Kazakh Kashagan oil field operators file arbitration for $4.6 billion fine
Shell, TotalEnergies, Eni and other shareholders in Kazakhstan's Kashagan oilfield, have begun arbitration proceedings to challenge a $4.6 billion environmental fine for 2023, according to a Shell spokesperson. This is the latest in an ever-growing web of legal disputes involving the hydrocarbon industry in Kazakhstan. Kazakhstan's government fined NCOC, a consortium of gas processing companies in Kashagan, 2.3 trillion Tenge ($5.4 billion) for environmental violations. This was a result of an inspection conducted the previous year. The authorities had claimed to have found excessive amounts of poisonous sulphur.
In mid-2026, Inpex will invite bids for the construction of Indonesia's Abadi Liquefied natural gas project.
Inpex, a Japanese oil and natural gas exploration company, said that it would begin the engineering tender for its Abadi project in Indonesia by the middle of this year. Jakarta has pledged to eliminate 'bureaucratic snags' in order to expedite development on the $21 billion project. Abadi, the liquefied gas project (LNG) in Indonesia's Masela Block has been delayed for years due to the request of the previous administration that the plant be moved onshore. Purbaya Yudhi Satewa, Finance Minister, chaired on Tuesday a meeting to "debottleneck" the project with Inpex, its Abadi partners Pertamina Indonesia and Petronas Malaysia, as well as Indonesian officials.
Prices for gas in Europe are falling due to higher renewables and strong LNG
The wholesale gas prices in the Netherlands and Britain fell on Tuesday morning due to a robust supply of liquefied?gas and increased renewables generation. By 0916 GMT, the Dutch front-month contract had fallen by 0.54 euros to 31.25 euros per megawatt. According to LSEG, the contract for April decreased by 0.32 euros to 30.93 euro/MWh. The day-ahead prices in the British market fell from 75 pence per therm to?1.65 pennies. LSEG data shows that wind and solar power generation are expected to increase in North-West Europe through the weekend. This will cause a fall in demand for gas produced by power plants.
Eni will make final investment decision on Indonesia gas projects in the next month, says regulator
Djoko Siswanto, the head of Indonesia's upstream gas and oil regulator SKK Migas, told reporters that the Italian company?Eni is expected to make a final investment decision next month regarding the development projects for Geng North as well as Gendalo - Gendang. He said that a new joint venture, formed by Eni with Malaysian state energy firm Petroliam Nasional Bhd(Petronas), will manage the project. Eni did not respond immediately to a comment request. Djoko estimated that the value of investment would reach $15 billion. Indonesia has given Eni the green light to develop the Geng North gas project and Gendalo Gendang in 2024.
Woodside posts smaller-than-expected annual profit; CEO update imminent
Australian oil and gas ?producer Woodside Energy posted a ?smaller-than-expected fall in annual profit on ?Tuesday, ?as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026. The company stated at its results presentation that "the appointment of the CEO is an important activity ...(the Board) intends to make a announcement in the first half of 2026." Former CEO?Meg O'Neill has left Woodside for the top position at British oil giant BP. Woodside's shares rose 2.9% to A$27.890 - their highest level since August 2024. The stock closed at a 2.6% increase.
Diamondback misses its profit forecast as lower oil prices weigh
Diamondback Energy missed Wall 'Street's expectations for the fourth quarter profit on Monday as it struggled to cope with lower oil prices. Its shares fell more than 3% during extended trading. The global crude oil price has been impacted by the growing fears of an oversupply and the prospect of more Venezuelan barrels coming back onto the market. WTI crude oil prices fell by about 20% between 2025 and the third quarter of this year. Benchmark Brent crude was about $63.13 a barrel in the period between October and December, a drop of more than 9%. The average price for a barrel of oil was $58 during the fourth quarter. This compares to $69.48 a barrel compared to a year ago.
US producer Continental claims that the shale resource in Argentina could be "another Permian".
Continental Resources CEO Doug Lawler stated on Tuesday that Argentina's shale resource might be similar to the size of the Permian Basin in the United States. Lawler, a U.S. oil company, said that the oil production potential in Argentina could be as high as 1.5 to 2 million barrels a day within the next few years. Continental increased its stake in Argentina's Vaca Muerta shale basin last month by purchasing a non-operating share in four blocks. Lawler stated that Argentina must invest in its oil infrastructure, reforms and tax incentives to encourage investment. He said he is not concerned about the risks of nationalization in South America.
EIA: US power plants could avoid retirement by 2026
The Department of Energy's Research arm stated on Monday that U.S. Power Plants scheduled to retire in?2026 may stay online for longer. This builds on a trend which began last year as electricity prices and usage reached record highs in certain parts of the nation. According to the Energy Information Administration, 11 gigawatts worth of electricity-generating capacity was expected to close in the U.S. this year. The EIA's research shows that nearly 60% of this power is coal-fired and the rest is gas-fired. The EIA stated that "the?plans" may be more flexible than usual due to recent policy changes delaying the?retirement of several coal plants.
Mozambique to receive $6 billion from the World Bank over 5 years
A senior official at the World Bank said that it aims to provide Mozambique $6 billion in mostly concessional financing over the next five years for its public investment projects. Last week, the International Monetary Fund warned of the worsening debt dynamics in Southern Africa following an annual review. Fily Sissoko is the World Bank's?division manager for Mozambique. Madagascar, Mauritius. Seychelles, and Comoros. Sissoko stated that the World Bank's?financing allocated to support the Government's Development Strategy was "very concessional", and mainly grants. The Washington-based lender hopes to mobilize an additional $4 billion in funding for the private sectors.
Canada's Parex Resources has offered $500 million for Frontera Energy Colombia's assets
Parex Resources announced on Monday that it has submitted a $500 million cash-only proposal to purchase the Colombian Upstream Operations of Frontera Energy. The offer includes the assumption of debt as well as a contingent payment amounting to $25 million. Parex stated that the bid represents an $125 million premium compared to a previously announced Frontera acquisition agreement. GeoPark announced in January a definitive deal to purchase all of Frontera Energy's oil, gas and exploration assets in Colombia for $375m. GeoPark confirmed Monday that Parex's proposal is a "counter-proposal" but stated it has no further comment at this time.
Chevron and Iraq agree on exclusive talks about West Qurna 2.
Chevron is in exclusive talks with Iraq about the West Qurna 2 giant oilfield. This brings them closer to purchasing the field from the sanctioned Russian oil company Lukoil. Chevron has said that the talks will include an exchange of confidential information. This could allow the U.S. major oil company to expand its footprint in Iraq after the country nationalised the West Qurna 2 project and dismantled Lukoil’s interest. Iraq nationalised its field in the last month, after the U.S. imposed Lukoil sanctions to put pressure on Russia to end the war in Ukraine.
Sarawak challenges three federal laws in the top court of Malaysia
Sarawak's government announced?on Monday it had filed a petition with the highest court of Malaysia to challenge three federal laws that govern petroleum. This is part of an?effort broader?to gain more control over the state's natural resources. Sarawak will set up its own company, Petros, in 2024 to purchase, distribute, and supply all the natural gas produced within the state. This puts it at odds with Petronas - the national energy firm. Sharifah Hasidah Sayeed Aman Ghazali is a deputy minister at the Sarawak Premier's Department. She said that the state authorities in Sarawak are attempting to determine whether the Petroleum Development Act of '74…
Romgaz CEO: If acquisition proceeds, Romgaz will need more funding to complete gas project.
If the acquisition of a ailing fertilizer producer by Romgaz this year goes through, it may have to use additional funding to pay for its portion of offshore project Neptun Deep. Romgaz and OMV Petrom have teamed up to develop Neptun Deep, one of Europe's largest natural gas reserves. Both companies will share the estimated cost of 4 billion?euros ($4.72billion) for this project. Romgaz issuing euro-denominated bonds since 2024 via a programme of euro medium-term notes to finance its part of the project. However, it may need to raise more funds if the Azomures purchase goes ahead this year.
Prices for EUROPE GAS are down due to the warmer weather.
Dutch wholesale gas prices fell on Monday, following a decline in the previous trading day. Warm weather forecasts lowered demand. By 0926 GMT, the Dutch contract for the first month was down 1,58 euros to 31.73 euros per megawatt hour. The contract for April is down 1.51 euros, at 31.4 Euro/MWh. The outlook for today is further price weakness. Weather model updates for the weekend were bearish. Temperatures are now expected to 'be notably higher near term, and extend through the first 'two weeks of march, said Wayne Bryan, LSEG Gas Research Principal. This has led to a drop in the demand forecasts.
Saudi Aramco has sold its first Jafurah condensate cargos to US firms and India, according to sources
Four 'trade sources' said that Saudi Aramco, the state energy giant, has sold several cargoes - of ultra-light crude oil from its $100 billion Jafurah plant - to U.S. refiners and majors in India as it prepares to ship its first cargo this month. Aramco is aiming to increase its natural gas production to become one of the world's major players and expand its light crude grade offerings. The Jafurah Project, which contains an estimated 229 trillion standard cubic feet of raw gas, and 75 billion barrels condensate of liquid gas, is at the heart of its ambitions. Sources said that U.S.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.
Turkmenistan’s former president says diversifying the gas exports to Turkmenistan is a 'primary objective'
According to the transcript of a Sunday interview, former Turkmen president Gurbanguly Berdymukhamedov stated that his country's 'primary goal' was to diversify its exports of its massive gas reserves. The fourth largest in the world. Turkmenistan, a?mostly desert? country of 7 million people, has been limited in its gas exports by the lack of pipeline infrastructure. The majority of Turkmenistan's gas exports go to China. Berdymukhamedov was president of Turkmenistan from 2007 until 2022. He then stepped down to be replaced by his son Serdar. He is still influential in his role as "National Leader" of Turkmenistan.
Baker Hughes reports that US drillers have kept the number of oil and natgas drilling rigs unchanged for a second consecutive week.
Baker Hughes, a leading energy services company, said that the number of oil and gas rigs in the United States remained unchanged this week for a second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, remained at 551 during the week ending February 20. This is the same as the previous week. Baker Hughes reported that despite the lack of movement this week, there were still 41 rigs or 7% less than this time last year. Baker Hughes reported that oil rigs remained at 409 this week while gas rigs remained at 133.
India's infrastructure production rises by 4% in January
India's infrastructure production rose 4% in January compared to the same period last year, thanks to strong growth in cement and steel production, according to a report released by the government on Friday. The index which measures the activity in eight sectors, and represents 40% of industrial production in the country, rose at a revised rate of 4.7% on an annual basis. * The cement?output increased 10.7% on an annual basis in January, compared with a 13.7% increase that was?revised in December. * Steel production rose 9.9% year-on?year in January, compared with a revised 10.1% growth month?ago.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.