Shell PLC remitted a total of $28.1 billion to governments in 24 countries where the British energy giant has upstream operations, with Nigeria maintaining its status as top recipient at $5.34 billion. Shell counts as payments to government those arising from exploration, prospection, discovery, development and extraction of oil, natural gas and minerals or other materials. The company excludes payments related to refining, gas liquefaction or gas-to-liquids activities, as well as payments made by entities where Shell has joint control. Shell also said that in line with a United Kingdom law requiring UK companies to report payments to governments, Shell only reports payments equal to or above the GBP 86,000 ($114,500) or equivalent materiality threshold. The bulk of the total figure for the countries that fall within the threshold was production entitlements, totaling $11.39 billion. Taxes accounted for $10.46 billion. Royalties were $4.32 billion. Fees comprised $1.91 billion. Bonuses and infrastructure improvements recorded $12.98 million and $1.13 million respectively. However, Shell said in a separate statement, “In 2024, Shell paid $18.2 billion in taxes to governments. We paid $12.5 billion in corporate income taxes ($0.5 billion of which were withholding taxes) and $5.7 billion in government royalties”. Nigeria received $3.8 billion in production entitlements, $648.73 million in taxes and $780.23 million in royalties. On March 13, 2025, Shell said it had completed the sale of its Niger Delta subsidiary to a Nigerian consortium for $1.3 billion. Renaissance Africa Energy Holdings has taken over Shell Petroleum Development Company of Nigeria Ltd. (SPDC) and consequently acquired a 30 percent operating stake in the SPDC Joint Venture (JV). The SPDC JV holds 15 onshore oil mining leases (OMLs) and three shallow-water OMLs that have been plagued by oil spills, most of which Shell blamed on oil theft and sabotage. “The divestment of SPDC

The UK’s largest natural gas storage facility will be “decommissioned” without Government support, its operator Centrica has said. British Gas owner Centrica said earlier this month that it remains in talks with ministers about government cooperation to expand and revamp its Rough facility off the coast of Yorkshire. The facility in the North Sea is the largest of its kind in the UK, but Centrica stopped filling it with natural gas last month amid concerns over its financial viability. The company usually starts injecting fuel into the Rough site by spring, but it had not done so by mid-April, according to reports. Asked by the BBC’s Sunday With Laura Kuenssberg programme why Centrica needed government backing, the company’s chief executive Chris O’Shea said: “We are a big business, but this asset will lose probably £100 million this year because the cost of running it is over £100 million. “If we were to simply spend £2 billion redeveloping this field and the summer-winter gas price stays the same, then we will lose that £2 billion and we’ll lose the cost of operating the facility. “It’s just not sustainable.” Mr O’Shea said the company was “not asking for any government money”. He added: “What we’re asking for is simply for the Government to help create the conditions which will unlock £2 billion of investment and it will create thousands of jobs in the construction phase, and it will safeguard the jobs of very highly skilled colleagues.” © Supplied by CentricaCentrica is exploring hydrogen storage options at Rough gas storage field. The Department for Energy Security and Net Zero said the future of Rough was a “commercial decision for Centrica”, but the Government remained “open to discussing proposals on gas storage sites”. While the UK does not rely heavily on gas storage compared

Australian upstream oil and gas company Tamboran Resources Corporation completed a 35-stage stimulation campaign in the Shenandoah South 2H sidetrack (SS-2H ST1) well across a 5,483-foot (1,671-metre) horizontal section. The SS-2H ST1 well was suspended for a longer duration of “soaking” following technical analysis of wells in the Beetaloo Basin and studies undertaken in the United States. The well was soaked for a total of 62 days before the reopening of the well in mid-May 2025. In May 2025, Tamboran unveiled a Private Investment in Public Equity (PIPE) plan aimed at raising $55.4 million. Upon completion, the company expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under the proposed 40 million cubic feet per day (MMcf/d) Shenandoah South (SS) pilot project. “The SS-2H ST1 well commenced flow testing in mid-May 2025, which is being tested for a full 90 days over a 5,483-foot (1,671-metre) horizontal section. We plan to update the market on the initial 30-day flow test (IP30) in mid-June 2025”, Joel Riddle, Tamboran Resources’ Chief Executive Officer, said. “Having successfully raised funding to progress drilling activity in the Beetaloo Basin, we are focused on delivering the largest single drilling campaign in the region to date”, Riddle added. “The program includes three wells drilled from the SS2 pad, commencing in mid-2025, and stimulation of up to 240 stages across four 10,000-foot horizontal wells. These wells are going to be critical for meeting the binding Gas Sales Agreement with the Northern Territory Government that will supply much-needed gas to Darwin to keep the lights on”. The three wells planned for the 2025 campaign will be drilled with a Helmerich & Payne Inc. rig over a 10,000-foot horizontal section, with up to 60 stages of stimulation for each, including the SS-3H well.

It’s fair to say Aberdeen firm Wood has faced more than a few crises in recent years. Seven years ago, Wood was valued at more than £5 billion and, as part of expansion plans, had just acquired one of its biggest rivals. But numerous issues, including financial reports, inappropriate management pressure and contract problems, have caused a serious downfall. With Wood failing to submit its latest accounts by April 30, shares are currently suspended at 18.2p each, valuing the firm at just £128 million. But, could the tide be about to turn? The engineering giant is the subject of a potential takeover from Dubai-based group Dar Al-Handasah, known as Sidara. What has made Aberdeen giant a takeover option? A lot has happened at the engineering giant in the past decade. In 2017, Wood purchased Amec Foster Wheeler in a deal worth £2.2bn. It was expected to provide new jobs for the north-east and accelerate its growth strategy by four years. However, that couldn’t have been further from the truth. Amec Foster Wheeler brought issues with it, including court cases for contracts and bribery claims. Wood found itself paying out more than £230m in settlements. © Supplied by –Wood offices in Aberdeen. There was more trouble ahead. Its setbacks had made it a takeover target for rivals and in 2023 Wood faced several bids from Apollo Global Management, which rose as high as 240p per share. But it wasn’t to be, and share prices fell by 34% on May 15 to 145p when Apollo pulled the plug. The chaos continued into 2024, starting it by revealing plans to cut 22 jobs in the north-east as speculation mounted it would be exiting Aberdeen. Wood confirmed it would be going nowhere, but neither were its issues. Sidara and Wood deal background Sidara was founded in 1956

Malaysia is committed to reducing petrol subsidies in the second half of the year and is refining its plan as US tariffs darken the economic outlook. The government “will continue to assess inputs and feedback in refining details” of its fuel subsidy revamp as it actively engages with a wide range of stakeholders, a spokesperson at the Ministry of Finance said in response to questions from Bloomberg News. Prime Minister Anwar Ibrahim in October said that the government would cut subsidies on the most popular gasoline in mid-2025, a move that’s expected to save the government 8 billion ringgit ($1.9 billion) a year. Policymakers are planning a two-tier price system for RON95 petrol. Anwar said then that only the wealthiest 15% would pay the market rate for it, while the rest will enjoy the current subsidized price. “The government remains committed to implementing the RON95 subsidy rationalization in the second half of 2025, and will be sharing further details in due course,” the spokesperson said. Anwar, who is at the midpoint of his five-year term, faces a juggling act. Lawmakers have urged the government to postpone the move and other adjustments to fiscal policy that they fear would damp business confidence and increase costs for consumers. But cutting the subsidies are key to meeting government pledges to narrow the country’s fiscal deficit. A reduction in diesel subsidies in June last year added to the government’s coffers — and was followed by the ruling coalition’s loss in a by-election. To assuage Malaysians’ concerns, Anwar — who is also finance minister — said in March that a government study showed the planned subsidy cut will not affect 80% to 90% of the population. A recent decline in global oil prices has made it easier for policymakers to push ahead with the politically sensitive move as disruptions in

President Donald Trump’s administration is deepening its review of more than $15 billion in grants and other support awarded by its predecessor for upgrading power grids and manufacturing energy technology. Energy Secretary Chris Wright is ordering the stepped-up scrutiny, with a plan for case-by-case reviews to ensure projects that won funding under former President Joe Biden are financially sound, aligned with US economic and security interests and consistent with the Trump administration’s policies, according to documents seen by Bloomberg News. The reviews will cover projects for modernizing the power grid, making batteries in the US and building other energy technology domestically. Financial support for those that don’t meet the new standards could be modified or terminated, according to a new policy statement. Trump has been a sharp critic of what he calls the “Green New Scam,” referring to hundreds of billions of dollars in government subsidies for low- and zero-emission technology. He’s also trained heavy fire on policies buttressing offshore wind and electrical vehicles, while cheering on the use of oil, gas and coal. And Trump allies have complained that Biden’s team rushed funding out the door in its final weeks. An initial review is focused on 179 projects that have won financial assistance from Energy Department offices focused on power grids and domestic manufacturing. But the plan also sets the stage for potentially more audits of tens of billions in additional support awarded to auto companies, power utilities, biofuel producers and other ventures. The effort, compelling companies to supply new documentation on demand — with the risk of cancellation for not swiftly complying within 30 days — could be a powerful tool to pull back support from projects that run counter to Trump’s policy priorities. Not only could the Energy Department withdraw funding for projects that fall short of