Latest News

Credit: Andreas Wolochow / Shutterstock

The International Energy Agency’s (IEA) World Energy Outlook predicts an increase in oil and gas consumption through 2050, with the US set to remain the world’s largest producer.

The IEA projected that oil demand could reach around 113 million barrels per day by mid-century, an increase of roughly 13% from 2024 consumption.

It also predicted that global liquefied natural gas capacity could expand to roughly 1.02 trillion cubic metres.

Total final consumption increases in the current policies scenario by around 1.3% each year over the next decade, according to the IEA.

Global energy demand is forecasted to increase by approximately 90 exajoules by 2035.

The IEA restored the current policies framework for the first time since 2019 after finding insufficient 2031–35 national climate plans to form a pledges-based pathway. Its scenarios explore a range of possible outcomes and are not forecasts.

In the stated policies scenario, which includes proposed but not yet adopted measures, oil demand peaks around 2030.

Repsol is exploring the possibility of a reverse merger involving its upstream division, said sources familiar with the matter.

As of November, the company is reportedly in preliminary talks with several potential partners including US-based APA Corp, previously referred to as Apache Corp.

According to the sources, initial discussions have taken place between Repsol and APA. The company has also approached other possible partners for a similar transaction.

The move could expand Repsol’s upstream operations and provide a more expedient path to a public offering.

Following reports of the talks, shares in APA increased by as much as 7.3% in New York. Over the past year, the stock has risen by around 16%, valuing APA at approximately $9bn. Meanwhile, Repsol’s shares climbed 2.2%.

Repsol’s executives have previously indicated that they are preparing the upstream business for a potential “liquidity event” such as a public listing, targeted for 2026.

Spokespeople for Repsol, EIG and APA declined to comment.

US-based energy services company Petrofac has initiated administration proceedings for its holding company. The company confirmed the application for administrators while also considering other restructuring possibilities.

This action follows the termination of a significant offshore wind contract with Dutch grid operator TenneT, which disrupted Petrofac’s planned financial restructuring.

Petrofac clarified: “This is a targeted administration of the Group’s ultimate holding company only.”

Petrofac’s financial position has deteriorated, worsened by a Serious Fraud Office investigation and multiple profit warnings. Its value, which was worth £6bn (approximately $9bn) in 2012, dropped to approximately £20m ($26.7m) before trading of its shares was suspended in May 2025, due to delayed contract payments and a rise in operational costs.

With approximately 2,000 employees in Scotland, the company said that its North Sea operations would remain unaffected. However, the Aberdeen and Grampian Chamber of Commerce expressed concern over the announcement, highlighting the challenges in the North Sea supply chain.

Tullow Oil has advanced efforts to extend the operating licences for its Jubilee and TEN oilfields in Ghana until 2040, following the finalisation of a new gas sales agreement.

The company is now working to complete further agreements with government authorities.

Tullow’s latest update highlighted that a new gas sales contract has been executed for the Jubilee field, providing clarity on gas pricing for the duration of the extended licences.

The company is also currently addressing outstanding financial issues, including securing payment mechanisms for gas sales and an updated plan of development for Jubilee, which will necessitate approval from parliament.

Tullow has concentrated on improving its balance sheet through asset disposals. It completed the sale of its interests in Kenya for at least $120m (£91.65m) and its Gabon assets for around $300m after taxes.

Tullow is now in talks with bondholders and investors about refinancing options ahead of a bond maturity in May 2026.

Kuwait Oil Company (KOC), a subsidiary of Kuwait Petroleum Corporation (KPC), has announced a new natural discovery in the Al-Jazah offshore natural gas field.

The Minagish formation in Kuwait achieved the highest production rate from a vertical well in the country’s history.

This is part of KOC’s ongoing efforts to develop hydrocarbon resources.

As per a statement released by KPC to Kuwaiti news agency KUNA, this discovery follows other offshore exploration successes including the Nokhatha field discovery last year and the Julaiah field early this year.

Initial tests at the Jazah-1 well indicate production exceeding 29 million cubic feet per day of natural gas.

The reservoir features low carbon dioxide levels, without any hydrogen sulphide or associated water, giving it a unique environmental and technical profile.

With around 40km2 of preliminary area, the field is estimated to hold potential reserves of around one trillion cubic feet of gas, which may increase with further exploration in surrounding areas.