Eni has made a giant gas discovery in the Kutei Basin offshore Indonesia that could hold reserves of about 142 bcm (5 tcf) of gas and 300 million barrels of condensate, the company announced on Monday.
Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf.
Trafigura has signed a USD 1-billion oil prepayment agreement with Gabon in exchange for exclusive crude oil offtake for a period of seven years, the company announced on Wednesday.
Flows of Russian oil to Hungary via the Druzhba pipeline could resume next week after a months-long hiatus, incoming Prime Minister Peter Magyar said, citing the head of refiner MOL.
Repsol SA said Thursday it had signed a deal with Venezuela on the terms of a renewed partnership that would see the Spanish company increase its oil production in the South American country.
Algeria’s ALNAFT on Sunday launched the Algeria Bid Round 2026, offering seven exploration blocks to attract foreign investment and raise hydrocarbons output, Reuters reported on Sunday.
Days after saying it would not extend a sanction waiver for Russian crude sold to Indian refiners, the U.S. Treasury Department changed its mind and extended the waiver for two weeks until mid-May.
The Strait of Hormuz is once again at the center of escalating geopolitical tensions, with Iran moving to restrict vessel traffic amid an ongoing U.S. naval blockade.
Oil prices climbed sharply in early Asian trade on Monday, as the U.S. Navy intercepted an Iranian vessel it accused of attempting to break its blockade. The seizure reignited fears of a major escalation in the conflict and a prolonged disruption in the Strait of Hormuz.
Nigeria supplied about 68 per cent of the total gas volumes transported through the West African Gas Pipeline (WAGP) since its inception in 2011, as cumulative deliveries hit 613.7 million MMBtu, reinforcing the country’s dominant position in regional energy supply.