30th April 2025

Hi crew. I’m trying a slightly different structure today.

I want to make sure I cover more ground across the sector while making things snappier for you. Fewer words, more info.

Don’t worry, the memes and the green jokes aren’t going anywhere.

Let me know what you think 

🛢️ The first green energy blackout…Big oil’s earnings slump…US LNG mega projects advance…WTI back in the $50s…and barrels more. 🛢️

Lets take a look.

📈 THE NUMBERS

WTI prices are back into the $50s again…

🗞️ WELL-HEADLINES

 🗽 North America

• Woodside makes FID on $17.5bn Louisiana LNG and mulls stake sale

• Three dead at Port Arthur LNG tragedy

• Hess drills milestone 4-mile laterals in Bakken

• QatarEnergy and Exxon secure FERC approval for Golden Pass LNG

• Koch Industries to quit oil trading business

• Transocean books loss in line with analyst expectations

• Could US data centers soak up natural gas meant for LNG export?

🏰 Europe

• EU and Azerbaijan strengthen energy ties

• Germany strengthens LNG import infra to improve energy security

• Drilling contractor Nabors suspends activity in Russia in light of sanctions

• Russia shuts 62 miles of Black Sea Beaches after oil spill

• Norway ramping up power-from-shore for offshore O&G platforms

• DNO secures rig to drill Othello prospect offshore Norway

• Noble Corporation sells two rigs to undisclosed buyer

• EU nat gas imports down by 18% since 2021 as it struggles to replace Russian vols

• BP’s profits halves and it slashes spending plans; Equinor beats profits estimates thanks to higher gas prices; Total profits fall on tighter refining margins; Repsol’s profits down by 60%.

🕌 The Middle East

• BP optimistic about “pretty profitable” Iraq Kirkuk deal.

• Technip lands major engineering contract in Qatar

⛩️ Asia & Oceania

• Malaysia’s Petronas looking to buy LNG from Commonwealth LNG in the US

• CNOOC profits fall on lower oil prices, despite higher output

• Indian Oil agrees 5 year oil supply deal with Trafigura

• Japan’s JERA eyeing up Alaska LNG supply

• EnQuest bags 2 PSCs in Indonesia

• China waives tariffs on US ethane imports

🦁 Africa

• Galp restarts talks to divest stake in Namibia’s mega Mopane discovery

• Nigeria looking to grow LNG exports

• Former Shell traders set up Africa focussed oil trading firm, Atmin.

🗿 Central & South America

• Vitol buying more crude from Venezuela

• Petrobras starts tender for 18 offshore support vessels

• Petrobras crude output steady at 2.2 mmb/d

• Subsea7 and SLB OneSubsea bag contract for BP’s T&T Ginger gas project

🌍 GEOPOLITICS & MACRO

• Canada’s Liberals win election in massive turnaround.

• US says this is a “critical week” in Russia-Ukraine peace process

• Pakistan claims India planning an imminent attack

• Eurozone economy grows at 0.4% in Q1, slightly above expectations.

💨 CARBON, CLIMATE, & OTHER ENERGY STUFF

• Fingers pointing at solar overload as cause of Spain’s blackout 

• Stonepeak acquires $340m stake in Repsol’s US solar business

• RBC scrapping sustainable finance commitment. Another one bites the dust.

• Underground cables are 4.5x more expensive than overhead lines

• Carbon tax is killing UK manufacturing says INEOS CEO

• Net-zero ”doomed to fail…major rethink needed” says former UK PM, Tony Blair

🛢️ BOTTOM OF THE BARREL

👋 BEFORE YOU GO

Any feedback, requests, terrible jokes? Please just ping a reply to this email and let rip. We read every word. 

Oh and if you could share us with your pals who might like a drop of us, then we’d be very happy.

Thanks for reading. Have a day out there. 🛢️🛢️

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