Var Energi has made a commercial gas and condensate discovery near its Fenja oilfield in the Norwegian Sea and could develop it as a tie-in to the producing field, the Norwegian oil company said on Monday.  Var Energi, which holds 75% and is the operator of the exploration license, has made the gas and condensate discovery in the Vidsyn exploration well, confirming discovered recoverable resources in the range of 25 to 40 million barrels of oil equivalent (boe).  The discovery is only 8 kilometers (5 miles) from the existing Fenja subsea…

Iran is set to meet with officials from Britain, France, and Germany -- the so-called European three (E3) -- on July 25 in Istanbul to discuss the country’s nuclear program as Western nations turn up the pressure on Tehran to reach a settlement or face new sanctions. Iranian Foreign Ministry spokesman Esmail Baghaei late on July 20 said the talks would be held at the level of deputy foreign ministers. "In response to the request of European countries, Iran has agreed to hold a new round of talks," Baghaei told state TV. Earlier, Iranian Foreign…

The world’s natural gas production fell in May compared to April, driven by lower output in Russia, the United States, and Norway, according to the latest data by the Joint Organizations Data Initiative (JODI).   The Monthly Oil & Gas Data Review of the latest JODI oil and gas databases updates showed on Monday that natural gas production in the 58 countries that have updated their most recent self-reported figures for May declined by 4.8 billion cubic meters (bcm) in May compared to April.  The monthly drop was driven…

I remember years ago eating lunch with my father and his financial advisor. I stated what I thought was an indisputable fact. I said history suggests that stock markets can not only go down but stay down for many, many years. I cited the 1966 top in U.S. stocks and the secular bear market that ensued and lasted until 1982. He asked me if I was recommending that investors bet against America. I said I wouldn't put it that way. I explained that the world was moving toward an era of energy scarcity, and that since energy is the key factor in economic…

Saudi Arabia’s crude oil exports rose to a three-month high in May, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday, as the Kingdom leads the OPEC+ production increases this summer. Saudi Arabia, the world’s top crude oil exporter, saw its shipments rise by 25,000 barrels per day (bpd) from April to 6.19 million in May, according to the JODI data which compiles self-reported figures from the individual countries.  The export levels in May reached the highest since February this year, when the…

Crude oil prices began trade this week with a modest gain after on Friday the European Union approved the 18th package of sanctions against Russia, targeting once again its energy industry with a lower price cap and specific sanctions against energy companies. Brent crude was trading at $69.35 per barrel at the time of writing, and West Texas Intermediate was trading at $67.52 per barrel. Russia’s flagship Urals, which the EU has now capped at 15% below its market price in an attempt to make the whole idea of a price cap work after indirectly…

China has broken ground on what promises to be the world’s largest hydropower dam, a giant project on the eastern edge of the Tibetan Plateau that underscores Beijing’s dual ambitions: securing energy independence and solidifying geopolitical leverage over one of Asia’s most important rivers. Premier Li Qiang’s formal launch of the $170 billion venture, described as a “project of the century”, is a symbolic reminder of China’s willingness to bet big on infrastructure as part of its climate and industrial…

Oil prices were little changed in early Asian trading on Monday following a week of losses, as traders digested the impact of fresh European sanctions on Russian oil exports and closely monitored progress in U.S. trade policy developments ahead of looming tariff deadlines. By midday in Beijing, Brent crude futures were slightly up at $69.39 per barrel and West Texas Intermediate (WTI) crude futures hovered around $67.53 per barrel, reflecting a muted reaction to last week’s developments. This stability follows a nearly 1.5% decline last week,…

Pipelines are the unsung backbone of the global energy system–quietly moving billions of barrels of oil and trillions of cubic feet of gas with unmatched efficiency, reliability, and scale. In the U.S., they handle nearly 70% of all petroleum shipments, or over 14 billion barrels annually, without the headlines or volatility of seaborne trade. What makes pipelines indispensable isn’t just cost or carbon footprint; it’s continuity. Cross-border systems like Russia’s Druzhba and Canada’s Keystone aren’t just conduits;…

When people talk about oil majors, the same names always come up—Exxon, Chevron, Shell, Aramco. But geopolitics and barrel math don’t run solely on brand recognition. There’s a whole class of mid-tier players and state-run oil companies operating in the shadow of the supermajors—quietly shaping energy flows, regional alliances, and even global trade. Here are 10 oil companies punching well above their weight—and why you should be paying attention. ONGC (India)India’s National Champion with a Refining Ambition…

As U.S. President Donald Trump has reignited the trade war with China, he is gutting federal government funding for foreign aid agencies and media outlets, in a move touted as an ‘America first’ approach by his Administration and slammed by Democrats and critics as damaging the U.S. soft power on the global stage.  Following decades of efforts to build partnerships and influence, including with the promotion of democratic and free-economy values, the U.S. is now retreating, leaving a void that China would be happy to fill. …

In 2022, the European Union slapped the Kremlin with sanctions on all coal exports, impacting a quarter of all Russian coal exports worldwide in response to Russian President Vladimir Putin’s invasion of Ukraine. The United States has also tightened its own sanctions on Russian coal companies in recent years as part of a unified Western front. Three years later, the Russian war in Ukraine rages on, but the coal sector is now showing serious cracks and is likely on the verge of collapse. Russia has the 6th largest coal industry in the world,…

The energy storage sector is on the cusp of a revolution. As variable energies like wind and solar become more prevalent in global energy grids, energy storage becomes increasingly pivotal for maintaining energy security and grid resilience. But our current battery storage solutions have some major limitations that are holding the clean sector back. So, the race is on to find the next big long-term storage solution. And a team of scientists from the United Kingdom thinks they may have just found it using the humblest of materials. The new battery…

Norway has major plans to expand its hydropower capacity through expansion projects and new developments. The Scandinavian country, which is well-known for its strong and diverse energy sector, recently announced plans to collaborate with the United States Department of Energy (DoE) to support research and development into hydropower in the two countries. In addition, Norway aims to ramp up its hydropower production in the coming years to supply clean power as the domestic energy demand continues to rise. In July, the DoE said that it had extended…

“There is no peak in oil demand on the horizon,” the head of OPEC, Haitham al Ghais, said last month in Canada. Demand will continue to increase as global population grows, he added. And OPEC will be there to respond with what supply is necessary. OPEC is now playing the long game. Fast-forward a month and Reuters is reporting on “signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August”, not to mention now chronic worry about Trump’s tariffs. In fact, after OPEC+ announced…

With much of the world’s attention focused on wind turbines, solar panels, and electric vehicles, natural gas has grown in importance as the backbone of modern energy systems. It fuels power plants, heats homes, drives industry, and—through liquefied natural gas (LNG)—connects continents. The newly released 2025 Statistical Review of World Energy highlights just how indispensable natural gas has become, despite mounting pressure to decarbonize. Following the previous article on global oil production and consumption trends, let’s…

Upstream merger and acquisition (M&A) activity experienced a sharp downturn in early 2025, with global deal value plunging 39% from the fourth quarter of 2024 to just $28 billion in the first quarter of 2025 – less than half the $66 billion recorded in the same period a year earlier. Although activity has picked up in Africa, Asia, and the Middle East, it is not enough to make up for North America’s dominant market share, which stood at 71% of the deal value in the first quarter of this year. As the year progressed, upstream M&A…

The world is going to need a whole lot of lithium to power a more sustainable future. The critical mineral is an essential ingredient in a wide range of clean energy technologies and is particularly essential in batteries for electric vehicles and energy storage–two rapidly expanding global sectors. But there are a lot of problems associated with extracting and sourcing lithium, from environmental degradation and public health hazards to market uncertainty and heightened geopolitical vulnerabilities. However, a brand new technological breakthrough…

The United Nations Development Programme (UNDP) and the Government of Norway launched a $200 million initiative in July, aimed at transforming Ukraine’s war-damaged energy sector and supporting the development of the country’s renewable energy capacity. The new initiative will focus on both immediate crisis response and long-term modernisation in line with national priorities. The UNDP announced the strategic partnership during the July Ukraine Recovery Conference, held in Rome. The initiative is part of the UNDP’s Green Energy…

British oil giants BP and Shell last week signed a range of agreements with Libya’s National Oil Company (NOC) aimed at boosting the country’s oil and gas output recovery. Very few people outside the oil and gas industry appreciate the much broader and deeper strategic significance that often lies behind the announcement of new exploration and development deals or how that significance can be manifested on the ground. At the core of this is the international legal position surrounding such developments, which at its most basic level…