Malaysia’s national oil and gas company has signed a deal with Eni SpA to combine their upstream assets in Malaysia and Indonesia. Separately Petroliam Nasional Bhd. (Petronas) penned multiple agreements with TotalEnergies SE to jointly explore several offshore blocks in Malaysia and signed another agreement for a farm-down in Indonesia to the French company. The joint venture agreement with Italy’s state-backed Eni, expected to be finalized in the fourth quarter, would deliver 500,000 barrels of oil equivalent (boe) a day in the medium term. The combined portfolio would consist of about three billion boe of reserves and 10 billion boe of exploration potential, according to the companies. “This collaboration will unlock new opportunities for us to contribute to the energy security in the region and deliver long-term value across Malaysia and Indonesia”, Petronas president and chief executive Muhammad Taufik said in an online statement. The partnership would create “synergy in terms of assets, expertise and financial capabilities, in a transformational model that further strengthens the huge potential of the two countries”, Eni chief executive Claudio Descalzi said separately. “The new company will have a strong regional impact on gas production, bringing additional energy, infrastructures and employment for the benefit of both Indonesia and Malaysia”. Meanwhile Petronas’ agreements with TotalEnergies in Malaysia and Indonesia involve offshore blocks in different maturation stages and covering over 100,000 square kilometers (38,610.19 square miles), TotalEnergies said in a press release. “TotalEnergies will notably hold, alongside PETRONAS through its wholly-owned subsidiary Petronas Carigali Sdn. Bhd., a 50 percent operated working interest in Blocks SK301b and SK313, where significant gas discoveries (more than 4 Tcf) were made and are expected to be developed to support gas supply to Malaysia LNG from 2030”, TotalEnergies said. “TotalEnergies will also hold, alongside PETRONAS, interests in several exploration blocks offshore Malaysia.

US President Donald Trump left the Group of Seven leaders meeting in Canada early to deal with the Israel-Iran conflict, but played down the chances of a ceasefire. On Tuesday morning, he returned to Washington and criticized French President Emmanuel Macron for saying the move was possibly a sign he was working on a truce. “Wrong!,” Trump said in reference to Macron on Truth Social. “He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that. Stay Tuned!” Trump hasn’t clearly spelled out his next steps as he returns to the US capital. Israel and Iran continue to strike on one another. While global markets have calmed since hostilities started on Friday with Israel bombing Iran, there are still widespread fears the war will spread to other countries in the oil- and gas-producing region. Despite Trump’s latest comments, top US officials said the president remains hopeful a peace deal can be achieved between Israel and Iran. The diplomatic flurry followed another 24 hours of intense bombardments, with Iran firing ballistic missiles and Israel striking targets across the Islamic Republic, including the capital of Tehran. The USS Nimitz aircraft carrier strike group is now sailing to the Middle East ahead of schedule, marking the first significant move of American military assets to the region since Friday.  “Iran should have signed the ‘deal’ I told them to sign,” Trump wrote in an earlier social media post, referring to nuclear talks between Tehran and Washington that are now on hold. “What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!” It wasn’t clear if Trump knew of a

European Union member states need around EUR 241 billion ($278.62 billion) through 2050 to grow the share of conventional nuclear in their energy mix toward meeting their decarbonization, industrial competitiveness and energy security goals, according to official analysis. The 27-member bloc had 101 operational nuclear power reactors, with a combined capacity of 98 gigawatts electric (GWe), as of last year, the European Commission said. These are spread across 12 member states: Belgium, Bulgaria, Czechia, Finland, France, Hungary, the Netherlands, Romania, Slovakia, Slovenia, Spain and Sweden. In 2023 the units supplied 22.8 percent of the EU’s electricity generation. Three more reactors are under construction: one in Slovakia (Mochovce 4) and two in Hungary (Paks II), according to the Commission. While the EU’s top economy, Germany, shut down its three remaining nuclear power plants in April 2023, the new German government signaled it would drop its opposition to nuclear power, according to a Reuters report May 20, 2025, citing a French official. The estimated investment need, EUR 241 billion in present-value terms, is based on generation gaps identified in National Energy and Climate Plans (NECPs). The estimate, a “base case scenario”, accounts for the existing fleet, ongoing constructions and planned newbuilds. Additional investment is needed for small modular reactors (SMRs), advanced modular reactors (AMRs) and microreactors, the Commission said, though it did not quantify the investment need. Newbuild projects account for EUR 205 billion. Lifetime extensions would need EUR 36 billion, according to the Commission. In the base case scenario, the Commission projects an increase in nuclear generation capacity to 109 GWe in 2050, assuming at least some of the existing reactors extend their operating life beyond 60 years and planned newbuild reactors are delivered on time. “The Commission estimates that over 90 percent of electricity in the EU in 2040 will

Neste Oyj and Chevron Lummus Global (CLG) have announced promising pilot results for a new process to convert lignocellulosic biomass into renewable fuels. “Through close collaboration at CLG’s state-of-the-art R&D facility in the U.S., Neste and CLG have successfully demonstrated proof of concept for converting lignocellulosic waste into renewable fuels, with highly promising initial results”, a joint statement said. The results indicated the new technology could outperform existing technologies for processing lignocellulosic raw materials, according to the companies. “Neste and CLG are currently validating the technology and targeting readiness to scale up the technology to commercial scale”, they said. “Vast amounts of lignocellulosic waste and residues from existing forest industry and agricultural production remain underutilized and could be leveraged as valuable renewable raw materials”. “The partnership combines CLG’s extensive experience and proven track record in developing and licensing market-leading refining technologies with Neste’s pioneering expertise and global leadership in renewable fuels”, the partners said. CLG chief executive Rajesh Samarth said, “We are confident this partnership will pave a new pathway for producing renewable fuels, leveraging our versatile and scalable hydroprocessing technology platform”. Lars Peter Lindfors, senior vice president for technology and innovation at Neste, said, “Unlocking the potential of these promising raw materials would allow us to meet the growing demand of renewable fuels in the long-term and contribute to ambitious greenhouse gas emission reduction targets”. Espoo, Finland-based Neste produces sustainable aviation fuel (SAF) and renewable diesel. It has increased its SAF production capacity to 1.5 million metric tons per annum (MMtpa) with last year’s start-up of a Rotterdam project with a capacity of 500,000 metric tons a year. Neste aims to grow its production capacity for renewable fuels to 6.8 million metric tons a year by 2027. CLG, a joint venture between Chevron Corp. and Lummus Technology, provides technology

Oil fell on signs that the conflict in the Middle East may avoid disrupting crude production, with Iran seeking to deescalate hostilities with Israel. West Texas Intermediate slid 1.7% to settle below $72 a barrel after spiking to start the session and swinging in an $8 throughout the day. US President Donald Trump said Iran wants to talk about deescalating the conflict, helping quell fears that a protracted war would engulf a region that produces around a third of the world’s crude. “The question is — will Israel really be on board with that?” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “What this does suggest, though, is that the chatter about the Strait of Hormuz may have been overstating the threat.” Still, oil markets remain on edge after Israel launched an attack on the South Pars gas field, forcing the halt of a production platform, following strikes on Iran’s nuclear sites and military leadership last week. However, critical crude oil-exporting infrastructure has so far been spared and there’s been no blockage of the vital Strait of Hormuz. While an attack on Iran’s gas production is a concern, the biggest fear for the oil market centers on Hormuz. Middle East producers ship about a fifth of the world’s daily output through the narrow waterway, and prices could soar further if Tehran attempts to disrupt shipments through the route. Oil prices remain significantly higher than where they were before the attacks began. Crude gained more than 7% in the session after air strikes began on Friday, leading to record volumes of producer hedging as well as futures and options changing hands. Wall Street analysts have been quick to highlight the risks the conflict could pose. RBC Capital Markets said the fact both sides have targeted energy infrastructure

Key OPEC+ nations added less oil to the market last month than the headline figure of its output plan, as the cartel’s leadership pushed members to atone for earlier over-production. The eight members involved in the group’s current accord raised production by 154,000 barrels a day, compared with a headline increase of 411,000 barrels a day, according to a monthly report from OPEC’s secretariat. Iraq, the United Arab Emirates and Russia were among those compensating for past excess output. However, the eight countries’ total output was almost 400,000 barrels a day above their target for the month as Kazakhstan continued to pump well above its quota. Group leader Saudi Arabia has spurred OPEC and its allies to accelerate their planned output revival in a bid to punish members that flouted their limits with lower prices, and to reclaim the market share Riyadh has ceded during years of supply curbs. That push initially weakened oil prices, but markets have been roiled in recent days as Israel launched a wave of attacks on OPEC member Iran, including some strikes on its domestic energy infrastructure. US crude futures are trading near $73 a barrel after surging on Friday by the most in three years. With Iran’s crude exports so far unaffected, OPEC Secretary General Haitham Al Ghais has said the organization doesn’t need to take any immediate action. Quota Cheats The report published by OPEC’s Vienna-based research department on Monday showed that members have taken a mixed approach in implementing their agreed production increases. Saudi Arabia largely went ahead with its mandated hike in May, raising production by 177,000 barrels a day to an average of 9.183 million per day. Kazakhstan and Iraq, who had pledged extra cutbacks as compensation for cheating, both reduced output in May. Astana cut by 21,000 barrels to 1.8