Iran, one of the largest oil exporting countries and a key player in the Organization of the Petroleum Exporting Countries (OPEC), has recently increased its oil storage capacity by adding 2 million barrels, after starting the operation of two tanks that have been upgraded at the Kharg oil terminal in the operational zone.
Türkiye has made new natural gas discovery in the Black Sea with reserves amounted to 75 billion cubic meters (bcm).
Aramco, the Saudi oil giant, signed 34 Memoranda of Understanding (MoUs) and agreements totalling $90 billion with major US companies on the fringe of US President Trump's tour in which Saudi Arabia was the first stop.
Chariot Limited, an energy group focused on Africa, announced on May 14 that Energean plc has returned its Moroccan offshore interests to Chariot. The transfer includes Energean’s full stake in a subsidiary that held 45% of the Lixus Offshore license and 37.5% of the Rissana Offshore license. In 2023, Chariot sold a portion of its stake in Moroccan offshore waters to Energean in a deal valued at more than $900 million.
Eni, the Italian energy giant, started the production of natural gas from the Merakes East Field located in the Kutei basin, offshore Indonesia. The field is expected to produce up to 100 million standard cubic feet per day (mmscf/d), equivalent to 18,000 barrels of oil equivalent per day (boe/d).
Oman is not planning to sell interests in natural gas fields, noted a statement issued by the Omani Ministry of Energy.
The statement quoted Saleh Al Anboori, Director General of Exploration and Production of Oil & Gas, Omani Ministry of Energy and Minerals, as denying the circulating rumours about Oman's mulling selling natural gas assets valued at $8 billion to boost the state finances and investments. The rumours are based on a Bloomberg report on Friday.
Saudi oil giant Aramco reported a 4.6 % decline in its net profits during the first quarter (Q1) of 2025 to reach $26 billion. The retreat in profits came on the back of increased capital expenditures, which increased by 15.9 % YOY $12.5 billion to support the company's plans for long-term strategic growth. The results also reflected the uncertainty covering the oil markets amid the US-China trade war and a decline in crude prices.
Harbour Energy operational results showed a 190% increase in its production volumes, reaching 500,000 barrels of oil equivalent per day (boe/d) during the first quarter (Q1) of 2025. The production was split into 40% liquids, 40% European natural gas, and 20% non-European natural gas. The company, a major player in the oil and gas industry with a wide presence across the world, has added new wells in the UK, Argentina, Egypt and Germany, according to the company's website. Furthermore, it reported a 90% production efficiency.
Nigeria’s oil regulator stated that ExxonMobil will invest $1.5 billion in developing its deepwater operations in the country.
ADNOC Distribution, one of Abu Dhabi National Oil Company (ADNOC) subsidiaries and the UAE’s largest fuel and convenience retailer, reported a growth in its net profit by 16%, to reach $174 million during Q1 2025, compared to $150 million during Q1 2024.
