News / International

BP Weighs UK North Sea Asset Divestment in $2.69 Billion Deal

British Petroleum (bp) is in talks with Ithaca Energy, a North Sea oil and gas operator and producer, regarding the sale of its UK North Sea assets in a deal worth nearly $2.69 billion, according to Reuters.While negotiations failed to reach a final agreement in recent weeks, the company continues to explore other options for the assets and could pursue a transaction with other interested parties.
This deal is part of bp's ongoing plan to review and optimize its asset portfolio. Last month, a Bloomberg report said bp was considering the sale of some or all of its UK North Sea operations.

Russia’s Oil and Gas Tax Revenue Rises 32.4% in May on Higher Oil Prices

Russia’s oil and gas tax revenue rose by 32.4% year-on-year (YoY) in May to 678.9 billion roubles ($9.3 billion), supported by higher global oil prices amid escalating tensions in the Middle East, according to data released by the Russian Finance Ministry and cited by Reuters.

ADNOC Launches Spot Tender for Up to 2 mmbbl of UAE Crude

Abu Dhabi National Oil Company (ADNOC), UAE' state-owned oil and gas producer, has issued a spot tender to market up to 2 million barrels (mmbbl) of crude oil from the UAE. The offering includes cargoes of Upper Zakum, Umm Lulu, and Das crude grades, with deliveries scheduled between June and September.

Russia Raises LNG Exports by 11.5% in First Five Months of 2026

Russia exported 14.5 million metric tons (mmt) of liquefied natural gas (LNG) between January and May, marking an 11.5% increase compared to the same period last year, according to Reuters. The growth was driven by higher output from the Arctic LNG 2 project.

OPEC+ Set to Approve Further Output Hike for July Despite Ongoing Supply Disruptions

OPEC+ oil-producing countries are expected to approve an additional increase in their production target for July during their upcoming meeting on Sunday, three sources told Reuters, even as geopolitical tensions and supply constraints continue to affect output.

Global Supply Shocks Drive Record US Crude Exports

US crude oil exports surged to an all-time high of 5.6 million barrels per day (mmbbl/d) in May, as Asian and European refiners increased purchases to offset supply disruptions triggered by the war between the US and Israel against Iran. Ship-tracking data from analytics firm Kpler showed exports surpassing the previous record of 5.2 mmbbl/d set in April.

Azerbaijan’s Absheron Field Secures Gas Sales Agreement with Regional Partners

SOCAR, TotalEnergies, ADNOC International and Turkey’s BOTAS have concluded a natural gas sales and purchase agreement (SPA) for future volumes from Azerbaijan’s Absheron field.

Eni, Seri Industrial Develop Lithium Iron Phosphate Battery Supply Chain in Italy

Eni Industrial Evolution, a subsidiary of Italian energy major Eni, has signed an agreement with FIB, a subsidiary of battery manufacturer Seri Industrial Group, to jointly develop an integrated industrial supply chain for lithium iron phosphate batteries in Italy.

IMF, WTO, World Bank, IEA Flag Rising Energy Risks From Middle East War

The heads of the International Monetary Fund (IMF), World Bank Group (WBG), World Trade Organization (WTO), and International Energy Agency (IEA) have warned that US-Israeli war on Iran is generating substantial and highly asymmetric impacts on energy supplies, food security, and economic activity across countries and regions. 
Following the institution's meeting on May 28, they released a joint statement stating: “While the global economy continues to show resilience, the effects of the conflict are disproportionately affecting the most vulnerable countries through higher fuel and fertilizer prices, increased uncertainty, and risks to jobs and livelihoods. Higher fertilizer prices are of particular concern as many countries enter the planting season.”

ADNOC Deploys Heavy-Duty Inspection Robot at Taweelah Gas Plant

Abu Dhabi National Oil Company (ADNOC) has deployed Taurob’s heavy-duty inspector robot at its Taweelah Gas Compression Plant, where it will conduct routine inspections in hazardous environments without putting people at risk, according to the company's release on May 21.

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