Var Energi ASA, Norway’s third-biggest oil and gas company, sees oil’s supply and demand outlook stabilizing next year, with prices not dropping significantly below $60 a barrel. “We may see a short period of oversupply, but I think when you look into next year, you see that supply-demand balance coming back into line,” Chief Executive Officer Nick Walker told reporters on Tuesday. “Oil is going to be required for a long time, and the industry has not been investing enough.” Industry watchers, including the Paris-based International Energy Agency, have been predicting a flood of supplies for more than a year. Additional barrels from the Organization of the Petroleum Exporting Countries and its allies, as well as nations outside the group, are seen overwhelming cooling demand growth. Futures are heading for a third monthly loss and top traders are braced for a further slide. Lower oil prices will reduce investments and eventually slow output, Walker said, adding that “there seems to be a floor of about $60, it doesn’t go below that regardless of the volumes coming in.” Var Energi has seen several fields come online this year, including Johan Castberg in the Barents Sea and the startup of Balder X in June. Output from both fields will contribute to production rising to about 430,000 barrels of oil equivalent a day in the fourth quarter. To maintain barrels through the end of the decade, the company will sanction a total of ten new projects by year’s end, Walker said, with four already approved at break-evens of below $35 a barrel. The oil and gas company’s earnings before interest and tax climbed to $1.07 billion in the third quarter, beating analyst estimates. Var Energi plans to pay out $1.2 billion in dividends this year and in 2026. WHAT DO YOU THINK? Generated by readers, the comments included

David Maimon is head of fraud insights at SentiLink. Utility companies have become prime targets for identity-related fraud, yet the true scope of the threat remains largely hidden. In 2024, the FTC’s Consumer Sentinel Network logged about 28,000 reports of stolen identities used to open new utility accounts and another 2,000 tied to existing ones. Those numbers exceed pre-COVID levels but fall short of a pandemic-era spike. At first glance, that looks like stabilization. It’s not. The reality is worse: Utilities are not legally required to report fraud incidents, leaving much of the damage invisible. Instead, companies push customers to file complaints — something many never do, whether because the utility absorbs the loss, the consumer avoids the hassle, or, in the case of synthetic identities, no real victim exists to file at all. My research shows that the use of both stolen and synthetic identities to defraud utilities is persistent — and growing. Below I explain why utilities are prime targets, the tactics fraudsters use and how these crimes ripple across the broader fraud ecosystem. Why utilities? Utility providers are attractive targets for a mix of technical, regulatory and structural reasons. Low-friction onboarding: Compared to banks, many utilities still use limited identity verification. In the absence of strong “know your customer” rules, criminals can easily open accounts using stolen or synthetic identities. Delayed detection: Billing cycles stretch 30 to 60 days, giving scammers weeks of service before red flags appear. Fraudsters often exploit this delay and abandon accounts before utilities catch on. Service protections: Shutoff moratoriums — implemented during extreme weather or for medical “critical care” designations — protect vulnerable populations, but also shield fraudsters from enforcement. Once flagged as critical care, accounts can be nearly impossible to shut off even when fraud is suspected. Low legal risk: Utilities are not

Repsol SA said it will hybridize its 818-megawatt (MW) combined cycle power plant in Escatron, Zaragoza, through 15 wind projects with a combined capacity of 805 MW. Repsol acquired the wind farms from Forestalia, which remains their developer until commissioning, Repsol said in a press release. Repsol plans to connect the hybridized plant to a proposed data center owned by a third party. The collaboration represents “the largest energy hybridization project in Spain and one of the largest worldwide in the northern Spanish region of Aragon”, the Spanish integrated energy company said. “This hybridization project will add more than 1,600 MW from two different energy sources, but sharing the same connection point to the grid, which will permit the complementarity of both sources to be exploited, stabilizing supply, maximizing the use of the connection point to the grid and optimizing infrastructure and maintenance”, Repsol said. “The wind farms that form part of the project are in the processing and development phase and have received a favorable Environmental Impact Statement. They will share the evacuation infrastructure to the power station, which optimizes resources and streamlines operational integration. “This project has clear synergies with the development, by a third party, of a data center in the vicinity of the power plant. For this data center, Repsol has already secured grid connection approval from the Spanish system operator, Red Electrica de España, for the connection of 402 MW of renewable energy self-consumption. This will be complemented by more than 800 MW of support energy provided through hybridization, giving this future data center one of the highest power capacities in the country”. In a separate renewable energy agreement, Repsol and Norwegian Cruise Line Holdings Ltd (NCLH) said Monday Repsol will supply renewable fuels to NCLH vessels at the Port of Barcelona for eight years.

Phillips 66 and Kinder Morgan Inc. plan to build a new pipeline system and reverse the flow on some existing conduits to haul gasoline and other fuels to California, Arizona and Nevada. As California’s in-state refining capacity dwindles, the regional market is becoming increasingly reliant on imported fuels, especially gasoline. The pipeline project hatched by Phillips 66 and Kinder will carry fuels from as far away as the Midwest to augment supplies sent by refiners in Washington State and Asia.  The project, slated for completion around 2029, would be the first pipeline system to deliver motor fuels into California, a state long considered an island disconnected from the major refining hubs of the Gulf Coast and Midwest. The investment comes amid a wave of California refinery closures or conversions — including the imminent shutdown of Phillips 66’s Los Angeles-area plant — that threaten to squeeze motorists with shrinking fuel supplies and higher pump prices. Consumers in some neighboring states also are expected to feel the impacts.  Phillips 66 and Kinder announced Monday what is known as an open season on their proposed Western Gateway Pipeline, during which bids are solicited from shippers that would reserve space on the conduit for moving fuels. The bidding window will close on Dec. 19, Phillips 66 wrote in the statement. The Western Gateway project would involve building a new line between Borger, Texas, where Phillips 66 operates a refinery, and Phoenix. Meanwhile, the flow on Kinder’s existing California-to-Arizona pipe known as SFPP will be reversed so more fuel can flow to the Golden State.  Phillips 66 also plans to reverse the flow on the Gold Pipeline that carries supplies from Texas to the St. Louis region so Midwest fuel can move west. The refiner operates fuel-making plants along the Gold Pipeline route including in

In an EBW Analytics Group report sent to Rigzone by the EBW team on Tuesday, Eli Rubin, an energy analyst at the company, highlighted that natural gas posted the largest single day gain since 2022 on Monday. The report pointed out that the November natural gas contract closed at $3.397 per million British thermal units (MMBtu) yesterday. This marked a 38.9 cent, or 12.9 percent, increase from Friday’s close, the report outlined. “Yesterday’s 38.9¢/MMBtu price spike was the largest single-session gain for a NYMEX natural gas front-month contract since the rampant price volatility of 2022,” Rubin said in the report. “The initial price surge was due to de-risking of severe early-November price weakness, with cooler weather lessening chances of an early-November supply glut,” he added. “After clearing key technical resistance at $3.22-3.24/MMBtu, however, continued short-covering – catalyzed by cooler weather – led to further gains,” he continued. In the report, Rubin said supportive weather added 23 billion cubic feet of demand in 24 hours for the last week of October and first week of November. He pointed out, however, that “forecasts are ‘less bearish’ rather than outright supportive”. “Early-cycle production nominations dropped sharply this morning but will likely be revised higher,” Rubin noted in the report. “Weekly average LNG demand continues to flirt with all-time highs. Prices could retest the double-top from earlier this month at $3.55-3.58/MMBtu – but shorts pushed to the sidelines during yesterday’s move higher could reenter the market later this week,” he added. In an EBW report sent to Rigzone by the EBW team on Monday, Rubin, noted that a “bullish weather shift spark[ed]… [a] natural gas revival”. “After testing as low as $2.893 per MMBtu intraday Friday – and with weekend Henry Hub spot prices falling to $2.66 [per MMBtu] – a cooler weekend weather

The governors of New Mexico and Wyoming on Monday unveiled proposals to deliver Rocky Mountain natural gas to meet growing domestic and Asian demands driven by data centers and electrification. “The roadmap outlines two main routes – the Pacific Northwest Pathway and the Southwest Pathway – that leverage existing infrastructure and rights-of-way to efficiently move Rocky Mountain natural gas to expanding U.S. markets, while also offering the quickest and most affordable connections to Asian markets without relying on the Panama Canal”, said a statement posted on the website of the New Mexico Governor’s Office. The proposals, contained in the “Rocky Mountain Gas Roadmap & Implementation Playbook”, was released at a roundtable with Japanese Ambassador Shigeo Yamada. The “playbook” was an undertaking of the Western States and Tribal Nations Energy (WSTN) Initiative. “This is a very informative and detailed introduction to the potential of Rocky Mountain natural gas, and it is very much appreciated by the Japanese”, Yamada said. “I hope today’s meeting will lead to further cooperation and economic partnership between Japan and the State of New Mexico”. New Mexico Governor Lujan Grisham said, “New Mexico is ready to lead the way in unlocking the Rocky Mountain’s potential to create jobs and opportunity, strengthen international collaboration and write the next chapter in global energy”. “Putting the Rockies’ abundant energy to work benefits red and blue states by fueling our economies and the transition to clean energy”, Grisham, a Democrat, added. Wyoming Republican Governor Mark Gordon said, “We can provide natural gas resources very near-term – almost immediately – and this is just good business. It’s about moving into a future that meets climate concerns while making sure energy is there as demand continues to grow enormously”. WSTN Initiative chair Jason Sandel said, “This playbook is the culmination of years of work and is designed as a