During the meeting, Eni CEO Descalzi reviewed the company’s recent investments in the Country’s Upstream sector, which helped to confirm Eni’s role as Egypt’s top oil and gas producer and continue creating value for Egypt’s energy sector by driving a substantial increase in new gas production

Descalzi illustrated the offshore Mediterranean exploration drilling campaign that has been ongoing since October 2025, and which in April 2026 delivered the major gas discovery of Denise West in the Temsah Concession, with approximately 2 TCF of gas and 130 Mbbl of condensate in place. Denise West has a strategic importance and is suitable for a fast-track development. Eni is working with its partners bp and EGPC to reach a Final Investment Decision in the next few months, targeting first gas in less than 2 years.

Descalzi and the President also reviewed the company’s investments on extensive exploration and drilling activities across all Eni-operated areas in Egypt, with a strong focus on short-cycle, infrastructure-led opportunities and on extending the life of legacy assets in Sinai and the offshore Nile Delta. Since 2025 these activities have resulted in a 50% increase in production from offshore Sinai fields and additional discoveries in offshore Nile Delta and Western Desert.

Descalzi and El-Sisi also exchanged on the status of Eni’s Cronos gas development project in Cyprus’ offshore, which recently reached the FID, and which will play a crucial role to materializing Egypt’s role as a Mediterranean energy hub.

Finally, Eni CEO updated President El-Sisi on Eni’s ongoing and future commitment to invest in social and health projects. Following an MOI signed in March 2026, Eni will focus on health projects to support the Country’s efforts in building capabilities, manage complex infrastructures to deliver a quality service to the population.

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The US Office of Foreign Assets Control (OFAC) also issued new sanctions covering Iran’s digital assets, technology, gold, aviation and shipping sectors, allowing the Treasury to sanction foreign persons operating in or providing services to those sectors. They also sanctioned international companies operating in Iran’s petroleum sector and facilitating the movement and sale of Iranian crude and petroleum products. Countries that fail to comply will face U.S. action and risk being cut off from the U.S. financial system.

Blocking North Sea production while plans are afoot to boost infrastructure for imports suggests that “the only oil and gas some politicians and activists object to is our own”, industry leaders say. “The North Sea can therefore no longer be relied upon to meet our energy needs and we will become more reliant on our import infrastructure,” wrote energy minister Michael Shanks.

But offshore experts say that the first move must be to ensure domestic supply continues. Approving Rosebank and Jackdaw must be “the first of many projects”, they argue.

The fates of both Rosebank, Britain’s largest untapped oil field, and Jackdaw, a gas field, hang in the balance.

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U.S. Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions to cut off Iran’s economic lifeline, to force an end to the war between them, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.

However, he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying he would instead provide them time to comply with the new directive.

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Saab UK’s Seaeye SR20 eWROV, its next-generation all-electric work-class remotely operated vehicle (ROV), has successfully completed a comprehensive programme of inland water trials.
The recent water trials marked an important step in the SR20’s development, forming a key part of the verification and validation programme.

The water trials assessed vehicle performance against specification requirements, measuring capability and stressing the ROV as a complete system. Throughout the trials, the SR20 demonstrated manoeuvrability, precise pilot control and stable operation, providing further validation of its electric architecture and integrated control systems.

For 40 years, Saab’s Seaeye ROVs have supported subsea operations across a range of applications. The SR20 builds on that experience as development progresses toward operational deployment.

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Aramco and Maaden announced the signing of a shareholders’ agreement to form a Joint Venture (JV) to unlock new opportunities in mineral exploration and hard-rock mining in the Kingdom of Saudi Arabia. Combining the strengths of two leaders in their respective fields, the JV would focus on copper and other minerals critical to the energy transition. Plans for the JV were first disclosed in January 2025.

The JV is expected to be owned 51% by Maaden and 49% by Aramco and would focus on exploration across Zone-4, also known as the Transition Zone, within the Arabian Platform. It represents a major new opportunity for mineral discovery in the Kingdom. Spanning approximately 182,000 square kilometers, nearly 10% of Saudi Arabia’s total land area, the expected exploration area stretches along a 100-kilometer-wide zone running parallel to the Arabian Shield.

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Aramco announced agreements and a Memorandum of Understanding (MoU) with a potential combined value of more than $3.7 billion with French companies.

These collaborative efforts are expected to strengthen Aramco’s supply chain ecosystem, enhance operational continuity and efficiency, advance industrial artificial intelligence and digital technologies, and deliver economic value to the Kingdom and France.

Amin H. Nasser, Aramco President & CEO, attended the French-Saudi Investment Roundtable Meeting, during which the agreements and MoU signed by Aramco and Aramco Digital were announced.

The collaborations focus on project support, capacity building and capability development, technology transfer and innovation, and supply chain resilience. They include:

Corporate procurement agreement for drilling equipment
Purchase agreement for Oil Country Tubular Goods (OCTG)
Memorandum of Understanding with Aramco Digital that establishes a framework for potential collaboration in industrial AI, virtual twin/digital twin technologies, and related technologies, including potential applications in the oil and gas sector

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reportedly stated that the newly signed Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 has the potential to attract up to $50 billion in investments and boost Nigeria’s crude oil and condensate production by an additional one million barrels per day.

The Commission Chief Executive (CCE), NUPRC, Mrs Oritsemeyiwa Eyesan, said the executive order signed by President Bola Tinubu would establish a transparent, rules-based investment framework capable of driving the next phase of Nigeria’s deep offshore oil and gas development.

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Iraq’s state oil marketer SOMO and QatarEnergy are reportedly offering crude through rare tenders that require buyers to load cargoes inside the Strait of Hormuz, multiple trade sources said on Monday.

SOMO offered September-loading Basrah Medium and Basrah Heavy crude from Iraq’s Basrah oil terminal or single point mooring and its associated facilities, the sources said, who participate in the Middle Eastern crude market.

Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels, Iran’s state news agency IRNA reported on Saturday.

Bids for Iraqi oil purchases will close on August 26.

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ADNOC Distribution delivered record first-half results, with net profit rising 59% year-on-year (YoY) to $568 million and reported EBITDA increased 39% to $786 million, reflecting strong operational performance and inventory gains during the period.

Underlying EBITDA increased 14% YoY to $603 million. Performance was supported by record fuel volumes, continued network expansion, inventory gains and sustained growth in the higher-margin non-fuel retail (NFR) segment.Fuel volumes reached a record 7.75 billion liters, supported by network expansion, as well as resilient retail and commercial demand. ADNOC Distribution’s fuel retail network, spanning the UAE, Saudi Arabia and Egypt, increased to 1,045 service stations in H1 (+11% YoY).

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ADNOC Logistics & Services plc announced the acquisition of five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of approximately USD 1.3 billion (AED 4.8 billion). The investment will rapidly expand ADNOC L&S’ gas and crude oil shipping capacity and support ADNOC Group’s integrated value chain and continued growth in production, trading and export volumes.

Nine of the vessels, six VLCCs and three VLGCs, were acquired on the secondary market and are scheduled for delivery in Q3 2026. They will enter service with ADNOC immediately following delivery. The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a leading Chinese shipyard, with delivery scheduled for Q4 2026.

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ADNOC Logistics and Services plc reported record second quarter (Q2) and first-half (H1) 2026 results, surpassing market expectations and demonstrating resilience and operational strength underpinned by strong performance from services supporting the delivery of energy from the UAE to the world.

ADNOC L&S delivered Q2 2026 revenue of US$2,584 million (AED 9,490 million), up 98% year-on-year (YoY). EBITDA increased 176% YoY to US$1,106 million (AED 4,063 million), while net profit rose 303% YoY to US$951 million (AED 3,491 million).

For H1 2026, revenue increased 46% YoY to US$3,667 million (AED 13,466 million). EBITDA rose 98% YoY to US$1,475 million (AED 5,416 million), with a margin of 40%, up 11 percentage points YoY, driven by record shipping performance. Net profit increased 179% YoY to US$1,173 million (AED 4,308 million).

The company also raised its 2026 guidance for the third time, reflecting the strong earnings achieved supporting ADNOC Group.

ADNOC L&S’ diversified business model, its global operations, and elevated market rates enabled the company to deliver exceptional profitability and operating free cash flow for the first half of 2026. The company continues to strengthen its position as a critical enabler of ADNOC Group’s global operations, delivering the scale, reliability, and flexibility required to serve growing international demand.

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Borouge Plc confirmed approval for an interim dividend of $656 million, equivalent to 8.1 fils per share.

The company also reaffirmed its intention to pay a total dividend of 16.2 fils per share for 2026, with the final 8.1 fils per share expected in Q2 2027. Since its June 2022 IPO, Borouge shareholders have distributed $4.9 billion in dividends.

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Equinor’s equity production outside Norway was 750,000 boepd in the second quarter (Q2) 2026, more than 10% growth in two years, despite exits from legacy positions with world class assets in Azerbaijan and Nigeria.

The portfolio is becoming more focused and competitive through portfolio high-grading, including the creation of Adura in the UK, and investments in next-generation developments across the international business. Equinor’s equity production from the US was 433,000 boepd in Q2 2026, around 100,000 boepd more than in the same quarter 2024. Equinor along with operator Azule Energy, sanctioned the Greater PAJ (Palas, Astrea and Juno) project. Planned to come on stream in 2029, it will unlock around 250 million barrels of resources and contribute to sustaining Angola as an important production hub for Equinor.

The Equinor operated Bacalhau field, the first Brazilian pre salt field ever developed by an international company, came on stream late 2025 and is continuing to ramp up production from wells that are exceeding expectations.

The Raia field development is progressing well towards start-up in 2028. Once in operation, it can potentially supply around 15% of Brazil’s total projected gas demand.

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Professor Eric Golson, Professor of Economic History at the University of Surrey, said:
“Whether this becomes another cost-of-living squeeze depends less on how high oil and natural gas prices rise than on how long they remain elevated and whether the shock spreads through the wider economy.
“The petrol pump is, in some ways, the least interesting part of the story. Crude oil is the largest component in a litre of fuel, but fixed fuel duty and VAT mean pump prices do not move one-for-one with the price of a barrel.
“The greater damage is happening downstream. European refining capacity is unusually tight because of closures, low stocks and reduced access to Russian output. This helps explain why diesel prices have risen more sharply than petrol. Diesel powers freight, so its price matters far beyond the forecourt.
“Oil is not only what we put in our cars. It transports food to shops and is used to produce fertiliser and packaging. Airlines feel higher prices quickly because fuel represents a substantial share of their costs and hedging only buys time. Hauliers and supermarkets may initially absorb higher costs, but eventually renegotiate and pass them on.
“Households therefore notice the effects at the pump within weeks, then on supermarket shelves and in travel costs months later. Low European natural gas stocks could also feed into higher electricity and heating costs this winter.
“CPI was 2.6% in June, and the Bank had expected to be sitting close to 2% by now. An energy shock alone may be temporary, but it becomes a more persistent inflation problem if workers seek higher wages to compensate and businesses raise other prices in response.
“This is why the Bank of England is proceeding cautiously. An oil shock cuts both ways: it raises prices while weakening demand. Waiting may appear the safest option now, but households could pay the price this winter.”

Related News, For More Info,Contact University of Surrey: georgina.mehta@surrey.ac.uk

The Afipsky Oil Refinery, one of the largest oil processing facilities in southern Russia, was struck in an overnight drone attack, Russian Telegram channels reported.

The refinery in the Krasnodar Krai region is one of the largest oil processing sites in southern Russia, producing gasoline, diesel fuel, gas condensate distillates, heavy petroleum residues, and sulfur. The facility processes roughly 6.25 million tons of crude annually — about 2% of Russia’s refining output — and has been targeted in previous Ukrainian attacks.

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The Troll A platform in the North Sea is being supplied with additional gas. On 22 August production started from the Troll Phase 3 stage 2 subsea project.

This helps maintain jobs, value creation and high gas deliveries to Europe from Troll A and the Kollsnes processing plant, which marks its 30th anniversary this year.

The project accelerates production of 55 billion standard cubic metres of gas from the Troll West reservoir. This corresponds to nearly two years of France’s gas demand. The Trollpartnership consists of Petoro, Equinor, Shell, TotalEnergies and ConocoPhillips.

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McDermott has been awarded a mega* engineering, procurement, construction and installation (EPCI) contract by ADNOC for Package 4 of the Umm Shaif Integrated Gas Cap and Surface Pressure Boosting (SPB) Project. The project is a critical component of the Umm Shaif Long Term Development Plan (LTDP), designed to maximize gas recovery from the field and increase gas production.

Under the contract, McDermott and its Qingdao McDermott Wuchuan (QMW) consortium will provide the complete EPCI scope for a new surface pressure boosting facility, including the construction and installation of a jacket and topside, as well as associated brownfield modifications. Upon completion, the topside will rank among the heaviest offshore modules ever installed in the Middle East. Engineering and project management activities will be led from McDermott’s offices in the United Arab Emirates. Fabrication will be carried out at QMW, McDermott’s joint venture fabrication yard in Qingdao, China.

*McDermott defines a mega contract as over USD $1 billion.

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U.S. Rig Count is down 5 from last week to 588 with oil rigs down 3 to 452, gas rigs down 1 to 127 and miscellaneous rigs down 1 to 9.
Canada Rig Count is down 3 from last week to 216 with oil rigs down 3 to 148, gas rigs unchanged at 65 and miscellaneous rigs unchanged at 3.
International Rig Count is up 23 from last month to 1,096 with land rigs up 14 to 847, offshore up 9 to 249.
The Worldwide Rig Count for June was 1,822, up 88 from the 1,734 counted in May 2026, and up 60 from the 1,762 counted in June 2025

Held under the theme “From Decision to Dividend: Making Namibia’s Oil Work for Namibians,” the three-day conference brought together more than 1,500 delegates, over 120 speakers and more than 70 exhibitors from Namibia and around the world.

Hosted by the Economic Association of Namibia (EAN) in partnership with the Hanns Seidel Foundation (HSF) and the Namibia Investment Promotion and Development Board (NIPDB), with strategic partners the National Petroleum Corporation of Namibia (NAMCOR) and SNC Incorporated, the conference was officially endorsed by the Ministry of Industries, Mines and Energy.

Discussions reflected Namibia’s transition from exploration towards development, with local content, enterprise participation, skills, infrastructure, financing and investment emerging as central priorities.
Speaking on behalf of Her Excellency Hon. Netumbo Nandi-Ndaitwah, President of the Republic of Namibia, Her Excellency Lucia Witbooi, Vice President of the Republic of Namibia, said the country’s resources would only become a national success if they delivered tangible benefits.

“Discovery is not the destination. A resource beneath our waters becomes a national success only when it is responsibly developed and translated into tangible improvements in the lives of our people. It must become employment for Namibians, opportunities for our enterprises, skills for our young people, technology for our institutions, infrastructure for our economy, revenues for national development, and savings for future generations. This is why the theme of this conference is particularly appropriate,” she noted.

Minister of Industries, Mines and Energy Hon. Modestus Amutse emphasised the need to prepare the country for production and expand Namibian participation across the value chain.

“Our strategic plan for 2026 to 2030 carries one organising idea, which is to move this country from exploration to readiness, so that Namibia is ready onshore when production begins offshore. Namibia expects Namibian employment to be maximised, Namibian suppliers prioritised, skills and technology transferred, and meaningful Namibian participation, ownership and financing across the value chain. Fiscal certainty is a stable and transparent framework for petroleum revenues. Namibia does not move the goalposts. To our international partners: local content, properly done, is not a tax on your investment. An industry surrounded by capable Namibian suppliers, skilled Namibian workers and invested Namibian communities is an industry with social licence, political stability and a future measured in generations. That is what the policy builds, and my ministry will implement it with you, not against you. I am happy to state that our local banks have informed me that they are ready to receive bankable proposals from the oil and gas sector for their consideration,” he noted.

Jason Kasuto, Chairperson of the Economic Association of Namibia and Managing Director of Monasa Advisory & Associates, reinforced the focus on ensuring that Namibia’s resources deliver tangible benefits for its people.
“Oil is not the point; oil is actually the how. Our people are the why.”

The programme moved beyond policy discussion into practical participation. The Local Content Masterclass gave Namibian businesses and policymakers strategies to increase local participation, while the NIPDB Local Content Pitching Session gave entrepreneurs a platform to present their capabilities and partnership opportunities to industry leaders and investors. Supplier workshops also focused on helping domestic businesses meet international industry standards.

Closing discussions reinforced the need for collaboration between government, industry, investors and local businesses as Namibia prepares for the next phase of its petroleum development.
NOGC 2026 concluded with a renewed focus on ensuring that Namibia is not only recognised as an attractive global energy destination, but is equipped to turn its petroleum resources into sustainable prosperity for Namibians.

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The companies have agreed to combine expertise, data, technology and exploration capacity to pursue selected high impact exploration opportunities. Over the next four to five years, the companies plan to mature and test a portfolio of approximately 20–25 exploration opportunities, with an ambition to drill around five high impact exploration wells annually.

In recent years, most discoveries have been made close to existing infrastructure. Developing these resources through subsea tiebacks is important for maintaining production from existing fields and facilities. Near-field exploration will remain crucial, but larger discoveries will also be needed to provide the resource base for new standalone field developments.

The companies see continued potential for such discoveries. However, some of the largest remaining opportunities come with higher geological uncertainty, greater complexity and larger investment requirements. This has made it increasingly challenging to establish partnerships around high-impact prospects. By sharing risk and combining capabilities, the companies can pursue and test more of these opportunities than they would individually.

Major new discoveries could support future energy supplies and value creation, while helping sustain activity and expertise in the Norwegian supplier industry. They could also contribute to maintaining reliable energy supplies from the NCS to Europe as production is expected to decline after 2035 without new discoveries and developments.

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“It will never happen – the UK has become less investable than Venezuela.”

North Sea operators have been squeezed after Rishi Sunak, the former chancellor, imposed a 38pc windfall tax on oil and gas profits, which was subsequently raised further by Labour to 78pc. The industry has also been hit by a ban on new drilling, which was introduced by Ed Miliband when he was energy secretary.

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L&T Energy Hydrocarbon Offshore (LTEH Offshore) has secured an ultra-mega order from a prestigious client in the Middle East. The project involves the development of multiple offshore facilities.

LTEH Offshore will execute the project scope encompassing engineering, procurement, construction, installation and commissioning (EPCIC) of offshore facilities. A significant portion of the fabrication activities will be carried out at L&T’s integrated, world-class manufacturing and fabrication facilities.

The award reinforces LTEH Offshore’s long-standing presence in the Middle East and reflects the confidence placed by customers in its ability to deliver large and complex offshore projects safely, on schedule and to the highest quality standards.

Backed by integrated in-house engineering, project management, procurement, fabrication and installation capabilities and a dedicated fleet of vessels, LTEH Offshore has delivered some of the region’s most challenging offshore developments. Over the past four decades, the business has successfully executed a wide range of offshore projects, including fixed platforms, subsea pipelines and structures, brownfield upgrades and modifications, deep water subsea structures and pipelines, and decommissioning programmes across global markets.

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L&T Energy Hydrocarbon Offshore has secured a batch of orders from the Oil & Natural Gas Corporation (ONGC) for the Pipeline Replacement Project (PRP-X) and Well Head Platforms Project off India’s west coast.

PRP-X involves engineering, procurement, construction, installation and commissioning (EPCIC) of multiple subsea pipeline segments, along with associated modification works across ONGC’s offshore fields. The Well Head Platforms Project involves EPCIC of four Well Head Platforms.

LTEH Offshore is a leading provider of integrated EPCIC solutions for the offshore oil and gas industry. Supported by robust in-house engineering capabilities, world-class fabrication facilities and a dedicated fleet of marine vessels, it has successfully delivered complex shallow-water and deep-water developments across global markets.

Over the past four decades, the business has executed a wide range of offshore projects, including fixed platforms, subsea pipelines and structures, brownfield upgrades, as well as decommissioning assignments.

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ABB has been selected by Statkraft AS to upgrade the Vikfalli hydropower complex in Vik municipality, 170 kilometers northeast of Bergen on Norway’s west coast. The group of three plants produce 830 GWh a year, which is enough electricity for approximately 53,000 Norwegian homes. The order was booked in the second quarter of 2026. Financial details were not disclosed.

The contract covers the complete modernization of the control, protection, excitation and electrical infrastructure, extending the life of assets that are essential to Norway’s delivery of reliable, low-carbon electricity – with hydropower responsible for almost 90 percent of total electricity generation in June 2026.

The Vikfalli project comprises three power stations – Målset (24 MW), Refsdal (92 MW) and Hove (68 MW) – with a total of five generating units. ABB’s project scope includes installation of the ABB Ability System 800xA® distributed control system and monitoring platform, which will be integrated with existing third-party turbine systems to provide a unified operational environment across the complex. The contract covers complete modernization and will deploy UNITROL® 8000 excitation systems for all five generating units, advanced cyber security, low and medium voltage electrical systems, vibration monitoring and protection, digital solutions, cable supply and installation.

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ABB has formed a strategic partnership and made a minority investment in LevelTen Energy, the world’s largest marketplace for clean energy transactions including power purchase agreements (PPAs). Headquartered in the United States, LevelTen has facilitated more than 20 GW of clean energy transactions in more than 35 markets across North America and Europe on behalf of a wide array of industry participants, including hyperscalers, commercial and industrial companies, and utilities.

The strategic partnership and investment strengthen ABB’s energy and carbon (E&C) advisory services offering by combining its expertise in electrification, digital solutions and energy management with LevelTen’s market-leading platform. Financial details of the investment were not disclosed.

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Ukraine struck fuel and lubricant storage tanks at the Yeysk oil terminal complex in southern Russia‘s Krasnodar Krai in an attack on Aug. 22, the General Staff reported.

The complex is a key part of infrastructure at the Yeysk seaport, used to receive, store, and load petroleum products for maritime transport, the military said. Ukrainian forces attacked the facility on Aug. 22, causing a fire at the site. The General Staff did not specify which weapons were used in the attack.

The port’s terminals can handle about 6.8 million tons of cargo annually, including more than 1 million tons of petroleum products, according to the General Staff.

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Ukrainian forces attacked logistics centers belonging to Russian e-commerce giant Ozon for the third consecutive night, as several sites, including in occupied Crimea, were also hit, monitoring channels reported Aug. 24.

Three Ozon-operated logistics centers came under attack overnight on Aug. 24.

A facility belonging to Russian home goods retailer Kuchenland in the southern Russian city of Krasnodar was set ablaze amid the Ukrainian attack, according to independent Russian Telegram channel Astra.

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ExxonMobil Holdings Corp. has told Kazakhstan that it’s top oil field has peaked. Tengiz output is set to plateau next year before sliding to about 500,000 barrels a day by 2035 — a slump of about 40% from its high, according to part of a company presentation made to authorities in Astana that was seen by Bloomberg.

Exxon has told Kazakhstan that a potential $80 billion joint investment to expand the Kashagan field is contingent on resolving a long-running $150 billion dispute between the government and international companies and a $5 billion environmental fine, Bloomberg reported previously. ExxonMobil is seeking to invest billions of dollars in a new oil project at the nation’s Kashagan development

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Iran’s currency hit a new record low Monday as Washington prepared to announce new sanctions it said would be an “economic D-Day” and would add further pressure on an economy already battered by previous sanctions and a U.S. naval blockade.

The rial dropped to 2.02 million to the U.S. dollar as trading opened on informal currency markets. Iran’s official Central Bank rate stood at around 1.5 million rial to the dollar, but the informal rate is what most Iranians pay.

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Iran-linked hackers have been accused of launched a cyber attack that caused a British power plant to be temporarily shut down. The isolated incident involved a small-scale energy generator, according to the UK government, which emphasised that at no point was there a risk to the wider energy system.
The incident does however mark ant escalation in the threat posed by Iran after the UK said it had given permission for the US to launch “defensive” operations against Tehran from British bases. The power plant was shut down for four days as a result of the attack last month, according to the Sunday Telegraph, which first reported the story over the weekend.

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Britain on Monday briefed energy company chiefs on steps to protect their assets after media reports said Iran-linked hackers had shut down a small energy facility, saying there was no threat to the wider electricity system.

The Telegraph and Financial Times reported that a cyber attack, which the newspapers said took place in July and attributed to Iran-linked hackers, had forced a small British generator offline for four days. A spokesperson for Britain’s energy department said there was no risk to the wider system, adding that the country had a “highly resilient” energy network.

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Marine fuel buyers entered 2026 facing a perfect storm, suffering some of the highest bunker prices ever experienced, paired with a sharp and concerning decline in fuel quality.

Across the traditional marine fossil fuel supply chain, VPS has seen a marked rise in fuel quality issues, with the Middle East conflict playing a major role in driving both price volatility and quality deterioration. For ship owners/operators, the message is clear, today’s fuel market is not only more expensive, it is also becoming more complex and unpredictable, with a higher degree of operational risk.
This deterioration is already showing itself in the test data VPS have produced. Between January and July
2026, VPS issued 29 Bunker Alerts, more than the total issued across the whole of 2024 and already
closing in on the 37 alerts recorded throughout all of 2025. In just seven months of 2026, the scale and
frequency of these alerts underline a clear, accelerating rise in fuel quality problems across the industry.
Of the current 29 Bunker Alerts issued so far, Jan-Jul 2026, the combination of abrasive issues due to
elevated cat-fines, plus fuel stability issues, account for 72% of these alerts.

The ports requiring cat-fines and/or stability-related bunker alerts were, ARA, Balboa, Busan, Callao, Hamburg, Houston, Las Palmas, Philadelphia, Piraeus, Rotterdam, San Roque, Singapore and Valencia.

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Following Russia’s 2022 invasion of Ukraine, Norway has become Europe’s largest supplier of natural gas, meeting around 30% of gas demand of both the European Union and Britain. Norway says it will continue developing its oil and gas resources in the Barents Sea regardless of the European Union’s support for a moratorium on Arctic hydrocarbon supplies, and no longer sees itself as Europe’s “green battery”, Energy Minister Terje Aasland told Reuters.

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Advanced methods can yield enhanced oil and gas recovery. So far, the Norwegian Offshore Directorate has identified three discoveries on the Norwegian continental shelf (NCS) that may be suitable for enhanced recovery using advanced methods (EOR). One of them remains unclaimed.

The Linerle discovery in the Norwegian Sea contains a projected 33.7 million Sm³ of oil. The discovery is situated around 25 kilometres from the Norne field. Linerle is one of few discoveries on the NCS that contains relatively high viscosity oil, which is uncommon on the NCS. The companies will be able to apply for Linerle in upcoming APA rounds. This year, the Norwegian Offshore Directorate is working to identify projects that are candidates for profitable development using EOGR (advanced methods for enhanced oil and gas recovery).

Beyond Linerle, the Slagugle project in the Norwegian Sea and Frigg near the Hugin field in the North Sea have been identified as potential candidates for using such methods.

The operators are now continuing to refine various solutions to drain the fields. The Norwegian Offshore Directorate is exploring whether they could achieve enhanced recovery using advanced injection methods.

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Vestas announced the following order as part of our Q3 order intake:

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Under the agreement, Aker Solutions will engage with developers, emitters, transport and storage providers, industry stakeholders and governments to support project development, reduce execution risk, strengthen investment readiness, including potential CDR credits, and accelerate progress towards final investment decisions (FID).

The collaboration combines Microsoft’s expertise in digital technologies, data, artificial intelligence (AI), monitoring, reporting and verification (MRV), and carbon markets with Aker Solutions’ techno-economic advisory services and end-to-end engineering, procurement, and construction capabilities.

As selected CCS and CDR projects progress towards FID, the companies will provide integrated engineering and execution support, offering developers a single pathway from early-stage feasibility through to operations.

“Many carbon capture and removal projects face similar challenges as they move from concept to reality. As the market matures, success will depend on strong collaboration across the value chain. Joining forces with Microsoft, we aim to help project developers navigate complexity, strengthen business cases, and support the next wave of CCS and CDR projects,” says Kjetel Digre, CEO at Aker Solutions.

Microsoft has pledged to become carbon negative by 2030 and remove its historical emissions by 2050. To meet these ambitions, the company has helped scale the market for durable carbon dioxide removal through long-term purchasing agreements and transparently sharing its learnings.

“Microsoft supports collaborations that look holistically across the entire value chain, connecting physical infrastructure with trusted data, AI and digital MRV to help projects reduce risk, and move from ambition to execution. We are working with Aker Solutions to bring these complementary capabilities together and help accelerate credible CCS and carbon removal projects globally,” says Darryl Willis, corporate vice president, energy and resources at Microsoft.
The signing of the agreement took place at ONS in Stavanger, Norway.

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Under the terms of the contract, KBR will license the proprietary PureSAF® technology, invented and developed by Swedish Biofuels AB, and provide proprietary engineering design. The plant will leverage the alcohol-to-jet (AtJ) process for producing aviation fuel from alcohol-based feedstocks.

The project holds significant strategic importance as it supports the President of Kazakhstan’s directive to transform the country into an international aviation hub with strong transit potential. It will also enable the integration of domestically produced agricultural feedstocks into high-value, low-carbon fuel production value chains.

“We are honored to support KMG-Aero and KFP in advancing the national commitment to reduce greenhouse gas emissions, recognizing the pivotal role of aviation decarbonization in achieving these strategic objectives,” said Jay Ibrahim, President, KBR Sustainable Technology Solutions. “KBR’s PureSAF is a feed-flexible, bankable technology that is designed to deliver high SAF yields and supports the project across the full lifecycle. We look forward to closely collaborating and supporting the successful execution of this landmark SAF project.”

This award builds on other recent PureSAF project wins, reinforcing KBR’s position at the forefront of aviation decarbonization through continued process innovation and low-carbon technology deployment.

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The document was signed by the president of Petrobras, Magda Chambriard, and the Commander of the Navy, Admiral Marcos Sampaio Olsen, at the Navy headquarters in Rio de Janeiro.

This initiative contributes to expanding Brazil’s capacity to understand, protect, and develop, in a responsible manner, the strategic resources of the sea.

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Around 5.7 Tcf of the find in the country’s southern Fars province is recoverable, Oil Minister Mohsen Paknejad told state TV on Sunday. He described it as equivalent to 15 years of production from one phase of the world’s biggest gas field, South Pars, which Iran shares with Qatar.

The discovery also includes gas condensates worth “tens of billions of dollars,” Paknejad said, adding that the Islamic Republic plans to develop the resources “as soon as possible.”

Any production would likely be years away. Even before the war began, Iran’s energy industry was hobbled by Western sanctions, under-investment and power cuts.

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