Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking another win in its strategy to replenish reserves. The discovery was made  within Block C-M-477, roughly 200 kilometers off the coast of Rio de Janeiro state. Petrobras operates the block with a 70% working interest, alongside BP Plc. (NYSE:BP), which holds the remaining 30%.  Last week, Petrobras signed a $450 million deal with Petronas Petróleo Brasil to acquire the remaining 50% stake in the Tartaruga Verde…

Rachel Reeves’ flagship wealth fund has announced a fresh heap of financing for Rolls-Royce SMR following its tie-up with Ed Miliband’s state-owned energy company. The National Wealth Fund has revealed a £599m financing package for Rolls-Royce Small Modular Reactors (SMR) in a bid to kick start delivery on its project with Great British Energy. The partnership will see the creation of the UK’s first small modular reactors as part of the government’s drive for clean energy. Small modular reactors are designed to produce…

UK-based supermajor BP has agreed to buy 60% in three offshore exploration blocks in Namibia as part of its ongoing strategy to grow its upstream portfolio. The company will buy from Canada-based Eco Atlantic Oil & Gas a majority 60% stake in each of the PEL97, PEL99, and PEL100 exploration blocks offshore Namibia, one of the world's most sought-after exploration sites in recent years. Subject to approvals by the Namibian government, the UK supermajor will become the operator of the three blocks in the Walvis Basin offshore Namibia, while Eco…

Being irreverently British, the first thing that sprang to mind when I heard the 7 April ceasefire announcement between the U.S. and Iran was lettuce. Specifically, the 2022 moment when The Daily Star newspaper ran a 24/7 livestream of a supermarket lettuce next to a framed photo of newly?installed Prime Minister Liz Truss to monitor whether the lettuce would last longer than Truss’s premiership. The lettuce won after forty-nine days. In the case of the U.S.-Iran ceasefire — which is technically still in effect, despite the collapse…

The European Commission is preparing to adopt next week a policy paper to recommend lowering energy taxes and grid charges as the EU looks to reduce the impact of the Hormuz crisis on households and industry, sources familiar with the plan told Bloomberg on Monday. Various EU member states have already taken steps to support households and businesses in uncoordinated national measures to blunt the impact of the second major energy crisis in four years. Now the Commission is set to adopt on April 22 a policy paper that would outline recommendations…

A priest, an engineer, and an economist are stranded on a desert island. The first order of business is to get some food. The priest suggests that they all pray. The practical-minded engineer suggests that the three men make a net to catch some fish. But where will they find the necessary materials? The priest and the engineer turn to the economist and ask him if he has any ideas. The economist replies, "Assume a fish." This well-worn economist joke summarizes one of the chief flaws in contemporary economic theory. That theory almost completely…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

The war in the Middle East has hurt the global LNG industry and promoted a supply chain crisis that will leave global scars. The warning comes from the head of the International Gas Union and points to extended disruption in the supply of the most flexible form of natural gas. Just a year ago, even a few months ago, there were warnings of an LNG glut that was going to pressure prices around the world, especially as U.S. energy companies rushed to build new export capacity. Then the U.S. and Israel bombed Iran’s energy infrastructure, and…

On Wednesday, the United States and Iran agreed to a two-week ceasefire, pausing the 42-day military campaign by the U.S. and Israel against multiple Iranian military and civilian targets. The Pakistan-brokered deal is, however, already being severely tested: whereas direct U.S. strikes on Iran have stopped, Israel and Hezbollah in Lebanon have continued fighting, with Israel maintaining that Lebanon is not part of the ceasefire, while Iran insists that continued Israeli strikes violate the agreement. Meanwhile, traffic through the Strait of Hormuz…

Many countries worldwide have been hit hard by the energy crisis that has emerged following the U.S.-Israeli attacks on Iran and ensuing conflict, with severe oil and gas shortages driving energy prices sky high. But while some countries are suffering badly, China so far appears relatively untarnished, following several years of preparation aimed at boosting the Asian giant’s energy and national security and reducing reliance on foreign powers.  China has been stockpiling vast quantities of oil in recent years, with a 1.3-billion-barrel…

Fiscally stressed Colombia is facing multiple crises that possess the potential to derail a vulnerable economy. Oil and natural gas production is in freefall because of adverse regulatory reforms and frequent tax hikes. Declining revenue from Colombia’s oil patch is impacting a fragile economy and weak government finances. There are fears that recent oil shocks caused by Tehran's closing of the Strait of Hormuz will sharply impact Colombia’s hydrocarbon-dependent economy, potentially triggering energy and fiscal crises due to a growing…

There is great uncertainty as to whether and to what extent the Strait of Hormuz is reopening the flow of global oil and gas trade against the backdrop of a fragile ceasefire. What is certain, however, is that the global energy sector will see far-reaching consequences of the historic disruption for a long time to come. In fact, the global energy landscape may never be the same again. On an average day, approximately one-fifth of the world’s oil and gas trade crosses through the Strait of Hormuz, a waterway between the Persian Gulf and the…

It almost looks like an eternal story or an Australian boomerang approach, but the global oil market is once again being misread, very badly. Headlines speak of disruption, paralysis, and the near closure of the Strait of Hormuz. International tanker trackers all report traffic collapsing, while Gulf exporters are shutting in production. Every single visible metric indicates that the system is under extreme stress. And yet, there is still oil flowing. This time it is not open, not as usual able to be measured by markets, or in volumes that are…

If you are looking for respite from news of bombings, threats to ancient civilizations, becalmed oil tankers, rising prices, disputes about who can go to which toilets, and sex scandals among the rich and famous, consider these stories that matter for energy folk who would have otherwise noticed but might have been distracted by all the other stuff. Nuclear reactor price—As part of the tariff dispute last year, Japan was strong-armed into announcing billions of dollars of new investments in the USA. As part of the deal, GE Hitachi will partner…

The war in Iran and broader Middle East conflict are making consumers and policymakers more aware of the vulnerabilities that face the global energy market. The price of fossil fuels is rising higher and higher, as supply chain disruptions are spurring oil shortages around the world. As governments worldwide evaluate their next moves, consumers appear to be increasingly turning to electric vehicles (EVs) to reduce their reliance on petrol. Many governments have introduced policies that aim to encourage the purchase of EVs and dissuade consumers…

Tajikistan and Uzbekistan are among the top 10 countries in the world with the poorest air quality, according to the findings published by a Swiss research firm. More broadly, Central Asia experienced a sharp increase in pollution in 2025. According to IQAir’s World Air Quality Report for 2025, the air in Tajikistan contained an average of 57.3 micrograms of PM2.5 particles per cubic meter (µg/m³), an amount 11.5 times higher than the World Health Organization’s guidelines for acceptable air quality. Tajikistan’s general…

Governments worldwide are racing to find a solution to contend with the severe energy shortages brought about by the war in Iran and the ongoing Middle East conflict. For some, this means accelerating the deployment of renewable energy, which is likely to be a longer-term solution. For others, it means relying on stockpiles of crude, while the oil trade remains limited. And, for many, it means using any type of energy available, including coal. Several countries have reduced their reliance on coal in recent years in favour of oil, gas, and renewable…

Oil prices remain close to $100 per barrel despite the U.S.-Iran ceasefire, which revived hopes that the worst oil and gas supply shock ever could begin to ease soon and bring energy prices down. While immediate escalation has been taken out of the war premium, at least as of Friday morning, the reality on the ground – and in the Strait of Hormuz – is that the vital oil and LNG chokepoint remains largely closed and traffic controlled at Iran’s discretion.    The shocking and very steep rise in oil and gas prices due…

India has reached a milestone in its nuclear energy program through its state-of-the-art fast breeder reactor, signalling a major step forward for the clean energy transition in the world’s most populous country. The country’s most advanced nuclear reactor reached criticality earlier this month, meaning that the nuclear chain reaction powering the plant is self-sustaining. This breakthrough will ultimately allow India to import far less uranium to power its nuclear program, and can be adapted to use domestic thorium reserves for fuel…