Eni has confirmed a significant natural gas discovery at the Konta-1 exploration well in the Muara Bakau Production Sharing Contract (PSC), located approximately 50 kilometers offshore East Kalimantan in Indonesia's Kutei Basin. Early estimates place the gas initially in place at around 600 billion cubic feet (bcf), with the potential to exceed 1 trillion cubic feet (tcf) once additional reservoir segments are assessed.
Aramco, ExxonMobil and Saudi Aramco Mobil Refinery (Samref) have entered a Venture Framework Agreement (VFA) to explore a major expansion and upgrade of the Samref refinery in Yanbu, aiming to transform the site into an integrated petrochemical complex.
The review will assess potential investments to enhance and broaden production, including lower-emission premium distillates and high-performance chemical products, alongside measures to cut operational emissions through a coordinated reduction strategy.
TotalEnergies has reached an agreement to merge its UK upstream operations with NEO NEXT Energy Limited, creating a newly expanded company to be renamed NEO NEXT+ in a deal expected to close in the first half (H1) of 2026.
Japan’s largest power generation company, JERA, has signed a 10-year liquefied natural gas (LNG) sale and purchase agreement with Torrent Power, one of India’s leading integrated power utilities. The deal, which begins in 2027, marks JERA’s first long-term contract to supply cargoes outside of Japan, signifying a major step in its global expansion strategy.
Russia’s state-controlled energy giant Gazprom has shipped a liquefied natural gas (LNG) cargo to China from its Portovaya LNG facility, marking the first apparent delivery since the US imposed sanctions on the project earlier this year, Reuters reported.
The Iraq’s Ministry of Oil revealed that the East Baghdad–Rashidiya field currently has a production capacity of about 8,000 barrels per day (b/d) of crude oil, in addition to 15 million cubic feet per day (mmcf/d) of dry gas.
The Group of Seven countries (G7) and the European Union (EU) are discussing replacing the existing price cap on Russian oil with a full ban on providing maritime services for Russian oil exports, to further reduce the revenue funding Russia’s war in Ukraine, six sources familiar with the matter told Reuters.
Eni, the global energy company, has secured a long-term liquefied natural gas (LNG) sales agreement with Thailand’s Gulf Development Company, reinforcing its strategy to expand a diversified global LNG portfolio and build stable, multi-year partnerships in key international markets.
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.
