“ARC is a high-quality, low-cost and top quartile low carbon intensity producer operating in the Montney shale basin that complements our existing footprint in Canada and strengthens our resource base for decades to come. We are accessing uniquely positioned assets and welcoming colleagues that bring deep expertise which, combined with Shell’s strong basin level performance, provides a compelling proposition for shareholders.” said Shell’s chief executive officer, Wael Sawan. “This establishes Canada as a heartland for Shell while furthering our strategy to deliver more value with less emissions.”

“This combination is a great opportunity for ARC to realise value for our shareholders and continue to benefit from Shell’s success in the future. ARC is combining with a company that has a global portfolio of best-in-class assets,” said ARC president and CEO, Terry Anderson. “I’m excited that ARC’s assets and world class people will play an important role in helping Shell to further strengthen Canada’s resource landscape whilst also providing the secure energy that the world needs.”

This ARC Resources acquisition increases Shell’s production CAGR from 1% as outlined at our 2025 Capital Market’s Day to 4%3, compared to 2025, and supports Shell’s aim to sustain material liquids production of ~1.4 million barrels per day towards 2030 and beyond. The transaction combines ARC’s more than 1.5 million net acres with Shell’s ~440 thousand net acres in the Montney formation and adds ~2 billion barrels of oil equivalent proved plus probable reserves at the end of 20254. Last year, ~40 per cent of ARC’s production was liquids, which accounted for ~70 per cent of its revenues. In addition, ARC’s proved plus probable gas reserves have the potential to support Shell’s growth in LNG in Canada.

Under the terms of the agreement, ARC’s shareholders will receive CAD 8.20 in cash and 0.40247 ordinary shares of Shell for each ARC share, representing approximately 25% cash and 75% shares as of the 24th April 2026 market closing. Based on Shell’s closing share price on this date of GBP 33.08 and GBP:CAD exchange ratio of 1.8480, this translates to a consideration of CAD 32.80 per share, which represents a 20 per cent premium to ARC’s 30-day5 VWAP. This equates to an equity value of approximately US$13.6 billion. Shell will take on approximately US$2.8 billion in net debt and leases resulting in an enterprise value of approximately US$16.4 billion. The equity value of US$13.6 billion will be funded via US$3.4 billion in cash and US$10.2 billion in Shell shares, the latter valued based on Shell’s closing price on the 24th April and the issuance of approximately 228 million ordinary shares.

The boards of both companies have unanimously supported the transaction, which is expected to close in the second half of 2026, subject to ARC shareholder, court and regulatory approvals.

Enbridge has been advancing its Sunrise Expansion project since 2022, aiming to increase natural gas capacity in British Columbia by 300 million cubic feet per day. The company submitted its federal regulatory application two years ago. According to Matthew Akman, the company’s president of gas transmission and midstream, the approval process for this Enbridge gas pipeline expansion moved faster than previous projects. However, he emphasized that Canada still needs to accelerate approvals further to remain competitive in global energy export markets and liquefied natural gas developments.

The Enbridge gas pipeline expansion is intended to address growing natural gas demand in British Columbia, particularly from LNG developments such as Woodfibre LNG, which is currently under construction on the Pacific coast and in which Enbridge holds a 30% stake.

“From our experience, because we do these things on both sides of the border, the U.S. is moving faster,” Akman said, adding Enbridge thinks Canada’s LNG potential could support construction of two or three more large gas pipelines to the Pacific coast. The company’s Westcoast pipeline network spans 2,900 kilometers (1,802 miles) from northeast British Columbia to the Canada-U.S. border, with an existing capacity of 3.6 billion cubic feet of natural gas per day.

The project scope includes the construction of new pipeline segments alongside the current system, the addition of gas compression capacity, and upgrades to existing infrastructure. Construction activities related to the Enbridge gas pipeline expansion are expected to begin in July, with operations targeted to commence in late 2028.

According to the Ministry of Energy, the agreement is expected to support diversification of non-oil revenues, reinforce national industrial strategies, and contribute to job creation for Saudi citizens, alongside boosting local content. The commercial start-up of the Amiral complex, which serves as a central element of Saudi Aramco’s liquids to chemicals strategy, is scheduled for 2027. Previous disclosures by TotalEnergies indicate that the project could unlock approximately $4 billion in additional investments tied to Amiral downstream industries, particularly in petrochemical and specialty chemical facilities across the Jubail industrial area. These plants are expected to utilize feedstock from Amiral to support the production of carbon fibres, lubricants, drilling fluids, detergents, food additives, automotive components, and tyres, further reinforcing the role of Amiral downstream industries in industrial expansion.

The project is anticipated to generate at least 7,000 direct and indirect local jobs through the Amiral complex and its associated facilities. The complex itself incorporates a mixed-feed cracker with an ethylene production capacity of 1.65 million tonnes per year, alongside two polyethylene production lines, each with a capacity of 500,000 tonnes per year. Additional infrastructure includes a butadiene extraction unit and several derivative units. Feedstock for these operations will be sourced from refinery off-gases and naphtha produced by SATORP, in addition to ethane and light naphtha supplied by Saudi Aramco.

As part of its decarbonisation approach, hydrogen generated as a by-product of the steam cracker will replace methane currently used as fuel in furnaces at the SATORP refinery. The project reached Final Investment Decision (FID) in December 2022, followed by a series of engineering, procurement and construction (EPC) contract awards in June 2023. Key contractors include Hyundai Engineering & Construction, Maire Tecnimont, Sinopec Engineering Group Saudi Co., and Gulf Consolidated Contractors Co, alongside additional agreements with Mohammed Ali Al-Suwailem Trading & Contracting Co., Mofarreh Marzouq Al Harbi & Partners Co., and Mobarak M. Al Salomi & Partners for Contracting Co.

Under the terms outlined, Shell has been awarded rights to carry out comprehensive geological and geophysical assessments across offshore G-Blocks 91, 92, 93, 110, 111, 112, 114, 115, 116, 117, 133, 134, 135, 148, 149, 150, 162, 163 and 164. These blocks span an estimated 20,594 square-kilometers, providing a substantial area for evaluation under the reconnaissance permit framework. Planned activities will involve seismic data quality control and interpretation, integration of well data, detailed petrophysical analysis, basin modelling, petroleum systems evaluation, identification of structural traps and reservoir fairways, and play-based exploration and prospectivity mapping. Collectively, these technical processes are expected to enhance understanding of the basin’s potential and reduce exploration uncertainties.

“This agreement with Shell marks a defining moment in Sierra Leone’s journey to responsibly unlock the value of our natural resources. It sends a strong and credible signal to the global investment community… that Sierra Leone is open for business, underpinned by transparency, stability and strong governance,” said President Julius Maada Bio in a statement released by PDSL. His remarks highlight the broader significance of the reconnaissance permit as a mechanism to attract global interest while reinforcing governance and transparency standards within the sector.

Highlighting the strategic importance of the agreement, PDSL Director General Foday Mansaray said, “Signing this agreement… underscores Sierra Leone’s growing visibility on the global energy stage. Securing Shell as a partner is a strong validation of the work we have undertaken to strengthen our geoscience database and regulatory framework.”

He further noted that Sierra Leone’s upstream roadmap is focused on de-risking frontier acreage through high-quality seismic data, advanced subsurface imaging and transparent engagement with global operators. Shell’s participation, backed by operations in more than 70 countries and deepwater exploration expertise, is expected to play a central role in evaluating basin potential ahead of future licensing rounds, positioning Sierra Leone for sustained upstream growth.

The collaboration introduces a clearly defined framework designed to streamline key logistics functions, including pipeline transfers and truck loading operations. By enhancing coordination mechanisms, the partnership seeks to deliver seamless supply chain performance across the UAE’s major aviation hubs. This alignment is central to advancing aviation fuel business continuity, ensuring that operational disruptions are minimised and industry standards are consistently met. The agreement reflects a shared priority to strengthen preparedness while maintaining high levels of service reliability in the aviation fuel segment.

Hussain Sultan Lootah, Chief Executive Officer of ENOC Group, said, “As a vital contributor to the UAE’s energy ecosystem, ENOC Group recognizes the critical importance of maintaining uninterrupted fuel supplies for the aviation sector. The partnership with Emarat strengthens our proactive approach to business continuity planning by leveraging our collective expertise to ensure seamless operations in the UAE aviation sector, further strengthening the country’s status as a global aviation hub. Through this partnership, ENOC and Emarat will implement advanced logistics solutions and coordinated emergency response strategies to guarantee uninterrupted fuel delivery.”

His remarks highlight how the initiative is positioned to elevate aviation fuel business continuity through integrated planning and execution.

Burhan Al Hashemi, Chief Executive Officer of Emarat, said, “Safeguarding the continuity of fuel supply to aviation sector is a national responsibility, one that Emarat takes with the utmost seriousness. This MoU with ENOC Group institutionalises our two organisations’ readiness to stand together, not only in normal operations but also in the scenarios that matter most. By aligning our preparedness, our people, and our procedures in advance, we are strengthening operational resilience and ensuring uninterrupted fuel availability when it counts. This reliability is critical to passengers, airlines, and the wider economy that depends on UAE’s aviation leadership. Resilience of this kind is no longer a contingency measure; it is a core capability. It is part of what makes UAE the destination it is, and we are proud to reinforce it alongside a trusted national partner.”

The Business Continuity Plan will set out detailed procedures covering response, recovery, resumption, and restoration of operations for both organisations. It will also incorporate regular testing regimes, simulation exercises, and workforce training programmes, alongside equipment and connectivity checks to ensure optimal readiness at all times.

Highlighting the importance of the occasion, Saad Sherida Al-Kaabi stated: “This is a significant industry milestone that marks a new chapter in QatarEnergy’s global efforts to meet rising LNG demand and ensure reliable supplies to international markets.”

The first LNG export underscores the strategic importance of the Golden Pass LNG project within QatarEnergy’s broader expansion plans. Al-Kaabi further emphasized the scale of the initiative, noting: “The Golden Pass LNG project is one of the single largest investment decisions in the history of the U.S. LNG sector, affirming QatarEnergy’s position and reputation as a reliable provider and a trusted partner of choice that drives growth and development around the world.” These remarks reflect the broader industry implications of the first LNG export and its contribution to strengthening supply reliability.

The Golden Pass LNG project is structured as a partnership, with QatarEnergy holding a 70% stake and ExxonMobil owning the remaining 30%. The partners had taken a final investment decision exceeding USD 10 billion in February 2019 to advance the development. From the project’s total production capacity of 18 million tons per annum, 70% will be allocated to QatarEnergy Trading, the company’s wholly owned LNG trading arm. The first LNG export and the subsequent offtake volumes are expected to enhance QatarEnergy Trading’s global LNG portfolio while supporting its ongoing business expansion. This first LNG export also aligns with the company’s strategy to secure long-term market presence through integrated supply chains.

Operationally, the project has already reached key technical milestones, including sustained liquefaction operations and the commencement of LNG production from the first of its three LNG trains on 30 March 2026. The achievement of the first LNG export follows closely on the heels of this production start, demonstrating the project’s rapid transition from commissioning to export readiness. As additional trains come online, the Golden Pass LNG project is expected to further scale its output, with the first LNG export representing a foundational step in its long-term operational trajectory.

In response, the Saudi ruler “expressed Saudi Arabia’s intention to respond positively in order to ensure energy supply to markets including Japan,” the Asian G-7 economy said. The dialogue highlights Japan’s reliance on a consistent oil supply, particularly at a time when geopolitical tensions are tightening availability.

As a resource-poor nation, Japan depends heavily on Middle Eastern oil supply, and the recent supply crunch has underscored this vulnerability. A significant portion of shipments has been unable to transit the Strait of Hormuz, one of the world’s most critical oil and LNG chokepoints, causing immediate pressure on oil supply chains. The disruption has made clear how sensitive Japan’s energy security is to developments in the region. Reinforcing commitments to stability, Mohammed bin Salman told the Japanese PM that he “would continue to cooperate with Japan to stabilize the situation, including ensuring safe navigation in the Strait of Hormuz,” Japan said today. These assurances are central to maintaining uninterrupted oil supply amid escalating risks.

To manage the strain, Japan has already taken steps to draw from its strategic reserves. The country, which sources about 95% of its oil supply from the Middle East, began releasing stocks at the end of March as part of the International Energy Agency-coordinated record-high release of 400 million barrels of oil and fuel. Within this framework, Japan is releasing a total of 80 million barrels, including 54 million barrels of crude and 26 million barrels of oil products, to stabilize domestic oil supply. Earlier this month, the government also confirmed plans to release an additional 20 days’ worth of oil from reserves starting next month, with all volumes directed toward the domestic market. These measures collectively aim to cushion the impact of supply disruptions while reinforcing the resilience of Japan’s oil supply system.

The Druzhba pipeline has emerged as one of Europe’s most politically sensitive energy corridors following a Russian drone strike that damaged infrastructure in western Ukraine, halting Russian oil supplies to Hungary and Slovakia. The disruption underscored the strategic importance of the Druzhba pipeline for regional energy security.

Developments around the Druzhba pipeline coincided with political progress in Brussels, where EU ambassadors approved a financial package intended to support Ukraine.  The EU had agreed to the loan last ⁠year to maintain Ukraine’s liquidity through 2026 and 2027, but approval had been delayed after Hungary’s Prime Minister Viktor Orban and the Slovak government blocked it. Both governments accused Ukraine of slowing repairs to the pipeline, an allegation Kyiv denied. Hungary and Slovakia remain heavily dependent on Russian oil, and Orban has consistently shown support for Russia, making the Druzhba pipeline a focal point in broader geopolitical tensions.

The situation shifted after Hungary’s parliamentary election on 12th April 2026, when Viktor Orban lost power. The leader of the ⁠winning party, Peter Magyar, has said he will no ‌longer block the EU funds for Kyiv, though he is only expected ⁠to take power next month. Meanwhile, the Druzhba pipeline retains significant capacity, ranging from 1.2 million to 1.4 million barrels of oil a day, with potential to increase to 2 million barrels. However, actual flows have dropped sharply due to Western sanctions and repeated disruptions linked to drone attacks, limiting its operational output.

Separately, Germany confirmed that ⁠no Kazakh crude would be delivered to its PCK Schwedt refinery from May 2026. This follows reports from industry sources that Russia was preparing to halt Kazakhstan’s oil exports via the Druzhba pipeline, adding another layer of uncertainty to an already strained supply route. The developments highlight the continuing volatility surrounding the Druzhba pipeline and its role in Europe’s evolving energy landscape.

According to the DOE, the shipment of 21,000 MT of LPG is scheduled to arrive between 20 and 31 May 2026, with discharge operations set to take place in Batangas. Authorities expect the incoming cargo to bolster supply buffers and contribute to maintaining stability across the domestic LPG market. As of 17th April 2026, national LPG inventory levels stood at 40.26 days of supply, representing an increase of approximately 4 days compared to the previous week. The DOE indicated that the additional volumes will further expand supply availability and support broader government initiatives aimed at ensuring consistent access to essential fuel commodities.

The Department highlighted the importance of LPG as a critical household fuel used by millions of Filipinos for cooking and everyday applications. In this context, securing 21,000 MT of LPG is positioned as a key measure to mitigate potential supply disruptions and sustain market confidence.

“Ensuring a stable and reliable supply of LPG is central to our responsibility to protect the welfare of every Filipino—from households that depend on it for their daily meals, to small businesses that keep our communities running,” said Energy Secretary Sharon S. Garin.

The DOE added that it continues to work closely with relevant government agencies and industry stakeholders to track inventory levels, assess market conditions, and oversee logistics operations. Through this coordinated approach, the Department aims to implement timely measures that will maintain a steady and reliable LPG supply across the Philippines.

Alongside this acquisition, Enagás has finalized the sale of a 40% stake in Enagás Renovable to Hy24 for €48 million, while maintaining a 20% holding. These parallel developments signal a broader strategic adjustment, as the company places increased emphasis on regulated infrastructure assets while reallocating capital from early-stage renewable initiatives. The Teréga investment aligns with Enagás’s long-term focus on building a stronger presence among European transmission system operators, particularly at a time when cross-border gas flows and infrastructure coordination are gaining importance due to ongoing energy security challenges. This positioning further supports its European network expansion objectives across the region.

The partial divestment from Enagás Renovable indicates a shift in the company’s approach to the hydrogen sector. Rather than maintaining a broad development role, Enagás appears to be focusing on core infrastructure such as transport networks and pipeline systems, where it holds established expertise. This approach is reflected in its involvement in the Spanish Hydrogen Backbone Network and its participation in the H2Med corridor, which connects Iberia with wider European markets. These initiatives remain integral to its European network expansion, particularly as hydrogen infrastructure becomes increasingly relevant within Europe’s evolving energy mix.

These developments underscore the ongoing importance of gas infrastructure even as Europe accelerates its decarbonization efforts. The Teréga transaction highlights continued consolidation among European TSOs, reinforcing the role of integrated systems capable of handling both natural gas and low-carbon alternatives such as hydrogen.