bp has completed the sale of Gelsenkirchen refinery and related businesses to Klesch Group. The transaction supports bp’s continued focus on disciplined capital allocation and is also expected to lower underlying operating expenditure by around $1 billion.
Oil prices fell sharply on Monday after US President Donald Trump suspended plans for military strikes against Iran and announced that negotiations with Tehran would resume, raising hopes of reducing the risk of disruptions to global crude supplies.
Kuwait Oil Company (KOC) said it has awarded 129 contracts worth about KD2.2 billion ($7.2 billion) during the first half of 2026 as it stepped up investments to expand oil production capacity, strengthen drilling and exploration activities as well as modernise oilfield infrastructure.
Opec+ members have agreed to increase oil production by a combined 188,000 barrels per day in September 2026, as part of the gradual easing of voluntary output cuts introduced in April 2023 to support market stability.
Nama Water Services has launched a pilot project with Hema Energy to cultivate Camelina, a biofuel crop, using recycled water. The initiative aims to transform treated wastewater into a strategic resource that supports sustainable development and clean energy goals.
Adnoc has established a new well delivery performance standard, drilling well sections of more than one mile in length within a single day in some of the UAE’s most complex carbonate formations, including 6,428 feet completed in 24 hours.
bp has launched a process to market its North Sea business for a potential sale as part of its ongoing portfolio review, aiming to simplify operations, strengthen its business and support disciplined capital allocation.
Shell has agreed to sell BG Cyprus to MOL Group for up to $720 million, covering its 35 per cent stake in Cyprus Offshore Block 12’s Aphrodite gas field, with produced gas expected to be supplied to Egypt’s Egyptian Natural Gas Holding Company.
The International Renewable Energy Agency (Irena) has invited public and private sector renewable energy developers in Central America and the Caribbean to submit project proposals for potential financing through its Climate Investment Platform (CIP) and Energy Transition Accelerator Financing (ETAF) platform.
Bahrain's Fuel Pricing and Monitoring Committee has set August fuel prices, effective August 2, reflecting global market changes, while maintaining diesel subsidies for Bahraini fishermen and reaffirming its commitment to balanced pricing in line with economic conditions.
