DNO ASA and Aker BP ASA have signed agreements to recalibrate their exploration and production ownerships in the Norwegian continental shelf, including the Kjottkake discovery. Aker BP will assume operatorship of Kjottkake until the start of production, after which DNO will resume operatorship, according to online statements by the companies on Thursday. The move allows for faster development, with production now targeted for the first quarter of 2028, the companies said. Fornebu, Norway-based Aker BP “will draw on its alliance with suppliers and its equipment inventory to deliver the project on time”, DNO said. “Three years from discovery to production is a standout on the Norwegian continental shelf, where such tie-backs typically take at least twice as long to complete”, DNO said. DNO discovered Kjottkake earlier this year in the northern North Sea under Production License 1182 S (PL 1182 S). “The discovery was made in Paleocene injectite sandstones of excellent reservoir quality with preliminary estimates of gross recoverable resources in the range of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe”, DNO said in a press release March 26. “The Kjottkake exploration well encountered a 41-meter oil column and a nine-meter gas column. A sidetrack drilled horizontally 1,350 meters westwards along the reservoir in the Sotra Formation confirmed the presence of the oil column throughout the discovery”. Kjottkake sits 27 kilometers (16.78 miles) northwest of the Troll C platform and 44 kilometers southwest of the Gjoa platform, according to DNO. Under the swap agreements, DNO and Aker BP retain their Kjottkake stakes of 40 percent and 45 percent respectively. Concedo AS holds 15 percent. Also under the agreements DNO will transfer its 28.9 percent stake in the producing Vilje field to Aker BP, whose interest will increase to 75.76 percent. Aker BP

Oil extended declines after Saudi Arabia lowered the prices of its crude, signaling uncertainty surrounding the supply outlook, while equities slumped in another pressure on the commodity. West Texas Intermediate settled near $59, sliding around 0.3% on the day after falling in the previous two sessions. Volatility hit Wall Street, also weighing on oil prices. Saudi Arabia lowered the price of its main oil grade to Asia for December to the lowest level in 11 months. Even though the price cut met expectations, traders saw it as a bearish signal about the cartel’s confidence in the market’s ability to absorb new supply, with a glut widely expected to begin next year. Prices have given up ground since the US sanctioned Russia’s two largest oil producers last month over Moscow’s war in Ukraine, and abundant supplies have so far managed to cushion the impact of stunted flows from the OPEC+ member to major buyers India and China. Key price gauges indicate that supply perceptions are worsening, with the premium that front-month WTI futures command over the next month’s contract, known as the prompt spread, narrowing in the past few weeks to near February lows. That’s also true for Brent crude. Still, US shale companies are forging ahead with their production plans, with Diamondback Energy Inc., Coterra Energy Inc. and Ovintiv Inc. this week announcing they inend to raise output slightly for this year or 2026 despite oil prices falling close to the threshold needed for many US shale wells to break even. Oversupply gloom hasn’t permeated refined products markets, though. Traders are still assessing how those supplies may be impacted by the US clampdown on purchases of Russian crude and Ukraine’s strikes on its neighbor’s energy assets. Those factors, as well as diminishing global refining capacity, bolstered diesel futures and gasoil

300 MW Average size of Clearway’s current projects. Most of the projects slated for 2030 and beyond are 500 MW or more, the company said.  >90% Percentage of projects planned for 2031-2032 that are focused in the Western U.S or the PJM Interconnection, “where renewables are cost competitive and/or valued.” 1.8 GW Capacity of power purchase agreements meant to support data center loads the company has signed so far this year. Meeting digital infrastructure energy needs Independent power producer Clearway Energy announced a U.S. construction pipeline of 27 GW of generation and storage resources following strong third-quarter earnings. The San Francisco-based company is owned by Global Infrastructure Partners and TotalEnergies. According to its earnings presentation, it has an operating portfolio of more than 12 GW of wind, solar, gas and storage.   Clearway President and CEO Craig Cornelius said on an earnings call Tuesday that the company is positioning itself to serve large load data centers.  “Growth in both the medium and long term reflects the strong traction we’ve made in supporting the energy needs of our country’s digital infrastructure build-out and reindustrialization,” Cornelius said during the call. “We expect this to be a core driver of Clearway’s growth outlook well into the 2030s.” Cornelius noted that Clearway executed and awarded 1.8 GW of power purchase agreements meant to support data center loads so far this year, and is currently developing generation aimed at serving “gigawatt class co-located data centers across five states.” Its 27 GW pipeline of projects in development or under construction includes 8.2 GW of solar, 4.6 GW of wind, 1.3 GW of wind repowering, 8 GW of standalone storage, 2.1 GW of paired storage and 2.6 GW of natural gas aimed at serving data centers. Under the OBBBA, wind and solar projects that begin construction by July 4,

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR) increased by 5.2 million barrels from the week ending October 24 to the week ending October 31. That’s what the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on November 5 and included data for the week ending October 31. The EIA report showed that crude oil stocks, not including the SPR, stood at 421.2 million barrels on October 31, 416.0 million barrels on October 24, and 427.7 million barrels on November 1, 2024. Crude oil in the SPR stood at 409.6 million barrels on October 31, 409.1 million barrels on October 24, and 387.2 million barrels on November 1, 2024, the report highlighted. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.679 billion barrels on October 31, the report revealed. Total petroleum stocks were up 1.1 million barrels week on week and up 44.5 million barrels year on year, the report showed. “At 421.2 million barrels, U.S. crude oil inventories are about four percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report. “Total motor gasoline inventories decreased by 4.7 million barrels from last week and are about five percent below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week,” it added. “Distillate fuel inventories decreased by 0.6 million barrels last week and are about nine percent below the five year average for this time of year. Propane/propylene inventories increased by 0.4 million barrels from last week and are 15 percent above the five year average

Energy Transfer LP has signed a 20-year transport agreement to deliver natural gas to Entergy Corp to support the power utility’s operations in Louisiana. “Under the agreement, Energy Transfer would initially provide 250,000 MMBtu per day of firm transportation service beginning in February 2028 and continuing through January 2048”, a joint statement said. “The deal structure also provides an option to Entergy to expand delivery capacity in the region to meet future energy demand and demonstrates both companies’ long-term commitment to meeting the region’s growing energy needs. “The natural gas supplied through this agreement, already in Entergy’s financial plan, will help fuel Entergy Louisiana’s combined-cycle combustion turbine facilities, which are being developed to provide efficient, cleaner energy for the company’s customers and to support projects like Meta’s new hyperscale data center in Richland Parish. “The project includes expanding Energy Transfer’s Tiger Pipeline with the construction of a 12-mile lateral with a capacity of up to one Bcfd. Natural gas supply for this project will be sourced from Energy Transfer’s extensive pipeline network which is connected to all the major producing basins in the U.S.” Entergy Louisiana had 1.1 million electric customers in 58 of Louisiana’s 64 parishes as of December 2024, Entergy Louisiana says on its website. Earlier Energy Transfer secured an agreement to deliver gas for a power-data center partnership between VoltaGrid LLC and Oracle Corp. VoltaGrid will deploy 2.3 gigawatts of “cutting-edge, ultra-low-emissions infrastructure, supplied by Energy Transfer’s pipeline network, to support the energy demands of Oracle Cloud Infrastructure’s (OCI) next-generation artificial intelligence data centers”, VoltaGrid said in a press release October 15. “The VoltaGrid power infrastructure will be delivered through the proprietary VoltaGrid platform – a modular, high-transient-response system developed by VoltaGrid with key suppliers, including INNIO Jenbacher and ABB”. “This power plant deployment is being supplied with firm natural gas from Energy Transfer’s expansive pipeline

Three of the four units at the coal-fired Springerville Generation Station (SGS) in Arizona will shift to natural gas in the early 2030s. This week Salt River Project’s (SRP) board approved the conversion of Unit 4. Earlier this year Tucson Electric Power (TEP), which operates all four units, said it will convert Units 1 and 2. Unit 3, owned by the Tri-State Generation and Transmission Association, is set to be retired. “Today’s decision is the lowest-cost option to preserve the plant’s 400-megawatt (MW) generating capacity, enough to serve 90,000 homes, which is important to meeting the Valley’s growing power need in the early 2030s”, SRP said in a statement on its website. “Converting SGS Unit 4 to run on natural gas is expected to save SRP customers about $45 million compared to building a new natural gas facility and about $826 million relative to adding new long-duration lithium-ion batteries over the same period”, the public power utility added. “The decision also provides a bridge to the mid-2040s, when other generating technology options, including advanced nuclear, are mature”. Gas for the converted Unit 4 will come from a new pipeline that SRP will build. The pipeline will also supply gas to the Coronado Generating Station (CGS). On June 24 SRP announced board approval for the conversion of CGS from coal to gas. “SRP is working to more than double the capacity of its power system in the next 10 years while maintaining reliability and affordability and making continued progress toward our sustainability goals”, SRP said. “SRP will accomplish this through an all-of-the-above approach that plans to add renewables in addition to natural gas and storage resources”.  SRP currently supplies 3,000 MW of “carbon-free energy” including over 1,500 MW of solar, with nearly 1,300 MW of battery and pumped hydro storage supporting its