Latest News
-
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
-
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.
-
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.
-
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.
-
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.
-
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).
-
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.
-
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.
Declining Mexican crude output might shatter energy self-reliance dream
Mexico's inbound President Claudia Sheinbaum will likely face a new challenge fulfilling the imagine energy independence that led her predecessor to invest $17 billion on a new refinery: a shortfall in domestic unrefined supply.
The nation is a major crude manufacturer however output from the nation's older oil fields, mostly in the Gulf of Mexico, has plunged to more than a four-decade low.
Without considerable spending on exploration and production, Mexico might find itself importing crude to feed its broadened refinery capacity in the next decade, an as soon as unheard-of modification of direction for the key worldwide exporter.
For years, state-owned Pemex has failed to satisfy regional fuel demand since its outdated refineries were unable to procedure the heavy Maya crude that it predominantly pumps.
That left Mexico exporting crude while having to import gasoline and diesel, much of it from the United States. Outbound President Andres Manuel Lopez Obrador promised to alter what he saw as a humiliating reliance on imported motor fuels.
He commissioned a new 340,000 barrels daily (bpd) refinery in his home state Tabasco to fulfill the fuel supply shortfall triggered by Pemex's six refineries that had actually gone years without sufficient investment to perform at capacity.
Lopez Obrador's Olmeca refinery in Dos Bocas is over spending plan and behind schedule, once it fully begins, Mexico may come close to supplying the motor fuels it takes in for a few years.
Previously unreported forecasts from the energy ministry, seen , nevertheless, recommend that period would be brief, and Pemex would likely have to start importing crude as production will quickly decline from 2030.
Pemex, the energy ministry and the president's office did not react to ask for comment for this story.
Zama, a shallow-water field on the cusp of being a. deep-water field, and Trion, an ultra-deep-water field, would. temporarily lift production to practically 2.247 million bpd in 2028. from around 1.8 million bpd now, the middle of three situations. set out by the energy ministry showed.
The most optimistic scenario sees output reaching 2.390. million bpd, and the more pessimistic at 2.164 million bpd.
All 3 circumstances, which factor in some new discoveries,. project quickly declining production from 2030.
That indicates Mexico would need to start importing crude as. early as in the next decade if it wishes to run its refineries. near capacity, one source at the energy ministry familiar with. the projections said. It would also no longer export crude.
Zama and Trion might also dissatisfy, the source stated,. adding that other recent discoveries have.
UNEXPLORED CAPACITY
Alma America Porres, who served two terms as a commissioner. at the hydrocarbon regulator, including throughout the landmark. energy reform that sought to open the sector a years back,. stated Mexico's proven crude reserves suggest the shortfall may. come even faster.
The tested reserves offer us the most sensible image of. what there is, she said. I do not see a big discovery, one of. the scale of Trion or Zama, in the near term.
Previously this year, Mexico reported that its tested crude. reserves had fallen to 5.978 billion barrels from 6.155 billion. barrels a year earlier. Its total proven reserves were raised. by natural gas, however.
Production from older fields - including the Cantarell. field, as soon as the 2nd biggest in the world after Ghawar in. Saudi Arabia - has been decreasing quickly over the last few years. Newer. fields have actually stopped working to compensate.
Lopez Obrador has invested heavily in the six refineries,. which increased processing to about 1 million bpd. Even so, its. out-of-date refineries produce record amounts of fuel oil rather. than much-needed motor fuels.
With the Olmeca refinery starting up and repair work to older. ones, the energy ministry forecasts they will process 1.6. million bpd of crude, closer but still below consumption levels. of around 1.7 million bpd, International Energy Company data. shows.
Experts have stated the big amounts spent on the Olmeca refinery. could have been much better spent on oilfield exploration and. production, and diversifying into renewable resource sources.
Lopez Obrador, a resource nationalist, has actually not held auctions. for locations that might motivate other oil and gas business to. explore and buy deepwater and onshore shale production,. where Pemex lacks competence and cash.
The legal structure to enable participation from companies to. run fields by themselves - or in association with Pemex -. remains in location even after Lopez Obrador pushed through other. reforms that focus on Pemex.
The exploration part requires a lot of financial investment,. investment that Pemex does not always have cash for, stated. Carla Gabriela Gonzalez, another previous senior authorities at the. hydrocarbon regulator.
And that was where private companies added worth: since. they purchased exploration, which investment didn't cost. the Mexican state anything. On the contrary, these business. paid the Mexican state for the right to check out.
Three Pemex engineers at the company's expedition and. production arm, and the engineer at the energy ministry agreed. that the state company might extremely gain from participation. by the private sector.
What we need is a massive expedition strategy, similar to. Petrobras in Brazil had, rather of one that centers on. increasing refining capabilities, stated the energy ministry. source.
Pemex puts Sheinbaum in a bind: she has placed herself. as the guardian of her mentor's resource nationalist tradition that. requires investment while others are diversifying into renewable. energy sources.
Sheinbaum has proposed investing more on wind and solar. facilities for electricity generation. Her plans for Pemex. stay uncertain and her team did not respond to an ask for. more remark.
With a doctorate in energy engineering from Mexico's. National Autonomous University, Sheinbaum was one of the lead. authors for the industry chapter of the U.N. Intergovernmental. Panel on Environment Change in 2014.
One of Sheinbaum's consultants on energy matters stated that. there would likely be some collaboration with private companies. throughout her presidency to increase exploration and production,. with choice offered to those currently operating in Mexico.
(source: Reuters)