ExxonMobil plans to permanently shut down the older of its two steam crackers on Singapore's Jurong Island, with closure beginning in March and full shutdown expected by June, Reuters reported, citing four sources. The move comes as petrochemical producers worldwide face losses from sharp overcapacity driven largely by China.
Turkey finalized a one-year extension of two natural gas import contracts with Russia's Gazprom totaling 22 billion cubic meters (bcm), while advancing plans to invest in US natural gas production, Energy Minister Alparslan Bayraktar announced, Reuters reported.
Saudi Aramco's Jafurah shale gas project has commenced production at 450 million standard cubic feet per day (mmscf/d), marking the completion of the project's first phase, Saudi Arabia's Finance Ministry revealed, Reuters reported. The milestone was highlighted in the kingdom's 2026 budget statement as one of the key achievements of 2025.
TotalEnergies and its partners have reshaped the $15.4 billion Mozambique LNG financing package after a prolonged force majeure period, moving ahead without backing from the UK and Dutch export credit agencies while securing continued support from the vast majority of its lenders.
French oil major TotalEnergies and its partner Tree Energy Solutions will jointly develop a synthetic methane production facility in Nebraska with Japanese firms Osaka Gas, Toho Gas, and Itochu, Reuters reported.
Iraqi oil ministry officials said that ExxonMobil has reached out to express interest in acquiring Lukoil’s majority share in the massive West Qurna 2 oilfield, Reuters reported.
Equinor and Shell have officially completed a transaction to combine their United Kingdom (UK) offshore oil and natural gas operations into a new joint venture company, Adura, becoming the UK North Sea's largest independent producer.
Eight leading OPEC+ members, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to pause their planned production increases for January to March 2026, citing seasonal demand patterns and a need for continued caution despite a steady global economic outlook and healthy oil market fundamentals.
Russian oil company Rosneft reported a 70.1% decline in net income during the first nine months of 2025, falling to RUB 277 billion, according to the company's financial results. During the same period in 2024, the company's net income was RUB 926 billion. The company's revenues from sales declined 17.8% to RUB 6.28 trillion during the period from January through September 2025, compared to RUB 7.64 trillion in the first nine months of 2024.
ADNOC Gas, the integrated natural gas company and a subsidiary of the Abu Dhabi National Oil Company (ADNOC), has signed a long-term agreement with Emirates Steel Arkan (EMSTEEL), one of the Middle East’s largest integrated steel and building materials producers. The deal, valued between $3.5 billion and $4.2 billion, will secure a stable supply of lower-carbon natural gas to EMSTEEL over 20 years starting January 1, 2027.
