Monday, 26 October 2026

Oyo State Governor Seyi Makinde raised fresh concerns that Nigeria LNG (NLNG) dividend funds meant for states were being withheld.

Makinde said each state was entitled to NGN 250 billion from NLNG dividends, according to New Telegraph.

The governor alleged that the funds had been withheld until after Nigeria's 2027 elections.

Makinde described the delay as a major setback for subnational development planning and long-term infrastructure investment.

Venezuela expects close to $76 billion in oil and gas investment over five years under 61 signed agreements, with 44 more under negotiation, acting President Delcy Rodríguez said on October 17, according to ET Edge Insights.

The investment drive supports a production push. Venezuela is seeking to raise oil output to 1.3 million barrels per day in 2026 and 1.5 million barrels per day in 2027, according to Caribbean News Global. That target opens potential work for companies with the technical expertise and financial resources to take part in field rehabilitation, enhanced oil recovery, drilling and production expansion.

Chevron's Venezuelan joint ventures plan to invest more than $7 billion over five years after the company secured expanded development rights in the Orinoco Belt in September, according to Caribbean News Global.

International operators, oilfield service companies and strategic partners are being invited to register as commercial partners for the Venezuela Energy Week 2027 Deal Room, where companies can pursue joint ventures, service agreements, technology deployments and offtake arrangements, according to Caribbean News Global.

The North Sea Transition Authority (NSTA) estimated UK proven and probable oil and gas reserves at 2.5 billion barrels of oil equivalent at the end of 2025, down 0.4 Bboe from a year earlier.

No exploration wells were drilled on the UK Continental Shelf in 2025, according to the NSTA.

The decline came as production of around 380 million barrels of oil equivalent in 2025 was not offset by additions to the reserves base, the NSTA said, with no Field Development Plan approvals or further reserves adjustments for producing fields.

Former Polar Train LNG chief executive Joel Riddle alleges that Novatek financed and exercised strategic influence over the Alaska project before the necessary US sanctions permissions were obtained, according to Herald.Wales.

Riddle resigned in September and was followed by most of Polar Train LNG's senior executive leadership.

Polar LNG disputes Riddle's account and says its activities comply with US law.

The Northeast heating oil action involves a 315,000-barrel loan, according to the New York Times. Analysts said the volume is too small to make much of a difference in regional prices.

The barrels will be loaned from reserve sites in Connecticut, Maine and Massachusetts, with deliveries to be completed by Nov. 13, according to the department.

The average price for gas fell 17 cents last week in San Luis Obispo County, according to AAA. The decline brought the average to $6.20 a gallon.

President Bola Tinubu has pressed international oil companies working in Nigeria to hand more contracts to local engineering firms, Ecofin Agency reported.

The push supports a government goal of lifting local content in oil and gas to 70% by 2027, according to Ecofin Agency.

Domestic sourcing of goods, services and expertise in the sector has already climbed from 26% in 2016 to 56% in 2024, Ecofin Agency reported, citing data published in December 2025.

That same month, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry set up a USD 100 million fund for Nigerian oil and gas companies.

The International Energy Agency has warned of a significant global diesel shortage. The IEA reported that shipping crude from the Gulf to Asia cost more than USD 37 per barrel by mid-October.

Global gas oil and diesel exports fell by approximately 700,000 barrels per day year on year in September, according to the IEA.

Up to 315,000 barrels of ultra-low-sulfur distillate will be drawn from the Northeast Home Heating Oil Reserve, the U.S. Department of Energy said on Oct. 21, according to the New Haven Register.

Stocks sit in South Portland, Maine, in Boston, and across the Groton/New Haven area, the New Haven Register reported. Wholesalers buying the fuel should receive their deliveries by Nov. 13.

The release runs as an exchange rather than a sale. Recipients owe back the same volume, with a premium added, before the 2027-28 heating season, the New Haven Register reported.

Energy Secretary Chris Wright said the exchange aims to hold down home heating oil prices heading into winter and cover supply disruptions.

The government deferred a proposal to buy liquefied natural gas directly from Japan's JERA Global Markets Pte Ltd (JERAGM), pending legal vetting by the Legislative and Parliamentary Affairs Division.

The proposal sought in-principle approval for direct LNG procurement from JERAGM under applicable public procurement provisions. No final approval for the purchase or the signing of agreements was granted at the meeting.