BP Plc said that oil demand is going to keep growing for the rest of this decade, rowing back on its prior projection that the high point could come as soon as this year. Rising consumption in emerging markets, sluggish energy efficiency gains, geopolitical tensions and the persisting use of petrochemicals all point to peak demand in 2030 at the earliest, the oil giant said in its once-a-year Energy Outlook. Consumption is now projected to reach 103.4 million barrels a day in five years, up from 102.2 million this year.   President Donald Trump’s return to the White House has accelerated a global shift away from ambitious energy transition goals, with oil majors again focusing on their core fossil fuel businesses. BP in particular has been under pressure from activist investor Elliott Investment Management to prioritize oil and gas, and its new analysis lends weight to a pivot in that direction. BP said that, because energy efficiency gains have been “lackluster,” it’s resulted in increased demand that’s going to be met by fossil fuels. If prolonged, the situation could add 6 million barrels of oil a day to demand growth through 2035, BP Chief Economist Spencer Dale and his team said in the report. The company’s core expectation is that demand will start to return toward current levels around 2035. BP isn’t alone in backpedaling its view on the prospects for oil demand.  The International Energy Agency is preparing a report this year that will show oil and gas demand will continue to rise beyond this decade, contrary to its previous assumption, Bloomberg Opinion’s Javier Blas said earlier this month. Fossil fuel use will rise out to 2050, he said, citing a draft report from the IEA. BP anticipates a long oil demand tail following 2035 under the world’s current path,

Exxon Mobil Corp has put into operation what it said is “a first-of-its-kind technology in Singapore to increase production of higher-value products, including a range of lubricant base stocks and fuel”. The technology has been deployed at new facilities on Jurong island that are integrated with ExxonMobil’s existing refining and petrochemical complex, which supplies Asia-Pacific, the energy giant said. “The unique combination of technologies converts fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates, improving the competitiveness and profitability of the manufacturing site and helping to meet customer demand”, ExxonMobil said in a statement on its Singapore website. “The new facilities expand our Group II base stocks production capacity by 20,000 barrels per day, including up to 6,000 barrels per day of the new-to-industry EHC 340 MAXTM. The base stocks are for commercial vehicles and industrial sectors, and used in engine oils, gear oils, marine oils and greases. EHC 340 MAXTM improves lubricant performance in these applications”. ExxonMobil has a refining capacity of 592,000 barrels per day (bpd) in the Southeast Asian city-state. The complex also produces up to 1.9 million metric tons per annum (MMtpa) of ethylene, 1.9 MMtpa of polyethylene and one MMtpa of polypropylene, according to company figures. Singapore contributed $15.72 billion in revenue to ExxonMobil last year, according to the company’s annual report. Besides refining and petrochemical production ExxonMobil is pursuing lower-carbon solutions in Singapore.  Last year it launched a SGD 60-million ($46.42 million) partnership with the Agency for Science, Technology and Research (A*STAR) for research on technologies to be used to produce lower-emission products. The ExxonMobil-NTUA*STAR Corporate Lab will help advance global research efforts in the conversion of biomass into lower-emission fuels for use in aviation, maritime transport and the chemical sector. The lab will also study “carbon capture and utilization

Netmore Group AB has acquired Arson Metering, a Spanish innovator in remote meter reading and the smart management of water and gas supply networks, strengthening its position in Europe. Arson Metering specializes in remote reading technologies, operating in over 200 municipalities across Spain, Italy, France and Greece, Netmore noted. It manages over 500,000 water and gas meters, with a backlog of about 350,000, Netmore said. “Acquiring Arson Metering is another transformative step for Netmore as we expand our ability to provide end-to-end solutions for utility automation and modernization across the globe”, Ove Anebygd, CEO of Netmore, said. “Together, we’ll help municipalities and utilities tackle pressing challenges like water scarcity, leakage, and resource constraints, delivering measurable value to customers and communities”, he said. “For our customers, this means enhanced connectivity to manage water and gas networks, while opening the door to global markets for Arson Metering’s products and services, now backed by Netmore’s extensive infrastructure and expertise”, Amador Martínez, CEO at Arson Metering, said. “As a Netmore company, Arson Metering will continue to operate from our headquarters in Bilbao, maintaining a commitment to service that has always characterized it”. Arson Metering’s portfolio includes several platforms for utility management. The Metering Control Centre is a dedicated hub for monitoring and analyzing meters to proactively detect anomalies and diagnose network issues for both customers and installation partners, Netmore noted. Its universal remote meter reading platform, AquaCity Platform, integrates major smart meter brands for real-time monitoring and data analysis in urban water management. Complementing this is the GasCity Platform, a smart gas management solution providing automated valve control, anomaly detection, and energy efficiency to ensure safety, optimize billing, and deliver data for gas distributors, Netmore said. To contact the author, email [email protected] What do you think? We’d love to hear from you, join the

Petrofac said it has secured a two-year, $50 million contract renewal from Ithaca Energy, extending its work for the oil and gas company in the North Sea. Under the integrated services contract, Petrofac will continue to provide operations, maintenance, engineering, construction, and onshore and offshore technical expertise, the company said in a news release. The scope extends across Ithaca Energy’s North Sea operated asset base, which includes Alba, Captain, Erskine and FPF-1, according to the release. John Pearson, chief operating officer of Petrofac’s asset solutions and energy transition projects said, “The continuation of our longstanding relationship with Ithaca Energy is testament to the safe and reliable delivery of operations services by our team, who have been embedded on these assets for well over a decade. The North Sea is one of Asset Solutions’ core markets and this award underlines the commitment from both Petrofac and Ithaca Energy to the region. We remain focused on supporting Ithaca Energy to maximise safe, efficient and responsible production from its assets”. Also in the North Sea, Petrofac secured a contract extension from Shell UK-operated venture ONEgas West. Under the contract, Petrofac will provide services across ONEgas West’s Southern North Sea portfolio, supporting the Clipper South complex, Leman Alpha assets, Bacton Terminal, and OneGas Barge campaigns. Financial terms of the contract extension were not disclosed. Pearson said, “Having supported these assets since 2020, Petrofac is embedded within the delivery team and is uniquely placed to support production enhancement and field life extension. The North Sea remains one of Asset Solutions’ core markets and this award demonstrates confidence held in our team and the value they drive. We look forward to continuing this relationship, delivering safe and reliable operations”. Agreement Reached on Restructuring Meanwhile, Petrofac said it has reached an agreement in principle with Samsung E&A

Oil fluctuated in choppy trading as tensions between Russia and NATO intensified, with European leaders warning the Kremlin that Western military alliance is ready to respond with force to violations of its airspace. West Texas Intermediate swung between gains and losses to settle near $65, after earlier falling as much as 1.4%, as European diplomats concluded that a recent Russian incursion into Estonia was a deliberate tactic ordered by Russian commanders. Those comments echo earlier remarks by US President Donald Trump, who on Wednesday said that NATO should shoot down Russian aircrafts that cross into their airspace. Russian flows have been in the spotlight over the past few weeks amid global efforts to pressure Moscow to make peace in Ukraine by targeting its energy assets. Crude received a bump earlier Thursday after Trump told Turkey’s Recep Tayyip Erdogan to “stop buying any oil from Russia,” just a day after urging Europe to stop purchasing energy from the OPEC+ member, leading oil investors to cover bearish positions. Elsewhere, US Defense Secretary Pete Hegseth ordered an urgent meeting of top military commanders for an unusual meeting early next week, fueling concerns over wider unrest that could imperil global crude flows. Still, the confluence of bearish inputs didn’t succeed in breaking out of a narrow range since early August as traders balance a bearish outlook against escalating global tensions. Market watchers led by the International Energy Agency are forecasting excess supply later in the year due to increased output from the Organization of the Petroleum Exporting Countries and its partners, as well as from outside the group. The commodity was down earlier as traders assessed future flows from Iraq’s Kurdistan to global supply chains. A landmark agreement to resume exports could return 500,000 barrels a day to the market, Foreign Minister Fuad Hussein

Donald Trump and Viktor Orban held a phone conversation a day after the US president said he would press the Hungarian premier to stop purchasing Russian oil. The two leaders discussed energy security, in addition to Russia’s war on Ukraine, the global economy and tariffs, Hungarian Foreign Minister Peter Szijjarto said on the sidelines of the United Nations General Assembly in New York late Wednesday.  Their call came as pressure mounts on Hungary to at least reduce purchases as Western allies seek to dent Russia’s oil revenues, a major source of financing for its continuing invasion of Hungary’s eastern neighbor. On Tuesday, at a briefing with Ukrainian President Volodymyr Zelenskiy at the UN, Trump floated calling Orban to ask him to cut Hungary’s Russian oil procurements. Szijjarto publicly gave no indication that Hungary was ready to do that. Hungary, a European Union and NATO member, can’t scrap its Russian oil purchases due to “geographic and physical” reasons and Russia has been a “reliable partner,” Szijjarto told reporters after meeting his Russian counterpart Sergei Lavrov, with whom he’s maintained close contact even after Russia’s 2022 invasion. Slovakia, another landlocked EU nation neighboring Hungary, holds a similar position. Slovak Prime Minister Robert Fico said on Thursday he would send a government emissary to the US, to explain why it’s also not ready to phase out Russian energy. Facing pressure from Trump, the European Commission, the EU’s executive arm, is reviewing trade measures targeting imports of Russian oil via the Druzhba pipeline that feeds Hungary and Slovakia, Bloomberg reported on Sept. 20. EU foreign policy chief Kaja Kallas also told Bloomberg on Wednesday that the bloc should wean itself off Russian energy more quickly. Some member states which continued to buy from Moscow were “good friends of Trump,” she said, asking the US president to talk