US Gulf Coast refiners Valero Energy and Phillips 66 have purchased Venezuelan crude oil cargoes from independent trading houses, marking the first such transactions since Washington authorized the sale of up to 50 million barrels of the country's stranded reserves, according to Reuters.
ENGIE, a French major player in energy transition, has signed a 10-year Biomethane Purchase Agreement (BPA) with PepsiCo UK to supply 60 gigawatt-hours (GWh) of renewable gas annually, a deal valued at approximately £70 million ($94 million). Under the agreement, which is expected to commence in 2027, ENGIE will construct a new anaerobic digestion (AD) plant. This facility will convert organic waste and residues into biomethane, a 100% renewable alternative to natural gas.
India’s state-run Bharat Petroleum Corporation Ltd (BPCL) has secured one-year crude supply deals for Iraqi and Omani grades to compensate for imports from Russia and pivots toward Middle Eastern supply as Reuters reported. The company is also seeking additional Murban crude from the UAE under a separate tender.
TotalEnergies expects its fourth-quarter (Q4) 2025 financial results to broadly align with previous year levels, as refining margins and strategic asset sales successfully offset a downturn in crude oil and liquefied natural gas (LNG) prices, according to Reuters.
In a trading statement, the French energy company said cash flow from operations is projected to remain broadly stable year-on-year, driven by incremental upstream production growth and continued improvement across downstream businesses.
ADNOC Gas plc and its subsidiaries have signed a sales and purchase agreement with Hindustan Petroleum Corporation Limited (HPCL), valued between $2.5 and $3 billion over a ten-year period. ADNOC Gas has converted a previously signed Heads of Agreement (HoA) with Hindustan Petroleum Corporation Limited (HPCL) into a long-term sales and purchase agreement (SPA) valued at $2.5–$3 billion. The deal covers the export of 0.5 million tons per year (mtpa) of LNG from ADNOC Gas’ Das Island facility, which has a capacity of 6 mtpa and has delivered over 3,500 cargoes globally.
Dana Gas, the Middle East's leading private natural gas company, has drilled four wells in Egypt throughout 2025 and completed a workover program across three additional wells, boosting the total production of its Egyptian activities to 27 million standard cubic feet per day (mmscf/d) of gas by the end of the year, alongside an uplift in reserves, noted a press release by the company.
The company said that it plans to drill seven more wells in 2026 as part of the program, with the next one—Daffodil—set to spud in January. Further evaluations are ongoing to pinpoint additional rework opportunities for 2026, it added.
Basra Gas Company (BGC) has announced a strategic expansion of its export capacity, including a new large-scale project to export refrigerated liquefied natural gas (LNG) within two years, according to the Iraqi News Agency (INA). BGC Production Director Marfaa Al-Asadi stated that natural gas projects in the Rumaila and Zubair fields have reached advanced stages. The upcoming phase will focus on completing the remaining developments over the next four years while enhancing the stability and efficiency of existing facilities.
The US Treasury has pushed back the implementation of sanctions on Russian energy major Lukoil until February 28, giving the company additional time to negotiate the divestment of a large portion of its international portfolio across Europe, the Middle East, Africa, and Latin America, according to Reuters.
The US is moving rapidly to grant Chevron an expanded license to boost its oil production and exports from Venezuela, US.Energy Secretary Chris Wright. Under the proposed changes, Chevron would be allowed to pay royalties and taxes in cash rather than crude, enabling the company to market all of the oil it produces in the country instead of being limited to exporting about half under its current license.
Chevron Corporation has reached a Final Investment Decision to expand the production capacity of the Leviathan natural gas field offshore Israel. The expansion plans would increase the field's annual production to 21 billion cubic meters (bcm), designated to meet both Israel's growing energy needs and exports to neighbouring countries, according to a company press release.
“Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that encourages investment in the Middle East and globally,” said Clay Neff, president of Chevron Upstream.
