“The new refinery in Nigeria and some issues in securing domestic supplies played a role for those unique flows earlier this year. But going forward, with the refinery now aiming to secure domestic flows, and probably looking at other crude grades, it is difficult to forecast if the volume flowing from the U.S. to Nigeria will persist,” agreed Giovanni Staunovo, an analyst at UBS.
On Wednesday, majority state-owned Equinor ASA said its Norwegian equity gas and liquids production in the second quarter averaged 704,000 barrels of oil equivalent a day (boed) and 655,000 boed respectively. “New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant”, Equinor said.
Carnarvon said the investment gives it a stake in Strike’s “extensive and high-quality gas portfolio of production, development and exploration assets which requires access to capital to drive growth”. The investment will also give Carnarvon exposure to Western Australia’s domestic gas and electricity markets “at a time when gas and energy demand is increasing,” the company said.
In Block 32, TotalEnergies, with a 30 percent operating ownership, said 2024 it would continue drilling development wells through the third quarter of 2025 including three infill wells of Kari Phase 1. It said it was assessing potential additional developments in discoveries in the central and northern areas of the block. Block 32 is already in production through FPSOs Kaombo Norte and Kaombo Sul.
This is taking place ahead of the next round of trade talks between the two countries, to take place in Sweden next week. U.S. Treasury Secretary described current relations as being “in a good place.” Chinese officials, for their part, have signaled a readiness on the part of the country’s government to reach a mutually beneficial deal. An official statement said that the Chinese side hoped for an atmosphere of “mutual respect, peaceful coexistence and win-win cooperation,” at the talks.
Upstream M&A decelerated in the second quarter of 2025, with value falling 21% quarter-over-quarter to $13.5 billion, according to Enverus Intelligence Research (EIR) summary of Q2 2025 upstream M&A activity and outlook for the rest of the year. EIR analysts say this is the second lowest quarterly deal value since the start of 2024 and placed 1H25 M&A value at $30.5 billion, a 60% drop compared to the first half of 2024.
“This is expected to somewhat ease market fundamentals and eventually contribute to a stronger demand growth,” said Gergely Molnar, a gas analyst at the IEA, during a webinar. “2026 will be marking the first year of the LNG wave and it will be also in a way a test how demand responds to the stronger growth, especially in Asia.”
In 2025, our strategic objectives include deepening government relations to ensure the voice of US companies is heard during economic reform processes and expanding focus groups on specific sectors such as healthcare, energy, digital economy and SMEs. We also seek to strengthen regional connectivity through our broader MENA network, and we are enhancing our advocacy platforms, providing members with timely regulatory updates and high-level engagement opportunities with both US and Kuwaiti stakeholders.
Based on end-2024 financial results, the merged company will have approximately EUR 21 billion in revenues and more than EUR 2 billion in EBITDA, and will command a backlog of around EUR 43 billion as of the end of Q1 2025. Annual free cash flow is expected to exceed EUR 800 million.
Ghana’s oil and gas sector is showing clear signs of resurgence, underscored by Eni’s recent declaration of commerciality for the Eban-Akoma complex in the Cape Three Points Block 4. Estimated to hold between 500 and 700 million barrels of oil equivalent, the find marks the country’s largest offshore discovery in years and lies adjacent to Eni’s existing Sankofa production hub, allowing for rapid and cost-efficient development.