Carlyle, the US private equity firm, has entered exploratory discussions with investors in the UAE about potentially bringing in partners if it moves ahead with its planned acquisition of Russian oil producer Lukoil’s international assets, according to sources familiar with the matter.
U.S. oil major Chevron is pressing Iraq to improve returns on the giant West Qurna 2 oilfield as a condition for acquiring the project from Russia’s Lukoil. Earlier this month, Iraq nationalized the field after U.S. sanctions imposed on Lukoil over Russia’s war in Ukraine made it difficult for the company to operate its international assets, including West Qurna 2.
ADNOC and Abu Dhabi National Energy Company (TAQA) have signed a 27-year Utilities Purchase Agreement (UPA) to provide critical infrastructure and services to the TA’ZIZ Industrial Chemicals Zone in Ruwais Industrial City in Abu Dhabi. Under the long-term commercial contract, ADNOC and TAQA will jointly develop a central utilities project to support TA’ZIZ’s chemicals and transition-fuels facilities.
Venezuela expects to attract around $1.4 billion in investment this year for projects operating under oil production-sharing contracts promoted by the government, up from about $900 million last year, Interim President Delcy Rodríguez said.
India’s state-run Hindustan Petroleum Corp Ltd (HPCL) is seeking to import Venezuelan crude oil for the first time as it plans to increase its processing of heavier grades in the new fiscal year (FY) beginning in April, Chairman Vikas Kaushal said.
XRG, ADNOC’s global investment subsidiary, has announced an agreement to acquire a 7.6% equity interest in Trains 4 and 5 of the Rio Grande LNG project in Texas from an acquisition vehicle owned by Global Infrastructure Partners (GIP), according to a statement by XRG.
Dana Gas, the Middle East’s leading publicly listed regional natural gas company, and Crescent Petroleum, the oldest private oil & gas company in the Middle East, alongside their partners in the Pearl Petroleum Consortium, have signed a series of long-term gas sales agreements (GSAs) to supply natural gas from the Chemchemal field to major industrial consumers in the Kurdistan Region of Iraq (KRI).
SLB, the global technology leader, has announced a 9% sequential revenue increase for the fourth quarter (Q4) of 2025, reaching $9.75 billion. The results reflect a 5% growth compared to Q4 2024, signaling a stabilization in global upstream activity, according to a press release by the company.
Libyan Prime Minister Abdulhamid al-Dbeibeh has announced a landmark 25-year oil development agreement with France’s TotalEnergies and US-based ConocoPhillips, committing more than $20 billion in foreign-funded investment to the country’s energy sector, according to Reuters. The deal, concluded through the Waha Oil Company, aims to increase Libya’s production capacity by up to 850,000 barrels per day (bbl/d). According to al-Dbeibeh, the project is projected to generate net revenues exceeding $376 billion over its 25-year lifespan.
Halliburton, an American oil service company, has reported a significant sequential improvement in its fourth-quarter (Q4) 2025 earnings, posting a net income of $589 million, compared to $18 million in the previous quarter, according to a press release by the company.
