In a release posted on its website this week, Ithaca Energy announced that it has signed a sale and purchase agreement to acquire an additional 46.25 percent stake in the Cygnus gas field from Spirit Energy for a purchase price of GBP 116 million ($155.8 million). The deal is based on an effective date of January 1, 2025, and is subject to North Sea Transition Authority (NSTA) consent, Ithaca highlighted in the release, adding that the transaction will increase Ithaca Energy’s operated interest in Cygnus to 85 percent. Ithaca noted in the release that the deal is expected to add 23 million barrels of oil equivalent of 2P reserves, as at January 1, 2025, and pro forma production between 12.5 – 13.5 thousand barrels of oil equivalent per day in 2025. “This transaction is in line with the group’s strategy to pursue value-accretive M&A, adding high-quality assets in our core UK Continental Shelf market,” Ithaca said in the release. “The transaction equates to a valuation of less than $7 per barrel of oil equivalent on 2P Reserves, which we believe is good value for equity in a producing field that we know and understand,” the company added. In the release, Ithaca’s Executive Chairman Yaniv Friedman said, “[this] transaction with Spirit Energy provides further equity in a high-margin, high-quality producing gas asset that we understand deeply through our operatorship”. “This deal follows our Japex (Seagull) deal announced just two months ago and further demonstrates our growth strategy in action. By increasing our stake in Cygnus we add incremental reserves and production to our portfolio at attractive valuation metrics that ticks all of our investment criteria, without adding any complexity,” Friedman added. “We also see significant upside potential through further infill drilling beyond the next three approved wells. This is the type

Petrofac Ltd. has received approval from the High Court of England and Wales to enforce its financial restructuring plan that would unlock $355 million in new funding. However, an existing appeal brought by certain creditors connected with the Thai Oil project is contesting the convening order before the Court of Appeal. The appellate court reserved June 2-4 for the review of the appeal, the Jersey-based energy engineering company said in an online statement. The funding unlocked by the court approval will “significantly reduce the Group’s indebtedness, materially strengthening its financial position”, Petrofac said. In its latest results report, for the first half of 2024, Petrofac saw a year-on-year increase in net losses of $26 million to $162 million due to “the continued impact of legacy contracts, the challenges in securing performance guarantees and adverse operating leverage”. Petrofac has deferred the publication of its annual results until after the restructuring effectivity date. “Together with the support displayed by shareholders, lenders, investors and key clients, the High Court’s sanctioning of the Restructuring Plan confirms it is the best path forward, and follows enormous efforts to develop and implement it over the last 18 months”, said chair René Medori. “The wider Board and I are conscious of the demands this process has placed on all the Group’s stakeholders”. Medori also confirmed Aidan de Brunner will leave the board on May 31, having joined to support engagement with stakeholders during the restructuring negotiations. On December 23, 2024, Petrofac signed a lock-up deal with creditors laying the terms for the financial restructuring, which includes new debt and equity. The lock-up agreement “formalizes the in-principle agreement announced by the Company on 27 September 2024 with certain key stakeholders including an ad hoc group of holders of senior secured notes and certain other senior secured noteholders, which together

Secretary Wright’s opening remarks: Chairman Kennedy, Ranking Member Murray, and members of the committee, it is an honor to appear before you today as Secretary of Energy to discuss the President’s Fiscal Year 2026 Budget request for the Department of Energy. I want to commend this committee for its longstanding commitment to energy policy and to the mission of the Department. Energy is the backbone of civilization. It is the essential catalyst of human progress— enabling everything we do, everything. From the lights in our home, the heat in our homes, the process heat in our factories, and the innovation in our National Laboratories. I’ve dedicated my life to increasing access to energy and bettering human lives, and I’m thrilled to carry my work forward at the Department of Energy. My priorities for the Department are clear— to unleash a golden era of American energy dominance, strengthen our national security, and lead the world in innovation. A reliable and abundant energy supply is the foundation of a strong and prosperous nation. When America leads in energy, we lead in prosperity, security and human flourishing. America has the historic opportunity to secure our energy systems, lead the world in scientific and technological innovation; maintain and strengthen our weapons stockpile, and meet Cold War legacy waste commitments. The Department of Energy will advance these critical missions while cutting red tape, increasing efficiency, and unleashing innovation and ensuring we are better stewards of taxpayer dollars. The President’s Fiscal Year ’26 budget will ensure taxpayer resources are allocated appropriately and cost-effectively. This budget will return DOE to its core mission of advancing energy innovation and global competitiveness through research and development. We will invest DOE’s resources in sources and technologies that support affordable, reliable, and secure energy and provide a return on investment for

Fifteen renewable hydrogen production projects across five countries have secured a total of EUR 992 million ($1.12 billion) in grants after the second round of the European Hydrogen Bank. The amount is a fraction of the EUR 4.8 billion requested by project proposals in the bidding round. The submitted bids represented about 6.3 gigawatts (GW), according to the European Commission. The 15 selected “are expected to produce nearly 2.2 million tonnes of renewable hydrogen over 10 years, avoiding more than 15 million tonnes of CO2 emissions”, the Commission said in an online statement. “The hydrogen will be produced in sectors such as transportation, the chemical industry, or the production of methanol and ammonia”. The grant comes in the form of a subsidy meant to help close the price difference between production costs and the price buyers are currently willing to pay. Winners will receive a fixed premium per kilogram of renewable hydrogen produced over a period of up to 10 years. “Of the selected projects, 12 are committed to producing renewable hydrogen with fixed premium support between EUR 0.20 and EUR 0.60 per kilogram”, the Commission said. “For the first time, the auction provided a dedicated budget for hydrogen producers with off-takers in the maritime sector, which are entities using the hydrogen produced by the project for carrying out or making use of bunkering activities”. Eight of the selected projects are in Spain, three are in Norway and two are in Germany. Finland and the Netherlands each have one. The biggest in terms of production volume is the Netherlands’ Zeevonk Electrolyser project, which had a bid volume of 411 kilotons of hydrogen over 10 years. It was followed by Meridian SAS’ KASKADE project in Germany (354 kilotons over 10 years). Koppo Energia Oy’s Kristinestad PtX project in Finland rounded up the

More than 2,500 business figures have called for an “immediate end” to the UK government’s Energy Profits Levy (EPL) in an open letter, which was posted on the Aberdeen & Grampian Chamber of Commerce (AGCC) website. “Dear Prime Minister, it is almost exactly a year since you publicly insisted that your party’s plans for the North Sea would not cost jobs,” the letter, signed by several chairs, directors, and chief executives, including AGCC Chief Executive Russel Borthwick, reads. “On 7th May, the largest independent operator in the UK Continental Shelf, Harbour Energy, announced plans to cut its workforce by 25 percent with 250 roles in Aberdeen being placed at risk,” it states. “This is a devastating blow for the economy across the region, and the government should be concerned that with continued job losses in the North Sea the UK’s long-term energy security is threatened,” it adds. “Harbour Energy has been clear that they have come to the decision as a direct result of the punitive Energy Profits Levy. For years oil and gas companies have argued that it is hemorrhaging investment in the sector, a policy that OEUK analysis shows has, so far, cost 10,000 jobs since its inception, whilst in the same period the price of Brent Crude oil has nearly halved,” the letter continues. “This, along with the fact that in the last 10 days a further 300 jobs have been lost across our region at subsea engineering supply chain firms, serves as an important reminder that our energy sector is highly integrated,” it notes. “In short, we are at grave risk of losing the world-class company and skills base that will be required to deliver offshore wind, green hydrogen, and carbon capture projects at pace at such time they are available commercially at scale,” the letter

The UK urged its Group of Seven allies to agree a cut to the price cap on Russian oil, saying the move is necessary to put further pressure on President Vladimir Putin to end Russia’s war in Ukraine. “Pressure on Russia’s war machine is needed now more than ever,” the UK’s Treasury said in a statement on Wednesday, after Chancellor of the Exchequer Rachel Reeves chaired a session on Ukraine at the G7 finance ministers’ meeting in Banff, Canada. “Putin has failed to engage in good faith with proposals from Zelenskiy to meet directly and attempts to broker a ceasefire from his illegal and brutal war.” The G7 countries, which comprise the UK, US, Germany, France, Italy, Canada, and Japan, have been exploring ways to toughen the price cap to better degrade Moscow’s ability to fund its war in Ukraine. Under the current terms of the price cap, which is set at $60, western operators can insure and transport oil from Russia only when it’s purchased below the price threshold. At the G7 meeting on Wednesday, Reeves stated “an ambition to move quickly in lowering the $60 price cap on Russian crude oil at this opportune time,” according to the UK statement. She also “called on G7 allies to be united in their work to ensure a just and lasting peace is secured,” the statement said.  Russia has responded to the price cap and a wider US and EU embargo on most Russian oil imports by using a covert fleet of tankers, often operating with unknown insurers or owners, which move its crude to new markets, especially in Asia. This shadow fleet has helped Russia work around the restrictions. It remains to be seen whether the G7 will agree to a reduced oil price cap at the Banff meeting. France’s