02 Feb Energy Price, news updates / WTI Crude $61.75/bbl, Bonny Light $68.98/bbl, OPEC $67.03/bb
(Oilandgaspress) Nigeria’s crude oil exports are set to decline by about 225,000 barrels per day in February following the shutdown of the Bonga Floating Production, Storage and Offloading vessel for scheduled turnaround maintenance. The development was confirmed by Shell Nigeria Exploration and Production Company Ltd., operator of the Bonga field, in a statement issued on Sunday. The shutdown affects one of Nigeria’s largest deepwater production assets and comes at a time when the country is working to stabilise output and boost foreign exchange earnings from crude oil exports. Related News
Oil price yo-yo continues as prices drops again.
| Oil and Gas Blends | Units | Oil Price (PM 02/02/26) | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $61.75. | Down |
| Crude Oil (Brent) | USD/bbl | $65.96 | Down |
| Bonny Light 02/02/26 CBN | USD/bbl | $68.98 | Down |
| Dubai | USD/bbl | $62.01 | — |
| Natural Gas | USD/MMBtu | $3.32 | Down |
| Murban | USD/bbl | $66.72 | Down |
| OPEC basket 30/01/26 OPEC | USD/bbl | $67.03 | Up |
| At press time February 02, 2026 |
VPS, a World Leading Maritime Services Company announced the appointment of Neil Chapman as the company’s Managing Director of the Americas. Neil will play an integral role in improving the operational efficiency and profitability of our shipping customers, through the delivery of VPS services in this, our very important, Americas region. He has a wealth of experience in Testing and Inspection, having worked for most of the major TIC companies during his 40 year career. More recently Neil has held senior commercial leadership roles and he has developed a deep understanding of how to deliver tangible value to clients and operating as a true partner, to tackle the everchanging demands of the marine industry.
In this role, Neil will lead the Americas region with a particular focus on working closely with our customers across the marine and energy supply chain. He will drive local initiatives aimed at strengthening VPS’s partnerships with new and existing strategic clients. In addition, Neil will be part of the wider VPS Group Leadership Team, acting as a focal point for clients across the entire Americas.. Related News
McDermott has been awarded a decommissioning definition engineering contract by QatarEnergy for the State of Qatar’s inaugural offshore decommissioning initiative. Under the contract scope, McDermott will develop a comprehensive technical and commercial framework and conduct detailed techno-economic studies to ensure the safe and systematic retirement and removal of 27 aging offshore platforms. This encompasses all associated subsea infrastructure—including subsea cables and pipelines—located in the Al-Karkara, Idd El-Shargi and Maydan Mahzam fields. Leveraging its deep knowledge of these assets and global expertise in strategic offshore decommissioning, McDermott will deliver a solution that prioritizes safety, efficiency and environmental responsibility. Related News
Larsen & Toubro (L&T) announced on 14 January that its heavy civil infrastructure arm had been contracted by Torrent Power to construct the 3000 MW Saidongar-1 pumped-storage project in the western state of Maharashtra. The contract awarded by Torrent Energy Storage Solutions, a subsidiary of the Indian private power producer and supplier, includes the design, engineering and execution of all civil and hydro-mechanical components of the project.
The 3000 MW project, comprising 10 reversible pump turbines, each of 300 MW, will be India’s largest pumped-storage hydropower facility to date. Related News
The Central Electricity Board (CEB), the state-owned, vertically-integrated power utility of the Republic of Mauritius, has launched a tender for the design, supply, installation, testing and commissioning of a new turbine at the at Amode Ibrahim Atchia (AIA) hydropower station in the Indian Ocean island state. Bids are invited from eligible bidders through the Government eProcurement System by 9 March.The project involves the decommissioning and transportation of the existing turbine and main inlet valve to the Henrietta CEB Site, prior to the unloading of the new turbine on site at the AIA station. The alternator shall be removed such that it remains usable and serviceable. The bidder shall undertake a hydraulic transient analysis taking into consideration the setup of the penstock, the downstream water level, the dam water level in order to meet the guaranteed power output. A preliminary transient analysis shall be provided at bidding stage. Related News
Devon Energy and Coterra Energy announced the signing of a definitive agreement to merge in an all-stock transaction. The combination will create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin. The combined company will be named Devon Energy and will be headquartered in Houston while maintaining a significant presence in Oklahoma City. The formation of this premier company is expected to unlock substantial value by leveraging each company’s core strengths and through the realization of $1 billion in annual pre-tax synergies. The realization of synergies, technology-driven capital efficiency gains and optimized capital allocation will drive near and long-term per share growth. Under the terms of the agreement, Coterra shareholders will receive a fixed exchange ratio of 0.70 share of Devon common stock for each share of Coterra common stock. Based on Devon’s closing price on January 30, 2026, the transaction implies a combined enterprise value of approximately $58 billion. Upon completion, Devon shareholders will own approximately 54 percent of the go-forward company and Coterra shareholders will own approximately 46 percent on a fully diluted basis. The transaction, which was unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions, including approvals by Devon and Coterra shareholders. Related News
Singapore has launched its first voluntary sustainable aviation fuel procurement trial, bringing together nine companies to test a centralized buying system that aims to build a scalable sustainable aviation fuel ecosystem ahead of a mandatory levy taking effect in October 2026, the Civil Aviation Authority of Singapore said in a statement Feb. 2. The CAAS, the Singapore Sustainable Aviation Fuel Company Ltd. and nine firms signed a memorandum of understanding on Feb. 2 to trial SAF purchases through SAFCo, the government-backed entity established in October 2025 to centrally procure SAF for Singapore’s air hub, CAAS said. Related News
China Officially Includes New-Type Energy Storage Into Capacity Pricing Mechanism for the First Time! Notice on Improving Generation-Side Capacity Pricing Mechanism Released. In line with the development needs of new-type power system and the electricity market system, greater coordination shall be achieved among safe and stable power supply, green and low-carbon energy transformation and efficient economic allocation of resources. Capacity pricing mechanisms for coal-fired power, natural gas power generation, pumped storage hydropower and new-type energy storage shall be improved in a differentiated manner and electricity market mechanisms shall be optimized. After the continuous operation of the electricity spot market, a generation-side reliable capacity compensation mechanism shall be gradually established. Reliable capacity shall be compensated based on peak contribution capability under unified principles, fairly reflecting the contribution of different types of generation and storage resources to system peak demand.Related News
Pertamina New & Renewable Energy (Pertamina NRE) officially became a shareholder in the Philippine New & Renewable Energy (NRE) giant, Citicore Renewable Energy (CREC). Pertamina NRE’s ownership of CREC was listed on the Philippine Stock Exchange (PSE) on Tuesday, January 13, 2026. Pertamina NRE completed the acquisition of a 20% stake in CREC in June 2025, valued at approximately USD 120 million, through the signing of a Share Subscription Agreement in Jakarta (June 25). This represents a significant milestone for Pertamina NRE in strengthening its renewable energy business portfolio, particularly in the Southeast Asian regional market. In line with the spirit of regional collaboration in clean energy development, Oliver Y. Tan as CEO & President of CREC emphasized that the partnership with Pertamina NRE is a strategic step to strengthen the synergy of expertise and experience in the renewable energy sector. Read More
PT Pertamina (Persero)’s operations in West Java are increasingly optimized with the development of various integrated infrastructure in Balongan District, Indramayu Regency, West Java. This area includes integrated downstream infrastructure, including the Balongan Integrated Terminal, the Balongan Unit VI Refinery, and the operation of Pertamina International Shipping vessels. Muhammad Baron, Vice President of Corporate Communications at PT Pertamina (Persero), stated that these downstream facilities are interconnected and support the national energy supply chain. The Balongan Refinery, for example, processes crude oil into fuel, aviation fuel (avtur), and non-fuel products such as propylene, a petrochemical feedstock. The Balongan Refinery obtains its crude oil supplies from several Pertamina Hulu Energi fields around Indramayu. The Balongan Refinery can also ship or receive energy via sea routes, with the support of Pertamina International Shipping vessels. Related News
The State Oil Company of Azerbaijan (SOCAR) is exploring the expanded use of remote monitoring technologies, including drones and data modeling tools, to improve the assessment of its assets. As reported by Azernews, Bora Engin, Manager for Digitalization and Operational Technologies at SOCAR Downstream, shared these insights during an interview with Honeywell’s Communications Director, Nadiya Dubani. Engin noted that SOCAR plans to scale these technologies across other facilities and business segments, including its upstream operations. He emphasized that digitalization has significantly enhanced data accuracy and transparency across the company’s operations. Related News
A delegation led by the management of the State Oil Company of Azerbaijan Republic (SOCAR), together with representatives of the operating company Umid Babek Operating Company (UBOC), visited the headquarters of Huawei in Shenzhen, China, from January 26 to 29. As reported by Azernews, citing the company, the visit aimed to facilitate an exchange of views on digital transformation and the application of advanced technologies in the oil and gas sector. As part of the visit, a meeting was held between SOCAR Vice President Babek Huseynov and Deng Bi, President of Huawei’s Oil and Gas Industry division. The discussions focused on how digital solutions can contribute to more innovative operations, improved efficiency, and long-term value creation. Related News
Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 198 megawatt (MW) wind energy project for Tata Steel under the group captive model in Karur, Tamil Nadu, one of the largest wind projects of its kind. The project comprises 55 wind turbine generators of 3.6 MW each and is designed to generate 31 million units of clean electricity annually, further advancing Tata Steel’s decarbonisation journey and strengthening TPREL’s contribution to India’s renewable energy capacity. The project offsets 26,350 tonnes of CO2 annually, thereby ensuring a green supply. Related News
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