Politics, Geopolitics & Conflict
The Sudanese government has accused the UAE of supplying weapons to the rival paramilitary force with whom the government has been engaged in a bloody civil war for over a year-an accusation the UAE denies. A shouting match erupted at a UNSC meeting, during which a Sudanese official said they had evidence that the UAE was getting weapons to the paramilitary Rapid Support Forces (RSF).
In Libya, eastern strongman Khalifa Haftar has named his son, Saddam Haftar, as the new chief of the Haftar-controlled Libyan Arab Armed Forces, which suggests a consolidation of his power is being undertaken right now (two other Haftar sons also have military posts). At the same time, the rival western government in Tripoli will be getting nervous about the rise of this private family army in the east. In 2019, Haftar tried to take Tripoli. He failed, but he's stronger now, and while he has lost some of his backers (including the U.S.), he is a top priority on Russia's list, and a key stomping ground for Wagner mercenaries and operations that extend beyond Libya. He may not be preparing for another try at Tripoli, yet, but in the least, he is preparing an eastern empire that can survive his death.
Discovery & Development
Aker BP has made a new gas discovery in the Barents Sea on the Norwegian Continental Shelf. The well encountered gas columns in the Stø and Snadd formations, with preliminary estimates suggesting a recoverable volume of…
Politics, Geopolitics & Conflict
The Sudanese government has accused the UAE of supplying weapons to the rival paramilitary force with whom the government has been engaged in a bloody civil war for over a year-an accusation the UAE denies. A shouting match erupted at a UNSC meeting, during which a Sudanese official said they had evidence that the UAE was getting weapons to the paramilitary Rapid Support Forces (RSF).
In Libya, eastern strongman Khalifa Haftar has named his son, Saddam Haftar, as the new chief of the Haftar-controlled Libyan Arab Armed Forces, which suggests a consolidation of his power is being undertaken right now (two other Haftar sons also have military posts). At the same time, the rival western government in Tripoli will be getting nervous about the rise of this private family army in the east. In 2019, Haftar tried to take Tripoli. He failed, but he's stronger now, and while he has lost some of his backers (including the U.S.), he is a top priority on Russia's list, and a key stomping ground for Wagner mercenaries and operations that extend beyond Libya. He may not be preparing for another try at Tripoli, yet, but in the least, he is preparing an eastern empire that can survive his death.
Discovery & Development
Aker BP has made a new gas discovery in the Barents Sea on the Norwegian Continental Shelf. The well encountered gas columns in the Stø and Snadd formations, with preliminary estimates suggesting a recoverable volume of 3.3 to 4.7 million barrels of oil equivalent. This discovery will be evaluated alongside other finds in the area for potential development. Aker BP continues to expand its exploration and production activities in Norwegian waters.
Wintershall Dea has announced a new discovery in the North Sea, further solidifying its exploration success in the region. The recent find, located in the Norwegian sector, underscores the area's rich potential for hydrocarbons. This discovery is expected to enhance Wintershall Dea's production capabilities and contribute significantly to its resource base. The North Sea continues to be a pivotal area for exploration and production, attracting substantial investments from major industry players.
Deals, Mergers & Acquisitions
BP has agreed to acquire Bunge's 50% stake in their Brazilian sugar and ethanol joint venture, BP Bunge Bioenergia, for $1.4 billion, securing full ownership of the biofuels operation. This acquisition will add a significant ethanol production capacity of 50,000 barrels per day and is expected to close by the end of 2024. The deal aligns with BP's strategy to meet increasing demand for low-carbon biofuels, despite recent credit. outlook concerns. BP also announced a pause on new biofuel projects, focusing on delivering growth and returns in a more streamlined manner.
VÃ¥r Energi has extended its contract with VNG Handel & Vertrieb, committing to supply up to five billion cubic meters of Norwegian natural gas annually to Germany's Emden and Dornum terminals through 2036. This agreement underscores Norway's role as a stable, low-emission energy provider and supports long-term energy security in Europe. VÃ¥r Energi CEO Nick Walker highlighted the importance of consistent exploration and favorable conditions to meet European demands. This deal builds on a longstanding partnership and ensures continued value creation for both parties.
Korea's SK Innovation is reportedly planning a merger with its energy affiliate SK E&S, creating a 106 trillion won ($76.66 billion) asset company, according to Chosun Ilbo. This strategic move, anticipated to be decided by company executives in late June, aims to support SK Innovation's loss-making battery unit, SK On, by merging with a profitable entity. Shares in SK Innovation surged over 10% following the news. This potential merger reflects SK Group's broader strategy to streamline its operations and focus future investments primarily on the artificial intelligence and semiconductor sectors.
Carlyle Group has announced its acquisition of oil and gas assets from Energean in Italy, Egypt, and Croatia for up to $945 million, signaling its commitment to expand in the Mediterranean region. Former BP CEO Tony Hayward will chair the new venture, focused on boosting offshore gas production to serve European and North African markets. Carlyle plans to increase production significantly from current levels and sees potential for further acquisitions in the region. Energean, in turn, aims to use proceeds from the sale to fund strategic projects in Israel, Morocco, and Greece, while also returning value to shareholders through dividends.
To read the full article
Please sign up and become a Global Energy Alert member to gain access to read the full article.
Register Login