Türkiye and Ethiopia have signed a memorandum of understanding (MoU) on energy cooperation during President Recep Tayyip Erdogan’s visit to Addis Ababa, marking a step toward deeper collaboration in joint energy projects.
The Iraqi cabinet approved what it described as an “amicable settlement” with Russia’s Lukoil over the transfer of operations at the giant West Qurna 2 oil field to the state-run Basra Oil Company, Reuters reported, citing an official statement.
The move follows Baghdad’s decision last month to nationalize the field after the United States imposed sanctions on Lukoil as part of efforts to pressure Moscow over the war in Ukraine. West Qurna 2 is one of the world’s largest oilfields, contributing roughly 0.5% of global oil supply and nearly 10% of Iraq’s total crude output.
Türkiye has begun the deployment of its deep-sea drilling vessel, Cagri Bey, to Somalia, marking the country’s first offshore exploration mission beyond its own maritime jurisdiction, according to Reuters. Energy Minister Alparslan Bayraktar described the deployment as a landmark step in Türkiye's oil and gas exploration strategy, noting that the vessel is scheduled to begin drilling operations at the Curad-1 well off the Somali coast in April.
Chevron Corporation, the upstream-focused producer, has signed lease agreements with the Hellenic Republic, paving the way for hydrocarbon exploration in four offshore blocks in Greece, in partnership with HELLENiQ ENERGY.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a sweeping relaxation of sanctions on Venezuela’s energy sector. The move grants two general licenses that allow international oil and gas companies (IOCs) to resume operations and negotiate new investments in Venezuela, home to some of the world’s largest proven oil reserves, as reported by Reuters.
OPEC+ is inclined to resume gradual oil production increases starting in April, according to three sources within the alliance, as the group positions itself ahead of stronger summer demand and firmer prices linked to escalating US Iran tensions. The potential move would enable leading producer Saudi Arabia and key member UAE to recover market share.
Saudi Aramco, the global energy leader and Microsoft, the technology innovation giant, have signed a non-binding memorandum of understanding (MoU) to explore a range of digital initiatives aimed at accelerating the deployment of industrial artificial intelligence (AI) across Aramco’s operations.
Through Malaysia Petroleum Management (MPM), Petronas has officially launched the Malaysia Bid Round 2026 (MBR 2026) under the theme “Advantaged Energy: Accelerating and Shaping Tomorrow,” as part of efforts to reinforce Malaysia’s standing as a leading destination for upstream investment.
Through a consortium, Eni and QatarEnergy have won the offshore exploration License O1 as part of Libya’s National Oil Corporation (NOC) 2025 competitive bid round, further consolidating the their upstream footprint in the country.
The British energy company, bp, reported a loss for the fourth quarter (Q4) 2025 worth $3.4 billion, a significant decline from the $1.2 billion profit recorded in the third quarter. Following these results, the board has decided to suspend share buybacks and fully allocate excess cash to accelerate the strengthening of the company’s balance sheet, according to a press release by the company.
