TotalEnergies and global investment firm KKR have agreed to add 700 megawatts (MW) of renewable energy capacity to their US joint venture (JV), increasing its total portfolio from 1.4 gigawatts (GW) to 2.1 GW, according to a statement issued on October 12.
The Organization of the Petroleum Exporting Countries (OPEC) has reported that crude oil production by OPEC+ members increased by 900,000 barrels per day (bbl/d) month on month (MoM) to average 39.07 million barrels per day (mmbbl/d) in September, driven primarily by higher output from Saudi Arabia, according to its Monthly Oil Market Report (MOMR).
Saudi Arabia aims to increase its oil pipeline capacity to 10 million barrels per day (mmbbl/d) over the next two to three years through several initiatives, including upgrades to pumping stations along the East-West Pipeline, Saudi Energy Minister Prince Abdulaziz bin Salman said on October 12, according to Asharq, Bloomberg’s Arabic news platform.
Oil prices rose to near two-week highs on October 12 as attacks on Saudi Arabia heightened concerns over Middle East supply disruptions, outweighing expectations of additional diesel supplies from Russia, Reuters reported.
The US Department of Energy has authorized the release of up to four million barrels of crude oil from its Strategic Petroleum Reserve to offset supply disruptions caused by Hurricane Isaias, Reuters reported.
OPEC+ has delayed a review of members’ oil production capacity after the Iran war disrupted projects to expand output across the Middle East, creating uncertainty over estimates that will help set 2027 quotas, according to two sources familiar with the matter.
Energean has completed the removal of the Kilmar and Garrow platforms from the Southern North Sea, transporting more than 3,500 tonnes of steel to the Netherlands for dismantling, reuse and recycling.
AVEVA, a global leader in industrial software, released its 2024 Sustainability Report at London Climate Action Week during which it revealed progress across all three pillars of the company’s sustainability framework: technology handprint, operational footprint and inclusive culture. The company reported 93% reduction in scope 1 and 2 emissions against its baseline year driven by utilizing renewable energy, careful management of office space and fleet optimization. Since 2022, the company reduced its fleet size by 58.6%, from 186 vehicles to 77 at the start of 2025. Of the remaining vehicles, 35 are hybrid and six are electric.
ExxonMobil discovered a reservoir of natural gas at a prospect off the island’s coast, Reuters reported, citing Konstantinos Letymbiotis, the spokesperson of the Cypriot government. Drilling operations revealed a 350-meter reservoir of natural gas at a depth of 1.9 kilometers in the Pegasus-1 well.
The Tinrhert EPC2 Development Project in Algeria has been awarded to Petrofac's consortium with Genie Civil et Batiment (GCB). Petrofac's share of the contract is approximately US$200 million, valued at approximately $300 million.
