London, November 06, 2025, (Oilandgaspress) ––– ExxonMobil, Energean, and HELLENiQ ENERGY Upstream announce the Farm-In Agreement for ExxonMobil’s participation in the Block 2 concession, located in the northwestern Ionian Sea, adjacent to the Italian Exclusive Economic Zone (EEZ).
According to the agreement:
- ExxonMobil acquires 60% of the concession.
- Energean’s participation is set at 30%, down from 75%.
- HELLENiQ ENERGY’s participation is set at 10%, down from 25%.
- Energean will remain the Operator of the concession during the exploration stage.
- In the event of a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage.
Block 2 is the most mature concession in Greece in terms of readiness for exploratory drilling. The relevant decision to proceed with drilling will be made by the consortium in the near future. Completion of the transaction remains subject to applicable governmental approvals and the satisfaction of customary closing deliverables.
The exploratory drilling is expected to take place in late 2026 or early 2027, provided that all necessary approvals and permits are obtained in a timely manner from the competent authorities, and that the exploration phase is extended to ensure sufficient time for project completion within the planned schedule. This drilling operation will be the first exploratory offshore drilling in Greece since 1981,when the well that led to the discovery of the Katakolo hydrocarbon field was completed. Over the past two decades, the only offshore wells carried out in Greece have been production wells in Prinos, implemented by Energean. Read More
Energean plc announces the signing of a Letter of Intent (LOI) with Cyfield, a leading Cypriot industrial and energy group, for the potential supply of natural gas to Cyfield’s planned power generation facility in the Mari area of Larnaca.Following the LOI, Energean has proposed to the Governments of Cyprus and Israel the export
of natural gas from Israel to Cyprus via a new pipeline, a project designed to benefit both markets, promote regional energy collaboration, and contribute to the development of a competitive and interconnected East Mediterranean gas market.Under the proposal, Energean will design, construct, own and operate a new subsea pipeline connecting the FPSO “Energean Power”, currently producing in Israeli waters, directly to Cyprus.
The agreement and project are subject to the approval of the Governments of Cyprus and Israel. Should all necessary approvals be obtained, the project would mark a significant step forward for regional energy integration and security of supply. The interconnection between Israel and Cyprus will:
- Diversify gas supply sources for Cyprus and enhance energy security;
- Promote cleaner power generation by replacing oil-based fuels with natural gas;
- Support economic growth by stabilizing energy costs and improving efficiency;
- Reinforce regional cooperation and contribute to the development of an East Mediterranean energy corridor.
The project will also bring environmental and strategic benefits to Cyprus, including reduced CO₂ emissions and closer alignment with EU decarbonization objectives, while demonstrating the potential for constructive cross-border energy collaboration between Israel and Cyprus. . Read More
The voluntary carbon market is at an impasse. Not the one you think.
Corporate buyers want credits representing real, permanent emissions reductions or removals. They want third-party verification, robust monitoring, clear additionality. Bullet-proof accounting.
The impasse is not that carbon project developers are unable to do these things. The challenge is delivering all of this when the average spot price for a carbon credit is less than seven dollars a ton. At today’s prices, it’s just a tough business model.
Consequently, demand could significantly outstrip high-integrity supply between now and 2050. This isn’t good timing. Climate resilience requires more investment, immediately, in technological breakthroughs in carbon removal, safeguarding carbon sinks, and ramping up carbon sequestration. But credit providers point to systemic barriers including accessing capital, high costs of project development relative to credit prices, and the risk they take on in a volatile market where credits can take up to a decade to bring to market. Read More
Harbour Energy provides unaudited Trading and Operations Update for the nine months to 30 September 2025.
Strong operational delivery
Increased and diversified production of 473 kboepd (2024: 177 kboepd) to end of September, broadly split 40% liquids, 40% European gas and 20% other gas
Full contribution from Wintershall Dea assets, including 165 kboepd from Norway and 75 kboepd from Argentina
New wells on-stream in the third quarter including at Maria Phase 2 (Norway), J-Area (UK) and APE (Argentina) partially offset by Njord (Norway) underperformance
Successful completion of planned maintenance shutdowns in Norway and the UK
Given the strong performance over the first nine months, and notwithstanding the divestment of Vietnam (5 kboepd in the first half) in July, 2025 production guidance narrowed further upwards to 465-475 kboepd (previously 460-475 kboepd)
Unit operating costs c.30% lower at $13/boe (2024: $19/boe), reflecting the addition of the Wintershall Dea portfolio. 2025 guidance reiterated at c.$13.5/boe, with strong volumes and cost performance together with the divestment of Vietnam more than offsetting FX headwinds
Continued focus on safety with total recordable injury rate (TRIR) of 1.0 per million hours worked (2024: 1.0); greenhouse gas intensity materially lower at 13 kgCO2/boe (2024: 23 kgCO2/boe)1
High return, short cycle investments remain on track, including completion of Maria Phase 2 (Norway) with the fourth and final well due online before year-end, Dvalin North (Norway) production start-up in 2026, and further drilling at APE (Argentina) recommencing later this year
Review of the UK organisation resulting in a reduction of 250 positions; the cumulative headcount reduction has been c.600 roles since the EPL was introduced in 2022. This aligns with significantly lower anticipated UK investment driven by the continued punitive domestic fiscal regime
Exit from the Transition Services Agreement supporting the Wintershall Dea portfolio was completed in September as scheduled, enabling the focus to shift to systems and process simplification and driving efficiencies. Early savings have been captured including through renegotiation of supplier contracts and rationalisation of offices in Mexico and Norway Read More
UK Prime Minister arrived at COP to deliver clean energy jobs as major deals in ports and industry announced
Industrial heartlands and coastal communities across the UK are set to benefit from skilled jobs, economic growth and greater energy security as new deals are announced to accelerate the drive for clean, homegrown power. Major deals confirmed from ScottishPower, JERA Nex bp and EnBW and Statera Energy will revitalise UK port infrastructure and develop world-leading battery storage facilities.
The deals will support an estimated 600 jobs across the North-West, Great Yarmouth, and Belfast.
In a speech at the World Leader’s Summit in Belem, Brazil, the Prime Minister will set out how clean energy is the economic opportunity of the 21st century – with over £50 billion of investment into UK clean energy industries announced since last year and 800,000 jobs expected by the end of the decade. JERA Nex bp and EnBW through their Mona and Morgan joint ventures, are committing over £100 million to Belfast Harbour to support the delivery of two major offshore wind farms in the Irish Sea.
Prime Minister Keir Starmer said:
It’s full speed ahead in our mission to bring about the clean power revolution – delivering energy security, getting bills down for good and generating growth in communities across the UK. Read More
Baker Hughes announced an award from engineering company Bechtel Energy Inc. (Bechtel) to supply primary liquefaction equipment for Train 5 of NextDecade’s Rio Grande LNG Facility in the Port of Brownsville, Texas.
The award follows a recent order for Train 4 and is part of a previously established framework agreement covering a variety of Baker Hughes equipment and associated contractual services for Trains 4 through 8.Mirroring the proven technology solution deployed in previous trains, the Train 5 order includes two Frame 7 gas turbines, known for their proven reliability and energy efficiency, and six centrifugal compressors. These advanced solutions, designed to deliver efficiency and lower emissions, will support an additional LNG capacity of approximately 6 MTPA at the facility. In addition, Baker Hughes is also providing an additional digital solution for Rio Grande’s Trains 1 to 3 through the deployment of Cordant™ Asset Health. Next Decade will utilize Cordant™ to support its equipment monitoring and failure diagnostics for critical rotating equipment, as well as its cloud-based visualization solution for offline vibration data. Read More
KBR has been selected by ENKA İnşaat ve Sanayi A.Ş. (ENKA) to provide detailed engineering design services for the Associated Gas Upstreasm Project Phase 2 (AGUP2), as part of the Gas Growth Integrated Project (GGIP) operated by TotalEnergies alongside its partners BOC and Qatar Energy, in the Basra region of Iraq.
This award follows KBR’s successful delivery of the Front-End Engineering Design (FEED) for the same development, underscoring its long-standing relationship with both TotalEnergies and ENKA, and continued commitment to supporting Iraq’s energy infrastructure development.
Under the letter of award, KBR will provide multi-discipline detailed engineering design from its global engineering centers, enabling ENKA’s execution of the engineering, procurement, supply, construction, and commissioning (EPSCC) scope for the central processing facility. The aim of the AGUP2 project, due to start in 2028, is to process oil and associated gas from the Ratawi oil field to increase production capacity to 210,000 barrels per day of oil and 154 million standard cubic feet per day of gas while striving to eliminate routine flaring and contributing to Iraq’s energy transition to low-carbon. Read More
Hans Hide, Chief Project Officer Electrolyser of Nel ASA (“Nel”), has today bought 10,000 shares in Nel ASA at an average share price of NOK 2.4379. After the transaction, Mr. Hide holds a total of 40,000 shares and 600,000 options in the company. . Read More
INEOS Energy has today signed a major long-term deal with U.S. energy company Kinetik Holdings Inc. to supply natural gas to Europe from 2027, a move that will help keep Europe’s homes warm, factories running and prices competitive.
The agreement will deliver up to 0.5 MTPA of natural gas, which is enough to heat more than 500,000 homes for a year, roughly equivalent to the annual demand of a city the size of Manchester, Antwerp or Cologne.
Europe continues to face tight supplies and volatile prices following years of under-investment and policy uncertainty. INEOS Energy is taking practical steps to fix that by securing new, reliable energy flows from America.
The agreement uses a Title Transfer Facility (TTF) Netback pricing mechanism, which directly links the price of U.S. natural gas sourced from Kinetik’s infrastructure to Europe’s benchmark gas market. This tracks European market conditions while reducing exposure to supply shocks and wild price swings.
David Bucknall, CEO INEOS Energy, said: “Europe has paid a heavy price for failing to secure its own energy. We’re doing something about it. This deal will bring more U.S. gas into Europe, helping to keep the lights on, factories running and homes warm, at competitive prices. It’s good for industry, good for jobs and good for energy security.”
“This agreement with Kinetik is part of our plan to build a diverse and reliable energy portfolio. Europe needs secure supplies of gas for decades to come – this deal helps make that happen.”
Jamie Welch, President & CEO of Kinetik, said: “Kinetik’s strategic partnership with a global chemicals leader like INEOS Energy broadens and diversifies attractive natural gas pricing options for our producer customers. This arrangement exemplifies our commitment to delivering innovative and value-added solutions to producers in the Permian Basin.”
This agreement highlights both companies’ commitment to ensuring continuity, competitiveness and energy security for Europe’s energy-intensive industries. By securing predictable supply, INEOS Energy and Kinetik are helping to stabilise markets, support industrial planning, and reinforce the region’s energy resilience. . Read More
DNO ASA, the Norwegian oil and gas operator, today reported record revenue of USD 547 million and operating profit of USD 222 million in the third quarter of 2025, both more than double the previous quarter’s figures. Net production grew to 115,400 barrels of oil equivalent per day (boepd), with 77,300 boepd from the North Sea, including the acquired Sval Energi AS assets, 34,900 boepd from the Kurdistan region of Iraq and 3,100 boepd from West Africa.
DNO expects to further increase net production during the fourth quarter and exit the year with the North Sea approaching 90,000 boepd and Kurdistan approaching 60,000 boepd on gross operated Tawke license production of 80,000 boepd. Contributing to the increase in Norway, Andvare (32 percent) was put on production in late September and Verdande (14 percent) is expected to follow this month, together adding 8,000 boepd net at peak.
The Company is fast-tracking the development of Kjøttkake, discovered by DNO (40 percent and operator) in the first quarter of 2025, with first oil now targeted in the first quarter of 2028. Three years from discovery to production is a standout on the Norwegian Continental Shelf, where such tie-backs typically take at least twice as long to complete.
To accomplish this feat, DNO has teamed up with license partner Aker BP which will draw on its alliance with suppliers and its equipment inventory to deliver the project on time. Pursuant to government approvals, operatorship of the Kjøttkake development will be transferred to Aker BP and then revert to DNO following first production.
- DNO announced that pursuant to the authorization granted at the Annual General Meeting held on 5 June 2025, the Board of Directors has approved a dividend payment of NOK 0.375 per share to be made on or about 24 November 2025 to all shareholders of record as of 14 November 2025. DNO shares will be traded ex-dividend as of 13 November 2025. Read More
Key figures
| Q3 2025 | Q2 2025 | Full-Year 2024 | ||
| Net production (boepd) | 115,396 | 92,593 | 77,269 | |
| Revenues (USD million) | 547 | 258 | 667 | |
| Operating profit/-loss (USD million) | 222 | 86 | 6 | |
| Net profit/-loss (USD million) | 20 | -7 | -27 | |
| Free cash flow (USD million) | 101 | -111 | 59 | |
| Net cash/-debt (USD million) | -808 | -860 | 99 | |
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $59.20 | Down |
| Crude Oil (Brent) | USD/bbl | $63.24 | Down |
| Bonny Light 06/11/25 CBN | USD/bbl | $65.75 | Down |
| Dubai | USD/bbl | $65.00 | — |
| Natural Gas | USD/MMBtu | $4.32 | Up |
| Murban | USD/bbl | $64.93 | Down |
| OPEC basket 05/11/25OPEC | USD/bbl | $65.51 | Up |
| At press time November 06, 2025 . |
EU environment ministers backed the revision of the EU’s climate law, paving the way for a decision on the global 2035 climate target to be presented next week at COP30. The EU’s environment ministers agreed on Wednesday on the bloc’s domestic climate target to cut CO2 emissions by 2040, after intense political pressure to deliver on climate commitments and maintain Brussels’ role as a climate action leader at next week’s COP30 UN climate summit.
The EU27 agreed on a range to set a 2035 climate target to reduce net greenhouse gas (GHG) emissions by 66.25–72.5% below 1990 levels, covering all sectors of the economy and all GHGs, including methane.
The range takes into account the 2040 climate target, setting the path to cut emissions by 90% and will be submitted to the United Nations Framework Convention on Climate Change (UNFCCC). Read More
Occidental announced today that its Board of Directors declared a regular quarterly dividend of $0.24 per share on common stock, payable on January 15, 2026, to stockholders of record as of the close of business on December 10, 2025. Read More
Odfjell SE today reported its results for the third quarter of 2025. The report shows another robust financial performance, in line with the previous quarter. Volumes were slightly up in an uncertain market that continues to be affected by geopolitical volatility.
Highlights – 3Q25
• Odfjell’s strong safety performance continued, with high operational efficiency and no significant incidents during the quarter.
• Total volumes were slightly up. COA volumes increased, accounting for 56%, while spot rates saw a minor decline during the quarter.
• Time charter earnings ended at USD 173 million, compared to USD 174 million in 2Q25. TCE/day for the quarter was USD 28,174, down from USD 30,306 in the previous quarter.
• EBIT of USD 59 million, in line with 2Q25.
• Quarterly net result of USD 43 million. Net result adjusted for one-off items at USD 42 million compared to USD 42 million in 2Q25.
• Net result contribution from Odfjell Terminals of USD 2.6 million vs. USD 1.9 million in 2Q25.
• The 3Q25 carbon intensity (AER) for Odfjell’s controlled fleet remained at 6.8, equal to the record low achievement of the previous quarter.
“In the third quarter, Odfjell delivered another resilient financial result, surpassing the two previous quarters. This demonstrates the robustness of our business model as we navigate through an uncertain market that continues to be affected by geopolitical volatility. We expect the 4Q25 financial results to be in line with 3Q25,” said CEO Harald Fotland. Read More
Nel Hydrogen US, has received a firm purchase order from Kaupanes Hydrogen AS and HyFuel AS in Norway. Both are developed by Hydrogen Solutions AS (HYDS) in close collaboration with the respective project co-owners. Each project, both with a capacity of 20 MW, are based on Nel’s MC 500 containerized PEM systems, totaling 40 MW. The total contract value is above USD 50 million, the second largest firm purchase order Nel has ever received, and the company’s largest order ever for PEM equipment.
The HyFuel project is owned by HYDS, Sogn og Fjordane Energi AS and Fjord Base Holding AS. The hydrogen production facility will be located at the offshore supply base in Florø, Kinn municipality. HyFuel has been awarded NOK 180 million in support from Enova.
The Kaupanes project is owned by HYDS, Dalane Energi AS and Eigersund Næring og Havn KF. The hydrogen production facility will be located at the Kaupanes industrial area in Eigersund municipality. Kaupanes has been awarded NOK 206 million in support from Enova.
HYDS is a Norwegian company based in Leirvik, Stord. The company develops, owns, and operates facilities for green hydrogen production from renewable energy. Its business spans across the full value chain, from development, power sourcing and electrolysis, to distribution of hydrogen and related products. HYDS has a proven track record in establishing and operating hydrogen systems and is among the few Norwegian developers with both operational experience and a scalable project pipeline Read More
Baker Hughes Rig Count: International -3 to 1076, :U.S. -4 to 546 Canada -12 to 187
U.S. Rig Count is down 4 from last week to 546 with oil rigs down 6 to 414, gas rigs up 4 to 125 and miscellaneous rigs down 2 to 7.
Canada Rig Count is down 12 from last week to 187, with oil rigs down 11 to 127, gas rigs down 1 to 60 and miscellaneous unchanged at 0.
International Rig Count is up 8 from last month to 1,084 with land rigs up 8 to 841, offshore rigs unchanged at 243
The Worldwide Rig Count for August was 1,793, up 7 from the 1,786 counted in July 2025, and down 153, from the 1,946 counted in July 2024.
| Region | Period | Rig Count | Change |
| U.S.A | October 31, 2025 | 546 | -4 |
| Canada | October 31, 2025 | 187 | -12 |
| International | September 2025 | 1084 | +8 |
| Baker Hughes |
At least seven people were reported to be trapped after a power plant structure collapsed on South Korea’s east coast, the National Fire Agency said. The collapse occurred around 2 pm (0500 GMT) on Thursday at Korea East-West Power’s Ulsan Power headquarters in the southeastern city of Ulsan, authorities said, after a large structure collapsed.
The National Fire Agency said that two people have been rescued, while at least seven others are believed to be trapped and remain unaccounted for. . Read More
Bulgaria is preparing to seize control of Lukoil’s Burgas oil refinery and sell it to a new owner after the Russian oil company came under US sanctions, according to Bulgarian media reports. Burgas is Bulgaria’s only oil refinery and as part of Lukoil is at risk of having to shut down because of the sanctions. The US joined Britain last month in imposing sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, over Vladimir Putin’s war in Ukraine. Legislation was being drafted to allow the seizure, Bulgarian outlet Mediapool reported on Wednesday. Lukoil said last week that it was moving to sell foreign assets because of the sanctions. . Read More
Stop Rosebank, Global Witness, Tax Justice UK, TaxWatch and the End Fuel Poverty Coalition have jointly written to the Chancellor alleging the deal “raises serious questions around the firms’ real motivations”. The letter claims the creation of Adura will “allow Shell to write off significant tax liabilities on its projects against losses and allowances built up by Equinor”.The energy firm strongly rejects that claim, but the letter adds the deal also benefits Equinor by giving it “access to income from Shell’s operations as it struggles to get major projects – such as the controversial Rosebank oil field – off the ground”.
Development of Rosebank, which is the UK’s largest untapped oil field containing as much as 300 million barrels of oil, had been given the green light by the previous Conservative government – however it was thrown into doubt after a Supreme Court ruling stated emissions created from burning fossil fuels must be considered when permissions are granted. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Victor Cole , victor@oilandgaspress
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