A coalition of financial, technical and environmental partners has launched a framework that aims to help investors, lenders, and oil and gas companies integrate methane and flaring performance into debt financing. The Methane Finance Working Group, an initiative launched at COP28 in 2023, released guidance to “deliver and deploy market-tested finance mechanisms that facilitate decarbonization across the oil and gas sector, while expanding the opportunities to achieve measurable methane emission reductions,” the Environmental Defense Fund (EDF) said in a statement. The guidance provided by the group “includes a third-party verification process from trusted scientific and engineering experts, establishing an independent benchmark to evaluate and assess company methane performance during the financing process,” according to the statement. The guidance provides recommendations to adapt market-tested financial instruments to structure bonds, use of proceeds instruments, loans and other conventional debt transactions targeting methane and flaring reductions from the oil and gas industry. It is designed to serve both lenders and borrowers, the statement said. Although the technology for methane reduction exists, capital flows remain limited due to structural barriers. Many companies lack access to finance tailored to methane mitigation, while investors struggle to assess emissions performance consistently, the EDF said. Similar bonds have been utilized successfully in other sectors, such as global power utilities, which has cumulatively issued $500 billion in labeled bonds, the EDF noted. Methane performance is a growing factor in global liquefied natural gas (LNG) markets, where buyers are increasingly evaluating upstream emissions when sourcing gas. As international scrutiny over lifecycle emissions intensifies, financial and operational methane transparency has become a competitive differentiator for producers and exporters, according to the statement. “Reducing methane emissions across the oil and gas industry is one of the fastest and most effective ways to slow climate warming in the near term. But the financial

Santos Limited said it has entered into a process and exclusivity deed with a consortium led by XRG P.J.S.C. related to its non-binding indicative proposal to acquire 100 percent of the issued shares of Santos for $5.76 (AUD 8.89) per share in cash. XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), is the lead investor of a consortium that includes Abu Dhabi Development Holding Company and Carlyle. The process deed governs the basis upon which the XRG consortium “will have the opportunity to undertake due diligence and provides for the parties to negotiate in good faith, in parallel with the due diligence, a binding scheme implementation deed to implement the potential transaction,” Santos said in a news release. The consortium has been granted exclusive due diligence access for a period of six weeks from June 27. The exclusivity provisions include customary “no shop”, “no talk”, “no due diligence” and “notification” obligations that apply during the exclusivity period, Santos said. A fiduciary exception applies enabling the Santos board to deal with other proposals from competing acquirers starting four weeks from June 27, the company said. The consortium has also agreed to a confidentiality agreement with Santos, the company stated. “The proposal is for the acquisition of all of the ordinary shares on issue in Santos for a cash offer price of $5.76 per Santos share”, which would be adjusted for dividends paid before a final proposal comes into force, Santos said in an earlier statement. The price had been increased from two confidential offers of $5.04 per share and later $5.42 per share in March, the company noted revealed. XRG said in a separate statement that the consortium “aims to build on Santos’ strong and longstanding legacy as a trusted and reliable energy producer, unlocking additional gas supply for

Japan’s JERA Co. Inc. and Muji brand operator Ryohin Keikaku Co. Ltd. have agreed to establish Muji Energy LLC, a special purpose company (SPC) focused on renewable power generation, including the development and operation of solar power generation facilities through joint investment. Ryohin Keikaku has also agreed with JERA subsidiary JERA Cross Co. Inc. to enter into a virtual power purchase agreement (PPA) for renewable energy, JERA said in a news release. The electricity will be provided to Japan Electric Power Exchange (JEPX). The agreement will allow Ryohin Keikaku to use the solar power generated by the SPC and reduce carbon dioxide (CO2) emissions associated with the electricity consumption at the company, including Muji tenant stores, according to the release. Muji Energy plans to develop approximately 13 megawatts (MW) of power generation capacity within one year of establishment. This is equivalent to 20 percent of Ryohin Keikaku’s annual electricity consumption and is expected to reduce CO2 emissions by approximately 8,000 tons per year, JERA said. Ryohin Keikaku is targeting a 50 percent reduction in its total Scope 1 and 2 greenhouse gas emissions by fiscal 2030 compared to fiscal 2021 by installing rooftop solar power generation systems at standalone MUJI stores and utilizing renewable energy utility plans, according to the release. JERA Cross, a wholly owned subsidiary of JERA, “offers assistance for corporate green transformation building on its strategic and technical expertise and renewable energy supply capabilities as a one-stop partner,” the company said. It offers support in areas such as renewable energy, energy supply and demand management, developing green transformation strategies and co-creating business models. CCUS Agreement with Kawasaki Heavy Industries Meanwhile, JERA and Kawasaki Heavy Industries Ltd. (KHI) said they have entered into a memorandum of understanding related to a joint study aimed at building a carbon capture, utilization

New data from the Texas Workforce Commission indicate that upstream oil and gas employment climbed by 2,200 in May compared to April, and by 7,300 jobs through the first five months of 2025.  That’s what the Texas Oil & Gas Association (TXOGA) said in a statement sent to Rigzone by the TXOGA team last week, adding that, at 208,200 upstream jobs, compared to the same month in the prior year, May 2025 employment rose by 5,000. In the statement, TXOGA noted that, “since the Covid-low point of September of 2020”, the sector has added 51,200 Texas upstream jobs, which TXOGA pointed out is a 33.7 percent increase and an average growth of 875 jobs per month. “Since the Covid-low point, months of increase in upstream oil and gas employment have outnumbered months of decrease by 40 to 15,” TXOGA added, noting that oil and gas jobs pay among the highest wages in Texas. TXOGA President Todd Staples said in the statement, “in these times of geopolitical uncertainty and military conflict, Texas remains not only a supplier of barrels but a builder of confidence”. “It is encouraging to see job growth and for Texas and America to be seen as a stable trading partner. As global economic conditions and trade relationships realign, adjustment in employment, capital expenditures, and production are outcomes that provide for long term stability in energy production,” he added. “As the nation’s top producer and a world leader, Texas is well positioned to meet power demands with the massive infrastructure system that continues to grow,” he continued. TXOGA noted in its statement that the upstream sector involves oil and natural gas extraction and excludes other industry sectors such as refining, petrochemicals, fuels wholesaling, oilfield equipment manufacturing, pipelines, and gas utilities. The organization added that employment shown also includes Support

The U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released last month, sees U.S. crude oil production, including lease condensate, rising to an average of 13.42 million barrels per day in 2025. Lower 48 states, excluding the Gulf of America, are projected to contribute 11.17 million barrels per day to the 13.42 million barrel per day figure, the STEO showed. The Permian region is expected to make up 6.54 million barrels per day of the 11.17 million barrel per day figure, while the Bakken region is expected to make up 1.19 million barrels per day, the Eagle Ford region is expected to make up 1.17 million barrels per day, the Appalachia region is expected to contribute 0.17 million barrels per day, the Haynesville region is expected to make up 0.03 million barrels per day, and the rest of the Lower 48 states are projected to contribute 2.07 million barrels per day, the STEO highlighted. The EIA noted in its STEO that regional production is based on geographic regions and not geologic formations. The Federal Gulf of America is projected to make up 1.81 million barrels per day of the 13.42 million barrel per day figure, and Alaska is expected to make up 0.43 million barrels per day, the EIA’s latest STEO showed. The EIA forecast in its June STEO that U.S. crude oil output will average 13.52 million barrels per day in the second quarter of this year, 13.41 million barrels per day in the third quarter, and 13.43 million barrels per day in the fourth quarter. This STEO highlighted that U.S. crude oil production averaged 13.29 million barrels per day in the first quarter of 2025 and 13.21 million barrels per day overall in 2024. Lower 48 states, excluding the Gulf of America, made

Shell PLC and its LNG Canada partners announced Monday they had dispatched the first cargo from the Kitimat, British Columbia project, saying the milestone introduces Canada as an exporter of liquefied natural gas (LNG). With a capacity of 14 million metric tons per annum (MMtpa) from two trains, the facility targets the Asian market. “With LNG Canada’s first shipment to Asia, Canada is exporting its energy to reliable partners, diversifying trade, and reducing global emissions – all in partnership with Indigenous Peoples”, Prime Minister Mark Carney said. “By turning aspiration into action, Canada can become the world’s leading energy superpower with the strongest economy in the G7”. British Columbia Premier David Eby said, “With abundant resources the world needs and a strategic location to deliver them, shovel-ready projects like this are how B.C. will become the engine of a newly revitalized, more independent, and growing Canada”. LNG Canada Development Inc., the joint venture, said it is evaluating the potential for a two-train expansion that would double the capacity. “Each LNG Canada joint venture participant will provide its own natural gas supply and individually offtake and market their respective share of liquified natural gas from LNG Canada, starting today”, LNG Canada said. Shell is the biggest owner in the project at 40 percent through Shell Canada Energy. Malaysia’s state-owned Petroliam Nasional Bhd. holds 25 percent through North Montney LNG LP. Japan’s Mitsubishi Corp. and China’s state-backed PetroChina Co. Ltd. each have 15 percent through Diamond LNG Canada Partnership and PetroChina Kitimat LNG Partnership respectively. Korea Gas Corp. owns five percent through Kogas Canada LNG Partnership. The Haisla Nation is also involved in the project as site host. Contracts awarded for the project have exceeded CAD 5.8 billion ($4.27 billion). “This includes more than CAD$4.9 billion to Indigenous-owned and local area businesses”, LNG Canada said.