India could reduce its imports of Russian crude oil by 50%, a former foreign minister in New Delhi told local media, noting that both India and Russia would nevertheless look for ways to go around U.S. sanctions to keep some oil flowing. “We will be gradually reducing oil purchases from Russia…Already there is a reduction, and there’ll be more reduction. It will be more like a 50 per cent reduction. But some oil will still come,” Kanwal Sibal said, as quoted by Business Today. “On oil purchases, certainl ...

Investment Plan Overview - Ecopetrol has announced its annual investment plan for 2026, with a budget ranging from 22 trillion to 27 trillion pesos ($5.8 billion to $7.2 billion) [1] - The investment in exploration and production is projected to be 14 trillion pesos, with 89% allocated to crude oil and 11% to gas [1] Production Targets - The company aims for an organic production target of 730,000 to 740,000 barrels of oil equivalent per day (boepd), consisting of 80% crude oil, 15% gas, and 5% white products [1] - Crude oil output is expected to increase, compensating for declines in natural gas fields [2] Drilling and Exploration - Ecopetrol plans to drill between 380 and 430 development wells in 2026, with 95% located in Colombia and 5% in the US [2] - The company will also conduct eight to ten exploratory wells in Colombia, focusing on offshore regions and the Meta and Putumayo areas [2] Gas Investment - A total of 1.5 trillion pesos is allocated for gas investments, particularly in the Llanos Foothills and offshore zones to support Caribbean gas projects, aiming for production of approximately 105,000 to 110,000 boepd [3] Transport Infrastructure - The planned investment in transport infrastructure is 1.5 trillion pesos, representing 6% of the total budget, aimed at maintaining the integrity and reliability of assets managed by Cenit, Ocensa, ODC, and ODL [3] Refining Investments - Refining investments are expected to reach nearly 1.7 trillion pesos, accounting for 7% of the overall budget, to reduce product imports and enhance fuel quality [4] - Funds will be allocated to the Barrancabermeja and Cartagena refineries, with a projected combined throughput of 410,000 to 420,000 barrels per day (bpd) [4] Leadership Changes - Ecopetrol's Board of Directors has elected Ángela María Robledo Gómez as chairwoman and Álvaro Torres Macías as vice-chairman [5] - Guillermo García Realpe will resign from his position as an independent director effective December 12, 2025, for personal reasons [5]

Core Points - Aker Solutions has signed a six-year frame agreement with ConocoPhillips Skandinavia for brownfield maintenance and modification services at the Eldfisk and Ekofisk oil and gas fields offshore Norway, with options for two additional three-year extensions starting in January 2027 [1][3] - The contract is expected to create employment opportunities for offshore personnel, emphasizing the need for standardized and efficient solutions in the global offshore industry [2] - Aker Solutions considers the contract value substantial, with the final amount determined by the actual volume of work over the six-year period, and it has been booked as an order intake within its Life Cycle segment in the fourth quarter of this year [3] Additional Context - In June, Aker Solutions secured a two-year contract extension through its joint venture with Brunei's PTAS to provide offshore maintenance and modification services to Brunei Shell Petroleum, enhancing its presence in the South China Sea [4]

U.S. oil major Chevron said late on Sunday that loadings of its Tengizchevroil venture's crude oil were continuing at the Russian port of Novorossiysk following a Ukrainian naval drone attack which heavily damaged key equipment. ...

Core Points - Equinor Energy has exercised a one-year option for the Havila Foresight (PSV) until January 2027 [1] - There is an additional option for one more year, extending the contract until January 2028 [1] Company Information - Chief Executive Officer: Njål Sævik, contact number +47 909 35 722 [1] - Chief Financial Officer: Arne Johan Dale, contact number +47 909 87 706 [1] Regulatory Compliance - The information is disclosed in accordance with Section 5-12 of the Norwegian Securities Trading Act [1]

Core Viewpoint - Chevron subsidiary Star Deep Water Petroleum will acquire a 40% stake in the PPL 2000 and 2001 licences located in the West Delta basin [1] Group 1 - Star Deep Water Petroleum is a subsidiary of Chevron [1] - The acquisition involves a 40% stake in specific licences [1] - The licences are situated in the West Delta basin [1]

Swiss commodity trading major Gunvor is considering asset purchases in the U.S. oil and gas space, Reuters has reported, citing unnamed sources, in a bid to build a better relationship with the Trump administration. President Trump called Gunvor a “Russian puppet” after the Swiss company made a bid for the international business of Russian oil major Lukoil. The bid was worth $22 billion and there were no rivals but the U.S. sent a strong signal it would block the deal. Following that signal, Gunvor droppe ...

Core Viewpoint - Questerre Energy Corporation plans to consolidate its ownership in Red Leaf Resources, Inc. through an exchange of shares, aiming to enhance its oil shale strategy and leverage Red Leaf's patented HCCO® technology for oil production with integrated carbon capture [1][2]. Company Overview - Questerre currently holds approximately 40% of Red Leaf's common equity and is acquiring the remaining shares valued at US$43 million, with an acquisition price of US$7.5 million after adjustments [1][2]. - The acquisition will allow Questerre to integrate new technology with existing production and refining operations, enhancing its resource access in Utah, Jordan, and Brazil [2]. Technology and Assets - Red Leaf's key assets include its patented HCCO® oil-shale processing technology, mineral leases in Utah, a permit for a wax processing facility, and over 7,000 acres in the Uintah Basin, along with cash and investments exceeding US$9 million [2][3]. - The HCCO® technology is viewed as a significant opportunity to unlock oil shale resources globally, aligning with Questerre's strategic goals [2]. Shareholder Participation - Shareholders representing about 40% of Red Leaf's common shareholders, excluding Questerre, have agreed to exchange their shares for Questerre Common Shares, indicating strong support for the transaction [3]. - The preferred share equity of Red Leaf, amounting to US$1.9 million, is also expected to participate in the transaction, with majority support from preferred shareholders [3]. Transaction Details - The exchange ratio is based on a thirty-day weighted average price of $0.31 (US$0.22) per Questerre Common Share, with a potential issuance of up to 20 million Common Shares to acquire all remaining common equity of Red Leaf [4]. - The transaction is subject to necessary approvals, with an initial closing anticipated by the end of the month [4].

Group 1: Oil Price Movements - Oil prices increased by as much as 1.5% following OPEC+ members' reaffirmation of a plan to pause production increases in Q1 of next year, with Brent crude futures later rising 0.98% to $62.99 per barrel and US West Texas Intermediate crude up 0.99% to $59.12 per barrel [1][4]. Group 2: OPEC+ Decisions - OPEC+ initially agreed to pause production increases in early November to mitigate fears of a supply glut in the market [2][5]. - The organization emphasized the importance of a cautious approach and maintaining flexibility to pause or reverse additional voluntary production adjustments [4][5]. Group 3: Market Uncertainties - US President Donald Trump's decision to close Venezuelan airspace has introduced new uncertainties in the oil market, particularly affecting Venezuelan crude oil supply risks [5][6]. - Increasing uncertainty surrounding a potential Russia-Ukraine peace deal has shifted market sentiment, reversing previous bearish trends and raising concerns about the influx of sanctioned Russian oil into the market [6].

Oil prices rebounded in early Asian trade on Monday following the latest OPEC+ meeting, as traders responded to the producer group’s decision to hold output steady through the first quarter of 2026. At the time of writing, West Texas Intermediate crude stood at $59.32, up 1.32%, while Brent crude had climbed to $63.16, up 1.25%. The bounce reflects relief over the group’s cautious stance, with OPEC+ reaffirming its plan to maintain current production levels rather than raise output further. The move had ...