Falcon Oil & Gas Ltd. has completed successful flow-rate tests and commenced its 2025 drilling campaign in Australia’s Beetaloo sub-basin, the company announced Monday.
Oil fell as U.S. President Donald Trump reignited his global trade war, while his latest plan to pressure Russia into a ceasefire with Ukraine didn’t include new measures aimed directly at hindering Moscow’s energy exports.
Tullow Oil Plc and Kenya’s Gulf Energy Ltd. have secured an extension to submit a development plan for fields in Kenya, a crucial step to completing a sale of the assets.
The agreement extends the licence to 2037, supports the further development of the block’s remaining resources and prolongs the production and design life of the Kizomba A, Kizomba B, Mondo and Saxi-Batuque FPSOs.
Since the Russian invasion of Ukraine in February 2022, the European Union has been working to decrease its dependence on Russian energy. The EU responded to Russia’s invasion by introducing sanctions on a range of energy products, including oil and gas, which it has gradually strengthened over the last three years as the region has reduced its reliance on Russian energy.
Oil prices are set to end the week higher after geopolitical risk climbed and Trump delayed tariff announcements.
The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 8-rig decrease in the week prior.
Brazil has become the latest target of U.S. President Donald Trump’s ire after the Republican frontrunner threatened 50% tariffs on the South American giant for allegedly persecuting right-wing ex-president Jair Bolsonaro. In a post on Truth Social, Trump called on Brazilian President Luiz Inácio Lula da Silva to halt what he described as a “Witch Hunt that should end IMMEDIATELY!” Bolsonaro is currently on trial for allegedly attempting to overturn the results of the 2022 election.
The contract will remain effective until September 30, 2025. Its value is between EUR 250 million and EUR 500 million.
The LNG will be sourced from the company’s Das Island liquefaction facility, with the total deal valued at approximately USD 400 million. The site has exported over 3,500 LNG cargoes globally since 1977 and produces up to 6 million tonnes per year.