Latest Energy news,commentary and analysis
London, November 04, 2025, (Oilandgaspress) ––– Eni announces the closing of the sale of a 20% stake in the share capital of Plenitude S.p.A. Società Benefit to Ares Alternative Credit funds, affiliates of Ares Management Corporation (NYSE: ARES). Based on an equity value of Plenitude of €10 billion and an enterprise value of over €12 billion, this transaction has generated €2 billion in proceeds for Eni. The deal is a key part of Eni’s strategy aimed at enhancing the value of its satellite companies operating in the energy transition sector, by bringing in strategic partners and aligned capital that support their development plans. Read More
Plenitude announces the finalization of the transaction – first announced on 23 June – for Ares Alternative Credit funds, affiliates of Ares Management Corporation (“Ares”) (NYSE:ARES), to enter its shareholder base through the acquisition of a 20% stake.
The stake corresponds to a total value of 2 billion euros, based on an equity valuation of 10 billion euros, and an enterprise value of over 12 billion euros. The transaction has been approved by the relevant authorities.
Stefano Goberti, Plenitude CEO, said: “Today, Ares officially joins Plenitude’s shareholder base, alongside Eni and Energy Infrastructure Partners. The arrival of a new investor further confirms the appeal of our distinctive business model and highlights the value we have built over time. We are confident that, together, we will continue to pursue our shared growth path with determination”. Read More
The National Agency for Petroleum, Gas and Biofuels (ANPG) signed, on Monday (October 3) in Luanda, with the consortium headed by Shell, which includes Equinor and Sonangol E&P, an Agreement of Principles that establishes the parameters for the future signing of 17 Risk Services Contracts. This involves the allocation of Blocks 19, 34 and 35 located in deep waters of the Kwanza Basin, plus 14 blocks located in ultra-deep waters of the Lower Congo and Kwanza Basins. The signatories of the Agreement were the Chairman of the Board of Directors of ANPG, Paulino Jerónimo, the Executive Vice-President of Shell, Eugene Okpere, the General Manager of Equinor, Ane Aubert, and, representing Sonangol E&P, its Chairman of the Executive Committee, Ricardo Van-Deste, and the Member of the Executive Committee, Walter Nascimento.
The project will allow the country to attract significant investments, create more jobs, and increase tax revenue, as highlighted by Minister Diamantino Azevedo , who presided over the event. Read More
Shell Plc will invest about $1 billion on new oil blocks in Angola as the southern African nation seeks to boost production that’s dwindled over the years, the chairman of the oil regulator said. Shell and Angola’s National Agency for Oil, Gas and Biofuels signed an exclusive agreement for exploration rights covering offshore Blocks 19, 34 and 35, along with 14 additional blocks in ultra-deepwater areas.
The funds will be used for seismic surveys and drilling, ANPG’s Paulino Jeronimo told reporters at an event attended by the oil giant in Luanda, the capital on Monday. Angola’s priority remains keeping crude production above one million barrels a day through marginal field development and incremental output projects, he said. Read More
The National Agency for Petroleum, Gas and Biofuels (ANPG), TotalEnergies (operator) and partners of the Block 17 Contractor Group, Equinor, ExxonMobil, Azule Energy and Sonangol, today inaugurated in Luanda a high-tech scientific laboratory and entrepreneurship support center called FabLab KUBANGA Angola, at the facilities of Óscar Ribas University. The project is the result of a partnership between the French Agency for Development (AFD), the international innovation studio, Schoolab, the French Business School, EM Lyon Business School, and Óscar Ribas University.
Every year, more than 750 young Angolans, including university students, researchers, and entrepreneurs, will benefit from this program, whose laboratory belongs to an international FABLAB network led by MIT University in Boston. The objective of this laboratory in Angola is to strengthen the national entrepreneurship ecosystem and promote innovation and inclusion through theoretical and practical training programs, and access to advanced manufacturing technologies such as 3D printing, laser cutting machinery, and prototyping. Read More
Saab has received an order from the Swedish Defence Materiel Agency (FMV) for a new launch system for Gripen C/D and Gripen E. The order value is approximately SEK 1 billion. This is a series production order for the launchers which was included as an option within an existing contract for the development and integration of the launcher system. “The launch system is an important part in order for us to continue ensuring the availability of Gripen and supporting the Swedish Air Force’s capabilities,” says Lars Tossman, head of Saab’s Aeronautics business area.
The launch system is used to carry air-to-air missiles and countermeasure pods on Gripen C/D and Gripen E. It is mounted on the aircraft’s weapons pylons and has a sophisticated link between the aircraft and the weapons mounted on the launcher. Read More
Russia’s full-scale invasion of Ukraine in February 2022 triggered sanctions by the European Union against Russian oil and gas. Since then, 19 sanction packages have been adopted. They have halted imports of Russian oil products and significantly reduced Europe’s dependence on oil and gas from Russia. In early October, EU member states’ ambassadors agreed on a plan to completely phase out Russian hydrocarbons by 2028, despite opposition from Hungary and Slovakia. As of the end of October, according to Reuters, the legal basis for implementing this plan was being prepared. Despite supplies to Hungary and Slovakia, Russia has lost its position as a key player in the EU oil market. In the second quarter of this year, the largest suppliers of crude oil to the EU were Norway (15% of imports), the US (14%), and Kazakhstan (almost 13%).
A lot of raw materials are also supplied from Africa, Saudi Arabia, and Brazil. The structure of oil imports to the EU is quite diversified, according to the European Commission report. Although the EU lost huge hydrocarbon supplies from Russia in 2022, nothing terrible happened. Companies were able to quickly find new suppliers, as Europe’s developed maritime infrastructure makes it possible to get a tanker from anywhere in the world. While the Kremlin is guided by absurd imperial ambitions, its place in the European market is being taken by players who think in rational terms and have healthy business interests. Read More
KBR announced it has been awarded a contract for detailed engineering services for the Bul Hanine oil and gas field in Qatar. Under the terms of the contract, KBR will provide detailed design and engineering services for QatarEnergy’s Bul Hanine EPIC project, situated approximately 120 kilometers east of Doha. Bul Hanine is one of Qatar’s significant offshore oilfields and a vital contributor to the country’s production portfolio. This initiative by QatarEnergy aims to extend the field’s production life, increase its capacity, and integrate advanced technologies to maximize recovery.
“As we continue to focus large efforts on the Global South, where the need for energy production continues to be in demand, we are honored to support the redevelopment of the Bul Hanine field, a project vital to Qatar’s long-term energy security, affordability, and growth,” said Jay Ibrahim, President, Sustainable Technology Solutions, KBR. “With its proven offshore engineering expertise and established delivery of projects throughout the Middle East, KBR is well-positioned to serve QatarEnergy.”
KBR has a long-standing track record in delivering complex offshore and onshore projects worldwide, enhancing production efficiency, extending asset life, and building resilience in global energy supply chains. Read More
Vestas is proud to announce the following orders as part of our Q4 order intake:
| Country | Region | Customer | Project name | MW | Turbine varaint | Service agreement | Delivery & commissioning |
| Germany | EMEA | Enertrag SE | Schenkenberg IV + V | 72 | 10 x V172-7.2 MW | 25-year AOM 5000 Service Agreement | Delivery planned to begin in Q3 2026; commissioning scheduled to begin in Q1 2027 |
| Germany | EMEA | Windpark Niederlungwitz Struktur GmbH | Niederlungwitz | 50 | 8 x V162-6.2 MW | 20-year AOM 4000 Service Agreement | Delivery planned to begin in Q3 2026; commissioning scheduled to begin in Q2 2027 |
| Germany | EMEA | Energiekontor AG & Loscon | Wulkow-Booßen | 48 | 8 x V150-6.0 MW | 25-year AOM 4000 Service Agreement | Delivery planned to begin in Q1 2027; commissioning scheduled to begin in Q2 2027 |
| Italy | EMEA | PLT | Castronovo di Sicilia | 30 | 5 x V162-6.0 MW | 20-year AOM 5000 Service Agreement | Delivery and commissioning planned for Q4 2026 |
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $60.18 | Down |
| Crude Oil (Brent) | USD/bbl | $64.09 | Down |
| Bonny Light 03/11/25 CBN | USD/bbl | $66.68 | Up |
| Dubai | USD/bbl | $65.00 | — |
| Natural Gas | USD/MMBtu | $4.21 | Up |
| Murban | USD/bbl | $66.10 | Down |
| OPEC basket 03/11/25 OPEC | USD/bbl | $66.49 | Down |
| At press time November 04, 2025 |
Baker Hughes Rig Count: International -3 to 1076, :U.S. -4 to 546 Canada -12 to 187
U.S. Rig Count is down 4 from last week to 546 with oil rigs down 6 to 414, gas rigs up 4 to 125 and miscellaneous rigs down 2 to 7.
Canada Rig Count is down 12 from last week to 187, with oil rigs down 11 to 127, gas rigs down 1 to 60 and miscellaneous unchanged at 0.
International Rig Count is up 8 from last month to 1,084 with land rigs up 8 to 841, offshore rigs unchanged at 243
The Worldwide Rig Count for August was 1,793, up 7 from the 1,786 counted in July 2025, and down 153, from the 1,946 counted in July 2024.
| Region | Period | Rig Count | Change |
| U.S.A | October 31, 2025 | 546 | -4 |
| Canada | October 31, 2025 | 187 | -12 |
| International | September 2025 | 1084 | +8 |
Baker Hughes |
NewCo (New Company) between Eni and PETRONAS brings to life a new energy player with a key role in Asia Pacific, particularly in the growing liquefied natural gas (LNG) market. The NewCo is underpinned by a business combination that integrates Eni’s and PETRONAS’s gas upstream assets. Specifically, the business combination comprises a total of 19 assets – 14 in Indonesia and five in Malaysia – resulting in a significant enterprise value and a strong regional presence for the new entity. The agreement, signed in November 2025, formalises a process that began with the Memorandum of Understanding announced in February 2025 and the Framework Agreement signed in June 2025. The transaction consolidates the central role of natural gas in both companies’ energy transition strategies and reflects their commitment to decarbonisation.
The NewCo applies the principles of our satellite model, establishing dedicated, financially self-sufficient entities designed to accelerate industrial growth and value creation. The business combination in Indonesia and Malaysia integrates assets, know-how and operating experience to accelerate growth opportunities and reinforce market presence, starting with South-East Asia and the wider Asia Pacific region. The NewCo focuses on gas projects – both new and existing – including the Kutei Basin, an area considered relatively low-risk and high-potential thanks to existing production, transport and liquefaction infrastructure and a mature geological understanding of the subsurface. Recent milestones include the Geng North discovery and the approval of the Geng North–Gehem integrated development (Northern Hub), both in the Kutei Basin. Read More
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Victor Cole , victor@oilandgaspress
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