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Perenco Launches Reactivation Program for Two Mothballed Capos Basin Fields
Perenco has started active field reactivation program for the Cherne and Bagre fields in Campos Basin, acquired from Petrobras earlier in 2025, helping meet the industry’s mature field challenges and unlocking in excess of 50 mmstb of reserves.The multi-dimensional, two-year, reactivation program was designed to be executed in three linked stages with operational safety as the main guideline.The first step, which is already underway, entails the full integrity revitalization of the PCH-1 and PCH-2 platforms, systems and associated equipment.This integrity revitalization effort will take place throughout the two-year program, with workstreams ranging from the replacement or renovation of turbines and the water treatment systems to the modernization of the metering systems and maintenance or replacement of the upper deck flowlines. The main objective is to prepare for production resumption in a safe environment.The second phase will consist of installing a new 10-inch pipeline connecting the 27 km distance from PCH1 to the Pargo platform, and from there to the FSO Pargo through the existing export line.As part of the plan to upgrade the water injection system, Perenco will also install a water injection line between the PCH1 and PCH2 units. The third stage will focus on well interventions and re-entries to enable the resumption of production with 36 wells set to come back onstream. This will include 21 workover campaigns and a further evaluation effort for the best application of gas lift or ESP methods, the company said.This ambitious redevelopment plan of Cherne and Bagre has an anticipated 2025-2027 CAPEX of circa $250 million and will achieve a mid-term production from zero to 15,000 barrels of oil per day from the two concessions which were hibernated in 2020 ahead of their originally proposed decommissioning. “The work to safely resume production from the dormant Cherne and Bagre Concessions has now begun. This two-year program will lead to direct and indirect jobs being created, as well as the economic contribution from royalties and taxes.“We are very pleased to be able to invest and build upon our footprint in Brazil, where production from the new fields combined with Pargo will be 35,000 barrels of oil per day,” said Damien Szyszka, General Manager Perenco Brazil.Petrobras Completes Divestment of Cherne and Bagre Fields to Perenco
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SRE Picks Siemens Gamesa Turbines for Formosa 4 Offshore Wind Farm
Synera Renewable Energy (SRE) Group has selected Siemens Gamesa to supply 35 of its 14 MW wind turbines for the 495 MW Formosa 4 offshore wind project, off the west coast of Taiwan.The turbines will be provided from Siemens Gamesa’s industrial nacelle factory in Taichung, Taiwan.Formosa 4 was awarded capacity in the first auction round of Phase 3 Zonal Development in late 2022.The project marks SRE’s third offshore wind farm in Taiwan since entering the sector in 2012, and represents the company’s third partnership with Siemens Gamesa.Formosa 4, planned off the coast of Miaoli County, obtained its establishment permit in late 2024, becoming the first project among all first-round winners to achieve this milestone.Once completed, the wind farm is expected to generate enough clean energy to power around 500,000 households annually.“Over the past six years, we have delivered Formosa 1, Taiwan’s first offshore wind farm, and Formosa 2, the first among Phase 2 projects to reach commercial operation. Now we’re building on that success with Formosa 4.“Given the strong partnership forged with Siemens Gamesa during Formosa 1 and 2, we’re pleased to have them on board again for Formosa 4, deepening the collaboration and advancing sustainability together. With projects spanning every phase of Taiwan’s offshore wind journey, we have firmly established ourselves as the country’s leading offshore wind developer,” said Lucas Lin, Chairperson at SRE.
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BHP suspends operations and cuts jobs at Australian Coking coal mine
BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will be put into care and maintainance from November 2025. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP is one of the top exporters in the world of coking coal, which is used to make steel. It also owns, under the BMA name, four other mines in Queensland with Mitsubishi Development. This unit of Mitsubishi Corp. BHP, Mitsubishi Development and BMA Asset President Adam Lancey made a statement saying that they did not want operations to be halted or jobs to be lost. However, these decisions were necessary due to the combined impact on the Queensland Government’s unsustainable coal royalty rates and the market conditions. BHP stated that while the medium-term demand for hard coking coal is strong, it was not feasible to continue operations in areas with lower margins of the mine footprint under the current conditions. Queensland increased royalties to 20% in July 2022 for coal prices above A$175 ($117), with a 40% top tier for prices exceeding A$300. BHP CEO Mike Henry criticized the move as being made without consultation of industry. Prior to this, the top tier of royalty rates was 15% for coal prices above A$150 per ton. The price of coking coal has since normalised. It was last traded at around $190. Prices were above $600 per ton after Russia invaded Ukraine in 2022. The decision came days after the Mining and Energy Union was successful in a Federal Court ruling that rejected BHP's request to delay pay increases under Australia's Same-Job, Same-Pay regulations which were introduced under the Labor Government. This legislation ensures that workers hired by companies to perform the same tasks as employees of the company are paid the exact same amount. The union announced last week that as a result, around 1,800 employees from mining service firms who are contracted to BMA will see their pay increase by A$20,000-A$30,000. This would be in addition to an average coal salary that is A$120,000 per year, according the salary comparison website Payscale. Mitch Hughes, President of MEU Queensland, said that BHP should not use coal workers or communities as pawns to fight the Queensland Government about royalties.
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Syrah Resource, a company in Australia, gets Tesla a reprieve on a graphite deal
The Australian miner Syrah said that on Wednesday it had agreed with Tesla to extend a deadline for addressing an alleged breach in their crucial graphite agreement. This will give the miner valuable time to salvage the deal, which is vital to its U.S. growth. Tesla, led by Elon Musk, issued a default notification in July when Syrah failed to deliver active anode samples that were conformant from its Louisiana facility processing Tesla's EV Batteries. The original deadline of September 16 has been moved to November 15 The company said that while Syrah did not admit it was in breach of the offtake contract, the parties had extended the cure date until 15 November 2025. Both sides were working together to resolve the dispute. The 2021 Tesla contract is worth 8,000 tonnes per year for a period of four years. It supports Syrah Louisiana Vidalia's Louisiana Vidalia plant and its strategy to become America’s first non-Chinese major graphite provider. The facility is the only large-scale, vertically integrated anode material manufacturer outside of China. This will help reduce U.S. dependency on Chinese supplies, which currently dominate the industry. The extension provides temporary relief for Syrah as it battles to establish its position in the strategic batteries materials sector amid intensifying U.S. - China trade tensions. Tesla could terminate the agreement if Syrah fails to qualify its anode materials at Vidalia by February 9, 2026.
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BHP suspends operations and cuts jobs at Australian Coking coal mine
BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will enter a care and maintenance period from November 2025. BHP and Mitsubishi Development, an arm of Mitsubishi Corp., jointly own the mine. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP, Mitsubishi Development and BMA Asset President Adam Lancey made a statement saying that they did not want operations to be halted or jobs to be lost. However, these decisions were necessary due to the combined impact on the Queensland Government’s unsustainable coal royalty rates and the market conditions. BHP stated that while the medium-term demand for hard coking coal is strong, it was not feasible to continue operations in areas with lower margins of the mine footprint under the current conditions. Queensland will increase royalties to 20% in July 2022 for coal prices above A$175 ($117). 30% for prices above A$225. And 40% for prices exceeding A$300. Prior to July 2022, the top tier of royalty rates was 15% on coal prices above A$150 per ton. The price of coking coal has normalized, trading last at $188.80. Prices for the commodity, which had soared to over $600 per ton after Russia invaded Ukraine in 2022, have now returned back down. BMA, the largest private employer in central Queensland, paid out more than A$6.4billion to its suppliers in fiscal year 2025.
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Dundee's Ecuador Mine Project protested by tens of thousands near a key water reserve
Residents and local leaders from Ecuador's central Azuay Province took to the streets Tuesday to call for the suspension of an mining project by Canada’s Dundee Precious Metals. They claim that the project will have a negative impact on a crucial water reserve. Dundee had been granted an environmental permit by the government of President Daniel Noboa to begin construction of the Loma Larga Gold Mine there. However, as the community's pressure grew, the country’s energy minister suspended construction in August until Dundee provided an environmental management plan. Provincial authorities rejected the project because it would affect the 3,200-hectare Quimsacocha Reserve and the surrounding paramos, which act as giant sponges to supply drinking water for major cities. The authorities estimated that more than 90,000 people marched through the provincial capital Cuenca, chanting, "Hands Off Quimsacocha!" Water is more valuable than anything! Cuenca mayor Cristian Zamora stated, "We want to the national government revoke the environment license." "The streets are roaring in Cuenca... they will need to listen to us." Dundee refused to comment on protestors' demands. Ecuador has significant gold and cobalt reserves. However, only two mines operate in the country. These are owned by Lundin Gold, a Canadian mining company, and EcuaCorriente by a Chinese mining group. Noboa has withdrawn from the project and said that the responsibility for the next steps lies with local authorities. In a Friday radio interview, he stated that "the municipality and prefecture have to take responsibility" if Dundee took them to arbitration court. There is a high probability that the project won't go forward, but there is also an increased probability of future problems. In Ecuador, the relative lack of mining project is due to strong community opposition and environmental concerns. Residents of Azuay have rejected mining plans at the polls and the courts have ruled to stop mining in the area. (Reporting and writing by Alexandra Valencia, Editing by Richard Chang).
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IAEA says shelling reported near Ukraine's Zaporizhzhia nuclear plant
The International Atomic Energy Agency reported on Tuesday that its team, based at the Russian-controlled Zaporizhzhia Nuclear Power Plant in the southeast Ukraine, heard shelling near the plant and saw black smoke rising out of three locations nearby. IAEA released a statement saying that the team of the U.N. nuclear watchdog had been informed that several artillery shells were fired in an area 400 meters (437 yards), away from its offsite diesel fuel storage facility. The incident, which did not result in any injuries or damage to equipment, once again highlighted the dangers that nuclear security and safety face. IAEA Director-General Rafael Grossi stated. Officials from Russia and Ukraine have not made any statements about the incident. In the first few weeks following the Russian invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Nuclear Plant, Europe's biggest with six reactors. Both sides accuse each other routinely of taking actions that threaten nuclear safety at the facility. Shelling incidents are frequent. Although the reactors of the plant are off, they still need to cool down their nuclear fuel. A governor appointed by Moscow in Ukraine's Zaporizhzhia Region said last week that a Ukrainian drone was detonated into the air. The staff had reported earlier two attacks on a nearby training centre in the previous week. IAEA monitors are permanently stationed at Ukraine's Zaporizhzhia nuclear plant as well as at Ukraine's other three nuclear plants. (Reporting and editing by Surbhi Misra, Bengaluru.
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Von der Leyen: EU proposes faster phase-out for Russian energy
The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission will present soon its 19th package sanctions, targeting cryptos, banks, and energies." She added, "The Commission will propose accelerating the phase-out Russian fossil imports." The bloc originally intended to stop purchasing Russian oil and gas on January 1, 2028. The U.S. increased pressure on Europe to take a stronger role in ending Russia's conflict in Ukraine. Trump told the EU that it should impose tough tariffs on India, China and other major buyers of Russian oil and cease importing Russian energy. U.S. Treasury Sec. Scott Bessent Has said The Trump administration will not impose any additional duties on Chinese products to stop China from buying Russian oil until the EU countries have imposed their own punitive duties against China and India. Reporting by Ananya Palyekar in Bengaluru; Lili Bayer, Julia Payne and Leslie Adler in Brussels. Editing by Leslie Adler, Marguerita Chy and Marguerita Adler.
Mexico's Pemex, Carlos Slim team met to go over deepwater gas project, sources say
Mexican state energy business Pemex and billionaire financier Carlos Slim's team are Discussing ways to revive advancement of the country's deepwater natural gas field that was shelved two times previously, 2 sources told .
The sources, both with direct understanding of the matter, stated executives of companies controlled by the Slim household consulted with Pemex on Tuesday to talk about the Gulf of Mexico gas field. One of the sources stated the parties had accepted reunite.
The Lakach field has actually been hailed as a possible entrance to a. new deepwater Mexican gas frontier. The sources said Pemex. stated it a leading priority to discover a new partner after its last. took out at the end of last year.
Pemex wants to establish the offshore field using a service. agreement where partners financing jobs in advance, a system. used previous to the nation's energy sector opening, among the. sources stated.
It was uncertain whether Pemex and Slim's companies plan to. move forward with the job or whether others would be. involved. The sources stated Pemex had connected to other. companies, too.
Pemex did not immediately react to an ask for remark. A representative for Slim declined to comment.
Slim, whose empire extends from telecoms to mining. to retail, has actually been increasing his participation in the energy. sector considering that in 2015 with stakes in shallow water fields Zama,. Ichalkil and Pokoch.
During a rare public appearance in Mexico City last month,. Slim stated he was interested in being partners with somebody with. experience. He added that he had an interest in increasing his. financial investments in U.S.-based Talos Energy.
The business discovered the Zama oil field in 2017, but. later on lost the rights to operate the possibly lucrative discover. to Pemex, which holds the rights to a nearby area where Zama. most likely extends.
Slim owns stakes in various business that could take part. in the Lakach field, including construction companies FCC and. PERFECT, which one source said participated in the Tuesday conference.
Nevertheless, both sources stated Pemex and Slim would still likely. need another business with deepwater knowledge.
revealed in November that Pemex and U.S. melted. natural gas business New Fortress Energy terminated an offer to. develop the field since the celebrations could not pertain to an. contract on terms consisting of pricing.
President Andres Manuel Lopez Obrador has stated the field. could be key for providing much-needed gas to Mexico and. bringing the nation more detailed to energy self-sufficiency and had. celebrated the offer.
Pemex CEO Octavio Romero said when it was initially revealed. that the collaboration would allow Pemex to fulfill Mexico's. security of supply targets. The companies then said the field. would likely yield production for 10 years or more.
Located some 90 kilometers (56 miles) from the Gulf port of. Veracruz, it holds an estimated 900 billion cubic feet of gas.
Up until now, Pemex has actually invested $1.4 billion on it. Plans to produce. gas there were also shelved in 2016, after it was considered too. pricey.
Authorities from the oil regulator and Pemex have actually also been at. odds over how to establish the Lakach field.
examined five internal evaluations the regulator. carried out between 2015 and 2022. In these, authorities repeatedly. raised questions over whether the it would be financially. feasible and technically possible.
In one file, dated October 2022, officials at the. regulator advised Pemex to send extra info about. what programs will be implemented to mitigate threats and. ensure the success of the project.
They kept in mind an absence of deepwater gas expertise in addition to. missing out on studies of the field and its infrastructure; they likewise. raised concerns over already sunken costs and whether the. project would ever turn a profit offered low gas prices.
In another document, dated the same month, authorities warned. of uncertainty over the volume of gas the field in fact holds,. including conflicting assessments of proven reserves, and that. results of some trials differed what Pemex had actually projected.
(source: Reuters)