Trafigura Group Chief Executive Officer Richard Holtum said the liquefied natural gas industry needs a “bit of innovation” when it comes to financing projects. “I feel sorry for LNG projects in the US,” Holtum said on a panel at the LNG 2026 conference in Doha. “They would only get bank financing when they show that they’ve sold 80%-90% of their volume on long-term projects.”  LNG developers are scrambling to fully finance their projects to export more of the fuel, with the next wave of production from terminals under construction in the US and Qatar due to enter the market over the next decade. In the US, several projects including Delfin LNG off the coast of Louisiana, are working to finalize the debt and equity commitments. The current approach of LNG financing contrasts with oil, where banks are more comfortable with the inherent value of the commodity, the CEO said. “Whilst if your project financing some oil exploration, it’s simply the bank takes a view that, okay, oil is worth $40, $50, $60, $70, whatever it is, it doesn’t matter, they take a view, that’s what it’s worth in the long term,” he said. A similar model for LNG, where project financing is based on a long-term price forecast for the fuel, doesn’t seem to be developing, Holtum said. Still, global LNG capacity is set to rise by about 50% by the end of the decade — the biggest build-out in the industry’s history — led by the US.  The current arrangement, where 90% of LNG is sold to utilities under long-term contracts, risks running into difficulties because many companies and countries have made net-zero commitments, according to the Trafigura CEO. “If they have made those commitments, signing a 20-year contract or a 25-year contract that starts in 2030 is inherently problematic,” Holtum

The Russian government’s oil revenues collapsed to the lowest in more than five years in January as weaker global prices, steeper discounts for the nation’s barrels, and a stronger currency took a toll on the budget. Oil-related taxes halved to 281.7 billion rubles ($3.7 billion) last month from a year earlier, according to Bloomberg calculations based on finance ministry data published Wednesday. Combined oil and gas revenue also declined by 50%, to 393.3 billion rubles.  Lower proceeds from the two industries, which between them contribute about a quarter of the budget, will put more strain on the nation’s coffers as the war in Ukraine drags toward a fifth year with little sign of ending.  Brent oil futures were 15% lower year on year for the fiscal period, but US sanctions made the market downturn even worse for Russia. January’s oil revenue was the lowest since June 2020. The nation’s flagship grade Urals traded at about $26 a barrel below Dated Brent, a benchmark for physical oil trades, at the point of export. That compares with over $12 below the same marker a year earlier, data from Argus Media show.  The discounts ballooned following the US blacklisting of Rosneft PJSC and Lukoil PJSC, Russia’s two largest producers, measures that were announced in October. This week, US President Donald Trump said the US would cut import tariffs for goods from India — a major buyer of Russian crude — in exchange for New Delhi halting purchases of oil from Moscow. It’s not clear the extent to which India will cut back in practice. Russia’s finance ministry calculated oil revenue based on the average price of Urals of $39.18 a barrel in December, a 38% drop from a year earlier. That’s much lower than the government assumed when planned nation’s budget for this year and expected crude

Eneos Holdings Inc. plans to expand its team to handle more oil-derivative trading at its overseas offices including Singapore, as Japan’s largest refiner looks to increase its presence at major trading hubs. The company intends to trade more oil derivatives, arbitrages and time spreads, as well as other paper market instruments, according to people familiar with the matter. They asked not to be named as they aren’t authorized to speak to the media.  Eneos will hire traders, as well as other executives in middle and back office roles, said people with knowledge of those plans. Kenneth Quek, a former trader from Mercuria Energy Group, recently joined in Singapore to focus on crude and related derivatives.  A company spokesperson didn’t respond to a request for comment during office hours. Some of these roles may be filled by internal candidates. The beefing up of its trading presence is part of a broader push to create more value across business sectors, including a bid for overseas assets such as Chevron Corp.’s stake in a Singapore oil refinery. Bloomberg previously reported that Eneos was a frontrunner in the process, ahead of rivals including trading houses Glencore Plc and Vitol Group. Oil markets have kicked off the year with a high level of volatility as geopolitical risks ran ahead of market glut concerns. India’s state-owned refiner Bharat Petroleum Corp. is also planning to set up a trading arm in Singapore this month. Eneos has a market capitalization of 3.6 trillion yen ($23 billion), making it Japan’s largest oil processor following years of consolidation in the country’s wider petroleum sector. It acquired renewable energy assets in recent years, and sold off its copper mining assets. 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.

In a statement posted on ADNOC’s website recently, ADNOC and Abu Dhabi National Energy Company PJSC (TAQA) announced the signing of a 27 year utilities purchase agreement to supply “critical utilities” to the TA’ZIZ Industrial Chemicals Zone in Ruwais Industrial City, Abu Dhabi. The value of the deal was not disclosed in the statement, which noted that the duration of the agreement includes the offtake of the utilities and construction of the plant. Under the deal, ADNOC and TAQA will jointly develop the central utilities project, including the electricity grid connection, steam production, process cooling, and a range of water and wastewater utilities required to enable TA’ZIZ’s chemicals and transition-fuels projects, the statement revealed. The statement said TA’ZIZ, which is a joint venture between ADNOC and ADQ, will set up and own a service management company which will be the sole offtaker of the utilities, “providing a stable foundation for efficient industrial activity within the TA’ZIZ Industrial Chemicals Zone”. The statement noted that the agreement “marks a significant milestone in the development of the TA’ZIZ ecosystem”. “TA’ZIZ is set to accelerate the UAE’s industrial diversification and is set to produce 4.7 million tons per annum (MTPA) commencing in 2028. This will include methanol, low-carbon ammonia, polyvinyl chloride (PVC), ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda,” it added. “TAQA’s Generation business continues to expand its regional portfolio with several major projects, including the 1-gigawatt Al Dhafra Gas Turbine project in the UAE and 3.6 GW new high-efficiency power plants – Rumah 2 IPP and Al Nairyah 2 IPP – in Saudi Arabia, being developed alongside partners JERA and AlBawani,” it continued. In the statement, Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business, said, “this agreement strengthens TAQA’s role in enabling industrial growth in the UAE by

Employment in the Texas upstream sector increased between November and December 2025. That’s what the Texas Independent Producers and Royalty Owners Association (TIPRO) said in a statement sent to Rigzone on Friday, which cited the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS) at the time. TIPRO highlighted in the statement that oil and natural gas extraction jobs rose by 500, or 0.7 percent, month on month, to 70,200, and support activities employment grew by 1,500, or 1.1 percent month on month, to 133,200. TIPRO reported in the statement that combined upstream employment increased by 2,000 jobs, or 1.0 percent month on month, to 203,400. “From January to December 2025, employment in the Texas upstream sector showed early gains followed by later fluctuations,” TIPRO said in the statement. “Oil and Gas Extraction added a net 2,000 jobs (+2.9 percent), reaching a peak of 70,200 in June, July, and December, driven by robust Permian production despite market pressures,” it added. “Support Activities employment recorded a net loss of 2,100 jobs (-1.6 percent), with a February0May surge (+2,800) partially offset by mid-year declines (-3,400 in June-July) and subsequent volatility, reflecting rig count reductions and service sector adjustments,” it continued. “Combined, the sectors ended essentially flat, with a net change of -100 jobs (-0.05 percent), reaching 203,400 by December and underscoring the industry’s critical yet volatile role in sustaining Texas’ energy workforce,” TIPRO noted. In the statement, TIPRO said its workforce data “continues to indicate strong job postings for the Texas oil and natural gas industry in December” but added that analysis “revealed a continued decline in Q4 driven by lower oil prices, industry consolidation, and ongoing efficiency gains, which allow companies to maintain or increase production with reduced hiring activity”. There were 7,887 unique industry job postings in Texas during the

In an oil and gas report sent to Rigzone by the Macquarie team prior to the release of the U.S. Energy Information Administration’s (EIA) weekly petroleum status report, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will increase week on week. “We are forecasting U.S. crude inventories up 1.9 million barrels for the week ending January 30,” the strategists, including Walt Chancellor, said in the report. “This follows a 2.3 million barrel draw in the prior week, with the crude balance realizing tighter relative to our expectations,” they added. “For this week’s stats, we see significant room for volatility due to winter storm impacts on oil production, refinery runs, and product demand,” they continued. “In any event, for the week ending 1/30, from refineries, we look for another reduction in crude runs (-0.3 million barrels per day), with storm effects and turnaround timing adding noise to the picture,” they noted. “Among net imports”, the strategists said in the report that they “model a large increase, with exports sharply lower (-1.0 million barrels per day) and imports sharply higher (+0.8 million barrels per day) on a nominal basis”. The strategists warned that timing of cargoes remains a source of potential volatility in the weekly crude balance. They went on to state in the report that, “from implied domestic supply (prod.+adj.+transfers)”, they “look for a large nominal reduction (-1.6 million barrels per day) following a strong print in the prior week and accounting for freeze impacts”. “Notably, while visibility on the ultimate impact of last week’s freeze event remains limited, we believe oil production has largely recovered to this point. Rounding out the picture, we anticipate a smaller increase (+0.2 million barrels) in SPR [U.S. Strategic Petroleum Reserve] stocks for the week ending 1/30,” they added. “Among products, we