Politics, Geopolitics & Conflict
In Turkey, Erdogan has returned to authoritarian moves in order to secure his future power, this time by arresting a key rival, Istanbul Mayor Ekrem Imamo?lu, on charges of alleged corruption and ties to terrorism, along with the detention of other prominent figures, including two district mayors. The opposition CHP party is demanding justice over this politically motivated move designed to keep the Istanbul mayor from running in elections.
The balance of force in the Russia-Ukraine war remains unclear this week. The quick end to the war that the Trump administration campaigned on has failed. Ukraine is now withdrawing from Russian Kursk after a long occupation. At the same time, Ukrainian drone strikes targeted a military airfield in southern Russia’s Saratov region, sparking a fire.
Libya’s acting oil minister, Khalifa Abdulsadek, said this week that the country needs up to $4 billion to increase its oil production to 1.6 million (bpd, with a longer-term goal of reaching 2 million bpd. The plan is to fund this through a new bidding round for oil and gas licenses.
Discovery & Development
APA Corp. (NASDAQ: APA) and partners struck a “significant” oil discovery in Alaska’s North Slope at the Sockeye-2 well, encountering 25 feet of net oil pay with strong porosity and permeability. The well, drilled to 10,500 feet, is amplitude-supported across 25,000-30,000 acres, reinforcing the partners’ geological…
Politics, Geopolitics & Conflict
In Turkey, Erdogan has returned to authoritarian moves in order to secure his future power, this time by arresting a key rival, Istanbul Mayor Ekrem Imamo?lu, on charges of alleged corruption and ties to terrorism, along with the detention of other prominent figures, including two district mayors. The opposition CHP party is demanding justice over this politically motivated move designed to keep the Istanbul mayor from running in elections.
The balance of force in the Russia-Ukraine war remains unclear this week. The quick end to the war that the Trump administration campaigned on has failed. Ukraine is now withdrawing from Russian Kursk after a long occupation. At the same time, Ukrainian drone strikes targeted a military airfield in southern Russia’s Saratov region, sparking a fire.
Libya’s acting oil minister, Khalifa Abdulsadek, said this week that the country needs up to $4 billion to increase its oil production to 1.6 million (bpd, with a longer-term goal of reaching 2 million bpd. The plan is to fund this through a new bidding round for oil and gas licenses.
Discovery & Development
APA Corp. (NASDAQ: APA) and partners struck a “significant” oil discovery in Alaska’s North Slope at the Sockeye-2 well, encountering 25 feet of net oil pay with strong porosity and permeability. The well, drilled to 10,500 feet, is amplitude-supported across 25,000-30,000 acres, reinforcing the partners’ geological models and de-risking additional prospects. APA holds a 50% stake, with Armstrong Oil & Gas’ Lagniappe Alaska LLC and Santos Ltd. (ASX: STO) splitting the rest.
MOL Group (BSE: MOL) has discovered a new oil field near Somogysámson in Western Hungary, marking its first find in the Transdanubian region in over a decade. The Som-8 well, drilled to 1,250 meters in December 2024, has tested at 1,200 bpd, with crude transported by truck to the Danube Refinery. MOL plans to invest HUF 150B in domestic oil and gas production over the next five years, reinforcing its role as Hungary’s top producer, currently supplying 47% of the country’s crude and 90% of its natural gas. To sustain its SHAPE TOMORROW strategy and maintain at least 90,000 boed production, MOL is expanding internationally, securing partnerships with KazMunayGas, SOCAR, and Turkish Petroleum.
FIRST E&P and NNPC Limited have confirmed a major hydrocarbon discovery at the Songhai field in OML 85, offshore Bayelsa, Nigeria. The well, spudded last November, reached 8,883 feet in 30 meters of water, encountering over 1,000 feet of hydrocarbon-bearing sands across eight reservoirs. Preliminary analysis suggests substantial oil and gas volumes.
Petrobras (NYSE: PBR) confirmed "good productivity" at its Sirius-2 well in Colombia’s Guajira Basin, reinforcing the region’s gas potential. The well, drilled in 804 meters of water, is part of a consortium with Ecopetrol (NYSE: EC), which holds a 55.56% stake, while Petrobras owns 44.44%. The consortium is also assessing nearby Sirius-1 and continues exploration under its contract with Colombia’s National Hydrocarbons Agency (ANH).
Deals, Mergers, & Acquisitions
Chevron (NYSE: CVX) has quietly built a 4.99% stake in Hess Corp. (NYSE: HES) since January, spending $3.2B on 15.38M shares, per a regulatory filing. The move signals confidence in its $53B takeover of Hess, despite ExxonMobil’s (NYSE: XOM) legal challenge over its right of first refusal on Hess’ 30% stake in Guyana’s Stabroek Block. Exxon, which holds 45% of the block alongside CNOOC (HKG: 0883), argues the deal effectively transfers Hess’ assets, triggering its contractual rights. The Stabroek’s output is set to double to 1.3M bpd by 2030.
Citadel is making a bold move into physical U.S. natural gas, acquiring Paloma Natural Gas’ Haynesville assets in a $1B deal. While already a major player in gas trading, the hedge fund—led by Ken Griffin—is now gaining direct exposure to production, though it won’t operate the assets. The Haynesville shale’s proximity to upcoming LNG export terminals makes it a prime target, as U.S. LNG capacity is set to grow 60% in the coming years. Citadel joins a wave of energy traders, including Gunvor and Mercuria, betting big on gas amid soaring demand from AI-driven data centers and exports.
The U.S. and Vietnam signed $4.15B in energy and minerals agreements, strengthening trade ties as Vietnam seeks to avoid tariffs and gain market economy status. Deals include PetroVietnam Gas securing long-term LNG contracts with ConocoPhillips (NYSE: COP) and Excelerate Energy (NASDAQ: EE), while Bình Son Refining partnered with KBR (NYSE: KBR) for a sustainable aviation fuel study. PetroVietnam Power inked an MoU with GE Vernova (NYSE: GE) for gas-fired power equipment, and Masan Group secured U.S. financing for deep mineral processing. Meanwhile, Petrolimex and major U.S. ethanol suppliers agreed to expand biofuels trade, further deepening economic cooperation.
Israel has awarded Azerbaijan’s SOCAR gas exploration rights in its Mediterranean exclusive economic zone, with BP (NYSE: BP) and NewMed Energy forming a consortium. SOCAR will act as the operator. With SOCAR recently acquiring a 10% stake in Israel’s Tamar gas field, Azerbaijan is positioning itself as a key alternative to Russian energy in European markets.
