In an oil and gas report sent to Rigzone late Monday by the Macquarie team, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up 4.2 million barrels for the week ending March 28. “This follows a 3.3 million barrel draw for the week ending March 21 and compares to our initial expectation for a larger crude build this week,” the strategists said in the report. “For this week’s crude balance, from refineries, we model crude runs down meaningfully (-0.4 million barrels per day) following a strong print last week,” they added. “Among net imports, we model a moderate increase, with exports (-1.0 million barrels per day) and imports (-0.7 million barrels per day) much lower on a nominal basis,” they continued. The strategists warned in the report that timing of cargoes remains a source of potential volatility in this week’s crude balance. “From implied domestic supply (prod.+adj.+transfers), we look for a bounce (+0.3 million barrels per day) this week,” they said in the report. “Rounding out the picture, we anticipate another small increase in SPR [Strategic Petroleum Reserve] stocks (+0.3 MM BBL) this week,” they added. The strategists also noted in the report that, “among products”, they “look for draws in gasoline (-0.9 million barrels) and distillate (-4.1 million barrels), with jet stocks effectively flat”. “We model implied demand for these three products at ~14.4 million barrels per day for the week ending March 28,” they said. In its latest weekly petroleum status report at the time of writing, which was released on March 26 and included data for the week ending March 21, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 3.3 million barrels from the week ending March 14 to the

NEO Energy has released five tenders seeking contractors to help decommission its Donan, Balloch and Lochranza fields, along with the Global Producer III floating production offloading and storage (FPSO) vessel. According to data from the North Sea Transition Authority’s (NSTA’s) Pathfinder database, the decommissioning campaign is expected to start in the second quarter of 2026 at the earliest, when work to disconnect the subsea infrastructure is expected to commence. This will also see the FPSO unmoored and towed to an unspecified location. By 2027, NEO plans to begin recovering the subsea infrastructure, followed by plugging and abandoning a total of 19 wells in 2028.- To help with this, NEO Energy is looking for a contractor to perform P&A activities on the wells. The tender is expected to take place on 31 December 2025 and has a value of over £25 million The company also announced four additional tenders, each with a value of less than £25m, covering recycling the FPSO, flushing, isolating and disconnecting the subsea infrastructure from the FPSO, disconnecting the moorings and towing the FPSO, and bulk seabed clearance. NEO Energy recently announced plans to merge its North Sea operations with Repsol Resources UK’s. The deal will see Repsol retain $1.8 billion (£1.4bn) in decommissioning liabilities related to its legacy assets, which NEO said will enhance the cash flows of the merged business. NEO said it expects to complete the deal during the third quarter of 2025, subject to regulatory approvals. © Supplied by SystemNinian South. CNRL Canadian Natural Resources Ltd (CNRL) has issued two tenders to assist with decommissioning its Ninian field in the Northern North Sea, located east of Shetland. The decommissioning scope consists of three areas, covering the Ninian South Platform, Ninian Central Platform and the Ninian subsea infrastructure, which includes the Strathspey, Lyell, Columba

Eni SpA and Saipem SpA have extended a deal to collaborate on building biorefineries and converting traditional refineries. The agreement, first signed 2023, combines Eni’s technological expertise with Saipem’s expertise in the design and construction of such plants. Italian state-backed integrated energy company Eni holds a 21.19 percent stake in energy engineering company Saipem. “The agreement concerns, in particular, the construction of new biorefineries, the conversion of traditional refineries into biorefineries and, generally, the development of new initiatives by Eni in the field of industrial transformation”, Eni said in an online statement. “Through this agreement, Eni, in line with its goal of decarbonizing processes and products, intends to further develop its biorefining capacity through the development of new initiatives to produce biofuels both for aviation (SAF, Sustainable Aviation Fuel) and for land and sea mobility (HVO, Hydrotreated Vegetable Oil). “At the same time, Saipem further strengthens its distinctive expertise in biorefining and decarbonization”. Under the agreement Eni recently awarded Saipem a contract for engineering, procurement services and the purchase of critical equipment for the upgrade of a biorefinery in Porto Marghera. The project will increase the plant’s capacity from 400,000 metric tons a year to 600,000 metric tons per year. The upgrade will also enable the facility to produce SAF from 2027. In November 2024 Eni also picked Saipem for the conversion of the Livorno refinery into a biorefinery, as part of their biorefining collaboration. In both projects Saipem also carried out preparatory engineering activities such as feasibility studies and front-end engineering design. The two contracts are valued about EUR 320 million ($345.4 million), according to Eni. Eni, through subsidiary Enilive, has a biorefining production capacity of 1.65 million metric tons per annum (MMtpa). Eni aims to raise this to over 5 MMtpa by 2030 as part of its efforts

Prairie Operating Co. said it has closed its $602.75 million acquisition of certain Denver-Julesburg Basin (DJ Basin) assets from Bayswater Exploration and Production and its affiliated entities, which strengthens its position “as a leading operator” in the basin. The acquisition boosts Prairie’s production by approximately 25,700 net barrels of oil equivalent per day (boepd), consisting of 69 percent liquids, the company said in a news release. It also adds 24,000 net acres to the company’s approximately 600 highly economic drilling locations and roughly 10 years of drilling inventory. The assets contribute 77.9 million barrels of oil equivalent (MMboe) in proved reserves with an estimated PV-10 value of $1.1 billion, Prairie said. With the expansion, Prairie said it anticipates a substantial uplift in its 2025 production, revenue, and adjusted EBITDA. Prairie said the transaction was funded through a combination of proceeds from a new issuance of series F convertible preferred stock to a single institutional investor, a common stock public offering, a draw on the company’s newly expanded $1 billion credit facility, and a direct issuance of common stock to Bayswater. Following the closing, Prairie has approximately 35.4 million shares of common stock outstanding. “This acquisition is a pivotal moment for Prairie, significantly expanding our operational footprint in the DJ Basin,” Prairie Chairman and CEO Edward Kovalik said. “By integrating these high-quality assets, we are materially enhancing our production profile, strengthening our financial position, and creating meaningful value for our shareholders. Prairie remains singularly focused on executing our strategic vision to become a premier high-growth, low-cost oil producer”. Prairie President Gary Hanna said, “The addition of the Bayswater Assets further establishes Prairie as a leading operator in the DJ Basin. These assets are a strong complement to our existing portfolio, and we remain focused on maximizing operational efficiencies, optimizing production, and

Norway has delivered critical energy equipment for Ukraine via the United Nations Development Program (UNDP) to help ensure uninterrupted energy supply amid the war. As part of the aid, state-owned oil and gas company Naftogaz Group received gas-fired generator sets with a combined capacity of 150 megawatts. These will provide backup power and heating for critical infrastructure and residential areas, Naftogaz said in an online statement. “This support would strengthen the energy security of two major Ukrainian cities and provide electricity and heat to over 500,000 residents of the Dnipropetrovsk region during the next heating season”, Naftogaz said. Its subsidiary JSC Ukrgasvydobuvannya also received equipment to enhance natural gas production. Meanwhile state-owned electricity transmission system operator NPC Ukrenergo received two 330-kilovolt autotransformers with a capacity of 200 megavolt-amperes. “This support from Norway is a vital lifeline, enabling us to strengthen our energy infrastructure and build resilience against future disruptions”, said Ukrainian Energy Minister German Galushchenko. Naftogaz said, “Norway and UNDP are working closely to restore Ukraine’s power system, combining Norway’s financial support with UNDP’s operational expertise”. Support under the collaboration includes the provision of generators and solar power plants, as well as power and heat for schools, hospitals and other critical facilities, according to Naftogaz. “The initiative has already benefited millions of Ukrainians by strengthening essential services like healthcare and education, modernizing the energy sector, and enabling businesses to operate with fewer interruptions”, the UNDP said separately. It said reconstruction for Ukraine’s energy sector needed an estimated $67.78 billion as of December 2024. “The regions with the largest estimated needs are Zaporizhzhia, Kharkiv, Dnipropetrovsk, Donetsk, Odesa, and Sumy oblast”, the UNDP said. “The attacks on the energy system have caused civilian suffering and general economic attrition. Immediate power outages have affected around 1.5 million people, disrupting heating, water supply and sanitation, public

The Engineering Construction Industry Training Board (ECITB) has announced a further £2 million investment in ‘skills hubs’ across the UK over the next two years. It is directing funds towards “industrial cluster hot spots” such as the north-east of Scotland, Teesside and the Humber, Scotland, South Wales and the Solent. This follows on from a previous £1m investment through the trade body’s Regional Skills Hub Funding initiative to increase training provider capacity and grow new entrant numbers into the engineering and construction industry (ECI) as it contends with skills shortages. ECITB’s cash has already been directed to the Humber region, Teesside, the north-east of Scotland and the wider UK, the organisation explained, as it plans to announce further projects to receive backing “shortly”. Andrew Hockey, CEO of ECITB, commented: “This extra investment will help further address skills shortages by enhancing training and assessment infrastructure and capabilities at both colleges and independent training providers located in Britain’s industrial heartlands that will directly increase the flow of trained workers into the industry.” This comes soon after an ECITB report, which found the oil and gas workforce is older than other sectors, and it is unlikely that young people will fill the gap left by retirees. © Supplied by ECITB/ Dave DodgeECITB CEO Andrew Hockey meeting Work Ready learners at SETA in Southampton. Photo by Dave Dodge. The ECITB recently worked with industry partners as part of the Net Zero Teesside cluster project, which received £478,000 funding last month. The funding will contribute to an immersive pipefitting, welding, mechanical and project-based training rig and includes enhanced pipefitting facilities. The joint venture between BP and Equinor recently faced criticism from MPs who claimed government investment of £21.7bn in “unproven technologies” was “risky”. One of the first businesses to secure funds from the initial £1m