Eni closed 2025 with stronger-than-expected fourth-quarter earnings, robust cash flow, and lower leverage, as upstream production growth and disciplined capital allocation offset a softer oil price environment. The Italian major posted fourth-quarter adjusted net profit attributable to shareholders of €1.20 billion, up 35% from a year earlier, while group proforma adjusted EBIT rose 6% to €2.87 billion despite a 15% drop in Brent prices and a stronger euro. Full-year adjusted net profit attributable to sh ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Eni did not immediately respond to a request for comment. Reporting by Fransisca Nangoy, Ananda Teresia; Editing by David Stanway Our Standards: The Thomson Reuters Trust Principles., opens new tab Purchase Licensing Rights Read Next Eni to reach final investment decision for Indonesia gas projects next month, regulator says February 24, 20268:00 AM UTCUpdated 10 mins ago By Reuters The logo o ...

Core Viewpoint - Caturus has signed a 20-year sale and purchase agreement with Aramco Trading for the Commonwealth LNG project, highlighting strong international demand for US LNG and the company's capability to serve global markets [1][3]. Group 1: Agreement Details - The agreement involves the purchase of one million tonnes per annum (mtpa) of liquefied natural gas (LNG) from the Commonwealth LNG export facility [1]. - The Commonwealth LNG facility has a total capacity of 9.5 mtpa and is located in Cameron Parish, Louisiana [2]. - The facility will include five storage tanks, each with a capacity of 50,000 m³, and will accommodate vessels up to 216,000 m³ [2]. Group 2: Project Development - The project is nearing a final investment decision (FID) and requires customary conditions to be met before the agreement becomes fully effective [4]. - The first phase of Commonwealth LNG's development is expected to generate approximately $3.5 billion in annual export revenue [6]. - At peak construction, the project will employ around 2,000 workers and create approximately 300 full-time jobs upon becoming operational, anticipated by 2030 [6]. Group 3: Strategic Importance - The agreement with Aramco Trading is part of a broader strategy to secure long-term energy supplies and enhance energy security for global markets [5][6]. - Caturus aims to leverage its global reach to provide comprehensive services from wellhead to water [4]. - Other international energy companies, including Glencore, Jera, Petronas, Mercuria, and EQT, have also secured long-term offtake contracts with the LNG project [5]. Group 4: Engineering and Construction - Technip Energies has been contracted to provide engineering, procurement, and construction services for the Commonwealth LNG project [7].

Core Insights - PC Oman Ventures, a subsidiary of Petronas, has signed a concession agreement with the Government of Oman and OQ Exploration and Production Batinah Offshore to explore oil and gas resources in Block 18, covering over 21,000 km² in north-east Oman [1][2] - The partnership aims to leverage Petronas' offshore exploration experience and OQEP's regional knowledge to develop hydrocarbon resources and enhance long-term collaboration in Oman [2][3] - Petronas has been active in Oman since 2018 and holds a stake in Block 61, indicating a strategic commitment to expanding its portfolio in the region [2][4] Exploration and Development - The exploration of Block 18 will focus on areas ranging from shallow to ultra-deep water, with the goal of unlocking the potential of the region's hydrocarbon resources [1][3] - Petronas has made significant discoveries in other regions, such as Malaysia and Suriname, showcasing its technical strengths and commitment to expanding exploration activities [3] - The addition of Block 18 is part of Petronas' disciplined portfolio expansion strategy, providing strategic options across its international portfolio [4] Strategic Partnerships - The agreement builds on a memorandum of understanding signed in October 2025, highlighting the ongoing collaboration between Petronas and OQEP [2] - The partnership is expected to contribute to Oman's long-term energy security through innovative exploration approaches [3] - Earlier in the month, Petronas LNG entered into a 20-year LNG sale and purchase agreement with QatarEnergy, marking a significant development in its international operations [4]

Summary of LNG Market Conference Call Industry Overview - The conference call focused on the global Liquefied Natural Gas (LNG) market, highlighting a significant supply wave expected to last seven years, starting in 2025 and peaking around 2030 [4][25]. Key Points Supply Dynamics - 2025 is projected to be the first year of the largest global LNG supply wave, with supply expected to average 431 million tonnes per annum (mtpa), slightly below the previous expectation of 433 mtpa [4][5]. - The U.S. is anticipated to lead the supply growth, with a notable ramp-up at the Plaquemines facility contributing to the overall supply despite some disruptions and delays in other regions [4][29]. - Global LNG supply growth from 2025 to 2030 is expected to increase by 193 mtpa, which is 45% of the 2025 global supply, significantly outpacing Asia's demand growth of 144 mtpa [4][7]. Price Forecasts - A bearish cycle for European natural gas prices (TTF) and LNG (JKM) is anticipated, with forecasts suggesting prices could drop below $5/mmBtu by 2028/29, more than 50% lower than current prices [4][66]. - The JKM-TTF spread has turned negative, indicating that JKM prices have not fully adjusted to the recent TTF price rally [12][20]. Demand Insights - Asia's LNG demand is expected to rise by 14 mtpa in 2026, driven by a 5 mtpa increase in China and a 7 mtpa rise in Southeast Asia [41][43]. - The demand response to low gas prices is estimated to be over 40 mtpa from China alone, indicating a potential shift in consumption patterns [4]. Regional Supply Challenges - Structural supply losses are anticipated from Algeria and Indonesia due to rising domestic energy demands, with Algeria's export forecast lowered by 1 mtpa for future years [4][34]. - Delays in export capacity starts in the U.S., Canada, Congo, and Australia have led to a slower start for global LNG supply in 2026, although recovery is expected by the second half of the year [4][10]. Future Projects - All but one of the supply projects in the forecast through 2029 have reached a Final Investment Decision (FID), indicating strong commitment to future supply growth [4][3]. - Upcoming liquefaction projects are expected to increase global LNG supply by approximately 50% relative to 2024 by 2030 [4][36]. Additional Insights - The U.S. LNG export contracts are projected to remain profitable only through 2027, with significant implications for future export strategies [22][24]. - The conference highlighted the importance of monitoring the timing of liquefaction projects, as they are critical to balancing supply and demand in the LNG market [4][66]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current and future state of the LNG market.

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The report anticipates that methanol prices will fluctuate this week, with MA2605 expected to trade between 2,210 - 2,280 yuan/ton. The domestic methanol market is likely to experience range - bound fluctuations, with the inland market entering a pre - holiday rest period and the port market facing an uncertain geopolitical situation and unchanged fundamental weakness [4]. 3. Summary According to Relevant Catalogs 3.1 Daily Tips - The domestic methanol market is expected to range - bound fluctuate this week. The inland market is in a pre - holiday rest period, with reduced terminal demand and sufficient supply. The port market is expected to bottom - range fluctuate before the holiday, and it is recommended to reduce risk exposure. The report also suggests observing whether and when US President Trump will launch a real military operation against Iran [4]. 3.2 Long and Short Concerns Long Factors - Some plants have shut down, such as Yulin Kaiyue and Xinjiang Xinya. - Methanol production in Iran has decreased, and port inventories are at a low level. - A 600,000 - ton/year acetic acid plant in Jingmen started production on May 16, and a 600,000 - ton/year acetic acid plant in Xinjiang Zhonghe Hezhong is planned to be put into production in late May. - Northwest CTO plants are purchasing methanol externally [6]. Short Factors - Some previously shut - down plants have resumed production, such as Inner Mongolia Donghua. - There is a concentrated arrival of ships at the port in the second half of the month. - Formaldehyde has entered the traditional off - season, and MTBE operating rates have declined significantly. - Coal - based methanol has a certain profit margin and is actively selling. - Some plants in the production area have accumulated inventories due to poor sales [7]. 3.3 Fundamental Data Price Data - Spot market: The price of thermal coal in the Bohai Rim region remained unchanged at 682 yuan/ton, and the price of methanol in various regions showed different trends. For example, the price in Jiangsu decreased by 2.78% to 2,207 yuan/ton, while the price in Inner Mongolia increased by 1.12% to 1,805 yuan/ton. - Futures market: The closing price of the main contract increased by 19 yuan/ton to 2,244 yuan/ton. - Spread structure: The basis of Jiangsu methanol was - 37 yuan/ton, indicating that the spot price was at a discount to the futures price. The import spread decreased by 35 yuan/ton [8]. Inventory Data - As of February 5, 2026, the total social inventory of methanol in the East and South China ports was 961,400 tons, a decrease of 32,400 tons from the previous period. The total available methanol in the coastal areas decreased by 35,500 tons to 463,900 tons [4]. Operating Rate Data - The weighted average operating rate across the country decreased by 3.81% to 74.90%. The operating rates in Shandong, Southwest, and Northwest regions also decreased [8]. 3.4 Maintenance Status Domestic Plants - Many domestic methanol plants are under maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, and others. The maintenance periods vary, and some are still undetermined [57]. Overseas Plants - Some overseas methanol plants are in the process of restarting or have normal operations, while some are under maintenance. For example, some plants in Iran are in the process of restarting, and QAFAC in Qatar is under maintenance from the end of February to March 16 [58]. Olefin Plants - Some olefin plants are under maintenance or have normal operations. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin plants are under maintenance from March 15 for about 45 days, while some plants in Northwest and other regions are operating normally [59].

Core Viewpoint - President Trump is encouraging U.S. oil companies to invest in Venezuela's energy sector, but experts warn that without a reliable digital infrastructure, the country remains too risky for major investments [1][2]. Group 1: Digital Infrastructure and Trust - Baron Lamarre suggests that a "trustless" digital infrastructure is necessary to track ownership in Venezuela's energy sector, as traditional contracts are inadequate in a region with broken institutional trust [2][3]. - Tokenization of crude oil on the blockchain is proposed to enhance transparency and allow investors to isolate specific barrels, thereby reducing exposure to opaque state entities [3][4]. Group 2: Market Dynamics and Pricing - The reported 30% price premium on U.S.-brokered Venezuelan oil sales is viewed as a temporary effect of U.S. policy rather than a sign of market recovery [5][6]. - The sustainability of this price premium is contingent on U.S. policy; any changes could lead to a return to deep discounts [6]. Group 3: Environmental and Cleanup Costs - Lamarre proposes an "E-cost" or ecological premium to be included in the price of each barrel sold, aimed at funding environmental remediation without imposing indefinite liabilities on foreign companies [7].

Core Insights - Shell plc and Mitsubishi Corp are exploring potential sale options for their stakes in the C$40 billion LNG Canada project, following Petronas' recent partial exit from the venture [1][3] - LNG Canada is strategically positioned for LNG exports, with direct access to the Pacific Coast and Asian markets, enhancing its competitive edge [1][3] Group 1: Project Overview - LNG Canada is a joint venture with Shell (40%), Petronas (25%), Mitsubishi (15%), PetroChina (15%), and Korea Gas Corporation (5%), marking the first large-scale LNG project in Canada [3] - The project has commenced production with Train 1 operational and Train 2 expected to start by year-end, significantly increasing export capacity [2][12] Group 2: Stake Sale Considerations - Shell, the largest shareholder, is considering selling up to 30% of the overall project, working with Rothschild & Co to gauge investor interest [4][5] - Mitsubishi has hired RBC Capital Markets to explore its options regarding its 15% stake, with discussions still in early stages [6] Group 3: Financial Implications - A potential buyer for Shell's stake could face a commitment of approximately $15 billion, including equity, debt, and future capital needs for Phase 2 expansion [5] - The project benefits from a structural cost advantage due to lower Canadian natural gas prices compared to the U.S. Henry Hub benchmark, making it competitive globally [10] Group 4: Market Dynamics - Concerns about a potential global LNG oversupply are emerging, with several new export projects coming online, which could impact market conditions [11] - Operational challenges have been noted, including an outage at Train 2 shortly after its startup, raising caution among investors [11] Group 5: Future Expansion Plans - Phase 1 of LNG Canada is expected to export 14 million metric tons of LNG annually, with partners aiming for a final investment decision on Phase 2 expansion as early as this year [12]

Core Insights - Canadian Natural Resources Limited (CNQ) is in discussions to acquire a significant natural gas portfolio from Tourmaline Oil Corp. for approximately $1 billion, which would enhance CNQ's presence in Alberta's gas market [1][9] - The acquisition aligns with CNQ's existing operations in Alberta, as it already owns gas wells and infrastructure in the region [3][4] Group 1: Acquisition Details - The potential transaction involves Tourmaline's Peace River assets, which include 2,428 horizontal wells, 34 gas plants, and around 15,500 kilometers of pipelines [3] - CNQ has filed paperwork with the federal Competition Bureau to seek preliminary regulatory feedback before making a formal announcement [1][2] Group 2: Strategic Importance - The Peace River assets are strategically important for CNQ, as they complement its existing network in Alberta [3] - Approximately 32% of CNQ's gas production is utilized internally in its oil sands operations, while 33% is exported, indicating the critical role of natural gas in its overall business [4] Group 3: Tourmaline's Strategy - Tourmaline is selling the Peace River assets to finance its expansion in the Montney region, which is known for its prolific gas production [6] - The sale is expected to reduce Tourmaline's operating costs by about 7% this year, allowing for a more focused capital allocation towards Montney [6] Group 4: Market Context - Canadian gas production is projected to average 18.3 billion cubic feet per day in 2024, supported by the LNG Canada project, which is expected to enhance market dynamics [7] - Despite forecasts of a slowdown in Canadian oil and gas M&A activity in 2026, well-positioned assets, particularly in the Montney region, are anticipated to maintain strong valuations [8]

Core Insights - Suriname's oil and gas sector is entering a critical phase in 2026 as major projects transition from exploration to execution and commercial decision-making [1] Group 1: Staatsolie Performance - Staatsolie closed 2025 with expected revenue of approximately $802 million and pre-tax profit of around $418 million, driven by oil production of 6.35 million barrels and refinery output of 3.1 million barrels of diesel and gasoline [2] - The company's contribution to the state is estimated at nearly $387 million, accounting for about 32% of government revenues, and its contribution to GDP is approximately 9% [2] - Production from the Saramacca field averaged 17,400 barrels per day, while the refinery exceeded targets by delivering its first commercial sulfuric acid to Suralco [2] - The power subsidiary SPCS supplied 69% of the electricity demand in Paramaribo and surrounding areas [2] Group 2: Offshore Developments - The GranMorgu project in Block 58 is central to Suriname's oil ambitions, led by TotalEnergies, APA Corporation, and Staatsolie, with an FPSO capacity of up to 220,000 barrels per day and first oil targeted for 2028 [3] - The final investment decision is expected in 2024, with 2026 focusing on execution, including subsea equipment orders, pipeline planning, and contractor mobilization [3] Group 3: Gas Developments - In Block 52, Petronas and Staatsolie have declared the Sloanea gas discovery commercial, with a full field development plan anticipated and a potential final investment decision in the second half of 2026, aiming for first gas around 2030 via a floating LNG facility [4] Group 4: Exploration and Regulatory Environment - There is strong exploration interest, with up to ten offshore studies and wells planned through 2027 [5] - As activity accelerates, focus is shifting to regulatory readiness, environmental oversight, and local content rules, which are expected to be formalized in 2026, creating opportunities for Surinamese firms in logistics, marine services, and finance [5]