Naftogaz Group has secured a fresh UAH 5 billion ($118.82 million) loan from local bank JSC CB PrivatBank to procure more natural gas for Ukraine. “To get through the winter steadily, Naftogaz needs to import 4.4 billion cubic meters of gas [155.38 billion cubic feet], with a total cost of about EUR 1.9 billion [$2.22 billion]”, the state-owned integrated energy company said in an online statement, noting local production has fallen due to war damage. Earlier Naftogaz sealed local loans totaling UAH 9.4 billion from PrivatBank and PJSC JSB Ukrgasbank, each committing UAH 4.7 billion, to buy gas for the heating season, as announced by Naftogaz in July. Chief executive Sergii Koretskyi said then, “At the same time, we continue to work with international financial institutions and partner countries”. Also in 2025 JSC State Saving Bank of Ukraine agreed to lend Naftogaz UAH 3 billion for gas import, as announced by Naftogaz October 9. On November 13 Naftogaz and the European Investment Bank (EIB) announced a grant of EUR 127 million for the procurement of gas for Ukraine, in addition to a EUR 300 million EIB loan to Naftogaz that was disbursed October for the same purpose. The loans are guaranteed under the Ukraine Investment Framework (UIF), part of the European Union’s Ukraine Facility. The facility aims to mobilize up to EUR 50 billion – EUR 33 billion in loans and EUR 17 billion in grants – from 2024 to 2027, according to the European Council, which approved the facility February 2024. The UIF aims to mobilize up to EUR 40 billion of investments for recovery, reconstruction and modernization, according to its implementer the European Commission. On August 13 Naftogaz and the European Bank for Reconstruction and Development (EBRD) said they had agreed on a EUR 270 million loan for gas purchases.

CNOOC Ltd has started production in the Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project in the Beibu Gulf Basin of the South China Sea. This is the company’s 12th announced startup offshore China this year, and the sixth in the South China Sea. Including two projects in Brazilian waters and Guyana’s Yellowtail, the publicly listed arm of China National Offshore Oil Corp has now announced 15 upstream startups in 2025. CNOOC Ltd expects the newest startup to reach its capacity of about 16,900 barrels of oil equivalent a day in 2026. The oil is light crude, according to the company. The development plan eyes 35 wells: 28 for production and seven for water injection. “The main production facilities include a newly-built unmanned wellhead platform and a central processing platform, which are connected to an existing platform through a trestle bridge”, CNOOC Ltd said in a press release. “The project has adopted a coordinated development plan of ‘three offshore processing centers + one onshore terminal’, serving as a gathering and transportation hub to release the resource capacity and ensure stable energy supply in the region”, the sole owner said. The project has an average water depth of around 43 meters (141.08 feet), according to CNOOC Ltd. Earlier this year it put online five projects in the South China Sea: the Dongfang 29-1 field, the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Development Project, the Weizhou 5-3 field, the Wenchang 16-2 field and phase II of the Wenchang 19-1 field. In the Bohai Sea, CNOOC Ltd put onstream four projects in 2025: phase I of the Bozhong 26-6 field, the Caofeidian 6-4 field adjustment, phase I of the Kenli 10-2 Oilfields Development Project and phase II of the Luda 5-2 North field. In the Yinggehai Basin, two came online this year: the Dongfang 1-1 Gas

Oil futures erased earlier declines after US forces intercepted and seized a sanctioned oil tanker off the coast of Venezuela, a move that marks a major escalation of tensions between the two countries. West Texas Intermediate traded higher to settle above $58 after earlier dropping as much as 1%. Brent crude settled above $62. The seizure may make it much more difficult for Venezuela to send its oil overseas, as other shippers are now likely to be more reluctant to load its cargoes. Most Venezuelan oil heads to China, usually through intermediaries, at steep discounts due to sanctions risk. US President Donald Trump has suggested numerous times that the US could strike on land in Venezuela and that the country’s President Nicolas Maduro’s “days are numbered.” “Tensions are continuing to move up the escalation ladder and introduce some short-term supply risk,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “That said, given the administration’s clear desire to keep oil and gasoline prices contained, the market is only assigning a small risk premium. Any potential disruption is still being viewed as short-lived.” Still, oversupply concerns continue to weigh on sentiment. The US said domestic crude production would hit a record 13.6 million barrels a day this year, adding to a flood of supply hitting the global market, while several of India’s largest refiners are buying sanctioned Russian oil, easing the worst fears of a supply threat. Ukraine carried out yet another attack on a Russian shadow-fleet oil tanker as it continues to target Moscow’s vital seaborne petroleum trade. Meantime, data from the US Energy Information Administration on Wednesday showed US inventories declined 1.8 million barrels, the first draw on stocks in around three weeks. Inventories at the Cushing, Oklahoma, storage hub rose. Data also showed a surge

South Sudan’s oil exports faced a new threat after rebels in war-torn Sudan seized facilities key to transporting crude to the Red Sea. Workers fled and operations were halted at Heglig, an oil hub in southern Sudan, as the Rapid Support Forces paramilitary group approached the area, according to people familiar with the events. The RSF, which has been battling Sudan’s army since April 2023, said on Telegram on Monday it had taken control of the “strategic Heglig” area, and was committed to securing the oil facilities. The development raises the prospect of another halt in exports of South Sudan’s Dar Blend after a disruption in mid-November. While Sudan ships little crude of its own, it’s the sole conduit for oil from landlocked South Sudan. Heglig — which lies near their border — plays a crucial role in the pipeline network.  Sudan exported an average of 165,000 barrels a day of its neighbor’s crude in the past three months, according to tanker-tracking data compiled by Bloomberg.  The army-backed government in Sudan didn’t respond to requests for comment. Nor did South Sudanese authorities, who rely on oil exports for the vast majority of state revenue. The RSF’s seizure of Heglig caps a string of recent territorial gains in southern Sudan for the group that’s been accused by the US of genocide in a conflict in which hundreds of thousands of people are thought to have died. The World Health Organization on Monday said drone strikes on a kindergarten and a nearby hospital in South Kordofan on Dec. 4 had killed 114 people, including 63 children. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Kathy Mikells, the first outsider to join Exxon Mobil Corp.’s inner circle of top executives, will retire next year as she battles a serious but non-life threatening health condition.  Mikells, 60, joined Exxon in 2021 when the Texas oil giant was under pressure from shareholders to improve financial performance, diversify its leadership and build a low-carbon business. She will retire on Feb. 1 to focus on her health, Chief Executive Officer Darren Woods said in a presentation to investors Tuesday. She will be replaced by Neil Hansen, a 25-year Exxon veteran who leads the company’s global business solutions division.  “In recent months Kathy has undergone a series of procedures and surgeries to address a debilitating but thankfully non-life threatening health issue,” Woods said. “While her condition has improved, it has become clear to her, and I think the rest of us, that she needs to focus fully on her recovery.” Mikells came to Exxon from beverage titan Diageo Plc and became the first female senior vice president on the company’s management committee, which oversees day-to-day operations and sets strategy. She was also the first executive to hold such a high position at Exxon without a background in oil, natural gas or chemicals. “Things are absolutely getting better, but it has been slow going, and I still have a lot of work to do with my doctors to one day get back to my usual self,” Mikells said. “I know my colleagues on the call today will recognize the sincerity of my disappointment in needing to leave this great company.” Mikells modernized Exxon’s finance function and was the first manager to hold the formal title of chief financial officer. She overhauled investor communications and provided more granular, forward-looking information to analysts and the market in general.  Hansen has been prepared for

Eni announced, in a statement sent to Rigzone recently, a “significant gas discovery” in the Konta-1 exploration well off the coast of East Kalimantan in Indonesia. “Estimates indicate 600 billion cubic feet of gas initially in place (GIIP) with a potential upside beyond one trillion cubic feet,” Eni said in the statement. The Konta-1 discovery is situated in the Muara Bakau PSC, Eni highlighted in the statement, pointing out that this is operated by the company with an 88.334 percent participating interest. Saka Energi holds the remaining 11.666 percent stake. “Konta-1 was drilled to a depth of 4,575 meters [15,009 feet] in 570 meters [1,870 feet] water depth, encountering gas in four separate sandstone reservoirs of Miocene age with good petrophysical properties that have been subject to an extensive data acquisition campaign,” Eni said in the statement. “A well production test (DST) has been successfully performed in one of the reservoirs and it flowed up to 31 million standard cubic feet per day of gas and approximately 700 barrels per day of condensate,” Eni added. “Based on the DST results the well has an estimated potential for a multi-pool gas rate of up to 80 million standard cubic feet per day of gas and about 1,600 barrels per day of condensate,” it continued. Eni noted in the statement that preliminary estimates indicate a discovered volume of 600 billion cubic feet of gas in place in the four reservoirs hit by the well trajectory. “Additional reservoir segments in the Konta Prospect area, not penetrated by the well, but with similar gas signature, may bring the overall volumes beyond one trillion cubic feet GIIP,” it added. Eni highlighted in the statement that the Konta discovery is sitting nearby existing facilities and adjacent to existing discoveries, “providing significant synergies for the development”. The