The world’s biggest private equity groups are investing in infrastructure assets of the national oil companies of the Middle East as Saudi Arabia and the United Arab Emirates (UAE) opened their pipeline networks to foreign capital. Private equity giants are now seeking a slice of the infrastructure assets of the international majors in deals that would give Big Oil funds to reinvest in oil and gas production. These days, amid lower oil prices and continued reluctance of public-market investors despite the ...

Core Insights - Chevron Corporation is enhancing its global exploration portfolio by acquiring a 40% interest in Nigeria's PPL 2000 and PPL 2001 offshore exploration licenses through a farm-in agreement with TotalEnergies [1] - This acquisition positions Chevron in one of West Africa's most resource-rich basins, covering approximately 2,000 square kilometers [1] - The partnership with TotalEnergies aims to leverage joint expertise and reduce exploration risks while accelerating the development of high-impact opportunities [2] Chevron and TotalEnergies Collaboration - The agreement builds on Chevron's existing partnership with TotalEnergies, which includes a recent acquisition of a 25% working interest across 40 Chevron-operated U.S. offshore blocks [2] - Chevron and TotalEnergies have joint developments in projects like Ballymore, Anchor, Jack, and Tahiti, indicating a strong collaborative history [3] - Advanced tools such as 3D imaging will be utilized to unlock additional offshore resource potential [3] Nigeria's Energy Landscape - Leading oil companies are increasing their presence in Nigeria to boost oil and gas production while addressing challenges like theft and vandalism [4] - Shell plc has recently increased its stake in Nigeria's Bonga field to 65%, reinforcing its commitment to deep-water output [5] - Petrobras is signaling a renewed interest in Nigeria's offshore market after a decade-long absence, aligning with its investment plans through 2029 [6] Nigeria's Production Goals - Nigeria is working to restore oil output after years of limited investment and security issues, aiming to attract new investments and raise production [7] - The Nigerian Upstream Petroleum Regulatory Commission launched the 2025 oil licensing round, offering 50 blocks for bidding, expected to attract around $10 billion [8] - The initiative aims to potentially add 2 billion barrels over the next decade, with output reaching 400,000 barrels per day once fully developed [9] Chevron's Strategic Positioning - Chevron's acquisition is subject to regulatory approvals and aims to enhance its regional presence while contributing to Nigeria's energy development goals [10] - The collaboration with TotalEnergies and South Atlantic Petroleum is expected to advance Nigeria's objectives of responsibly expanding its offshore resource base [10]

Core Insights - The oil market is currently seeking new catalysts after a stagnant month, with geopolitical tensions failing to impact prices significantly [1][9] Price Forecasts - Analysts predict an average price of $62 per barrel for 2026, a decrease of $10 from earlier forecasts [3] - The IEA anticipates a significant oversupply of 4.2 million barrels per day (b/d) in 2026, while conservative estimates suggest a stock-build of 0.5 million b/d [3] Market Dynamics - US shale output is expected to decline next year, with WTI projected to average $59 per barrel, which is $3-4 below the breakeven cost for new Permian wells, potentially stabilizing prices [4] - High freight costs have limited the influx of Atlantic Basin oil into Asia, but a negative Brent-Dubai EFS spread indicates that easing freight costs may soon change this [4] Market Movements - Chevron is expanding its operations by entering two oil and gas exploration blocks in Nigeria, covering 2,000 km² [6] - Targa Resources has agreed to acquire Stakeholder Midstream for $1.25 billion, enhancing its natural gas processing capabilities [6] - BP has fully restarted its Olympic Pipeline system after a month-long halt due to a leak [7] - ExxonMobil is considering acquiring Lukoil's 75% stake in the West Qurna-2 project in Iraq [7] Recent Market Activity - November was characterized by low volatility, with ICE Brent trading within a narrow range of $62.48 to $65.16 [9] - The OPEC+ meeting met market expectations, and attention is now focused on diplomatic efforts between Moscow and Kyiv that could influence future market conditions [9]

British and Dutch authorities dropped out following repeated media reports of alleged human-rights abuses by security forces of the southern African nation. ...

French oil major TotalEnergies and its fellow partners on the $20 billion Mozambique LNG project have agreed to provide additional equity to replace the previous contributions of British and Dutch exp... ...

TotalEnergies is partnering with several Japanese firms to develop the Live Oak project in Nebraska—a facility to produce electric natural gas (e-NG), synthetic gas produced from renewable hydrogen and CO2, the French supermajor said on Tuesday. TotalEnergies has signed a Joint Development and Operating Agreement that grants Japanese energy firms Osaka Gas, Toho Gas, and ITOCHU a combined 33% stake in the project, which the French major is developing with TES, a Europe-based green energy company. Followi ...

TotalEnergies, TES, and three Japanese gas companies have signed a development agreement for the Live Oak e-NG project in Nebraska, targeting commercial operations by 2030. The agreement brings in Osaka Gas, Toho Gas, and ITOCHU, which together will take a one-third stake in what is set to become one of the most advanced synthetic gas developments in the United States. The Joint Development and Operating Agreement finalizes ownership shares, leaving TotalEnergies and TES with equal 33.35% interests and po ...

Core Insights - TotalEnergies, TES, Osaka Gas, Toho Gas, and ITOCHU have formed a partnership to develop the Live Oak project for electric natural gas (e-NG) production in Nebraska, with Japanese companies holding a combined 33.3% stake in the project [1][14] - The project aims for a capacity of approximately 250 MW of electrolysis and 75 ktpa of methanation, with commercial operations expected to start by 2030 [2][3] Company Summaries - **TotalEnergies**: A global integrated energy company focused on producing and marketing various energy sources, including oil, natural gas, and renewables, with a commitment to sustainability [5][13] - **TES**: A green energy company developing large-scale projects to accelerate the energy transition, with ongoing e-NG projects in the US, Canada, and Europe [6] - **Osaka Gas**: Part of the Daigas Group, dedicated to achieving a carbon-neutral future by integrating e-methane into its gas grid by 2030 [7][8] - **Toho Gas**: Aims for a carbon-neutral supply chain by 2050, focusing on low-carbon energy sources like e-methane and biogas [9] - **ITOCHU**: Engaged in trading and investment, promoting e-NG as part of its commitment to sustainable development goals [10] Project Details - The Live Oak project will utilize Nebraska's biogenic CO2 resources and the increasing renewable power generation capacity in the US [3] - The project is aligned with Japan's goal of injecting 1% carbon-neutral gas into the gas grid by 2030, with Osaka Gas and Toho Gas as primary offtakers [2][4]

TotalEnergies EP Nigeria has signed a farmout agreement with Chevron’s Star Deep Water Petroleum to sell a 40% stake in the PPL 2000 and PPL 2001 offshore licences. Located in the West Delta basin in Nigeria, the two exploration licences cover approximately 2,000km². The Nigerian Upstream Petroleum Regulatory Commission awarded the licences to a consortium comprising TotalEnergies and South Atlantic Petroleum during the 2024 Exploration Round. Under the terms of the agreement, TotalEnergies will have a ...

TotalEnergies will sell a 40% stake in two exploration licenses offshore Nigeria to Chevron, as part of an ongoing discussion of global exploration opportunities between the two companies, the French supermajor said on Monday. TotalEnergies is selling stakes in the PPL 2000 and 2001 licenses in the prolific West Delta basin offshore Nigeria, while it will remain operator with a 40% participation alongside Chevron with 40% and South Atlantic Petroleum with a 20% interest. The new joint venture reinforces ...