Industry News
Latest updates on Cyprus and Eastern Mediterranean oil & gas sector.
Texas Just Approved the Largest Gas Power Project in U.S. History
Texas’ environmental regulator this week issued the largest air pollution permit in the country to an enormous planned complex of gas power plants and data centers near the oilfields of the Permian Basin, according to an announcement from the project’s developers. Pacifico Energy, a global, investo
The Slow and Steady Revival of Libya's Oil and Gas Sector
Over a decade since the Arab Spring and the civil war that followed, Libya has opened its doors back up to oil and gas exploration. Despite the ongoing political uncertainty, with Libya divided between two leaderships, the North African country has established a U.S.-Libya partnership and bilateral
The Coming LNG Supply Wave Is Good News for Europe
Europe’s natural gas storage sites are depleting at the fastest pace in years, suggesting stocks would end this winter at their lowest level since 2022. End-of-winter supply in storage at the lowest in four years means that Europe will need very high imports in the shoulder seasons and the summer to
EU Faces Hard Choices after LNG “Wake-Up Call”
The European Union needs to diversify its natural gas sources, Brussels’ energy commissioner said this week, expressing a growing unease in European capitals that the EU has become too dependent on liquefied natural gas from the United States. Yet succeeding in that diversification drive will be tri
Chevron Sees Self-Funding Model in VEN to Safeguard Cash
Chevron's cautious stance on injecting fresh capital is a reality check on how quickly the nation's oil industry can be revived.
After Years Offline, Trinidad Looks to Indian Oil to Restart Refining
Trinidad and Tobago is once again trying to bring its long-idled one-and-only oil refinery back to life, but this time the government is talking to Indian Oil Corp about making it happen. The 165,000-barrel-per-day Guaracara refinery sits in southern Trinidad, near the town of Point-a-Pierre, along
Oil Closes Lower but Posts Strong Monthly Gain
Oil slipped on diplomatic signals toward Iran but still posted its biggest monthly gain since 2022.
Why Venezuela’s Oil Comeback Is Proving Harder Than Trump Expected
After U.S. forces snatched Nicolas Maduro in a daring night raid earlier this month, President Donald Trump began pressing oil companies to invest in Venezuela’s heavily corroded petroleum industry. The U.S. president eagerly urged drillers to invest in Venezuela, which sits atop the world’s largest
EU Weighs Scrapping Russia Oil Price Cap for Harder Sanctions
The European Union is quietly preparing to take a much bigger swing at Russia’s oil trade. And this time, Brussels is aiming less at price optics and more at enforcement reality. The EU is reportedly weighing whether to scrap its Russian oil price cap altogether and replace it with a blanket ban on
Brazil’s First Major Energy M&A of 2026 Puts Brava Energia on the Map
Brazilian independent Brava Energia’s acquisition of Petronas’ 50% non-operating share in the Tartaruga Verde and Espadarte Module III assets in Brazil marks the country’s first major merger and acquisition (M&A) deal of 2026 and follows the trend of local independents consolidating stronger positio
US Oil Drilling Continues to Flounder
The total number of active drilling rigs for oil and gas in the United States rose by 2 this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 546 this week, down 36 from this same time last year. The number of active oil rigs stayed at 411
Exxon, Chevron Lift Oil Production, Blunting Price Drop
Exxon Mobil Corp. and Chevron Corp. surpassed profit expectations as higher oil production helped offset the blow from lower crude prices.