Equinor ASA said the 140-megawatt (MW) Serra da Babilônia Solar in the Brazilian state of Bahia is now commercially operational. Co-located with the existing 223-MW Serra da Babilônia Wind, the solar unit completes the Norwegian majority state-owned company’s first hybrid power complex, Equinor said in an online statement. The wind farm came online 2018, before Equinor took over through the acquisition of Rio Energy in 2023. “Accumulated annual production from Serra da Babilônia Solar is estimated at 236 GWh of power per year, which is equivalent to the consumption of 143,000 Brazilian households”, Equinor said. “The produced energy will be sold in the Brazilian power market by Equinor’s energy trading house, Danske Commodities”. “Hybrid projects take advantage of the complementary nature of solar and wind resources, which generate power at different times of the day and throughout different seasons”, it said. “This helps to reduce the intermittency associated with renewable power generation and enhance grid stability. “Further, Serra da Babilônia Solar leverages synergies from the operating wind facility by sharing existing infrastructure on site, and by achieving efficiencies during the operations and maintenance phase. This results in material cost savings for the hybrid complex compared to a standalone solar asset”. Serra da Babilônia Solar is the first project delivered by Rio Energy as a wholly owned subsidiary of Equinor, according to Equinor. “Brazil is a key area for Equinor’s long-term growth”, said Equinor manager for Brazil Veronica Coelho. “Building on a solid portfolio of oil and natural gas, including Raia that will supply around 15 percent of Brazil’s total gas demand, we are advancing towards a more integrated and diverse energy offering in the country. “With Serra da Babilônia Solar operational, we now have around 600 MW of solar and wind capacity in power production, which we can further optimize

Kistos Holdings PLC said Tuesday it has entered into a binding deal with Mitsui & Co Ltd to buy the Japanese diversified company’s stakes in Blocks 3, 4 and 9 onshore Oman, marking its entry into the Middle East. Mitsui, through Mitsui E&P Middle East BV, will divest 20 percent in Blocks 3 and 4 and five percent in Block 9 to London-based explorer and producer Kistos for $148 million, Kistos said in a stock filing. It expects the acquisitions to contribute 9,000-10,000 barrels of oil equivalent per day (boepd) net, with liquids comprising about 91 percent, to its production this year. Based on operator estimates as of the start of 2025, the assets would add 25.6 million barrels of oil equivalent (MMboe) net to Kistos’ proven and probable (2P) reserves, Kistos said. “The acquisition equates to a valuation of approximately $5.80/boe of 2P reserves”, it said. Block 9, in northwestern Oman, is operated by Warren Buffett-backed Occidental Petroleum Corp with a 50 percent stake. Block 9 contains the producing Safah and Wadi Latham fields. The Gulf country’s state-owned OQ SAOC owns 45 percent. Blocks 3 and 4, in eastern Oman, are operated by Lebanon’s CC Energy Development SAL with a 50 percent interest. Sweden’s Tethys Oil AB holds 30 percent. Kistos noted seven fields have been put onstream in Blocks 3 and 4, which span about 29,000 square kilometers (11,196.95 square miles). “Kistos’ entry into the Middle East adds geographical and onshore production diversification to the company’s existing portfolio”, Kistos said. “Representing an evolution in the company’s M&A [merger and acquisition] strategy, the acquisition aligns with the board’s core ambition of pursuing assets that have strong near-term production with significant development and exploration upside”. Kistos executive chair Andrew Austin said, “Our entry into the MENA [Middle East and North Africa] region represents

Russia’s crude oil output last month was well below its OPEC+ quota, as the country struggled to find buyers for its sanctioned barrels and Ukrainian drone attacks hampered refineries. An average 9.43 million barrels a day were pumped in November, according to people with knowledge of the data, who asked not to be identified discussing confidential information. While that was 19,000 barrels a day above the October level, it lagged the nation’s November target by more than 100,000 barrels a day, Bloomberg calculations show. That’s also the most that Russia’s actual reported production has lagged its monthly OPEC+ quota, including compensation cuts, in over two years. It’s another sign that Moscow faces a challenge in offloading its oil, a key source of revenue that the Kremlin uses to fund its war with Ukraine. Russia had historically been one of the biggest laggards in complying with OPEC+ output agreements, pumping above the targets, and even had to make additional cuts to compensate for overproduction. The final cuts were made in October, according to the Organization of Petroleum Exporting Countries. US sanctions that hit oil giants Rosneft PJSC and Lukoil PJSC have in recent weeks reduced appetite for Russian barrels in key buyer India. Still, traders and refiners have said that volumes could rebound as unsanctioned suppliers and new trading intermediaries appear. The difficulty in finding buyers has led to the amount of Russian oil on water growing. In addition to vessels idling for long periods, some are taking longer voyages. Drone Attacks Meanwhile, Ukraine carried out record attacks on Russian refineries last month, pressuring crude-processing volumes as refinery owners rushed to repair infrastructure. The two sides are fighting an increasingly intense energy war as they attempt to gain a meaningful advantage as peace efforts drag on. The Energy Ministry didn’t immediately respond to a request for comment on

Oil declined for a second day, dragged lower by weakness in refined products as traders await data expected to shed light on the extent of crude surpluses. West Texas Intermediate dipped 1.1% to settle near $58 a barrel, pressured by routs in diesel, gasoline and other products. The difference between the price of US gasoline and crude oil, known as a crack spread, fell to the weakest since February, while a comparable gauge for diesel also slid. Refined products had been one of few tailwinds for crude this year, and the recent demand-driven weakness is exacerbating a sense of bearish gloom ahead of a widely telegraphed glut. Some trend-following commodity trading advisers were selling positions in the products, according to data from Bridgeton Research Group. Such market participants can intensify price momentum. Traders are looking ahead to a slew of reports from the International Energy Agency and OPEC set to be published this week, as well as a Wednesday decision on monetary policy from the Federal Reserve. US crude output is expected to hit a record 13.61 million barrels a day this year, according to the Energy Information Administration’s Short-Term Energy Outlook released Tuesday, adding to short-term oversupply concerns. The IEA has predicted a record oil surplus next year, and the volume of crude crossing oceans is rising. Fuel prices have softened in recent days, removing one factor that had supported crude during the past few weeks. Still, the US oil benchmark remains in the tight $4-a-barrel range it has traded in since the start of November. “Eventually, the current huge blob of oil at sea will move onshore where the sensation of rising crude oil stocks will be more tangible,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “The only reason why Brent crude hasn’t fallen faster and

Morocco is getting closer to creating an almost $1 billion liquefied natural gas hub at a new deep-sea port on its Mediterranean coast, as it plans to boost imports to curb the use of dirtier fuels. The nation this week issued a tender for a company to supply a floating storage and regasification unit that will be moored at the Nador West Med port that’s due to start operating next year. It’s also looking to pick firms to build, finance and operate new pipelines connecting the port to major industrial areas.  Morocco aims to become a player in LNG imports, with the government planning to spend $3.5 billion to boost gas consumption from 1.2 billion cubic meters to 12 billion cubic meters by 2030. The new projects will help counter the loss of Algerian supplies in 2021 following a diplomatic dispute, while gas is an important bridge fuel for manufacturing industries that export goods to Europe. The Ministry of Energy Transition and Sustainable Development estimated the FSRU would cost about $273 million, while the new pipelines would require investments of $681 million. The pipelines will be connected to the Maghreb-Europe link, through which Morocco imports gas from Europe, as the projects will also form the backbone of a gas network that may one day carry green hydrogen both home and abroad. The country’s gas plans involve spending $1.5 billion on infrastructure to import LNG to replace dirtier feedstocks such as fuel oil and coal in the industrial sector, and investing $2 billion to construct gas-fired plants that would triple the amount of power generated by gas. Morocco plans to decarbonize its economy by 2050 — phasing out coal along the way — including by expanding in solar and wind generation as well as battery-storage facilities. Authorities expect about $11 billion in investment to add

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