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Crude oil prices began trade with a gain this week following the news that President Donald Trump had extended the deadline for a trade deal with the European Union to early July.The extension was granted to Brussels after Commission president Ursula con der Leyen said the EU needed more time to draft a deal and after Trump said he’d slap 50% tariffs on EU imports beginning next month because the EU deal was so slow in coming.“A nice push higher in crude oil and U.S. equity futures this morning after U.S. President Trump extended the deadline,” IG analyst Tony Sycamore…

Nigeria National Petroleum Co. Ltd. (NNPC) has announced an operational stop at the Port Harcourt refinery for planned maintenance, a year after restarting from a years-long hiatus. It did not say how long the shutdown, which also includes a “sustainability assessment”, would last. “We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, to ensure the maintenance and assessment activities are carried out efficiently and transparently”, NNPC said in a brief online statement. “NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security for Nigeria”. On March 19, 2025, NNPC acknowledged…

The European Commission has released the list of companies producing oil and gas in the European Union that are required to build carbon dioxide (CO2) storage systems, including their injection allotments. The 44 producers listed will help the 27-member bloc reach 50 million metric tons of capacity for annual CO2 injection into geological storage sites by 2030, as established by the Net-Zero Industry Act, which took effect June 2024. Obligated companies are those that produced crude oil and natural gas in the Union between 2020 and 2023, as specified in Regulation (EU) 2024/1735. The regulation lays out measures to strengthen the EU’s…

Europa Oil & Gas (Holdings) plc has signed a revenue swap agreement (RSA) with a Canadian investment company, securing project financing for its Wressle development. Europa said in a media release that, under the RSA, it will pay an amount equating to 4.5 percent of gross revenues from oil production at the Wressle-1 well to the investor in consideration for $500,000, which is paid upfront. Europa said the RSA is unsecured and the payments are payable from May 1, 2025. “I am pleased that we have concluded this pre-payment of a small proportion of our Wressle production. It brings forward a…

Global energy major TotalEnergies SE inaugurated Europe’s largest solar power plant cluster in Seville, Spain. The company said in a media release the cluster consists of five solar projects with a total installed capacity of 263 megawatts (MW). This solar field is expected to generate 515 GWh of electricity annually, enough to power over 150,000 Spanish households. It will also prevent 245,000 tons of carbon dioxide (CO2) emissions each year. The majority of the generated electricity will be sold via long-term power purchase agreements (PPAs), while the remaining portion will be offered on the wholesale market, TotalEnergies said. Designated as…

Japan may offer financial and technical contributions ranging from investment in an Alaskan LNG pipeline project to shipbuilding expertise as it seeks to smooth the path toward a tariff deal with the US by mid-June. Japan will tout its prowess in building ice-breakers, a growing area of need as security concerns in the Arctic region mount, while also offering to help repair US battleships that patrol the Asia-Pacific, Prime Minister Shigeru Ishiba said Sunday, as his hand-picked trade negotiator Ryosei Akazawa returned to Tokyo following a third-round of discussions with US counterparts in Washington. Akazawa said he hopes to reach…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.A bitter dispute between ExxonMobil and Chevron over ownership of a gigantic oil project with up to $1tn in reserves is scheduled to be heard before an arbitration court in London on Monday, in a case with big implications for both companies and the wider industry.      The US supermajors are battling over the right to acquire a 30 per cent stake in Guyana’s Stabroek oilfield which is owned by Hess, a US energy company that agreed to a $53bn…

New Delhi: Crude oil production from the PY-3 offshore field in the Cauvery Basin has resumed after a 13-year shutdown, following the completion of Phase I of the revised Field Development Plan (FDP), a joint statement by Oil and Natural Gas Corporation (ONGC), Invenire Petrodyne Limited, and Hardy Exploration & Production (India) Inc. said.The PY-3 Field, located off the east coast of India, was first brought on-stream in 1997 and had been shut since July 2011. The field is being developed under a Joint Venture (JV) comprising ONGC with a 50.63 per cent participating interest, Hardy Exploration with an effective…

New Delhi: Consumption of petroleum products in the country stood at 20.13 million metric tonnes (MMT) in April 2025, recording a marginal year-on-year decline of 0.2 per cent compared to 20.16 MMT in the same month last year, according to data released by the Petroleum Planning and Analysis Cell (PPAC).Petrol consumption increased 5 per cent to 3.45 MMT in April from 3.29 MMT in April 2024. Diesel, which accounts for the largest share in petroleum products consumption, recorded a 4.4 per cent increase to 8.28 MMT, up from 7.93 MMT in April last year.Consumption of LPG rose 6.2 per cent…

WiseTech Global is making a major push into the U.S. market with a $3.25 billion deal to acquire Texas-based logistics software company e2open. The all-cash acquisition will bring on more than 5,600 customers, connect 500,000 businesses, and strengthen WiseTech’s reach in global supply chains. What’s RelatedWiseTech will pay $3.30 per share, and the deal already has support from a majority of e2open’s shareholders. Pending regulatory approval, it’s expected to close in the first half of 2026. “This is a strategically significant step in achieving our expanded vision to be the operating system for global trade and logistics,” said Richard White,…