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The National Bank of Ukraine has announced a requirement of $2.9bn (Hrv121.14bn) to fund gas imports in 2025, following significant damage to the country’s gas production facilities by Russian missile and drone attacks, reported Reuters. 

The attacks, which occurred in late winter and early spring, targeted gas assets in eastern Ukraine, resulting in at least a 40% drop in production, although some capacity has been restored. 

The bank’s report indicates that while production is expected to recover, it will not be enough to meet the domestic demands of the economy, including utilities and households. 

The anticipated shortfall necessitates substantial gas imports, although the bank predicts that the need for purchases may decrease to around $1.1bn in 2026. 

Ukraine’s state oil and gas company, Naftogaz, is in discussions with the government and financial institutions to secure $1.1bn for two billion cubic metres of gas for the 2025/26 heating season. 

Oilfield services provider SLB has indicated a potential downturn in spending by oil producers, and highlighted the impact of tariffs on its operations in the company’s Q1 earnings results. 

The company’s revenues fell short of expectations, declining by 3% year-on-year to $8.49bn, largely due to reduced drilling activity in Mexico, a slow start in Saudi Arabia and offshore Africa, and a steep decline in Russia due to sanctions. 

In Latin America, the company saw a 10% decrease in revenue to $1.5bn, contributing to a 5% drop in total international revenue, which stood at $6.73bn. The company reported an 8% year-on-year revenue rise in North America, partly driven by strong growth in data centre infrastructure. 

The company’s financial results complete the Q1 earnings picture for major US oilfield service providers, with rivals Halliburton and Baker Hughes also expressing concerns about diminishing demand and tariff-related expenses.  

India and Saudi Arabia have agreed to deepen their energy partnership by reaching an accord to set up two oil refineries in India. This move is part of a broader initiative to enhance cooperation across various sectors including tourism and technology, according to a report by US media reports. 

The announcement follows a meeting between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in Jeddah. 

The agreement to establish the refineries, disclosed by India’s Ambassador to Saudi Arabia, Suhel Ajaz Khan, comes at a critical time when both nations are navigating economic challenges exacerbated by US tariff policies. 

Ahead of the meeting, Modi had highlighted potential joint ventures in refineries and petrochemicals. The G20 nations have previously discussed partnerships in a range of fields, from agriculture to technology 

ConocoPhillips, a leading US oil and gas producer, has announced plans to reduce its workforce as part of a broader initiative to cut costs and streamline operations following the company’s $23bn acquisition of Marathon Oil, reported several US media outlets.  

The hydrocarbons sector is currently grappling with financial challenges as companies struggle to maintain profitability with oil prices around $63 per barrel. 

The planned layoffs reflect wider industry trends, with other oil giants such as Chevron and SLB also announcing job cuts earlier this year. To guide its restructuring, ConocoPhillips has enlisted the services of Boston Consulting Group.  

The internal project, dubbed ‘Competitive Edge’, aims to centralise certain functions and reorganise both operational and corporate sectors. The specifics of the layoffs are expected to be disclosed in Q4, with the company yet to determine the extent of the staff reductions.  

Indonesia is set to propose an increase in energy imports from the US, with plans to purchase additional crude oil and liquefied petroleum gas (LPG) worth around $10bn (Rp168.4trn), reported several US media outlets.  

This move is part of the country’s strategy to address its trade surplus with the US and avoid a 32% tariff on Indonesian exports. 

Indonesian Energy Minister Bahlil Lahadalia announced the initiative to local media, highlighting that Indonesian officials will soon head to Washington for tariff negotiations. The overall goal is to acquire US goods valued at around $19bn. 

Bahlil suggested that to meet this target, Indonesia should raise the LPG import quota from the US and boost crude oil purchases. Indonesia imported approximately 306,000 barrels per day of crude oil last year, primarily from Nigeria, Saudi Arabia and Angola, with around 13,000bpd sourced from the US.