The European Commission is investigating whether it would be possible to legislate a continent-wide ban to sign new contracts for Russian fossil fuels, primarily geared to block EU buyers from spot purchases of Russian LNG, still 15% of the continent’s gas needs.
WTI is trading up on the day, but still slightly below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin holding fast at 289—a figure that is 29 fewer than this same time last year. The count in the Eagle Ford also stayed the same this week, at 47. Rigs in the Eagle Ford are 8 below where they were this time last year.
The Trump administration appears not to be in a rush to close any trade deals with those eager for them. Reuters reported that no deals at all were signed during last week’s IMF-World Bank Spring Meetings, which saw world leaders gather in one place to discuss trade. This suggests extended tariff uncertainty, which means extended oil price uncertainty.
Four cargoes of propane have shifted their routes from China to alternate destinations over the past week, bound for countries including Japan and South Korea, according to a report from analytics firm Vortexa. At least one cargo of ethane — which is used in plastics production — has been scrapped entirely, according to a person familiar with the matter.
DV Group has been gradually expanding its footprint in commodities for years, from hiring a senior coffee trader to several fuel and natural gas traders last year. The firm plans to continue growing in natural gas and power, which has been a significant driver of profits at top multistrategy hedge funds, including Citadel and Millennium
The company plans to drill seven gross wells in Colombia and four gross wells in Argentina, targeting a mix of conventional, unconventional, appraisal, and exploration opportunities. Key activities include drilling six infill wells and continuing workovers in the Llanos 34 Block, completing and bringing online four wells on the PAD-12 area in the Mata Mora Norte Block, spudding four wells on the PAD-1 area in the Confluencia Sur Block, drilling one appraisal well in the Llanos 123 Block, and drilling one exploration well in the Llanos 104 Block, the company said.
NIS’s main refinery in Pancevo, just east of Belgrade, has relied on crude imports through a pipeline in neighboring Croatia. Anticipating that the ever-tightening sanctions may render the pipe unusable for NIS, Serbia has made plans to link to crude supplies from the Druzhba pipeline via Hungary.
“Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity, predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter”, Rod Larson, President and Chief Executive Officer of Oceaneering, stated. He added that the jump in revenue was driven by strong performances from the company’s Subsea Robotics (SSR) and Offshore Projects Group (OPG).
“Risks peaked in February, when large-scale Russian missile attacks on gas production facilities led to the sudden loss of nearly half of the state’s output. These events created a perfect storm that could have caused a nationwide gas blackout at any moment”, according to a company report Monday that said 34 of Naftogaz’s gas production sites had been attacked in 2024-25. Rigzone tried to verify the scale of the reported attacks via comment requests to the Russian government, sent via official online portals, but has not received a reply.
The project will provide the transport and storage infrastructure for the HyNet North West Industrial Decarbonization Cluster project, which spans North West England and North Wales. Planned to reach 4.5 million metric tons per annum (MMtpa) of carbon dioxide (CO2) storage capacity by 2030, HyNet will store captured emissions in depleted hydrocarbon fields in the Irish Sea. The HyNet consortium, led by Eni, plans to expand the capacity to 10 MMtpa after 2030. Eni has updated the expected startup date to 2028.