Saturday, 31 October 2026

ExxonMobil has agreed to raise its working interest in the Rovuma LNG project in Mozambique to 50%, according to World Oil. The company also agreed to increase its working interest in Papua LNG in Papua New Guinea to 34%, World Oil reported.

ExxonMobil said it has assumed operatorship at Papua LNG.

Forum Energy Technologies raised its full-year 2026 guidance to revenue of USD 900 million to USD 920 million and adjusted EBITDA of USD 123 million to USD 129 million, according to World Oil.

FET cited strong demand and improving industry activity when it lifted the outlook, World Oil reported.

The company's Drilling and Completions segment posted third-quarter revenue of USD 147 million, according to World Oil. That figure rose 6% from the second quarter and about 25% from a year earlier, with growth across every product line, World Oil reported.

WTI and Brent crude both settled higher for the week, according to Oil & Gas Journal.

Oil prices stayed elevated as fears of an expected escalation in the Middle East following the US midterm elections, along with persistent threats to shipping in the Strait of Hormuz, sustained a geopolitical risk premium, Oil & Gas Journal reported.

Another inventory draw helped support the rally, according to the publication.

WTI was up $11.50/bbl since Oct. 1, Oil & Gas Journal reported.

Wyoming will partner with the Trump administration to streamline and expedite permitting for large energy and industrial projects, including data centers, according to Inside Climate News. Representatives from both groups announced the initiative Monday.

Wyoming Gov. Mark Gordon and Federal Permitting Improvement Steering Council Executive Director Emily Domenech signed a memorandum of understanding to prevent unnecessarily long reviews for critical infrastructure projects, Inside Climate News reported.

The agreement aligns Wyoming with federal expedited permitting efforts that have included shortened environmental reviews and public comment periods.

Domenech said the agency helped the Trump administration reduce the average federal permitting review time from 1,500 days to 400 days.

Eni has started gas production from the Maha Field in Indonesia's Kutei Basin offshore East Kalimantan, 21 months after reaching its final investment decision, according to Offshore Magazine.

The field consists of two subsea production wells tied back to the existing Jangkrik FPU, Offshore Magazine reported. After processing aboard the Jangkrik FPU, Maha gas will move through existing pipeline infrastructure to Indonesia's domestic market and the Bontang LNG plant, which serves both domestic and export customers.

The Maha Field can produce 250 MMscf/d of gas, according to Offshore Magazine.

New data center developments in Texas are essentially paused until after the November elections amid severe opposition to the projects, according to Inside Climate News.

Texas Gov. Greg Abbott moved to tighten state oversight over the course of the year. In August, Abbott ordered the state utilities regulator, the Public Utility Commission, and the grid operator, the Electric Reliability Council of Texas (ERCOT), to audit how much power and water every data center project under development would consume, Inside Climate News reported.

In September, Abbott ordered the Texas Water Development Board (TWDB) to enforce water-use reporting requirements on data center projects, according to the outlet.

Abbott's press secretary, Mahaleris, said data centers must pay their own way, protect the grid and water, and complete the ERCOT and TWDB audits. "Until they do, no state agency will issue related permits, and any project that fails those standards will be denied," Mahaleris said in a statement to Inside Climate News.

Rodan Energy Solutions has signed a long-term agreement with St. Marys Cement to build a battery energy storage system at the cement maker's facility in Bowmanville, Ontario, according to Solar Builder.

The planned system will reach 50 MWh, and Rodan officials say it will be the largest of its kind in Canada to date once completed, Solar Builder reported.

The battery will let the cement plant cut grid demand during peak electricity-use hours, according to Solar Builder.

India's expanding utility-scale solar fleet is driving greater demand for accurate generation forecasts, according to pv magazine.

The country does not apply a single uniform forecasting specification across every solar project, pv magazine reported.

Forecasting requirements instead vary by the connection point, the scheduling entity responsible, and the rules set by central or state regulators, according to pv magazine.

ExxonMobil posted third-quarter 2026 earnings of USD 15.4 billion, or USD 3.72 per share, double the USD 7.5 billion, or USD 1.76 per share, it earned a year earlier, according to Oil & Gas Journal.

Adjusted Energy Products earnings more than doubled quarter on quarter, climbing to USD 9.1 billion from USD 4.1 billion in the second quarter, Oil & Gas Journal reported.

First Solar lowered its full-year 2026 net sales guidance to between USD 4.6 billion and USD 4.9 billion, according to pv magazine, after tariff uncertainty slowed orders.

The revised range sits below the USD 4.9 billion to USD 5.2 billion the company reported after the second quarter, per pv magazine.

The company also cut its full-year volume sold forecast to between 16.0 GW and 17.0 GW, pv magazine reported, citing the slowdown in sales.

Seatrium secured an FPSO integration contract valued at over S$200 million from SBM Offshore N.V., according to Offshore Magazine.

The scope covers fabrication of mooring and riser support structures, a flare tower and associated topside support structures, along with vessel modification and drydocking activities. Seatrium's work also includes integration of topside modules.

Project execution is expected to begin in the fourth quarter of 2026, with completion scheduled for 2029, according to Offshore Magazine.

The Offenburg Regional Court has issued a preliminary legal assessment, not a judgment, in a case over electric vehicles with faulty batteries, according to electrive.

The court order does not yet constitute a ruling, electrive reported.

Under the EU product recall rules described by electrive, responsible companies must offer affected consumers an effective, free and timely remedy.

The U.S. Department of Energy (DOE) opened a $237 million funding call covering domestic manufacturing and supply chains for critical electric grid components.

DOE projects the funding could yield up to $125 million a year in utility savings, and estimates it would retain roughly $50 million annually in the U.S. economy that would otherwise flow to foreign suppliers.

The money divides into two tracks. One sets aside up to $50 million for refurbishing and reusing existing grid equipment and materials. The larger share, up to $187 million, backs projects that expand U.S.-sourced and U.S.-made alternative materials and subcomponents to cut reliance on imports.

Concept papers are due November 20, 2026, a required step before any full application. Completed applications must reach DOE by February 8, 2027.

Vingroup, the parent company of VinFast, plans to build a new electric vehicle manufacturing facility in the Philippines, according to electrive.

The Vietnamese conglomerate will invest USD 500 million, approximately EUR 449 million, in the site, electrive reported.

According to the DTI, cited by electrive, the facility will offer an initial annual production capacity of 200,000 vehicles.

Emissions in the area around Russia's floating nuclear power plant have fallen almost 80% since it began supplying heating in 2022, according to an environmental monitoring report cited by World Nuclear News.

Operators of the Akademik Lomonosov plant in Chukotka, on eastern Russia's Arctic coast, said gross atmospheric pollutant emissions decreased almost fivefold after a significant portion of the city's heating load was transferred to the plant.

The operators put the decline at a drop from 11.64 tonnes to 2.281 tonnes of gross pollutant emissions into the atmosphere.

Nano Nuclear Energy signed a memorandum of understanding with Hyundai Engineering to establish a framework for potential collaboration on the Kronos micro-modular reactor project at the University of Illinois Urbana-Champaign, according to NucNet.

The agreement also covers broader cooperation on future manufacturing and deployment. The two firms will work together to deploy the 15 MW Kronos MMR system at the university, according to Interesting Engineering.

The companies initially intend to focus on project-execution planning, conventional and site-related work, procurement readiness, supply-chain development and US localisation planning for the university project, according to NucNet.

Adani Group is reportedly interested in acquiring Dutch energy storage operator VTTI at a valuation of around USD 3.4 billion, according to The Industry Outlook.

Deliberations over the potential transaction remain ongoing, with no certainty that a deal will occur, BusinessToday reported. Other bidders are actively pursuing a stake in the business.

The Industry Outlook described Adani Group's reported interest as a strategic pivot toward energy storage.

Namibia is set to receive USD 56 million in climate financing for green hydrogen and industrial decarbonisation projects, according to The Brief.

The funding follows the Green Climate Fund's approval of a USD 140 million package for Southern Africa, The Brief reported. The Namibian share supports the development and construction of green hydrogen and industrial decarbonisation projects.

Separately, AirTrunk secured an AUD 4.25 billion green loan to expand its SYD3 data centre campus in Western Sydney, according to cfotech.com.au. The loan supports continued development of one of the company's Australian sites.

TotalEnergies retained its full economic interest in three gas licences held by the Renaissance JV after selling its oil interest, according to Machine Maker. The licences are OML 23, OML 28 and OML 77.

The three retained licences currently account for 50% of the gas supplied to Nigeria LNG, Machine Maker reported, describing the output as an important part of the country's gas production and export operations.

Gas prices fell five cents per gallon over the past week ahead of Halloween, according to AAA.

In a separate consumer-price move, dry fruit prices rose 35% during the Diwali season, according to fnbnews.com. The same report attributed the increase to geopolitical tensions, adverse weather conditions, and supply chain disruptions.

On a 13-0 vote, the Los Angeles City Council moved to reinstate a citywide prohibition on new oil and gas drilling and set a 20-year deadline for existing operations to close, according to the Press-Telegram. The action restores a policy that courts had struck down.

Under the ordinance, no new oil or gas wells may be drilled, and current extraction sites are reclassified as nonconforming land uses across the city. Mayor Karen Bass must sign off before it takes effect.

STAND-L.A., an environmental justice coalition, says the rules reach more than 600 active and 1,200 idle oil wells within the city.

The California Independent Petroleum Association plans to take the revised ordinance to court. A recent state law expanded the power of local governments to limit drilling.

Residents in affected neighborhoods have cited pollution and health concerns, and the council's vote is the city's newest effort to halt oil extraction there.