Industry News

Chancellor of the Exchequer Rachel Reeves said the UK is closing a tax loophole on oil and gas companies.

Exxon Mobil and QatarEnergy signed an MoU with Egypt to assess the potential of developing natural gas discoveries in Cyprus through the North African country's existing infrastructure.

Enverus Intelligence Research outlined that the Qatari LNG outage will shift the global gas market into a structural deficit.

Oil continues to exert an influence well beyond the energy market itself, Ole Hansen, Saxo Bank's Head of Commodity Strategy, said.

The UK producer completed the purchase of a 50 percent stake in two Shell licenses in the West of Shetland Basin, while entering into an agreement to sell part of its ownership in the Fotla project in the North Sea to Harbour Energy.

'The parties will seek alignment on key areas of joint interest on the Norwegian continental shelf, with the aim of speeding up the development of resources to uphold high production levels and unlock value'.

Japan - one of Asia's biggest importers of energy from the Middle East - flagged the impending arrival of the first Persian Gulf oil shipment to transit the contested Strait of Hormuz since the Iran war began.

The head of ConocoPhillips said Venezuela's initial steps to attract foreign oil companies that could help revive the nation's production are falling well short.

Crude settled lower amid hopes for a Strait of Hormuz reopening.

Oil market participants are increasingly pricing crude to be capped near $100 a barrel over the next year.

A quarterly breakdown included in the EIA's May STEO projected that the on-highway diesel fuel price will average $5.36 per gallon in the second quarter of this year.

Two of the exploration blocks sit near the BP-operated Tangguh LNG in Papua Barat province, presenting 'potential for short-cycle development', BP said.

The Astana International Financial Center Court - not part of Kazakhstan's judicial system - allowed Naftogaz to enforce a $1.4-billion international arbitration award against Gazprom in the country.

What would the implications be for the oil market if Iran decided to permanently tax/toll traffic through the Strait of Hormuz?

Wood Mackenzie said its analysis indicates that Brent crude prices could approach $200 per barrel by end-2026.

'The agreement creates the framework for Constellation and Pine Creek to develop approximately 3.0 million MMBtus annually of additional RNG production'.

EIG's MidOcean secured a $120 million equity commitment from The Arab Energy Fund, toward a $2 billion investment target from newcomers.

'India has been receptive to diversification, and what that means is buying more American energy,' Ambassador Sergio Gor said.

Oil prices plunged after Trump signaled progress toward a possible Iran deal.

The firm overtook energy heavyweight Shell Plc among the top 10 U.S. physical gas traders, according to regulatory filings.