ASIA
Pakistan
- Pakistan and Türkiye signed deal for Offshore Indus-C Block: Turkish Petroleum Overseas Company (TPOC) investing $500M–$1B in deep-sea drilling with PPL, OGDC, and MariEnergies (75/25 revenue split for petroleum/natural gas through 2030s)
- Mari Energies set to produce ~25,000 barrels per day from three Abu Dhabi discoveries
- Federal government announced petroleum price reduction of up to Rs5.66 per litre for next fortnight
- Government announced plans to open electricity market from January 2026, allowing consumers to choose power suppliers
- KE parent company rejects claims of stake sale to Saudi investor
India
- Indian state refiners plan to buy more US LPG in 2026 (targeting 2 million metric tons), cutting Middle East imports from Qatar, UAE, Kuwait, and Saudi Arabia as part of trade diversification
- Indian refiners preparing to reduce Russian oil imports following Trump’s claims about PM Modi’s commitment; no official confirmation from New Delhi
- Oil India Limited and Mahanagar Gas Ltd signed MoU to expand LNG use in low-carbon transport for decarbonization in mobility
- Russia backed India’s “national interest” energy stance; MEA confirms consistent priority to safeguard Indian consumers’ interests in volatile energy markets
- CMA CGM signed letter of intent with Indian shipyard for six LNG dual-fuel container ships, advancing sustainable maritime logistics
Japan
- US pressuring Japan to halt Russian energy imports, including LNG from Sakhalin-2 (9% of Japan’s imports), to aid Ukraine peace efforts; Japan responded it will “do what it can”
- Poland’s ORLEN completed first LNG delivery (100 million cubic meters) to Japan, supplying Osaka Gas via LNGC ‘Ignacy Jan Padarewski’
- Hokkaido Gas plans to buy 2–3 US LNG cargoes for first two years, then 3–4 cargoes annually; prices linked to Brent crude at 12.7%–12.8% slope
Philippines & Vietnam
- Global turbine shortages delaying gas-fired power projects; acute shortages threatening LNG project timelines in both countries
Azerbaijan
- Saipem (with SOCAR-affiliated consortium) awarded three offshore BP contracts (~$700M total; Saipem’s share ~$600M) for Shah Deniz Compression Project (Caspian Sea)
MIDDLE EAST
Saudi Arabia
- Russian Deputy PM Novak and Saudi Energy Minister Bin Salman discussed energy cooperation in LNG, hydro, and nuclear projects; Russia-Saudi Business Forum scheduled for November 5–6 in Jeddah
- Russia-Saudi bilateral trade increased 62.7% in 2024 to $3.8B, quadrupled in Q1 2025
- Saudi Aramco warned that underinvestment in oil/gas sector could lead to supply crunch
- Bahri renewed 10-year crude transport contract with S-Oil using Very Large Crude Carriers (VLCCs)
- Saudi Arabia unveils massive King Salman Gate Project in Makkah
- Saudi to offer steel projects worth $16B
- $1.8bln power link between Egypt and Saudi Arabia 95% complete as per reports
United Arab Emirates
- ADNOC’s six publicly traded companies announced dividend plans for 2025–30, nearly doubling dividends since first IPO; targeting $43B in dividends over six years
- EWEC awarded 1.5 GW Khazna Solar Photovoltaic project to Engie and Masdar
Kuwait
- Kuwait Oil Company unveiled major Jazah-1 offshore gas discovery: 29+ million cubic feet gas/day and 5,000+ barrels/day condensate; exceptional production with no H₂S or water
- Larsen & Toubro won lowest bid for Kuwait Oil Company’s Jurassic Light Oil project (new storage and infrastructure upgrades)
Egypt
- Egyptian Natural Gas requested suppliers defer ≥20 LNG shipments through December; rescheduling to Q1 2026 due to weaker-than-expected demand
- Egypt preparing international bid round for oil/gas exploration in four Red Sea areas via Egypt Upstream Gateway (EUG)
- EGPC signed agreement with Eni and BP to extend Baltim East field development lease (Nile Delta); partners plan reinvestment and expansion over next five years
- BP signed deal to drill five offshore gas wells following MoU with Egyptian Natural Gas Holding Company
Oman
- Oman LNG shortlisted contractors for EPC works on new processing train at Qalhat facility; fourth train targeting 3.8 mtpa capacity, commissioned 2029; total capacity rising to 15.2 mtpa
Iraq
- Dana Gas and Crescent Petroleum officially launched KM250 gas expansion at Khor Mor facility (Kurdistan): adds 250 mmscf/d processing capacity (50% increase); total output now 750 mmscf/d
- ExxonMobil signed exploration agreements for giant Majnoon oil field, ending near two-year Iraq hiatus
Algeria
- Sonatrach signed 30-year E&P contract with Midad Energy for Illizi South area; Midad to invest $5.4B with expected 993 million barrels oil equivalent recovery
NORTH AMERICA
United States
- EIA forecasts North America’s LNG export capacity could more than double by 2029 (>200 Bcf/d); US projects account for half of global LNG growth
- Record natural gas output and ample supply offsetting manufacturing slowdowns; LNG exports supporting winter demand despite industrial headwinds
- Generali Asset Management reduced stake in Cheniere Energy (LNG)
- Media concerns over potential global gas glut from surging US LNG exports; Financial Times and WSJ warned of oversupply risks
- Improved drilling to boost Gulf of Mexico offshore output to 1.89 million bpd in 2025
- DOE extended negotiations for $1.5B loan guarantee to biofuel producer Gevo for aviation fuel
- Dragonfly Oil & Gas Partners announced partnership with Pearl Energy Investments
- Private survey showed huge crude oil inventory build vs. expected draw
- TotalEnergies sees slight profit gain on oil output/refining; shares up 2.6%
- 30 LNG carriers sailed from US terminals (Oct 2–8): 8 from Sabine Pass, 7 from Plaquemines, 5 from Corpus Christi, 4 from Freeport, 3 each from Cameron and Calcasieu Pass (112 Bcf combined capacity)
- Baker Hughes secured contract from Bechtel for liquefaction equipment at Sempra’s Port Arthur LNG Phase 2 (13 mtpa nameplate capacity)
- NextDecade CFO Brent Wahl resigned effective October 20; Mike Mott appointed Interim CFO; company reiterating positive FID expectations for Train 5 by November 15
- Bechtel investigation into April Port Arthur LNG incident (3 worker deaths) identified safety culture breakdowns as significant contributing factor
Canada
- China’s appetite for Canadian oil headed for all-time high, on pace for record month as pivot away from US crude
SOUTH AMERICA
Brazil
- ExxonMobil began first deepwater production, marking entry into Brazil’s sector and deepening global footprint
Venezuela
- Trump authorized CIA operations in Venezuela, potentially impacting oil sector amid geopolitical tensions
Colombia
- Colombian companies bracing for gas rationing as sole import terminal closes for scheduled maintenance
- ArtCap provided innovative financing for Caribe LNG project, supporting execution to meet energy needs and enhance LNG integration
EUROPE
European Union
- EU Parliament’s energy committee supports accelerating Russian gas phase-out by one year
- MEPs voted for stricter rules to phase out Russian gas and oil; proposal bans pipeline and LNG imports from January 1, 2026 (limited exceptions for existing short-term contracts)
- Europe continues efforts to completely abandon Russian gas and oil
United Kingdom
- UK imposed sanctions on major Russian oil companies (Rosneft, Lukoil), 44 shadow fleet vessels, and Chinese gas import terminal linked to Russian Arctic LNG 2
- Sanctions aimed at disrupting Russian LNG flows, though circumvention efforts likely
Germany
- Deutsche Rohstoff reports positive developments with new 2025 wells producing strongly; six more expected; average WTI at $65.74/bbl
- Deutsche Energy Terminal conducted scheduled maintenance at LNG Terminal Wilhelmshaven 1 (Oct 6–10), deliberately timed for smooth winter operations
Poland
- Poland set new record for LNG deliveries in 2025; Świnoujście terminal received 63rd cargo, surpassing 2024 annual record of 62 shipments
- Increased deliveries attributed to terminal expansion and strengthened energy security plans
- ORLEN completed first LNG delivery to Japan
Ukraine
- Energy Minister Svitlana Hrynchuk stated Ukraine wants to increase natural gas imports by 30%; considering boosting LNG imports
- Russian airstrikes caused significant damage to Ukraine’s gas production capacity
- Naftogaz secured ~$347M loan from European Investment Bank and ~$72M from Oschadbank to purchase natural gas
Russia
- Putin announced 510 million tons oil production in 2025 (1% down from 2024), maintaining top producer status despite “unfair pressure”
- Russia delays refinery maintenance to ease fuel shortages and stabilize domestic market
- Kremlin shrugged off Trump’s India oil claim
- IEA reports Ukrainian drone strikes suppressing Russia’s refinery runs through mid-2026; Kyiv intensifying energy infrastructure attacks
- Deputy PM Novak stated collective OPEC+ actions serve long-term national interests, strengthen Russia and Saudi Arabia’s economies
CHINA
- China defends Russian oil imports as legitimate; warns of firm countermeasures against US sanctions or bullying
- UK sanctions targeted China’s Beihai LNG terminal (key entry point for Russian Arctic LNG 2 cargoes)
- Despite sanctions, Russia plans to continue LNG shipments to China via sanctioned tankers, circumventing restrictions
- Sanctioned vessels shipping gas condensate from Arctic LNG 2 to China, highlighting trade resilience
- Used cooking oil emerged as flashpoint in US-China trade war; Trump eyeing it for leverage amid soybean refusal
- China fanning patriotic sentiment as trade war heats up with new US tariff threats
AFRICA
Nigeria
- Seplat Energy boosted oil/gas production after acquiring Mobil assets; enhanced offshore operations
- Shell partnered with Sunlink; reached final investment decision for HI field development (supplying 350 mmscf/d to Nigeria LNG)
- Nigerian House of Representatives probing oil companies (TotalEnergies/NNPC JV, others) for violating Petroleum Industry Act provisions
- Dangote Refinery’s reduced crude buying amid operational setbacks raising doubts on gasoline supply sustainability
Ghana
- Fuel prices expected to drop significantly from October 16 per COMAC projections
- Petroleum Hub Development Corporation signed MoU with Egyptian Chemexa Petrochemical Trading and local Afdat Group for petroleum/petrochemical hub development
Namibia
- Global energy firm McDermott partnering with Namibia to develop oil/gas talent through training initiatives
Mozambique
- LNG potential described as one of world’s most transformative energy opportunities
- African Development Bank (AfDB) reaffirmed commitment to Mphanda Nkuwa Hydropower Project (Southern Africa’s most significant infrastructure development)
- Mozambique LNG remains on hold since 2021 due to insurgency; potential restart later in 2025
AUSTRALIA
Australia
- Santos lowered 2025 production guidance due to software glitches at Barossa LNG project and flooding in Cooper Basin
- Australia to sever major indirect tie with Russia amid Trump’s India oil comments
- Falcon Oil & Gas completed three-well batch drilling in Beetaloo Sub-basin
- EnerMech won contract for subsea pre-commissioning/specialist services on East Browse development (offshore FLNG off Western Australia coast)
GLOBAL/INTERNATIONAL
Mediterranean
- BP awarded rig contract to Valaris for DS-12 deepwater drillship to drill wells in Mediterranean
MARKET OVERVIEW
- Oil Prices: Fell to lowest in 5 months; mounting supply surplus concerns weighed on market
- OPEC: Secretary General Al Ghais emphasized urgent need for increased oil/gas investment; kept outlook unchanged as group continues adding barrels
- Henry Hub: EIA lowered natural gas spot price forecast for both 2025 and 2026
