UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) and Eni signed a landmark structured financing agreement with PTT Exploration and Production Public Company Limited (PTTEP). The deal aims at securing financing of up to $11 billion (AED 40.40 billion) to monetize Hail and Ghasha’s midstream future gas production, according to a press release. Located offshore Abu Dhabi, Hail and Ghasha is part of the larger Ghasha Concession, which is expected to produce 1.80 billion standard cubic feet per day (bscfd) ...

Core Insights - Tullow Oil has appointed Roald Goethe as independent non-executive chair effective December 1, 2025, coinciding with a significant board reduction and restructuring [1][3] - The governance overhaul includes the resignation of Phuthuma Nhleko as chair and non-executive director, along with three other independent directors, resulting in a leaner board of four members [3][6] - The company aims to reduce its cost base and align its board for better strategic execution while addressing upcoming priorities such as refinancing its capital structure [4][5] Company Leadership and Structure - Roald Goethe has over 30 years of experience in African energy markets and has been an independent director since 2023, holding more than 28 million Tullow shares and approximately $400,000 in senior notes [2] - The new board will consist of Roald Goethe (Independent Chair), Rebecca Wiles (Independent Director), Ian Perks (CEO), and Richard Miller (CFO) [6] Strategic Focus - The governance changes are part of a broader industry trend for independent exploration and production companies to streamline operations and improve capital discipline [5] - Tullow is targeting Net Zero Scope 1 and 2 emissions by 2030, aligning the board restructuring with efforts to stabilize production in Ghana and enhance long-term value creation [5]

Australia’s main opposition Liberal Party dropped a commitment to hit net zero emissions by 2050, potentially complicating Prime Minister Anthony Albanese’s efforts to win support to host a flagship global climate summit https://t.co/Ut6we7cygu ...

Core Insights - The meeting at COP30 emphasized the need for stronger public-private collaboration to achieve 1.5°C-aligned solutions and resilient development [1][3][4] Group 1: Meeting Objectives and Participants - The 13th Annual High-Level Meeting of Caring for Climate was convened by the UN Global Compact, UNEP, and UNFCCC, bringing together CEOs, government leaders, investors, and civil society representatives [2][3] - The forum aimed to explore collaboration between business and government to enhance the ambition of Nationally Determined Contributions (NDCs) and transition from fossil fuels [3][4] Group 2: Climate Action and Economic Implications - The meeting highlighted the urgent need for a significant increase in ambition and implementation to address climate impacts, with 1.5°C as a non-negotiable benchmark [4][6] - It was noted that bold climate action is not a cost but a pathway to long-term profitability, resilience, and shared prosperity [4][6] Group 3: Financial Mechanisms and Investment - Discussions focused on the necessary policy and finance mechanisms to unlock private investment in national transitions and de-risk capital flows, especially in emerging economies [5][6] - The UN Global Compact aims to mobilize finance for a just transition and improve clean energy access while prioritizing resilience [6][8] Group 4: Private Sector Readiness - According to the 2025 UN Global Compact–Accenture CEO Study, 88% of CEOs believe the business case for sustainability is stronger than five years ago, with 99% planning to maintain or expand their climate commitments [8] - The findings indicate the private sector's readiness to lead in sustainability, contingent on government support through regulatory clarity and financial instruments [8]

Core Insights - EQU Asset Management is committed to enhancing its role in the transition to a lower-carbon economy and achieving net-zero greenhouse gas emissions [1][3] - The company is implementing strategies to address climate change and promote sustainable practices among clients and partners [3][4] Group 1: Commitment to Sustainability - EQU Asset Management has established Net Zero Transition Principles to ensure a responsible transition while balancing environmental and economic considerations [3] - The firm is actively reducing its environmental footprint through various initiatives, including upgrading energy systems and transitioning to a paperless office [6] Group 2: Environmental and Social Policies - The company's environmental and social policies aim to mitigate business-related risks and adapt to technological advancements for a positive impact [4] - EQU Asset Management prioritizes suppliers with sustainable practices and encourages staff to use public transport or electric vehicles [6] Group 3: Company Overview - EQU Asset Management is an independent investment and wealth management firm that provides comprehensive financial planning, portfolio management, and cross-border advisory services [7]

Financial Performance - Shell's Adjusted Earnings were $5.4 billion in Q3 2025[9], compared to $4.3 billion in Q2 2025[11] - Cash flow from operations (CFFO) reached $12.2 billion in Q3 2025[9], up from $11.9 billion in Q2 2025[11] - Free cash flow was $10.0 billion in Q3 2025, a significant increase from $6.5 billion in Q2 2025[11] - The company distributed 48% of CFFO to shareholders over the last 12 months[9] Shareholder Returns - The dividend per share was $0.358[9] - A new buyback program of $3.5 billion was announced[9], continuing a trend of buybacks ≥$3 billion for the 16th consecutive quarter[9] - Total shareholder distributions in Q3 2025 amounted to $5.7 billion, including $2.1 billion in cash dividends and $3.6 billion in share repurchases[9, 10] Business Segments - Integrated Gas Adjusted Earnings were $2.1 billion in Q3 2025, compared to $1.7 billion in Q2 2025[12] - Upstream Adjusted Earnings were $1.8 billion in Q3 2025, consistent with $1.7 billion in Q2 2025[12] - Marketing Adjusted Earnings were $1.3 billion in Q3 2025, up from $1.2 billion in Q2 2025[12] - Chemicals & Products Adjusted Earnings increased to $0.6 billion in Q3 2025 from $0.1 billion in Q2 2025[12] Strategic Outlook - The company aims for >10% per annum nFCF per share growth through 2030[30] - Shell plans to distribute 40–50% of CFFO to shareholders through the cycle[30] - The company targets $5–7 billion in structural cost reductions by the end of 2028, cumulative from 2022 levels[30] - Cash Capital Expenditure is projected to be $20–22 billion per annum from 2025–2028[30]

Acquisition of Groupe LAR by ADF Group - ADF Group acquired 100% of Groupe LAR shares via a Reverse Vesting Order (RVO) process[39] - The transaction closed on September 18, 2025, for $164 million in cash, including a $14 million working capital adjustment, and 449,944 Subordinate Voting Shares ($4 million)[40] - LAR's revenues for the fiscal year ended December 31, 2024, reached $809 million[43] Groupe LAR's Order Backlog and Growth - LAR's order backlog as of July 31, 2025, reached $104 million, expected to be delivered by early 2027[43] - The company has identified over 200 opportunities corresponding to their expertise, totaling over $2 billion[17] - The objective is to grow Groupe LAR's order backlog from $1045 million as of July 31, 2025, to over $200 million in the next 18 months[60] Market Opportunities and Investments - Quebec's Action Plan 2035 aims to double electricity generation by 2050, with investments estimated between $35 and $45 billion by 2035[21] - Ontario is planning a 16-year overhaul of generating units across its hydro fleet, with an estimated investment of $25 billion[21,49] - British Columbia's 10-year capital plan outlines nearly $36 billion in investments from 2024 to 2033[21,52] - Total CAPEX for Groupe LAR between now and the end of calendar 2027 should be around $35 million, subject to the Board of Directors' approval[67]

Industry Overview - Nuclear energy is increasingly recognized as a key solution to meet rising global electricity demand while advancing the shift toward cleaner energy sources, providing a constant and reliable supply of clean energy year-round [1] - The demand for clean electricity is rapidly increasing due to industrial expansion, urbanization, rising global temperatures, the development of AI-powered data centers, and the growing adoption of electric vehicles [5] - According to the International Energy Agency (IEA), annual investment in nuclear energy is projected to surpass $150 billion by 2030, up from the current $65 billion, with installed nuclear capacity potentially exceeding 1,000 gigawatts by 2050 [4] Government Initiatives - The U.S. President has issued four executive orders aimed at modernizing regulatory frameworks, expediting reactor testing and approvals, leveraging nuclear technology for national security, and expanding the domestic nuclear industrial base [2] - These measures target an increase in U.S. nuclear capacity from about 100 gigawatts in 2024 to 400 gigawatts by 2050 [2] Investment Opportunities - Nuclear energy-related stocks, such as NextEra Energy, Duke Energy, and Constellation Energy Corporation, are becoming attractive investment options due to their ability to deliver steady output and operate continuously [3] - Investors can explore additional stocks like Dominion Energy and Entergy Corporation for further growth in the nuclear energy space [7] Company Insights - NextEra Energy operates several nuclear generation units, with its nuclear assets forming a cornerstone of its clean energy strategy, delivering steady, carbon-free baseload power [8] - Duke Energy operates 11 nuclear units with a combined capacity of nearly 10,700 megawatts, contributing 27.5% of the company's total generation in 2024 [11] - Constellation Energy is the largest nuclear power plant operator in the U.S., producing about 10% of the nation's total clean energy, with over 20 reactors across various regions [15] Future Growth Plans - Duke Energy aims to grow its nuclear capacity by nearly 250 megawatts by 2031 and has secured agreements to monetize over $500 million in nuclear production tax credits [12] - Constellation Energy is ramping up investments to grow its nuclear capacity, including upgrades to existing sites and the potential addition of up to one gigawatt of new carbon-free capacity over the next decade [17]

Production and Growth - The company targets an increased production of 175-195 thousand ounces of gold per annum in FY27[26] - FY26 production guidance is set at 130-150 thousand ounces of gold, with an All-In Sustaining Cost (AISC) between A$2,600-2,900 per ounce[41] - FY25 saw a total gold production of 126 thousand ounces, with 130 thousand ounces sold at an AISC of A$2,422 per ounce[41] - The company has an exploration target of 1.5-2.5 million ounces of gold down plunge from known mineralization[26] Resources and Reserves - The company's global Mineral Resource stands at 3.1 million ounces of gold, comprising 6.3 million tonnes at 9.7 g/t gold for 2.0 million ounces Indicated and 4.4 million tonnes at 7.9 g/t gold for 1.1 million ounces Inferred[27] - The Probable Underground Ore Reserve is 8.48 million tonnes at 4.7 g/t gold for 1.28 million ounces, with a total Ore Reserve of 8.57 million tonnes at 4.7 g/t gold for 1.29 million ounces[115] Financial Position - As of June 30, 2025, the company had A$152 million in total liquidity, with a net cash position of A$52 million after accounting for A$100 million in bank debt[37] - The company has forward gold sales commitments totaling 152,000 ounces at an average price of A$2,843 per ounce[38] Sustainability - The Bellevue Gold Project has achieved net zero (Scope 1 and Scope 2) greenhouse gas emissions for H1 CY25[9, 112] - The company's power station has a 90 MW hybrid capacity, including 24 MW wind, 27 MW solar, 24 MW thermal, and a 15 MW/ 29 MWh Battery Energy Storage Solution (BESS)[101]

Industry Trend - At least three large oil and gas companies have withdrawn from a net zero emissions initiative [1]