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Var Energi ASA said it has successfully started production through the Jotun floating production, storage and offloading vessel (FPSO) at the Balder field in the North Sea. The FPSO extends the life of the first production license, PL001, on the Norwegian Continental Shelf, “adding high-value barrels towards 2045 and beyond,” the company said in a news release. Within three to four months after the start of production, Var Energi expects to raise production by approximately 80,000 barrels of oil equivalent per day (boepd) gross, on top of the current production of approximately 30,000 boepd gross through the Balder floating production…

A new climate action platform, FourTwoThree, has debuted with backing from NatWest Group, NAB, and SC Ventures, Standard Chartered’s platform, aiming to accelerate the sustainable transition of millions of small- and medium-sized enterprises (SMEs) globally. The platform has been designed to facilitate collaboration between large enterprises and their SME value chains when measuring, understanding, and reducing carbon emissions. The initiative has been launched in response to growing regulatory, investor, and customer pressures on companies to address Scope 3 emissions, which often originate from supply chains and can constitute over 70% of a company’s total emissions. According to FourTwoThree, the new…

  Vietnam has said it expects to sign a framework trade deal with the United States within the next two weeks. Prime Minister Pham Minh Chinh said on Wednesday he anticipated a trade deal with the US to be agreed upon by early July, before the Trump administration’s pause on 46% reciprocal tariffs on Vietnamese exports ends. Speaking at the “Is Asia’s Century at Risk?” panel during the ongoing World Economic Forum in Tianjin, in northeastern China, Chinh said Vietnam’s government was in frequent communication with the Trump administration on tariffs.   ALSO SEE: China Passes 1 Terawatt of Solar Power,…

Indian refiners’ throughput in May rose 0.4 per cent year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday.Refinery throughput in April was at 5.25 million barrels per day (21.49 million metric tons).India’s fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tons.The country is the world’s third-biggest oil importer and consumer. “What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined…

The European Commission announced the adoption of its new Clean Industrial Deal State Aid Framework (CISAF), aimed at enabling Member States to provide support for goals including clean energy development, industrial decarbonization and clean technology. Key aspects of the new framework include the ability to provide significant electricity price support for companies in energy-intensive sectors, as well as funding to support the buildout of cleantech sectors. The new framework follows the launch earlier this year by the Commission of the Clean Industrial Deal, introducing a series of measures aimed at accelerating decarbonization while supporting manufacturing in Europe, and addressing key…

British oil giant Shell on Thursday said it has “no intention” of making an offer for its embattled domestic rival BP , further distancing itself from reports of a blockbuster takeover . It comes shortly after the Wall Street Journal reported late Wednesday that Shell was in early-stage talks to acquire BP in a deal valued near $80 billion. Shell swiftly denied talks were taking place and re-emphasized its commitment to focus on capital discipline. A spokesperson at BP declined to comment. BP has been thrust into the spotlight as a prime takeover candidate , following a protracted period of…

In a release sent to Rigzone this week, Enverus announced that it has released its annual list of “the most prolific 100 private oil and gas producers in the United States”. The complete list, which is titled Top 100 Private Lower 48 Producers of 2024 and was accessed by Rigzone, placed Continental Resources in first place, Mewbourne Oil in second, Aethon Energy in third, Ascent Resources LLC in fourth, and Hilcorp in fifth. Enverus pointed out in its release that the ranking is based on gross operated production, well count, and rig movements across last year. Continental Resources produced 639,733…

This article is an on-site version of our Energy Source newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday and Thursday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersWelcome back to Energy Source, coming to you from a sweltering New York.It turns out war in the Middle East isn’t enough to save the oil industry from the threat of $50 barrels.When Iran started firing at a US air base in Qatar on Monday, traders glued to their phones led a sell-off in a market that usually surges during geopolitical strife. My colleagues Malcolm…

Petro-Victory Energy Corp. said it has started its drilling campaign of the AND-5 well at the Andorinha Field in the Potiguar Basin of Rio Grande do Norte, Brazil. The well represents the first of two fully funded drilling programs in the Andorinha field under Petro-Victory’s strategic partnership with Azevedo & Travassos Energia, the company said in a news release. The well targets the Açu and Alagamar formations at a targeted total depth of approximately 3.862 feet (1,177 meters). The company owns 100 percent interest in the Andorinha Field, according to the release. Closing of Capixaba Energia Asset Acquisition Meanwhile, Petro-Victory…

At 10:44 GMT, Light Crude Oil Futures are trading $65.07, up $0.15 or +0.23%. OPEC+ output strategy adds to trader uncertainty Fresh comments from Rosneft CEO Igor Sechin introduced new questions around OPEC+ policy. He suggested that planned output hikes could be advanced by as much as a year. This potential shift, coming just weeks after the alliance extended production cuts, complicates oil prices projections. Any earlier-than-expected supply increase could cap upside, especially if global demand fails to accelerate in tandem. U.S. demand rebounds as inventories drop sharply Supporting prices, recent EIA data shows robust U.S. fuel consumption. Crude inventories…