because the European Union has banned the importation of fuels made with Russian oil. Total faces pressure to reduce its debt after $3.5 billion worth of acquisitions during the first half.
Brunei LNG Facility undergoes scheduled maintenance for one week, sources say
Brunei LNG will be performing scheduled maintenance on its liquefied gas facility over the next week. However, production won't be affected, according to a source. In a social media post made on Tuesday, the company stated that "operational activity is currently underway from 14 October to 21 October 2025." However, it did not specify what those activities were. During this period, large amounts of black smoke and flaring are expected, but they will not affect the public. Sources familiar with the situation said that the maintenance was planned in advance, but declined to identify themselves as they weren't authorised to talk to the media.
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. The filing by Chevron comes just days after an arbitral tribunal found that Venture Global had breached a contract with BP regarding the timely declaration of commercial operations at Calcasieu Pass, also located in Louisiana. Investors are worried about ongoing arbitration obligations.
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. Trump signed a proclamation in June that increased tariffs on imports of steel and aluminum to 50%. Lorenzo Simonelli told the same conference that Monday that tariffs will add between $100 and $200 million in costs to the company this year. However, the cost increase is likely to be closer to the lower range of the estimate.