EnQuest PLC said it has completed the acquisition of Harbour Energy’s business in Vietnam, which holds a 53.125 percent equity interest in the Chim Sáo and Dua production fields (Block 12W). With the completion of the acquisition, Enquest is now the operator of the assets, the company said in a news release. Block 12W is made up of three producing oil and gas fields: Chim Sáo, Chim Sáo North West (CSNW) and Dua, located in the Nam Con Son Basin, approximately 248.5 miles (400 kilometers) southwest of Vung Tau, Vietnam. The headline value of the transaction is $85.1 million and the consideration paid by EnQuest was around $25.7 million, net of interim period cash flows generated since the effective date of Jan. 1, 2024, the company said. The transaction involves EnQuest’s acquisition of the 28.125 percent equity share held by Premier Oil Vietnam Offshore BV (POVO) and the 25 percent share held by Premier Oil Vietnam Limited (POVL). EnQuest will be the field operator, with non-operator joint venture partners Bitexco, with a working interest of 31.875 percent, and PetroVietnam Exploration Production Corporation Ltd, with 15 percent. As of January 1, net 2P reserves and 2C resources across the fields totaled 7.5 million barrels of oil equivalent (MMboe) and 4.9 MMboe, respectively, according to the release. EnQuest said it plans to evaluate additional Block 12W prospectivity and “deploy its proven late-life and FPSO asset management expertise to maximize value and translate discovered resources into reserves” at the fields, which are spread across three gas discoveries and several additional targets. The company said it targets extending the production sharing contract beyond its current end date of November 2030. “Robust operational performance and the resulting free cash flow” underpin Chim Sáo and Dua’s value, making them “strong anchor assets” for EnQuest’s entry into

Mach Natural Resources said it has entered into separate definitive agreements to acquire certain oil and gas assets from Sabinal Energy, LLC and entities owning oil and gas assets managed by IKAV Energy Inc. The combined consideration for both transactions is approximately $1.3 billion, subject to customary terms, conditions, and closing price adjustments. The transactions are expected to close during the third quarter, each with an effective date of April 1, 2025, the company said in a news release. Mach has agreed to acquire Sabinal’s assets, located in the Permian Basin, for an unadjusted purchase price of $500 million. The Sabinal assets include approximately 130,000 net acres, with first-quarter average production of approximately 11,000 barrels of oil equivalent per day (boepd), of which 98 percent was liquids and 2 percent was natural gas, according to the release. Sabinal is backed by U.S.-based private equity firm Kayne Anderson. Mach said it expects to fund the transaction with Sabinal with $300 million of equity consideration in the form of Mach common units, with the balance to be funded through a combination of cash on hand and borrowings under its revolving credit facility. Further, Mach has agreed to purchase IKAV San Juan, located in the San Juan Basin, for an unadjusted purchase price of $787 million. IKAV San Juan’s assets include approximately 570,000 net acres, with first-quarter average production of approximately 60,000 boepd, of which 6 percent was liquids and 94 percent was natural gas, according to the release. Mach expects to fund the transaction with IKAV San Juan with $462 million of equity consideration in the form of Mach common units, with the balance to be funded through a combination of cash on hand and borrowings under its revolving credit facility. Pro forma, Mach said it will operate across three distinct regions:

The U.S. Energy Information Administration (EIA) reduced its Henry Hub natural gas spot price forecast for 2025 and 2026 in its latest short term energy outlook (STEO), which was released on July 8. According to that STEO, the EIA sees the Henry Hub natural gas spot price averaging $3.67 per million British thermal units (MMBtu) in 2025 and $4.41 per MMBtu in 2026. The EIA’s previous STEO, which was released in June, projected that the Henry Hub natural gas spot price would average $4.02 per MMBtu this year and $4.88 per MMBtu next year. Both STEOs highlighted that the Henry Hub natural gas spot price came in at $2.19 per MMBtu in 2024. In its latest STEO, the EIA projected that the Henry Hub natural gas spot price will average $3.37 per MMBtu in the third quarter of this year, $3.99 per MMBtu in the fourth quarter, $4.46 per MMBtu in the first quarter of 2026, $3.76 per MMBtu in the second quarter, $4.35 per MMBtu in the third quarter, and $5.06 per MMBtu in the fourth quarter of next year. The EIA’s previous STEO saw the Henry Hub natural gas spot price coming in at $4.01 per MMBtu in the third quarter, $4.67 per MMBtu in the fourth quarter, $5.35 per MMBtu in the first quarter of 2026, $4.39 per MMBtu in the second quarter, $4.87 per MMBtu in the third quarter, and 4.92 per MMBtu in the fourth quarter of next year. “Compared with our June forecast, we expect more natural gas in storage in the coming months because of slightly more natural gas production and less power sector demand,” the EIA said in its latest STEO. “As a result, we reduced our forecast for natural gas prices,” the EIA added. In its STEO, the EIA noted that

Are we likely to see OPEC+ enter maximum production mode this year? That was the question Rigzone posed to Caleb Jasso, Senior Policy Advisor at the Institute for Energy Research, and Enverus Intelligence Research Director Al Salazar. Responding to the question, Jasso told Rigzone that, although OPEC+ has increased its production targets for August, “it remains unclear whether this will later result in maximum production this year”. “OPEC+ is likely trying to recapture market share lost to the increased production and future production potential of the United States, Canada, and countries such as Argentina and Guyana,” Jasso said. “By increasing supply and thereby lowering prices, OPEC+ may also be attempting to reestablish their geopolitical influence and maximize exports to China, while demand remains relatively high,” he added. “China is the world’s largest importer and has begun decreasing its overall import percentage, which may prove challenging to OPEC+,” Jasso went on to state. In his response, Salazar told Rigzone that we are likely to see OPEC+ enter maximum production mode this year, “assuming maximum production mode is the full unwind of cuts (2.2 million barrels per day + 0.3 million barrel per day UAE target upgrade)”. “OPEC appears highly likely to enter maximum production mode in 2025, due to apparent alignment with President Trump’s desire for lower oil prices and stronger than anticipated global oil market fundamentals,” Salazar said. “The cartel’s intent to accelerate the unwind of its production cuts is a clear signal defending price is no longer its top priority. Meanwhile, highly anticipated demand headwinds due to global trade uncertainty have yet to emerge in terms of weaker oil demand,” he added. Salazar told Rigzone that global oil demand on a year over year basis has grown around one million barrels per day and added that “seasonal tailwinds [are]

ORLEN SA has started offering sustainable aviation fuel (SAF) at airports in Warsaw, Krakow and Katowice. “The inclusion of SAF in our aviation fuel portfolio marks another step in implementing our 2035 strategy”, Ireneusz Sitarski, vice president of ORLEN’s management board for wholesale and logistics, said in a press release. Poland’s majority state-owned ORLEN already supplies aviation fuels Jet A-1 and AVGAS 100 LL, which the company says can serve all types of aircraft. “We are expanding our product portfolio while responding to the need to decarbonize operations on both the supply and demand side”, Sitarski added. Adam Sanocki, member of Polish Airports SA’s management board in charge of strategy and marketing, commented, “The introduction of SAF at Warsaw Chopin Airport is a major milestone in the aviation sector’s transition toward climate neutrality. Our priority is to establish the conditions necessary for carriers to reduce emissions and progress their sustainability strategies”. LOT Polish Airlines chief operating officer Dorota Dmuchowska said, “The introduction of SAF into the Polish market is an important step for us in the process of adapting to regulatory requirements stemming from the ReFuelEU Aviation regulation”. “Although access to SAF remains limited, its availability at selected airports in the country will significantly facilitate the implementation of LOT’s Sustainable Development and Decarbonization Strategy, in line with the company’s development plans”, Dmuchowska added. “The deployment of such fuels requires precise logistical planning, which is why we appreciate ORLEN’s initiative, as it will undoubtedly support us in meeting the objectives of the EU requirements”. The ReFuelEU Aviation Regulation adopted October 2023 requires bigger airports in the European Union to raise the share of SAFs in their fuel mix gradually. Each airport that falls under the regulation must have at least two percent of SAF in their total consumption starting this year. That

Eni S.p.A. has signed a Heads of Terms (HoT) with hyperscale digital infrastructure specialist Khazna Data Centers. The HoT lays the groundwork for a joint venture aimed at developing an AI Data Center Campus with a total IT capacity of 500 megawatts in Ferrera Erbognone, Lombardy, Eni said in a media release. “We’re proud to partner with Eni, a demonstrated energy leader, on this HoT, which represents a defining step in Khazna’s European expansion. Together with Eni, we are enabling the infrastructure needed for exponential AI growth – delivering the scale, sustainability, and operational precision that next-generation compute demands”, Hassan Alnaqbi, CEO of Khazna Data Centers, said. The project, whose development activities are already underway, is part of the strategic partnership between Italy and the United Arab Emirates launched in February 2025, aimed at installing an overall IT capacity of up to 1 gigawatt in Italy, Eni added. “Through this partnership Eni and Khazna are jointly contributing to delivering a world-class hyperscale infrastructure, strategic for Italy and Europe, providing their distinctive capabilities in innovation, energy sustainability, and rapid time-to-market”, Guido Brusco, Eni COO for Global Natural Resources, said. The AI Data Center Campus is planned to deploy scalable, high-performance computing and energy-efficient infrastructure, Eni said. The partnership leverages Khazna’s expertise in advanced data center design and operations and Eni’s leadership in sustainable energy, establishing a robust AI ecosystem at Europe’s core, Eni said. Eni will supply the Data Center Campus with Blue Power, a low-carbon electricity source produced by a new high-efficiency gas power plant designed to capture carbon dioxide emissions, Eni said. The company said this creates an innovative synergy linking decarbonized energy and data center design in Italy. To contact the author, email [email protected] What do you think? We’d love to hear from you, join the conversation on the