Group 1 - Petrobras' share price increased by 12.71% from January 22 to January 29, 2026, making it one of the top-performing energy stocks for the week [1] - The company announced an increase in its estimated proven oil, condensate, and natural gas reserves to 12.1 billion barrels of oil equivalent (boe) in 2025, up from 11.4 billion boe in the previous year, primarily due to strong performance in key fields [3] - Petrobras expanded and renewed oil sales contracts with Indian state-owned refiners, covering sales of up to 60 million barrels valued at over $3.1 billion, effective until March 2027 [4]

PERTH, Australia--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS): | 2025 full-year guidance | Guidance | 1Preliminary 2025 full | Comments | | | --- | --- | --- | --- | --- | | | | year result | | | | Production | MMboe | 192 - 197 | 198.8 | Strong production performance across assets | | Unit production cost | $/boe | 7.6 - 8.1 | ~7.8 | | | Property, plant and equipment depreciation and amortisation | $ million | 4,800 - 5,100 | ~5,050 | | | Exploration expenditure | $ million | 200 | ~200 | ...

Core Viewpoint - Santos anticipates increased production in 2026, driven by the Barossa gas project and the Pikka oil development, despite previous delays in the Darwin LNG plant [1][2] Production and Operational Updates - The first cargo from the Darwin LNG plant is being loaded onto the LNG tanker Kool Blizzard, destined for Sakai, Japan, following successful drilling in the Barossa gas field [2] - Production from Barossa gas and Pikka is expected to increase by up to 30% in 2026 [2] - Pikka phase one is nearing mechanical completion, with first oil expected in Q1 2026 [2] Financial Performance - For Q4 2025, total sales revenue was A$1.23 billion, a decrease of 12.1% from A$1.4 billion in Q4 2024 [3] - Free cash flow from operations in Q4 was approximately A$380 million, up 30% from the prior quarter, totaling around A$1.8 billion for the full year [3][6] - Quarterly production rose 5% to 22.3 million barrels of oil equivalent (mboe), with full-year production at 87.7 mboe [3] Sales Volume and Revenue Breakdown - Sales volumes increased 15% quarter-on-quarter to 24.8 mboe in Q4, with total sales volumes for the year reaching 93.5 mboe [4] - LNG sales revenue in Q4 was A$780 million, down 9.1% year-on-year, while domestic sales gas revenue increased by 5.9% to A$268 million [4] - Crude oil revenue fell 61.8% to A$66 million, and condensate revenue decreased by 1.9% to A$101 million, while liquefied petroleum gas revenue rose by 7.7% to A$14 million [4] Operational Highlights - Production commenced at the Hides F2 well in Papua New Guinea at an average rate of 60 million standard cubic feet per day [5] - Domestic gas production in Western Australia increased by around 19% due to project initiatives [5] - The company secured a mid-term LNG supply contract and is preparing for the Beetaloo Basin appraisal programme planned for Q3 2026 [5]

Core Insights - The Jafurah project, with an investment of US$100 billion, aims to produce 200 million standard cubic feet per day (Mscfd) of gas in Phase 1, increasing to 2 billion standard cubic feet per day (Bscfd) by 2030, which would enhance Aramco's gas output capacity by approximately 60% [1] - Saudi Arabia's strategy to develop its shale resources is driven by energy security, export optimization, and geopolitical positioning, aiming to reduce crude oil consumption for power generation and increase gas exports [2] - The Kingdom's projections regarding oil and gas reserves and production numbers have historically been questioned, with discrepancies noted between claimed reserves and actual production [3][4] Production and Demand - The projected increase in gas output from the Jafurah project is intended to meet rising domestic power demand, which is expected to grow by 3-4% annually, potentially reaching 2.5 times the current level by 2050 [1] - By 2040, global gas demand is anticipated to increase significantly due to factors such as artificial intelligence and data center-related needs, with Saudi Arabia positioning itself as a key player in this market [1] Geopolitical Context - Saudi Arabia's development of the Jafurah basin is seen as a response to the U.S. shale boom, which has altered global energy dynamics and affected OPEC's pricing power [2] - The Kingdom's ambition to become a significant gas exporter by 2030 is tied to its ability to reduce crude oil consumption for power generation, which currently exceeds the projected gas output from Jafurah [6]

Core Viewpoint - Condor Energies Inc. has reported significant operational updates regarding its activities in Uzbekistan, highlighting increased production rates and ongoing drilling efforts aimed at enhancing gas and condensate output [1][6]. Production and Performance - Average daily production rose by 5.6% to 10,534 barrels of oil equivalent per day (boepd) in Q4 2025 from 9,978 boepd in Q3 2025, and increased by 7.6% to 11,462 boepd in December 2025 compared to 10,654 boepd in November 2025, primarily due to successful well workover programs [2]. - Total daily production for 2025 averaged 10,484 boepd, slightly down from 10,511 boepd in 2024 [2]. Drilling Activities - The first horizontal well, known as the "First Well," features a 1007-meter lateral section, the longest ever drilled in Uzbekistan. Completion operations faced challenges accessing the entire lateral section due to equipment limitations [3]. - The First Well has been tied-in and is currently producing at a flow rate of 3.6 million standard cubic feet per day (MMscf/d) and 5.1 barrels per day of 46-degree API condensate [3]. - A second horizontal well, the "Second Well," has commenced drilling, targeting the shallower carbonate interval successfully tested in the First Well, with completion activities expected to begin in early February 2026 [4]. - A third drilling rig has started operations in an under-developed gas field, currently drilling to a planned total depth of 2400 meters, with preliminary test rates expected by mid-February 2026 [5]. Strategic Initiatives - The company is executing a two-rig multi-well drilling campaign and plans to complete up to 12 new wells in 2026, which could significantly boost production rates and cash flows [6]. - Condor is focused on increasing natural gas and condensate production from its existing fields in Uzbekistan and is also involved in constructing Central Asia's first LNG facility in Kazakhstan [7]. Financial and Operational Structure - The company recognizes 100% of production volumes and revenues related to its production enhancement contract project in Uzbekistan, allocating 49% of comprehensive income to non-controlling interest holders [8].

Core Insights - Equinor, along with its partners, has discovered oil, condensate, and gas in the Tyrihans Øst prospect located in the Norwegian Sea, approximately 250km southwest of Brønnøysund [1] - The exploration well 6407/1-B-2 H reached a measured depth of 4,590m and encountered significant hydrocarbon columns in two geological formations [2] Discovery Details - The well found around 6m of condensate and light oil in the Garn Formation, and a 63m gas and condensate column in the Ile Formation, with varying reservoir characteristics [2] - Preliminary estimates suggest the discovery contains between 0.2 and 1.3 million standard cubic metres of recoverable oil equivalent, translating to one to eight million barrels [3] Future Plans - Equinor and its partners plan to evaluate the discovery for potential production, aiming to route production from Tyrihans to the Kristin installation [4] - The company will assess the commercial viability and development options for the Tyrihans Øst discovery within existing infrastructure and future field developments [4]

Core Insights - Eni has made a significant gas discovery at the Konta-1 exploration well, estimating initial gas reserves of 600 billion cubic feet (bcf) with potential to exceed 1 trillion cubic feet (tcf) [1][3] Exploration Details - The Konta-1 well was drilled to a depth of 4,575 meters in water depths of 570 meters, encountering gas in four separate Miocene-age sandstone reservoirs [2] - A well production test recorded a flow rate of up to 31 million standard cubic feet per day (mscf/d) of gas and approximately 700 barrels per day (bpd) of condensate [2] - Based on data from the production test, the well has a potential multi-pool gas rate of up to 80 mscf/d and around 1,600 bpd of condensate [3] Strategic Implications - Eni's discovery supports its near-field exploration strategy in the Kutei basin, leveraging geological knowledge and advanced geophysical technologies [4] - The company plans to drill four additional wells in the Kutei basin in 2026, indicating a commitment to further exploration and development in the area [4] Operational Context - The Konta-1 well is part of the Muara Bakau production sharing contract (PSC), where Eni holds an 88.33% interest, with Saka Energi holding 11.66% [5] - Muara Bakau is one of 19 blocks managed by a joint company established by Eni and Petronas, with recent long-term liquefied natural gas sales agreements signed with Gulf Development Company and BOTAŞ [5]

Acquisition Overview - Agreement to acquire a 49% interest in Ohio Utica upstream and midstream assets for $588 million[3, 10] - The acquisition includes approximately 35,000 net acres with over 100 identified gross locations[4, 10] - The asset includes over 140 miles of gathering pipelines and approximately 90 miles of water delivery systems[4, 10] - Expected to close by the end of Q1 2026, with an effective date of July 1, 2025[5, 10] Production and Financial Projections - 2026 net production is estimated at approximately 65 MMcfe per day, with an anticipated growth rate of over 30% CAGR through the end of the decade[4, 10] - Projected cash flow from operations for CY2026 is approximately $100 million net to NOG, with substantial growth projected[10] - Average annual capital spending of approximately $100 million is expected on the asset through the end of the decade[10] Strategic Rationale - The acquisition strategically positions NOG to benefit from global demand growth for gas driven by LNG, AI, and continued growth in power[10, 12] - The integrated midstream system enhances margins, improving combined asset operating costs by over $0.70/mcfe[15] - The midstream cash flows are expected to grow by 140% by the end of the decade[10]

Group 1 - Kazakhstan's oil and condensate output fell by approximately 6% in early December due to storm damage and a temporary halt in CPC loadings, highlighting the immediate operational impact of reduced CPC capacity [2][4] - The CPC is critical for Kazakhstan, accounting for about 80% of its crude exports, and the disruption comes at a time when the country is trying to stabilize production after previous interruptions [2][3] - Kazakhstan is planning to increase domestic refining capacity through 2040 to reduce dependence on the CPC corridor and meet rising internal fuel demand, which is seen as a central strategy for diversifying away from export bottlenecks [3] Group 2 - Limited loading volumes have continued during repair work at the CPC terminal, but recent reductions indicate that storage and scheduling constraints are leading to a broader pullback in upstream production [4] - Traders expect that loading constraints may persist until the terminal completes structural repairs and addresses the backlog of delayed loadings [4]

Core Insights - BW Energy has successfully completed drilling operations on the Kharas-1 appraisal well in the Kudu license area, offshore Namibia, reaching a total depth of 5,100 meters and intersecting multiple reservoir intervals [1][2] - The well encountered hydrocarbons in a fractured volcaniclastic reservoir, confirming a working petroleum system with condensate and/or light oil, necessitating further analysis to characterize reservoir properties [2][3] - The results from Kharas-1 provide valuable geological, geochemical, and petrophysical data, confirming the presence of liquid hydrocarbons within the Kudu block and enhancing the understanding of the broader petroleum system [3] Company Overview - BW Energy is a growth exploration and production (E&P) company focusing on proven offshore oil and gas reservoirs through low-risk phased developments, with access to existing production facilities to expedite time to first oil and cash flow [4] - The company holds significant interests in various fields, including a 73.5% stake in the producing Dussafu Marine license offshore Gabon, 100% interest in the Golfinho and Camarupim fields, and a 95% interest in the Kudu field in Namibia [4] - As of the start of 2025, BW Energy's total net 2P+2C reserves and resources are estimated at 599 million barrels of oil equivalent [4]