Woodside Energy Group Ltd’s output in 2025 exceeded guidance and set a company record but it expects a slowdown in 2026 due to downtime from preparations to start up the Scarborough Energy Project. The Perth-based liquefied natural gas (LNG)-focused producer on Wednesday reported 198.8 million barrels of oil equivalent (MMboe) in production last year, beating the company’s forecast of 192-197 MMboe. “This performance was driven by sustained plateau production at Sangomar [offshore Senegal] through late October and Pluto LNG operating at 100 percent reliability for the second half of the year”, acting chief executive Liz Westcott said in the company’s quarterly statement of results. This year Woodside expects to produce 172-186 MMboe. The projected year-on-year drop “reflects planned downtime at Pluto as we prepare the facility to begin processing Scarborough gas and for first LNG cargo in Q4 2026”, Westcott said. Westcott was referring to the Scarborough Energy Project, which includes the development of the Scarborough field off the coast of Karratha, the construction of a second gas processing train for Pluto LNG with a capacity of five million metric tons per annum (MMtpa) and modifications to Pluto Train 1, according to Woodside. Woodside expects the project to produce up to eight MMtpa of LNG and supply 225 terajoules per day of gas to the Western Australian market. In the fourth quarter of 2025 Woodside produced 48.9 MMboe, down four percent from the prior three-month period and five percent against Q4 2024. Q4 2025 production consisted of 1.71 billion cubic feet a day (Bcfd) of natural gas and 232,000 barrels per day (bpd) of liquids. The decrease was “driven by seasonal weather impacts and lower Australian east-coast demand”, Woodside said. The decline also follows Woodside’s sale of producing oil and gas assets in Greater Angostura in Trinidad and Tobago to Perenco,

Italian energy major Eni SpA has held talks with Mercuria Energy Group over a potential partnership in commodity trading, according to people familiar with the matter. The talks follow a period of bumper profitability for the energy trading industry, as major producers look to increase margins on oil and gas sales. Spokespeople for Eni and Mercuria declined to comment. The negotiations are still ongoing and a partnership agreement may not be finalized, according to the people, who asked not to be named to discuss private information. It wouldn’t be the only trading partnership under discussion in the industry. Bloomberg reported last year that Indian Oil Corp. was planning to form a trading joint venture and had held talks with Vitol Group about it. Meanwhile, Mercuria itself has a metals partnership with the Democratic Republic of Congo’s state miner Gecamines. Geneva-headquartered Mercuria is one of a group of major energy trading houses that made record profits as oil, gas and power markets fractured following Russia’s full-scale invasion of Ukraine. The company has paid out $5.5 billion in dividends over the last three years to shareholders, with the largest recipients being former Goldman Sachs Group Inc. traders Marco Dunand and Daniel Jaeggi. Profits totaled $1.31 billion in its last financial year through September, according to accounts seen by Bloomberg News. Eni has a sizable trading operation around its portfolio of gas, liquefied gas, oil and power producing assets. London is a key hub for the trading unit, which also has regional desks in Singapore and Houston. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and

ConocoPhillips, TotalEnergies SE and Libya’s National Oil Corp (NOC) have signed an agreement extending the onshore Waha concessions to December 2050. “This agreement sets new fiscal terms allowing to increase the production of these concessions that are currently producing around 370,000 barrels of oil equivalent per day (boed)”, French energy giant TotalEnergies said in an online statement. “Therefore, it paves the way for a new phase of investments, including the development of the North Gialo field, which is expected to add 100,000 boed of production”. Patrick Pouyanné, TotalEnergies chair and chief executive, said, “Extending the Waha concession, with its low-cost and low-emission giant resources offering many opportunities to grow production, fits perfectly with our strategy”. The North African country, where TotalEnergies has been present since 1956, accounted for 113,000 boed of the company’s 2025 production, the statement noted. These came from the Waha concessions, where TotalEnergies owns a 20.42 percent stake; the offshore Al Jurf field, where TotalEnergies holds 37.5 percent; the onshore El Sharara field, which straddles the former Block NC 115, owned 15 percent by TotalEnergies, and the former Block NC 186, where TotalEnergies has a 12 percent ownership; and the onshore Mabruk field, where TotalEnergies owns 37.5 percent. NOC operates the Waha concessions with a 59.16 percent through Waha Oil Co. Houston, Texas-based ConocoPhillips owns 20.42 percent. The new concession deal was signed during the Libya Energy and Economy Summit in Tripoli. NOC said in a press release November 3, 2025 the partners plan to drill seven exploration wells in the concessions in 2026. Plans for Waha this year also include a seismic survey and the processing and reprocessing of existing seismic data according to the release. In 2025 NOC announced two production well startups and one production well restart. On September 12, 2025 it said it had

The European Union’s competition chief has warned against relying “too much” on US liquefied natural gas imports as the bloc looks to diversify its energy basket.  “We know that we cannot rely on Russian gas, and that we should pay attention not to rely too much on American gas,” Teresa Ribera told RTE Radio in an interview on Tuesday.  Following Russia’s invasion of Ukraine, Europe has replaced some of its lost Russian gas volumes with US LNG, and has been under pressure to bump up those purchases. A trade deal with Washington last year included a commitment to purchase $750 billion in US energy by 2028.  Ribera’s comments come as US President Donald Trump’s stance on Greenland has the continent on edge. Although he has vowed not to use force to take over the territory, his ‘framework’ deal with NATO involves stationing US missiles and mining rights aimed at keeping Chinese interests out. It also hinges on the US leader standing by his promise not to impose tariffs against European nations, Bloomberg reported. The EU agreed last year to accelerate a phaseout of Russian gas and sever ties with its once-primary supplier of the fuel. Energy companies have closely monitored the bloc’s strategy to seek alternative sources and also speed up its renewables rollout as it aims to zero-out emissions by 2050. If Europe fulfills all its supply deals for US LNG and its gas demand reduction efforts falter, as much as 80% of its imports could come from the US in 2030, up from 57% in 2025, the Institute for Energy Economics and Financial Analysis said in a report earlier this month. The EU still receives about 15% of its LNG supplies from Moscow, making Russia the second-largest provider of the fuel to Europe after the US. As more US

Oil rose to the highest since October as US President Donald Trump touted a growing US military presence near Iran, while traders monitored the fallout from a sweeping winter storm and a weaker dollar boosted the appeal of commodities. West Texas Intermediate gained 2.9% to settle above $62, while a gauge of the greenback fell to its lowest level in four years amid investor caution about US policymaking, making commodities priced in the currency more attractive. Oil has rebounded this year, despite widespread expectations of a glut, as setbacks to Kazakh exports tightened the European market and US threats against Iran injected a risk premium into prices. Trump reiterated on Tuesday that a “flotilla” was headed to the Middle East, adding that he’d “rather not see anything happen.” In the options market, a bullish call skew in US futures has stayed intact for nearly two weeks, marking the longest stretch since October 2024. Investors frequently turn to options as a relatively inexpensive hedge against uncertain geopolitical outcomes. In the US, freezing conditions have disrupted a number of refineries on the Gulf Coast and a smattering of domestic output, though the impact is unlikely to be prolonged. US natural gas futures retreated on Tuesday following a powerful rally due to the cold snap, as did diesel futures in New York. Concerns about Kazakh supplies, meanwhile, have eased as a key Black Sea terminal came back online, while the country’s largest producer is preparing to resume output at the giant Tengiz field. Still, Tengiz is set to restore less than half of its normal production by Feb. 7, according to Reuters, limiting downward pressure on prices. Elsewhere, Chevron Corp. is working to bring more Venezuelan crude to a market that’s mostly well supplied. US officials are working to issue a general license

Mexico’s state oil company backtracked on plans to send a much-needed shipment of crude oil to Cuba, a long-time ally of ousted Venezuelan leader Nicolas Maduro.  Petroleos Mexicanos, which was expected to send a shipment this month, removed the cargo from its schedule, according to documents seen by Bloomberg. The shipment was set to load in mid-January and would have arrived in Cuba before the end of the month under the original schedule.  Pemex and Mexico’s Energy Ministry didn’t immediately return a message seeking comment.  While it’s unclear why the cargo was shelved, the removal comes as the administration of US President Donald Trump increases pressure on the Caribbean island. “THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA – ZERO! I strongly suggest they make a deal, BEFORE IT IS TOO LATE,” Trump said in a Truth Social post a week after Maduro’s capture by US forces.  Before Trump’s comments on Cuba, President Claudia Sheinbaum had said Mexico planned to continue supplying oil to Cuba as part of humanitarian aid to the island, a country plagued by chronic power outages, food and fuel shortages.  Mexico started sending oil to Cuba in 2023, when Venezuela reduced supplies amid its falling oil production. Pemex sent an average of one ship per month, or the equivalent of 20,000 barrels a day of crude oil last year, according to data compiled by Bloomberg.  The canceled shipment was expected to load in mid-January on board the vessel Swift Galaxy, according to the document. It was removed from the schedule without an explanation.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.