Equinor ASA and its partners have launched production in Bacalhau in Brazil’s offshore Santos basin, which the Norwegian majority state-owned energy major said is the biggest field it has developed overseas. Discovered 2012 in Santos’ pre-salt region by primarily state-owned Petroleo Brasileiro SA, the ultra-deepwater Bacalhau holds recoverable reserves exceeding one billion barrels of oil equivalent (boe), according to Equinor, which took over as operator 2016. “Phase 1 development consists of 19 wells, producers and injectors, which will be brought online in sequence as we ramp up and sustain production”, Equinor said in a press release Thursday. “Equinor will be positioned to provide an update in 2026 during the ramp-up phase”. Bacalhau has one of the biggest floating production, storage and offloading (FPSO) vessels deployed in Brazil, designed to produce up to 220,000 barrels of crude a day and store at least two million barrels, according to contractor MODEC Inc. Philippe Mathieu, Equinor executive vice president for international exploration and production, said, “Brazil is a core area for us and Bacalhau will be a major contributor to Equinor’s goal of generating more than $5 billion of free cashflow by 2030 from our international portfolio”. “Bacalhau will also deliver positive ripple effects and long-term benefits to Brazil’s economy, creating approximately 50,000 jobs over its 30-year lifetime”, Mathieu added. Equinor president and chief executive Anders Opedal said, “Bacalhau represents a new generation of projects that bring together scale, cost-efficiency and lower carbon intensity”. “With this development, we are strengthening the longevity of our oil and gas production and securing value creation for decades to come”, Opedal added. The FPSO uses combined-cycle gas turbines to curb emissions. “With an expected CO2 intensity of around nine kilograms per boe, and advanced abatement across flaring, processing, power generation and storage, the field sets a new

Santos Ltd on Thursday reported a four percent quarter-on-quarter decrease in output to 21.3 million barrels of oil equivalent (MMboe) as a decline in Western Australia offset increases across the rest of Santos’ portfolio. Sales volumes fell 10 percent sequentially to 21.5 MMboe in the third quarter “mainly due to maintenance activities in Western Australia, lower crude oil volumes due to timing of liftings and lower third-party gas purchases”, Adelaide-based Santos said in a statement on its website. Santos narrowed its 2025 production forecast from 90-95 MMboe to 89-91 MMboe and sales guidance from 92-99 MMboe to 93-95 MMboe. The projection downgrade “is primarily due to the slower-than-anticipated start-up of the BW Opal FPSO, and the impact of floods on Cooper Basin production with recovery efforts extending into the fourth quarter, where 155 wells are still offline due to flood water levels receding slower than expected”, it said. “On 12 October 2025 first gas into the export pipeline was achieved and first production at Darwin LNG is expected in the coming weeks. The delay was driven by the later-than-planned departure of the BW Opal from the Singapore shipyard and the resolution of software issues affecting the safety systems identified during commissioning”. Santos said September 22 Darwin LNG’s new source field, Barossa, had started producing natural gas through floating production, storage and offloading vessel BW Opal and that the liquefaction facility had received reauthorization from Australia’s Northern Territory. The Darwin LNG life extension project can produce up to about 3.7 million metric tons a year of liquefied natural gas (LNG), according to Santos. Darwin LNG’s previous source field, Timor-Leste’s Bayu-Undan, stopped exporting gas to the liquefaction facility late 2023 due to depletion, though Santos said 2024 Bayu-Undan would continue sending gas to the Northern Territory until the end of that year.

WASHINGTON—The U.S. Department of Energy (DOE) released its Fusion Science and Technology (FS&T) Roadmap, a national strategy to accelerate the development and commercialization of fusion energy on the most rapid, responsible timeline in history. The Roadmap defines DOE’s Build–Innovate–Grow strategy to align public investment and private innovation to deliver commercial fusion power to the grid by the mid-2030s. This effort advances President Trump’s Executive Order Unleashing American Energy, reinforcing the Administration’s commitment to expand domestic energy production and restore U.S. energy dominance. By accelerating progress toward commercial fusion power, DOE is strengthening America’s grid, rebuilding critical supply chains, and securing a new era of abundant, reliable, American-made energy. “The Fusion Science and Technology Roadmap brings unprecedented coordination across America’s fusion enterprise,” said Energy Department Under Secretary for Science Dr. Darío Gil. “For the first time, DOE, industry, and our National Labs will be aligned with a shared purpose—to accelerate the path to commercial fusion power and strengthen America’s leadership in energy innovation. Thanks to President Trump’s leadership, the Department is streamlining the full strength of the U.S. scientific and industrial base to deliver fusion energy faster than ever before.” The FS&T Roadmap was unveiled as part of a series of U.S. Fusion Energy Enterprise Events being held this week in Washington, D.C. this week. The Summit brings together leaders from government, industry, and academia to discuss the future of American fusion energy. Developed with input from more than 600 scientists, engineers, and industry stakeholders, the Roadmap identifies the key research, materials, and technology gaps that must be closed to realize a Fusion Pilot Plant (FPP) and strengthen U.S. leadership in the global fusion industry. The FS&T Roadmap establishes a unified strategy for the U.S. fusion enterprise built around three primary drivers: Build critical infrastructure to close fusion materials and technology

Oil fell to a fresh five-month low after US President Donald Trump said he’ll meet with Russian counterpart Vladimir Putin to discuss ending the war in Ukraine, raising expectations that Russian crude may soon flow freely. West Texas Intermediate fell 1.4% Thursday to settle near $57 a barrel, the lowest since May. Trump announced on social media that the US and Russia will hold high-level talks focused on ending the war next week, followed by a leaders’ summit in Budapest.  The prospect of a Russia-Ukraine truce comes amid mounting pressure on Moscow’s oil infrastructure. Russian exports of refined fuels have slumped to the lowest since the onset of the war, underscoring continued strain on the country’s refineries targeted by drone attacks. At the same time, Western nations are turning the screws on Russia’s energy sector in a bid to curb the flow of petrodollars to the Kremlin and limit Putin’s ability to finance the war. The UK recently slapped sanctions on Russia’s biggest oil producers, two Chinese energy firms and Indian refiner Nayara Energy Ltd. because of their handling of Russian fuel. The development took some air out of the earlier rally after India’s oil refiners said they expect to reduce — not stop — the purchase of Russian crude, a move that could squeeze global supply, following remarks by Trump that the South Asian nation would halt all buying. India, along with neighbor China, has made the most of discounted Russian supplies accessible under a Group of Seven price cap mechanism that was designed to keep oil flowing while limiting Moscow’s access to funds.  Crude has fallen this month as increased trade tensions between the US and China raised concerns about demand in the two biggest crude consumers, and as major trading houses said a long-anticipated oversupply is already starting to emerge.  “The softness in oil demand seen in early

Canadian oil exports to China are on pace for a record month amid a surge of purchases as the Asian giant pivots away from US crude. Almost 5 million barrels have been shipped out of Vancouver so far in October, a record for the first 15 days of any month, according to Vortexa ship tracking data.  Chinese buyers were recently stockpiling more than half a million barrels a day of foreign crude to take advantage of steep price discounts for Russian and Iranian oil amid growing US pressure to economically hobble those nations. More than 70% of oil-laden vessels departing the British Columbia port have sailed for China, according to the data. The remainder headed for the US West Coast, an area off Los Angeles where cargoes typically are offloaded to larger tankers for shipment elsewhere, or had no listed destination.  Asian demand has driven Canadian heavy crude to the strongest prices since July even as prices are normally near their weakest in the fourth quarter. Western Canadian Select in Alberta was trading at $10.20 less than US benchmark West Texas Intermediate as of Thursday, according to Modern Commodities prices. Canadian oil shipments to China are surging as the country shuns US crude amid an intensifying trade dispute between the world’s two largest economies. China recently imposed retaliatory port fees on US-linked vessels, increasing freight rates to haul American crude to Asia.  The three ports that receiving the most Canadian crude this month include Ningbo, Zhoushan and Zhanjiang, Vortexa data show. Zhoushan is where the 800,000 barrel a day Zhejiang Petroleum & Chemical refinery, majority owned by Rongsheng Petrochemical, receives its crude. The plant has been the biggest Chinese buyer of Canadian oil since the expanded Trans Mountain pipeline to Vancouver went into operation last year. Earlier this year, the company hired

WASHINGTON—U.S. Secretary of Energy Chris Wright today announced the Department of Energy’s (DOE) Loan Programs Office (LPO) closed a loan guarantee to strengthen grid reliability and ensure lower electricity costs across the midwestern region of the United States. In accordance with President Trump’s Executive Order, Strengthening the Reliability and Security of the United States Electric Grid, the $1.6 billion loan guarantee to a subsidiary of American Electric Power (AEP) will reconductor and rebuild around 5,000 miles of transmission lines across Indiana, Michigan, Ohio, Oklahoma, and West Virginia. The project will create over 1,000 construction jobs and enhance grid reliability and capacity in rapidly growing areas. “Thanks to President Trump and the Working Families Tax Cut, the Energy Department is ensuring the American people will have access to affordable, reliable and secure energy for decades to come,” said U.S. Secretary Wright. “The President has been clear: America must reverse course from the energy subtraction agenda of past administrations and strengthen our electrical grid. This loan guarantee will not only help modernize the grid and expand transmission capacity but will help position the United States to win the AI race and grow our manufacturing base.”The loan guarantee, which was carefully evaluated under the new LPO guidance directed by Secretary Wright, delivers on the Trump administration’s promise to responsibly steward taxpayer dollars and unleash American energy dominance. The AEP financial close is also the first closed loan guarantee under the Energy Dominance Financing (EDF) Program created by the Working Families Tax Cut, also known as the One Big Beautiful Bill Act. President Trump signed the legislation into law earlier this year. All electric utilities receiving an EDF loan must provide assurance to DOE that financial benefits from the financing will be passed on to the customers of that utility. DOE remains committed to