Industry News

BP has raised its target for 'structural cost reductions' by 2027 to $6.5-7.5 billion following a deal to divest its refinery and associated assets in Gelsenkirchen, Germany to Klesch.

The U.S. president sought to stop attacks on energy facilities in the Middle East after Israel and Iran struck key targets, fueling concern that a prolonged war will cause lasting damage to oil and gas infrastructure.

Crude settles higher as attacks on key energy sites elevate supply concerns, widening Brent's premium and lifting gasoline sharply.

President Donald Trump temporarily waived a century-old shipping mandate to lower the cost of transporting oil, gas and other commodities around the United States.

Eni announced new gas discoveries in Libya totaling more than one trillion cubic feet.

'The volume basis in Johan Castberg was originally estimated at 500-700 million barrels, and Equinor has an ambition to increase this by an additional 200-500 million barrels'.

President Donald Trump pressed for a de-escalation of attacks on Middle East energy assets.

Iran warned Gulf countries that a number of energy assets are now 'legitimate targets'.

'Petrofac Emirates encompasses Petrofac's core engineering and construction (E&C) capability, including the E&C execution teams in the UAE, Chennai and Mumbai'.

EBW Energy Analyst Eli Rubin said natural gas 'continues to decouple from the crude oil correlations that provided upside from the Iran war'.

Expected to go online 2028, the projects are designed to add up to 2 billion cubic feet a day of natural gas and 90,000 barrels per day of condensate to the Italian state-backed company's production capacity.

Kyiv agreed to restore flows to Hungary and Slovakia after EU senior officials told Ukraine the resumption would pave the way for the finalization of a EUR 90-billion loan and a fresh package of sanctions against Russia.

In an oil flash note sent to Rigzone late Tuesday, J.P. Morgan analysts flagged an oil price 'misalignment'.

China, the world's biggest crude importer, is close to tapping its vast commercial oil reserves as the Middle East war shows no signs of ending, according to FGE NexantECA.

Oil prices climbed as Middle East attacks intensified supply risks and disrupted key export routes.

Even major fossil fuel exporters aren't immune to a widening energy crunch.

The Arlington, Virginia-based developer also sealed $8.6 billion in financing for phase 2, which it expects to make the company the biggest exporter of U.S. LNG.

'Consumers continue to feel the sting of rising oil, gasoline, and diesel costs as geopolitical tensions in the Middle East remain elevated', Patrick De Haan, head of petroleum analysis at GasBuddy, said.

Hungarian Prime Minister Viktor Orban said he'll continue to block key European Union aid to Ukraine until flows of Russian oil via the Druzhba pipeline are fully restored.

This is the second announced startup under Monumental's agreement with New Zealand Energy to fund the latter's share of costs for the Waihapa-Ngaere campaign.