Back in March 2024, the Federal Government of Somalia and the Republic of Türkiye signed a major offshore hydrocarbon exploration and production agreement in Istanbul. This strategic partnership allowed Turkey’s state-owned energy company, Turkish Petroleum Corporation (TPAO), to conduct 3D seismic surveys and drill for oil and gas in both offshore blocks and three land blocks covering roughly 16,000 square kilometers, with the additional agreement for onshore exploration signed in early 2025.  Turkey wasted little time, dispatching…

California’s governor this week inked an energy partnership deal with the UK’s Department for Energy Security and Net Zero (DESNZ) - and it made the U.S. president quite angry. Trump dubbed Gavin Newsom’s actions inappropriate in the latest flare-up between the federal government and green-focused California, as the two diverge ever more on energy policies. “The U.K.’s got enough trouble without getting involved with Gavin Newscum,” President Trump told Politico, asked about his comments on the deal between Newsom…

Shares of BHP Group, the world's largest miner, jumped to a record high in Australia after it posted earnings at the top end of Wall Street expectations. The miner's pivot into copper, aided by a surging rally in industrial metals, offset softer conditions in its iron ore unit. BHP chief executive Mike Henry reaffirmed to investors earlier on a call that the miner is pivoting toward "future-facing" metals. In other words, he explained that the world's largest miner's shift away from operations focused on serving China's steel mills has paid off,…

Here is the question: what happens when renewables are acknowledged as the superior technology for electric power generation? Basically,  we see a process of displacement (one commodity producer, renewables, displacing another, fossil fuels), and that leads us to the issue of minimum viable scale in connection with this postulated energy transition. Basically,  minimum viable scale means the minimum throughput needed to keep the system running and economically viable.  Imagine a toll road that charges fees to all vehicles to pay…

Once-dominant energy giant BP is running on empty as it curbs shareholder payouts and unveils fresh attempts to bolster its balance sheet. The London-based oil baron announced in its final results on Tuesday that it has suspended its share buyback programme and increased its cost-cutting goal as it looks to reverse its fortunes in the next financial year. The company said the decision was taken to allow it to increase investment into its oil production business and “fully allocate excess cash” to its balance sheet. The group also increased…

France has fined a Russia-linked oil tanker several million euros after detaining it for violating EU sanctions, marking one of the clearest physical enforcement actions yet against Moscow’s shadow fleet. The tanker, Grinch, was boarded in the Mediterranean last month after sailing from Murmansk in Russia’s Arctic. It was held for three weeks at Fos-sur-Mer before being cleared to leave French waters, according to French Foreign Minister Jean-Noel Barrot. The exact fine was not disclosed. The vessel is part of the network of tankers…

France has fined a Russia-linked oil tanker several million euros after detaining it for violating EU sanctions, marking one of the clearest physical enforcement actions yet against Moscow’s shadow fleet. The tanker, Grinch, was boarded in the Mediterranean last month after sailing from Murmansk in Russia’s Arctic. It was held for three weeks at Fos-sur-Mer before being cleared to leave French waters, according to French Foreign Minister Jean-Noel Barrot. The exact fine was not disclosed. The vessel is part of the network of tankers…

This week's energy newsletter reviews oil and gas price shifts, U.S. rig count figures, key corporate acquisitions and discoveries, and analyzes major geopolitical events impacting global oil trade, including shipping market manipulation and rising Chinese imports of Russian crude. The oil market’s shipping segment is being rocked by a brazen attempt to corner it, with a South Korean shipping tycoon hoovering up any available VLCCs in the market.  Ga-Hyun Chung’s Sinokor Group has bought or chartered over 120 very large crude carriers…

As Ukrainian strikes on Russia’s refineries and the halt of Ukrainian shipments of Russian oil to central EU member states limit outlets of Russian crude, Moscow is boosting shipments via ports.   Russia’s seaborne crude oil exports averaged 3.39 million barrels per day (bpd) in the four weeks to February 15, per ship-tracking data compiled by Bloomberg. Oil exports have been rising for a fourth consecutive week, as week-by-week comparisons are not particularly relevant due to weather conditions in the winter and other factors,…

As Ukrainian strikes on Russia’s refineries and the halt of Ukrainian shipments of Russian oil to central EU member states limit outlets of Russian crude, Moscow is boosting shipments via ports.   Russia’s seaborne crude oil exports averaged 3.39 million barrels per day (bpd) in the four weeks to February 15, per ship-tracking data compiled by Bloomberg. Oil exports have been rising for a fourth consecutive week, as week-by-week comparisons are not particularly relevant due to weather conditions in the winter and other factors,…

Residents of Smederevo, a Serbian industrial city already blanketed by pollution from a Chinese-owned steel mill, are pushing back against plans for a $2.8 billion oil refinery backed by Chinese state-owned companies -- a project negotiated largely out of public view. Nearly two years after the refinery was announced, Serbia's government has refused to release the framework agreement signed with China Energy International Group. Serbia's Energy Ministry told RFE/RL the deal was a "business secret" and disclosing the agreement would interrupt negotiations…

Portland General Electric Company has agreed to buy select power plants and utility operations of Berkshire Hathaway’s PacifiCorp in Washington State for $1.9 billion, the Portland-based firm said on Tuesday.  The price of the acquisition represents a purchase price multiple of 1.4 times the estimated 2026 rate base.    As part of the deal, Portland General Electric (PGE) will buy three generation facilities: the Chehalis gas-powered plant with a capacity of 477 megawatts (MW), the Goodnoe Hills wind facility with 94 MW…

A second round of indirect talks between Iran and the United States over Tehran's nuclear program concluded on February 17, according to Iran's state broadcaster. The outcome remains unclear, as neither side has issued a statement or spoken to the media. Mediated by Oman, the negotiations aim to resolve the years-long dispute over Iran's nuclear program as the United States continues to amass forces in the Arabian Sea. President Donald Trump has warned that failure to reach a deal could lead to military strikes. Iran's Supreme Leader Ayatollah…

In 2010, as the aftershocks of the financial crisis rattled Dubai and crude remained the ultimate hard currency, an $8 billion cash-for-oil proposal surfaced linking the United Arab Emirates and China. Newly released U.S. Department of Justice emails now show that Andrew Mountbatten-Windsor, also known as Prince Andrew, agreed to help pursue the idea during an official trip to Beijing in his capacity as the UK’s special trade representative. Correspondence also shows that he shared the oil proposal via email to convicted sex offender Jeffrey…

In 2010, as the aftershocks of the financial crisis rattled Dubai and crude remained the ultimate hard currency, an $8 billion cash-for-oil proposal surfaced linking the United Arab Emirates and China. Newly released U.S. Department of Justice emails now show that Andrew Mountbatten-Windsor, also known as Prince Andrew, agreed to help pursue the idea during an official trip to Beijing in his capacity as the UK’s special trade representative. Correspondence also shows that he shared the oil proposal via email to convicted sex offender Jeffrey…

In 2010, as the aftershocks of the financial crisis rattled Dubai and crude remained the ultimate hard currency, an $8 billion cash-for-oil proposal surfaced linking the United Arab Emirates and China. Newly released U.S. Department of Justice emails now show that Andrew Mountbatten-Windsor, also known as Prince Andrew, agreed to help pursue the idea during an official trip to Beijing in his capacity as the UK’s special trade representative. Correspondence also shows that he shared the oil proposal via email to convicted sex offender Jeffrey…

In 2010, as the aftershocks of the financial crisis rattled Dubai and crude remained the ultimate hard currency, an $8 billion cash-for-oil proposal surfaced linking the United Arab Emirates and China. Newly released U.S. Department of Justice emails now show that Andrew Mountbatten-Windsor, also known as Prince Andrew, agreed to help pursue the idea during an official trip to Beijing in his capacity as the UK’s special trade representative. Correspondence also shows that he shared the oil proposal via email to convicted sex offender Jeffrey…

Iran will close parts of the critical oil shipping lane in the Middle East, the Strait of Hormuz, for a few hours on Tuesday as it is conducting military drills in the area, Iran’s Fars news agency reports.   The partial closure is due to “security precautions,” per the semi-official Iranian news agency cited by Reuters.   Iran’s naval forces of the Islamic Revolutionary Guard Corps (IRGC) on Monday launched a military drill, dubbed “Smart Control of the Strait of Hormuz,” on the eve of the…

For decades, oil prices could swing wildly on even the distant prospect of war in the Middle East. With U.S. shale, that changed, leading many to assume that anything short of an oil blockade in the Strait of Hormuz will leave oil markets cold—and such a blockade is highly unlikely. This, however, is a false sense of security. Geopolitics can still flip the script on oil bears. The most recent oil price rally was prompted by the threat of a military escalation between the United States and Iran. Interestingly, the oil blockade that the United…

For the first time ever, China now has more operating power capacity from clean energy sources than capacity running on fossil fuels, thanks to a decade of booming solar and wind installations.     China, the undisputed global leader in clean energy investment, has 52% of operating power capacity coming from non-fossil fuel sources as of February 2026, while 48% of installed capacity is fossil fuel-based, according to data tracked by Global Energy Monitor.  For years, China, the world’s biggest greenhouse gas polluter,…