Equinor’s Barents Sea Wildcat Fails to Deliver

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• Equinor’s Barents Sea Wildcat Fails to Deliver

  Equinor and its partners have drilled a dry well in the Deimos prospect in the Barents Sea.The wildcat well 7117/4-1 was drilled in production license 1238, 135 kilometers west of the Snøhvit field and 260 kilometers northwest of Hammerfest.Equinor is the operator of the production license with 55% stake, with partners Vår Energi 25% and Petoro 20% holding working interests.This well is the first one drilled in the production license, which was awarded on March 15, 2024, as part of the awards in predefined areas 2023.The well was drilled by the COSL’ COSLProspector semi-submersible drilling rig.COSLProspector is a 4,921-ft rig, capable of operating in water depths up to 1500 meters and drilling depths to 7500 meters.The unit is designed for North Sea/Norwegian Sea and worldwide use in harsh environments.

• Congo rebels accuse the government of undermining efforts to peace

  On Monday, the Congo River Alliance (a coalition of Congolese rebel groups, including the M23), accused the government of breaking agreements meant to end the conflict in the eastern Democratic Republic of Congo. The fighting in eastern Congo intensified in this year. M23 launched an offensive which allowed it to take control of the two biggest cities in the area. At a recent press conference, Corneille Nangaa (leader of the Congo River Alliance, AFC), said: "We have a duty to inform the Congolese and international community about the repeated violations of the ceasefire that are preventing the principle agreement." On July 19, under a Qatari-hosted mediation effort, Congo and rebels signed an agreement of principles in which they pledged to begin negotiations no later than 8 August with a goal of reaching a deal by 18 August. Both sides, however, missed the deadline. Nangaa has accused the government and its allied militias in South Kivu, in eastern Congo. The Congolese Government did not respond immediately to a comment request. Nangaa called on the African Union, the United Nations, and Qatari mediators to pressure Kinshasa into honouring its commitments. He also warned that any future attacks would be met with an "appropriate" response. Felix Tshisekedi, the president of the Democratic Republic of Congo, said in a Saturday speech to his coalition that there will only be a "dialogue" with Congolese people who want to rebuild and recover their country. Reporting by Congo Newsroom. (Writing by Ayen deng Bior Editing and proofreading by Ros Russell.

• Kuwait invites bids on 1.8 GW water and power project

  Kuwait has opened the bids for phase one of the Al Khairan water and power project. The project is a 1.8-gigawatt energy source that aims to alleviate Kuwait's power shortages. Kuwait Authority for Partnership Projects invited pre-qualified international consortiums to submit bids for Al Khairan Phase 1 independent water and power producer project. The project will also produce 125 millions imperial gallons per day of water. Kuwait, a member of OPEC and a major oil producer, is facing a severe electricity shortage because of rapid population growth, urbanization, rising temperatures, and maintenance delays in certain plants. The government has had to impose planned cuts to power in some areas as early as last year. Three consortiums were invited to submit their proposals. One was led by Abu Dhabi National Energy Company, the other by Saudi Arabia’s ACWA Power and the third by China Power International Holding. Nebras Power, Sumitomo Corporation and other qualified companies include. KAPP announced in an announcement on Sunday that the project would be developed using a public-private model. It will include "financing and design, construction, operations, maintenance, and transfer" for the plant. The plant will be located about 100 km south of Kuwait City, along the Gulf Coast, according to the newspaper Al-Rai. KAPP stated that the winning bidder would form a project firm to sign a deal for 25 years to sell water and power to the government. PPPs allow companies to be set up for the purpose of executing projects that are managed by a partner. The Kuwaiti partner can be a foreign investor or a group of investors. Kuwaiti citizens are offered a 50% stake, with the remaining being retained by the government. KAPP signed contracts worth over $3.27billion in August with ACWA Power, Gulf Investment and Al-Zour North Phases 2 and 3. Reporting by Ahmed Hagagy, Kuwait; Editing and proofreading by Ros Russell

• Sources say that Saudi Aramco and Iraq's SOMO have stopped crude sales to Indian refiner Nayara.

  Three sources with knowledge of the situation said that Saudi Aramco, Iraq's SOMO state oil company and India's Nayara Energy have ceased selling crude oil after the European Union imposed sanctions in July on the Russian-backed refiner. According to LSEG data and sources, the halting in supply of crude oil from two Gulf exporters meant that Nayara, which is majority owned by Russian entities, including Rosneft oil giant, was reliant on Russia exclusively for its crude imports during August. Shipping data from Kpler & LSEG revealed that Nayara usually receives 2 million barrels per month of Iraqi and 1 million barrels per month of Saudi crude. However, in August, neither of these suppliers sent any shipments to Nayara. SOMO and Nayara have not responded to requests for comments. Saudi Aramco refused to comment. Two sources, who declined to provide further details, said that Nayara had experienced payment difficulties for its purchases from SOMO due to the sanctions. According to Kpler, LSEG and industry sources as well as Kpler data and LSEG's data on the latest cargo of Basra oil from SOMO, it was discharged by Kalliopi (a VLCC) at Vadinar Port for Nayara on July 29. According to LSEG, the private refiner received a million barrels each of Basrah Heavy and Arab Light on July 18th. An official of the Russian Embassy at New Delhi stated last month that Nayara receives direct supplies from Rosneft. Sources have stated that the private company operates its Vadinar refinery in western India, which produces 400,000 barrels per day at 70-80% of its capacity because it is having difficulty selling its products due to sanctions. Nayara Energy controls 8% of India’s 5.2 million barrels per day refining capacity. Since the EU sanctions were imposed, it has struggled to transport fuel, relying instead on vessels from the so-called "dark fleet" after other shippers backed off, according to shipping data and LSEG. The CEO of the company resigned in August. Nayara announced last week that a senior executive of Azerbaijan’s national oil company SOCAR would be its new chief executive. (Reporting and editing by Tony Munroe, Jan Harvey, and Mohi Nrayan; Additional reporting from Ahmed Rasheed, New Delhi; Mohi Nrayan, Baghdad; Florence Tan, Singapore)

• Tax reform by Indian PM Modi to cut levies for shampoos, hybrids and TVs

  Two sources revealed that India will cut the consumption tax on 175 different products, from hybrid cars and shampoos to consumer electronics. Modi has repeatedly called for increased usage of Indian products. This is the biggest reform to the goods and service tax system in almost a decade. Modi announced his first reform plan on Independence Day last month when he promised to make everyday products cheaper in the fifth largest economy of the world. His proposal reduces the goods and services (GST), which includes toothpaste, talcum, and shampoo, from 18% down to 5%. This is expected to increase sales for companies such as Hindustan Unilever, and Godrej Industries. GST on televisions and air conditioners could drop from 28% down to 18% before the Diwali shopping spree, which begins in October. Brands like Samsung, LG Electronics, and Sony will dominate sales. The GST council in India, headed by the federal Finance Minister Nirmala Sitharaman, and with representation from all the states of the country, will finalise a list of tax-cutting items at a meeting scheduled for September 3-4. A request for comment on this article sent to the Finance Ministry by email was not immediately answered. The tax cuts proposed are also intended to cushion the expected drop in exports into the United States, by increasing domestic consumption and helping increase farm incomes. India plans to reduce consumption tax for key exports like farm machinery, tractors, and fertilisers to 5%. The current rate is 12%. India is also reducing consumption tax on key export items like fertilisers, farm machinery and tractors as well as their parts to 5% from 12% or 18% at present. CARS AND COLAS Modi's Government has proposed to reduce GST on small petrol-hybrid cars from 28% to 18%. This is a victory for Japanese automakers Toyota Motor and Suzuki Motor. For years, carmakers have lobbied to reduce taxes on a technology that they claim is cleaner than petrol vehicles. The tax on hybrid vehicles, which are powered by a combustion motor and an electric motor, can be lowered to match the 5% GST for electric cars. Tata Motors, Mahindra & Mahindra and other Indian EV manufacturers have expressed concerns that lowering the tax on hybrids could derail the country's electricification ambitions. The government also proposes reducing the tax on motorcycles, scooters, and commuter vehicles with engine capacities less than 350cc. This includes 95% of the close to 20 millions two-wheelers that were sold in India during last year's fiscal year, by companies such as Bajaj Auto Hero MotoCorp, and TVS Motor. The proposed tax cut is expected to boost the sale of small vehicles in India, the third largest automobile market in the world. This will benefit Maruti Suzuki as India's biggest carmaker as well as its rivals Hyundai Motors and Tata Motors. The government will lower the additional charges to maintain the rate at 50%. India may also raise rates on coal, as well as on services such as betting, horse racing, and casinos, while maintaining levies on carbonated drinks and colas made by PepsiCo and Coca-Cola, as well as homegrown Reliance Industries. This is despite calls for a tax cut. (Reporting and editing by Toby Chopra, Mark Heinrich and Nikunj Ahri)

• Modi's tax reform has seen levies cut on TVs, shampoos and hybrid cars

  Two sources revealed new details about Prime Minister Narendra Modi’s major tax reform. India will cut consumption tax on 175 products, including shampoos, hybrid cars, and consumer electronics. Two sources revealed that India plans to reduce goods and services taxes (GST) from 18% down to 5% on products like talcum, toothpaste, and shampoo. This is expected to boost sales at companies such as Hindustan Unilever, and Godrej Industries. Before the Diwali shopping period, which begins in October, brands such as Samsung, LG Electronics and Sony will dominate sales, consumer electronics, like air conditioners, televisions and other electronic devices, could see their rates fall from 28% down to 18%. Toyota Motor and Maruti Suzuki, who have lobbied for years to lower tax on a technology that they claim is cleaner than petrol vehicles, will be pleased with the proposed reduction on small petrol-hybrid cars from 28% to 18%. On September 3-4, the GST council will decide which goods and services India plans to reduce taxes on. The GST council is led by federal finance Minister Nirmala Sitharaman with representation from all the states. Modi's Independence Day speech, delivered on August 15, in which he promised to reduce taxes on everyday items but did not provide details, triggered the sweeping changes. India's Finance Ministry did not respond to an email asking for comments about this story. (Reporting and editing by Nikunj Ahri, Aditi Sha; Toby Chopra is the editor)

• Ambani Family postpones New York cultural events amid strained U.S.-Indian trade relations

  The family of billionaire Mukesh Amanbi has postponed an event in New York citing "unforeseen circumstance". This decision was made after Washington raised tariffs on Indian imports over its purchase of Russian oil. The Nita Mukesh Ambani Cultural Centre did not give any details on the reasons behind the postponement. "India Weekend" was originally scheduled to begin on September 12th at the Lincoln Center. However, the decision came amid worsening U.S. India relations. Last week, the administration of President Donald Trump doubled tariffs for a number of Indian imports up to 50%. U.S. officials have criticised India's purchases discounted Russian crude oil, saying that they undermine efforts to end the Russian conflict in Ukraine. They have not mentioned Ambani. Mukesh ambani's Reliance Industries operates the largest refinery complex in Gujarat, and is India's top buyer of Russian oil. Nita, Mukesh's wife, and chair of the cultural center, Nita, was to host a cultural event with Michelin-starred chef Vikas Khanna, designer Manish malhotra, and "The Great Indian Musical : Civilization to nation". India has justified its purchases of Russian oil, which made up 35% of the country's supply in the first six months of 2025, by citing economic reasons. It has also criticised the U.S., the European Union, for singling New Delhi out over its Russian purchases. Reliance Industries and Rosneft have a crude oil supply agreement for approximately 500,000 barrels of crude oil per day. This is the largest deal between India's Rosneft. Reliance has a significant exposure to the U.S. markets. Ambani, in his annual address, urged Indian business to "work together as a great coalition with unity" to protect the economy from external shocks. He also called for greater self-reliance among key technologies and industries. The cultural centre stated that the NMACC will return to New York in the future. Ticket holders will be refunded. (Reporting and editing by Frances Kerry.)

• What you need to Know about the upcoming Norwegian elections

  The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by Progress Party populists and centre-right Conservatives. Inequality and taxation are two of the key issues that may decide the outcome. The result could also have an impact on the energy and power supply to Europe, as well as the management and control of Norway's massive sovereign fund. What's at Stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to power 2021. This follows eight years of Conservative governments. Labour is leading a minority coalition, which includes the Socialist Left Party and the rural Centre Party. According to a survey conducted by Respons Analyse on August 7-13 for the daily Aftenposten (in Norwegian), inequality is now voters' top concern, surpassing national security and defence, which have fallen to sixth place from a similar poll taken in April. Food prices have risen by 5.9% over the past 12 months, putting pressure on the pocketbook and cost of living. According to the survey, voters also prioritized jobs, taxes, and the economy. Some of Labour's allies want to raise taxes on the wealthy in order to fund tax cuts for families with low income and public services. Both Progress and Conservatives advocate for large tax reductions. SOVEREIGN LAND FUND Norway's wealth fund of $2 trillion, built from vast oil and natural gas revenues, allows it to spend more freely than other European countries. However, the need to control interest rates and inflation is a constraining factor. The debate about investments in Israel was at the forefront of the campaign and sparked an unusually open debate on how the world's biggest sovereign fund works. Last week, the Socialist Left said that it would support a future Labour Government only if they divested themselves from companies involved in "Israel's illegal war in Gaza". Labour rejected this demand but it could be hard to reject such demands after the election. OIL AND GAS Norway has replaced Gazprom as Europe's largest gas supplier after the Russian invasion of Ukraine in 2022. The European Union is planning to phase out the use of Russian gas in 2027. However, it is crucial to exploit new oil and gas resources to reduce production decline. Depending on the influence of the Greens, Liberals, and other smaller parties, the election may decide whether Norway opens up new areas for oil exploration or if it restricts the companies to the existing ones. It is unlikely that radical proposals such as stopping exploration altogether will receive enough support. Norway exports its surplus power to Europe. Some left-wing and rights-wing parties continue to campaign on the issue of limiting exports. This would cause problems for both the neighbours of Norway and Brussels. Norway may not be a member of the EU, but it is a part of the Single European Market and must follow its rules. Restriction of power exports would be a breach. The parties are divided on how to meet the growing domestic demand, which is eroding Norway’s surplus. In recent years, little capacity has been added for generation. Solar, wind on land and new hydropower are quick and cheap to build but they face local protests because of their environmental impact. Due to its high cost, offshore wind is controversial. How does it work? Norway uses a proportional system where 169 legislators are elected for four years from 19 geographic districts. A party that receives more than 4% of the vote nationwide will be guaranteed representation. However, a strong showing within a district can also result in one or two seats. A coalition or continued minority rule by Labour are likely outcomes. Nine parties are predicted to gain seats, according to polls. On the left are Labour, the Socialists and the Greens. Labour's Stoere will remain in power if the centre-left party wins. If it is centre-right, either Progress Party leader Sylvi Listehaug, or Conservative Party chief Erna Solberg, could become Prime Minister. Results The voting ends on 8 September at 1900 GMT when the first exit surveys are expected. The results could be revealed late in the evening, but the final result may not be known till the next day. Negotiations after the election will determine which parties form the cabinet.

• Modi: Russia and India are united in difficult times

  Narendra Modi, the Indian Prime Minister, told Vladimir Putin that India and Russia stand shoulder-to-shoulder even in difficult circumstances after the Kremlin Chief cast the Indian PM as his "dear Friend" and gave him an armoured limousine. China and India are two of the largest buyers of Russian crude oil, the second-largest exporter in the world. Trump has imposed extra tariffs on India for the purchases, but there are no signs that India or China will stop the purchases. Modi and Putin walked together towards Chinese President Xi Jinping on the sidelines the Shanghai Cooperation Organisation meeting (SCO), which was held in the port city of Tianjin. The three men were surrounded by interpreters as they smiled and spoke. Modi later posted a photo on X showing him and Putin in the armored Russian Aurus Limousine used by the Kremlin Chief. Modi said to Putin during the bilateral meeting that India had remained united with Russia even through difficult times. Modi stated that India and Russia had always stood shoulder to shoulder, even in the most difficult of situations. "Our close collaboration is important for both peoples, but also for peace, stability, and prosperity in the world." Putin called Modi "Dear Prime Minister, dear Friend" during the bilateral meeting. "Russian and India have had special, long-lasting relations that are friendly and trusting. "This is the basis for the development and growth of our future relations," Putin said. Modi welcomed recent efforts to end the war in Ukraine. "We hope all parties will move ahead constructively." Modi stated that a way must be found to resolve the conflict as quickly as possible and to establish a permanent peace. Putin has offered rides on occasion to other leaders or politicians when he travels abroad in the Aurus. Gifts The vehicle is the same as what he gave to Kim Jong Un, North Korean leader in 2024. (Reporting and writing by Maxim Rodionov in Moscow, with Sakshi Dayal; editing by Guy Faulconbridge.

• Egypt Signs Exploration Deals with Global Firms

  Egypt has signed four agreements with international firms worth more than $340 million to explore oil and gas in the Mediterranean and Nile Delta, the Petroleum Ministry said on Saturday.The deals, signed by the state-owned Egyptian Natural Gas Holding Company (EGAS), provide for the drilling of 10 wells as part of the ministry's efforts to boost exploration and production.Egypt, once a regional exporter, has increasingly turned to imports to meet rising domestic demand as output declines from aging fields and investment lags in new ones.Gas production in May was 3,545 million cubic metres, down more than 40% from March 2021, according to the Joint Organisations Data Initiative (JODI).The first deal, with oil giant Shell, is worth $120 million and covers three wells in the Mediterranean's Merneith offshore area, the ministry said.Italy's Eni signed a $100 million agreement to drill three wells in the East Port Said offshore block.A third agreement, worth $109 million, went to Arcius Energy, a joint venture 51% owned by BP and 49% by ADNOC's investment arm XRG, to operate in the North Damietta offshore area.The ministry also announced a $14 million deal with Russia's Zarubezhneft to drill four wells in the onshore North El-Khatatba block in the Nile Delta.(Reuters - Reporting by Hatem Maher, Writing by Muhammad Al Gebaly; Editing by Bernadette Baum)

• Elliott Affiliate's bid of $5.89 billion recommended as the winner of Citgo's auction

  According to documents filed by the officer overseeing sale, a $5.89 billion offer from an affiliate hedge fund Elliott Investment Management was recommended as the winning bid in a U.S.-court-organized auction for shares of the Venezuelan-owned refiner Citgo Petroleum. Robert Pincus, a court officer, made the recommendation despite an attempt by a Gold Reserve subsidiary to sweeten their $7.4 billion deal earlier in the week. Pincus, in a ruling earlier this month said that an improved offer from Elliott's subsidiary Amber Energy was superior. The court then gave the Gold Reserve Group three days to match the bid. Pincus stated on Friday that Gold Reserve's Dalinar Energy transaction "didn't match or exceed the Amber Sale transaction and therefore the Amber Sale transaction continues to be a superior proposition." The proceeds of the auction are expected to compensate a few creditors who have been fighting in U.S. court since 2017 for nearly $19 billion after Venezuela expropriated its assets and defaulted. (Reporting and editing by Julia Symmes Cobb; Marianna Pararaga)

• California waives penalties for high profits from refineries

  California's Energy Commission decided on Friday to set aside for a temporary period penalties for excessive refinery profits, which were adopted in response to the rise of gasoline prices over $8 per gallon by 2022. Phillips 66 Los Angeles refinery, which is preparing for a permanent shutdown by the end of next week, has delayed implementing penalties by five years. In an email, the staff of the Commission stated that "the fact is that supply is decreasing faster than demand and we need them to align: this means aggressively pursuing a transition to zero-emission vehicles while slowing down supply loss." California's Democratic governor Gavin Newsom proposed the penalties but has now changed direction due to fears of price spikes after 2026 following the closure of Phillips 66 refinery, and a plant in the San Francisco area operated by Valero Energy Corp. Both companies said declining gasoline demand promoted by state's policies in favor of non-fossil-fuel-powered vehicles made the once-lucrative California market untenable in the long-term. California has set a goal of banning the sale fossil fuel-powered cars by 2035. Western States Petroleum Association, which called for a 20-year delay in the penalties, said that global oil markets determine prices and not state policies. Consumer Watchdog, a group within the state of California, has criticized officials for their change in policy. Consumer Watchdog's Jamie Court wrote in a letter before the vote that by removing the penalty, California officials were opening the market up to the price spikes of 2022. The commission also adopted policies to stabilize California’s refinery capacity and increase motor fuel imports, as well as to promote the development of the oil reserves in the state. California is separated from U.S. refinery centers in the Midwest and along the Gulf Coast by the Rocky Mountains. The state depends on the refineries in Washington and California as well as Asian imports.