The parties will seek alignment on key areas of joint interest on the NCS, with the aim of speeding up the development of resources to uphold high production levels and unlock value.

As a first step the parties have agreed on a set of transactions in the Troll-Fram (Ringvei Vest), Yggdrasil and Wisting areas that will strengthen alignment on future developments.

”Equinor and Aker BP have identified key areas to increase value creation from discoveries that have not yet been developed for production on the Norwegian continental shelf. We have completed important transactions that will contribute to efficient resource utilisation and greater value creation. By aligning interests across these assets, we can enable better and faster project decisions,” says Kjetil Hove, Executive Vice President for Exploration & Production Norway.

The transaction includes the divestment of a 19% interest in several discoveries in the Ringvei Vest area to Aker BP: The Grosbeak, Røver Nord & Sør, Toppand and Swisher discoveries.

The agreement strengthens the alignment of ownership interests in the licenses, supporting a more coordinated approach to development planning and project execution. The parties also aim to include the Kveikje discovery into the Ringvei Vest development.

Equinor is the operator of Ringvei Vest, expected to be a cluster development of multiple oil and gas discoveries in the Troll-Fram area of the North Sea.

In addition, Equinor will divest a 38.16% interest in the Frigg UK licence to Aker BP, enabling a joint development of the Omega Alfa discovery and the Frigg Field oil resource potential in the area. The divestment will enable coordinated appraisal and development of the cross-border discovery.

As part of the transactions, Equinor will increase its ownership in the Wisting discovery from 35% to 42.5% and further strengthen its position in the largest undeveloped discovery on the NCS.

Finally, Aker BP will pay a cash consideration to Equinor of USD 23 million.

“These agreements will enable better development solutions, reduce complexity, and support value creation in line with our long-term strategy,” says Kjetil Hove.

The transactions support Equinor’s strategy to optimise its oil and gas portfolio and enable high-value, timely developments on the Norwegian continental shelf towards 2035.

The agreements have an effective date of 1 January 2026. The transactions are subject to regulatory approvals.

Following years of development work tied to the $3 billion venture, company executives described the first commercial oil flows as a significant milestone. Bruce Dingeman, the Santos executive vice president overseeing the company’s Alaska operations, reflected on the achievement. However, Dingeman stressed that the launch of production is only the beginning of broader ambitions tied to the Pikka project. Santos owns a 51% stake in the project, while Repsol holds the remaining 49%. Beyond the 29 wells already drilled, the companies continue working to further develop the site. Santos has additionally outlined wider plans aimed at expanding activity on Alaska’s North Slope through the use of established infrastructure, proven production areas, and additional leases.

Industry observers also anticipate that regulatory adjustments could accelerate future developments. Recently announced Trump administration proposals intended to streamline permitting processes within the National Petroleum Reserve-Alaska are expected to support faster project approvals. The Pikka project is notable as the first greenfield oil development on Alaska state lands in nearly two decades. When the field was first identified in 2013, it was widely viewed as a transformational discovery located roughly two hours west of Prudhoe Bay, long considered the center of Alaska’s oil industry. Oil from Pikka forms part of the Nanushuk formation, a resource-rich underground formation that has encouraged companies to expand exploration efforts farther west across the state.

The project began development on state land before President Donald Trump’s second term, though production is beginning at a time when global crude markets are under pressure from the Iran war, which has reduced worldwide supplies by millions of barrels per day. The project also aligns with Trump’s broader strategy to strengthen American energy production, particularly in Alaska. US Interior Secretary Doug Burgum, described the launch of production as “a triple win” that supports affordable energy, unlocks Alaska’s potential, and reshapes energy geopolitics in the Western hemisphere.

“Whenever we can add affordable, secure, reliable sources of energy coming from America, it’s great for jobs and great for utilization of existing American infrastructure,” said Burgum, who also heads Trump’s National Energy Dominance Council.

Because the Nanushuk formation is located near decades-old oil and gas infrastructure on Alaska’s North Slope, operators are able to move production to market more efficiently.

“The Nanushuk is a new-generation play in an established basin that is creating value not just for Santos but for a lot of the industry players,” Dingeman said. As a new play inside an established basin, developers can take advantage of existing infrastructure. Industry interest surrounding the Nanushuk formation also contributed to a record-setting March lease auction within the 23-million-acre National Petroleum Reserve-Alaska, where Exxon Mobil Corp., Santos, Armstrong Oil & Gas and other explorers collectively bid around $164 million for acreage. The Pikka project is ultimately expected to produce approximately 400 million barrels of oil, with supplies transported through the Trans Alaska Pipeline System.

The primary agreement, established with Indian Strategic Petroleum Reserves Limited, will expand ADNOC’s crude oil storage facilities in India. This 30M barrels expansion includes existing storage infrastructure at Mangalore and potential new sites in Vishakhapatnam and Chandikol. In parallel, the collaboration will explore the feasibility of crude oil storage in Fujairah, United Arab Emirates, as part of India’s strategic petroleum reserve.

Furthermore, the agreements encompass potential opportunities for Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) storage within India. These initiatives are crucial for ensuring energy security and enhancing the resilience of UAE-India energy supply chains, especially in the current challenging global shipping environment.

In addition to crude oil storage, ADNOC has also entered into a strategic collaboration with Indian Oil Corporation. This agreement focuses on exploring enhanced LPG supply and trading opportunities, potentially leveraging ADNOC Global Trading. Building upon an existing LPG term contract that has been in place since 2023, this collaboration aims to support the development of a potential long-term LPG sale and purchase agreement. The move reinforces ADNOC’s established position as a reliable LPG supplier to India and facilitates deeper integration across supply and shipping operations.

These accords underscore ADNOC’s expanding portfolio of partnerships with Indian companies, which spans crude, LNG, and LPG supply, alongside energy storage solutions. These collaborations are designed to meet India’s escalating energy demand and support its long-term economic growth trajectory. India remains a priority market for ADNOC, recognized as one of the world’s fastest-growing major economies and a significant driver of global energy demand.

Dr. Sultan Al Jaber, ADNOC Managing Director and Group CEO, highlighted the significance of these developments. He stated, “India’s scale and growth trajectory make it one of the defining energy markets of our time. As demand accelerates alongside a rapidly expanding population, the strength of the UAE–India energy partnership becomes ever more critical. These agreements reinforce supply security, deepen our strategic ties, and underscore ADNOC’s role as a dependable and reliable partner in powering India’s long-term economic growth.”

The deepening of this energy partnership, with this 30M barrels expansion of crude oil storage, is a testament to the shared vision for economic prosperity and energy security between India and UAE.

This strategic acquisition of Chevron APAC Downstream encompasses a portfolio of assets across key markets including Australia, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam. Through this deal, ENEOS will gain Chevron Singapore’s 50% stake in the Singapore Refining Company, alongside full ownership of several Chevron subsidiaries. A dedicated special purpose vehicle, based in Singapore, will manage the acquisition.

The entity will assume complete equity in Chevron Singapore, including its interests in the Singapore Refining Company and Chevron Lubricants Vietnam, as well as Chevron Malaysia, Chevron Philippines, Chevron Australia Downstream, and Chevron Oil Products Indonesia. The completion of this transaction is anticipated in 2027, subject to regulatory approvals and the fulfillment of customary closing conditions.

Miyata Tomohide, Representative Director and CEO of ENEOS said, “This investment represents a significant step in strengthening the business platform that connects Japan with South East Asia and Oceania, while bringing together the competitive strengths developed across each market to advance our Group’s growth to the next stage.”

He further elaborated that ENEOS will leverage the cultivated expertise, networks, and business foundations from each acquired market to enhance its fuel products business and trading capabilities, aiming for sustainable growth and long-term corporate value.

This Chevron APAC Downstream acquisition aligns with ENEOS’s strategic objective of portfolio reorganization under its Fourth Medium-Term Management Plan. The company is focusing on overseas fuel operations with the potential for accelerated monetization. The ENEOS APAC downstream acquisition is poised to facilitate expansion into the burgeoning South East Asian markets, where energy demand is projected to increase, thereby complementing ENEOS’s existing operations in Japan.

The integration of these assets is intended to optimize ENEOS’s supply chain across the Asia-Pacific region. The company has affirmed its commitment to regulatory compliance and ongoing stakeholder engagement throughout the closing process of the acquisition of Chevron APAC downstream assets. This expansion underscores ENEOS’s vision for advancing its global energy presence.

The acquisition of the Uzbekistan oil and gas blocks involves BP taking a 20% interest from both Azerbaijan’s state energy firm SOCAR and Uzbekistan’s national entity, Uzbekneftegaz. Following BP’s integration, the PSA’s participating interests have been recalibrated. BP will now hold 40%, while Uzbekneftegaz will own 30%, and SOCAR will retain 30%. SOCAR will continue to serve as the operator for these exploration blocks.

Last year, SOCAR and Uzbekneftegaz initiated a substantial energy project valued at $2 billion within these six blocks. The agreement, now enhanced by BP’s Uzbekistan oil and gas blocks acquisition, pertains to the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.

Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia, and Türkiye, expressed optimism regarding the venture, stating, “We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources, delivering long-term benefits to the region.” This move aligns with BP’s overarching strategy to prioritize its established oil and gas operations.

The company’s leadership has been steering a course toward a more robust focus on its traditional energy sector. This strategic pivot has been influenced by market dynamics and investor expectations, particularly in the wake of global energy market volatility. The decision to increase investment in oil and gas production underscores a commitment to leveraging BP’s extensive experience and assets in this sector. The Uzbekistan oil and gas sector presents a promising avenue for this strategy, reinforcing BP’s commitment to securing energy resources. This Uzbekistan oil and gas deal is a testament to the enduring importance of traditional energy exploration.

The expansive Mexican portion of the Gulf of Mexico has been identified by Petrobras as an area with significant untapped potential, particularly in the realm of ultra-deep water exploration. This specialization aligns perfectly with Petrobras’s established expertise in this challenging domain. The exploration of this Petrobras-Pemex partnership could unlock substantial new reserves.

This exploration into a Petrobras-Pemex partnership follows discussions at the highest levels. Earlier this year, Brazilian President Luiz Inácio Lula da Silva proposed a collaboration between Petrobras and Pemex to his Mexican counterpart, Claudia Sheinbaum. The Mexican President’s subsequent meeting with Chambriard last month conveyed an expectation of a future agreement.

Chambriard articulated opportunities not only in exploration but also in the operational management of mature oil fields alongside Pemex. “If that is possible, what destination do we give to that oil? There’s nothing better than refining it in Mexico, right nearby,” she remarked, underscoring the potential for integrated operations. This move reinforces the strategic importance of oil exploration in Mexico.

Furthermore, Petrobras is in the nascent stages of assessing potential ventures in Venezuela, with Chambriard indicating that the country remains on the company’s “wish list.” This cautious approach reflects the early phase of evaluation for oil exploration in this region.

Separately, Petrobras plans to adjust refinery gate prices for gasoline in Brazil in the near future, although a definitive timeline was not provided. The company is actively intensifying its refining operations with the objective of achieving national self-sufficiency in gasoline and diesel production. New projects are anticipated to be incorporated into Petrobras’s forthcoming five-year business plan, scheduled for unveiling later this year. This strategic push for domestic fuel production comes amidst a backdrop of fluctuating global oil prices. Despite these price shifts, company executives indicated that extraordinary dividends are unlikely to be distributed this year. The Petrobras strategy in Mexico is a key component of its international expansion.

This strategic collaboration, valued at approximately $10 billion in capital investment, is poised to enable the Ruwais chemical production of 14 new industrial chemicals. Upon final investment decisions and regulatory approvals, this initiative could lead to an additional chemical capacity of about 2.2 million tonnes per year within the TA’ZIZ industrial chemicals ecosystem. The expansion aligns with the UAE’s broader industrial strategy and the ‘Make it in the Emirates’ (MIITE) initiative, aiming to enhance domestic manufacturing and achieve greater self-sufficiency in vital chemical products.

The intended new production lines are designed for close integration within the TA’ZIZ and broader ADNOC ecosystems, leveraging synergies in feedstock sourcing, utilities, infrastructure, and facility integration. These industrial chemicals serve a wide array of sectors, including construction, automotive, packaging, consumer goods, infrastructure, and advanced manufacturing. The objective is to enhance the overall competitiveness and capital efficiency of the TA’ZIZ platform by strengthening local supply chain resilience and substituting key imported products.

The new chemicals to be produced will include styrene, polystyrenes, acrylic acid and its derivatives, polyols, methylene diphenyl diisocyanate (MDI), epoxy resins, and linear alpha-olefins. These additions will build upon TA’ZIZ’s Phase 1 plans, which already project a chemical production capacity of 4.7 million tonnes per year of marketable products, with a scheduled startup by the end of 2028.

The partnership’s joint-feasibility and market study for the proposed chemical expansion are a direct support to the UAE’s vision for industrial growth. Hamad Al Ameri, Alpha Dhabi Holding’s managing director and chief executive officer, highlighted that this expansion not only strengthens domestic manufacturing but also has the potential to unlock significant export opportunities. This agreement follows closely on the heels of TA’ZIZ securing substantial commercial agreements totaling $28.5 billion across its chemicals portfolio, ensuring long-term offtake, feedstock supply, and product sales to support the ongoing development of its Ruwais industrial platform. The Ruwais chemical production expansion underscores a commitment to advancing local manufacturing capabilities.

PETRONAS and ENEOS Xplora (“ENEOS”) have reaffirmed their long-standing partnership, first established in 1995, through the signing of definitive agreements formalising ENEOS’ re-entry into Malaysia LNG Tiga Sdn. Bhd. (MLNG Tiga).

Subject to the fulfilment of certain closing conditions, ENEOS will hold a 10 percent equity stake in MLNG Tiga for the next decade, following the expiry of the previous MLNG Tiga Joint Venture Agreement in 2023.

The agreements were signed by PETRONAS Executive Vice President & Chief Executive Officer of Gas & Maritime Business, Datuk Adif Zulkifli and ENEOS Xplora Representative Director and President, Yasuhiko Oshida.

Witnessing the signing ceremony were PETRONAS Senior Vice President, Corporate Strategy, Marina Md Taib and Executive Officer and Senior Vice President and Head of Business Division 1, ENEOS Xplora, Jotaro Tomoeda.

The agreement marks a significant milestone in the enduring partnership between PETRONAS and ENEOS, reflecting shared commitment to strengthening long-term energy security and supporting reliable LNG supply to international markets, particularly Japan, amid an increasingly complex and volatile global energy landscape.

“LNG continues to play an indispensable role in the global energy mix, bridging the demands of today’s economies while supporting a credible transition toward lower-carbon futures. With Asia at the centre of global LNG demand growth, stable supply and long-term partnerships remain fundamental to economic resilience across the region. The collaboration with ENEOS which now spans three decades reflects that long-term conviction, one that continues to serve the energy interests of both nations well into the decades ahead,” said PETRONAS President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik.

ENEOS’ re-entry underscores continued confidence in MLNG Tiga’s operational resilience and long-term value proposition, as well as PETRONAS’ proven capabilities as a world-class LNG operator and trusted partner.

“ENEOS’ re-entry into MLNG Tiga reflects shared confidence in the asset’s resilience and long-term role within Asia’s LNG landscape. It also reinforces PETRONAS’ focus on building a reliable LNG system that continues to deliver value to customers and partners, particularly in important markets such as Japan,” said Adif Zulkifli.

“MLNG Tiga has been a project that has steadily supplied LNG to Japanese buyers since commencing operations in 2003, under the cooperation between our group and PETRONAS, and we are very pleased to be participating once again. While further strengthening our partnership with PETRONAS, we will also work closely with our fellow shareholders – the Sarawak State Government and Mitsubishi Corporation, to pursue new value creation during the energy transition.” said Yasuhiko Oshida.

The agreement reinforces continued foreign investor confidence in Malaysia’s investment climate and long-term growth prospects. This reflects the country’s strong fundamentals, supported by a stable regulatory framework and a conducive business environment that continues to attract long-term investments in the energy sector.

The total consideration for the transaction will be the sum of R$ 700 million and US$ 150 million, with payment expected to be made in three installments, as follows: (i) the first installment, in the amount of R$ 100 million, upon closing of the transaction (“Closing”) (ii) the second installment, in the amount of R$ 600 million, on January 15, 2027 or at Closing, whichever occurs later and (iii) the third installment, in the amount of US$ 150 million, two years after Closing. The amounts are subject to price adjustments as defined in the agreement.

Upon completion of the transaction, Petrobras will hold a 98.11% interest in the Jubarte Shared Reservoir, while the Federal Government, represented by Pré-Sal Petróleo S.A. (“PPSA”), will maintain its 1.89% interest related to the extension of the reservoir into non-contracted areas. In addition, upon closing of the transaction, the negotiation process for equalization among Petrobras, Shell, ONGC, and Brava whose progress was disclosed in a release dated October 20, 2025  be concluded, as will any ongoing or potential negotiations related to unitization of production and/or equalization of any shared reservoirs between Jubarte and the portion of the ring-fence subject to this transaction.

The acquisition offers attractive economic and financial terms, simplifies asset management, and is aligned with Petrobras’ Business Plan, strengthening our operations in the Campos Basin and maximizing value with a focus on profitable assets.

Closing of the transaction is subject to the satisfaction of conditions precedent set forth in the purchase and sale agreement, including approval by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis – “ANP”) and the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – “CADE”).

About Parque das Baleias

The Jubarte Shared Reservoir is operated by Petrobras in an integrated manner with the production infrastructure of the area known as Parque das Baleias. Parque das Baleias is a group of fields located in the northern portion of the Campos Basin, in water depths between approximately 1,220 and 1,400 meters, with Jubarte as its main field. The assets are operated by Petrobras through the P-57 and P-58 platforms, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria, with current production of approximately 210 thousand barrels of oil per day.

The deal comes as Venezuela accelerates efforts to attract foreign investment into its energy sector, having recently concluded exploration and cooperation agreements with global producers such as Italy’s Eni and Spain’s Repsol. This shift follows the ouster of President Nicolas Maduro by U.S. forces in January, a development that has opened the door for broader international participation in the country’s oil and gas industry. Within this evolving landscape, BP is positioning itself as a key participant in cross-border gas initiatives tied to regional supply and export infrastructure.

Speaking at the signing ceremony, Venezuela’s interim President Delcy Rodriguez, said, “The return of BP is a ⁠clear sign of the future we want to chart for Venezuela and for ​international energy relations — relationships based on respect, cooperation grounded in a win-win approach, and ​shared benefits that contribute to the development of the Venezuelan people.”

William Lin, BP’s executive vice president for gas and low carbon energy, said the company was pleased to be partners with Venezuela on the exploration of the Loran area, as well as on other projects, ‌including ⁠the commercialization of gas.

The MOU also “formalized the launch of gas development at the Cocuina-Manakin field,” a gas field that crosses the border between Trinidad and Tobago and Venezuela, Rodriguez’s office said in ​a statement.

The field straddles the border between Venezuela and Trinidad and Tobago, with Cocuina forming part of the inactive Deltana Platform project on the Venezuelan side and extending into Trinidad, where a BP subsidiary operates it as Block 5b.

BP had earlier indicated it was seeking a U.S. government license to move ahead with development of the Cocuina-Manakin field. The company aims to unlock more than 1 trillion cubic feet of gas from the project, which would be transported to Trinidad for conversion into liquefied natural gas destined for export markets.