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YPF posts spike in net profit in Q1 of 2026
Argentine national oil company YPF reported a $409mn net profit for the first quarter of 2026, reversing a $10mn loss from the same period last year.
ANPG extends TotalEnergies production licence for Block 32 offshore Angola until 2043
Block 32 is one of Angola’s largest oil-producing assets, spanning 5,340 square kilometres, and includes the Kaombo ultra-deepwater project, which connects six offshore fields to two FPSOs.
Trump backing of Chinese EVs threatens Hyundai
South Korea leading automotive player Hyundai Motor Group is facing a serious threat to its US market share after President Donald Trump repeatedly called for Chinese investment.
Egypt eyes Algerian crude imports to secure summer energy supplies
Egypt’s Ministry of Petroleum and Mineral Resources is studying plans to import around 6mn barrels of crude oil from Algeria starting in July 2026, as part of efforts to diversify supply sources and strengthen energy security,
Libya regains full control of Ras Lanuf refinery and petrochemical complex as Trasta Energy exits
Libya signed a final agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), restoring full Libyan ownership and management of the Ras Lanuf refinery and petrochemical complex
Nigerian billionaire Dangote favours Kenya over Tanzania for 650,000-bpd East Africa oil refinery
Africa's richest man says Kenya is emerging as the preferred location for a proposed $15bn–$17bn refinery, citing Mombasa’s deep port and large fuel market.
ADNOC injects $55bn into UAE refining and manufacturing activities
ADNOC confirmed that it is deploying AED 200bn ($55bn) in capital investment across refining, manufacturing and marketing between 2026 and 2028.
Cost estimates rise for Woodside’s delayed Browse LNG project
Australia’s Woodside Energy has raised its cost estimate for its long-delayed Browse LNG project.
ASEAN’s power gamble will shape the region’s economic future
Electricity demand across the wider ASEAN region is rising rapidly. Manufacturing expansion, electric vehicle adoption and the construction of energy-intensive data centres are driving consumption higher and higher every day.
World oil inventories falling fast towards hard operational floor
The world's oil buffer is disappearing faster than at any point in recorded history. Two months into the near-closure of the Strait of Hormuz, global inventories are drawing down at a pace that has already exceeded the previous quarterly record.
Is the UAE breaking away?
The UAE has left OPEC, lost a proxy war with Saudi Arabia in Yemen, armed a militia accused of genocide in Sudan, recognised Somaliland alongside Israel, and welcomed an Iron Dome battery onto its soil.
Fitch raises 2026-27 oil and gas price assumptions on prolonged Hormuz closure
Fitch Ratings has raised its 2026-2027 oil and gas price assumptions on a longer Strait of Hormuz closure, assuming reopening around July, with Brent expected at USD100-110 per barrel through July before falling to USD70 by September.
Morocco-Nigeria gas pipeline advances in Washington talks
The Moroccan National Office of Hydrocarbons and Mines (ONHYM) held a series of high-level meetings in Washington to discuss progress on the $25bn Atlantic African Gas Pipeline (AAGP)
Global biofuel production up sevenfold in the last two decades - OWID
In the late 20th century, a handful of countries — led by Brazil and the United States — turned to liquid biofuels to reduce their dependence on foreign oil markets, producing transport fuels from cheap crops instead.
Italy’s Edison expects two-thirds of LNG supply from Qatar to be delivered shortly after any peace deal
QatarEnergy’s largest Italian customer Edison forecasts that it will receive about two-thirds of its contract LNG volumes between 30 to 45 days after any peace deal between the US, Israel, and Iran.
India's Gujarat state commissions 870-MW battery storage capacity across five locations
India’s western state of Gujarat has rolled out battery energy storage systems with a combined capacity of 870 MW at five sites as part of its push to strengthen renewable energy integration and grid reliability.
Iraq’s Qurnain find suggests new upstream potential, but export constraints bite
Iraq has reported a large oil discovery near its southern border with Saudi Arabia, adding a fresh note of promise to a sector still constrained by weak export capacity
Solar-plus-storage fall below those of fossil fuels - IRENA
wRenewable power paired with battery storage is becoming cost-competitive with fossil fuels for around-the-clock electricity supply, according to a new report from the International Renewable Energy Agency (IRENA).
Turkey seeks to renew LNG deal with Algeria ahead of 2027 deadline
Turkey is seeking to renew its long-standing liquefied natural gas agreement with Algeria before the current contract expires in September 2027
Cameroon secures $206mn for Kribi refinery as fuel import reduction drive accelerates
Cameroon has secured $206mn in bank financing for the CSTAR refinery project in Kribi, advancing plans to reduce dependence on imported fuel products while rebuilding domestic refining capacity after the prolonged shutdown of the SONARA refinery.
Egypt signs framework deal with BP, Harbour Energy to develop Mediterranean gas fields
Egypt’s energy authorities have signed a framework agreement with British energy major BP and its partner Harbour Energy to establish the executive framework for developing oil and gas reserves in the North King Mariout area and the Arish field
Scout offloads producing Anadarko Basin assets worth over $1bn
Scout Energy Partners announced on May 1 that it had sold off over $1bn in producing oil and gas assets located in the Western Anadarko Basin.
Beijing becomes the chessboard as Iran pre-empts Trump-Xi summit
Araghchi's pre-emptive trip to Beijing, 14 days before Trump meets Xi, has put Iran's interests on the table before Washington can carve them off.
Western Midstream to bulk up in Permian’s Delaware sub-basin with Brazos acquisition
Western Midstream Partners announced this week that it had agreed to acquire privately held Brazos Midstream’s assets in the Permian Basin’s Delaware sub-basin.
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