In an oil and gas report sent to Rigzone recently by the Macquarie team, Macquarie strategists, including Vikas Dwivedi, noted that oil’s “Fermi Paradox [is] nearing an end”, adding that “onshore stocks [are] starting to build”. “We continue to expect a heavily oversupplied market,” the strategists said in the report. “We estimate a 1Q26 peak supply-demand surplus of over four million barrels per day. Signs of the surplus are showing with continued offshore builds, increasing onshore builds, and extremely strong freight rates,” they added. “We estimate that approximately one-third of the offshore build is long-haul shipments from the Americas to Asia,” they continued. In the report, the strategists revealed that they expect onshore builds to accelerate through year-end 2025 and into early 2026, a process which they said “should drive Brent towards the low $50 range, with a possibility of reaching $45 per barrel”. “Since the end of August, offshore inventories have increased by roughly 250 million barrels and onshore storage up by ~30 million barrels,” the strategists highlighted in the report. “In the past month, the trend has accelerated with onshore … [plus] offshore stocks building by ~ three million barrels per day. Yet, structure remains backwardated, as AB barrels continued clearing East,” they added. A separate report sent to Rigzone by the Macquarie team on December 5 showed that Macquarie was projecting that the Brent price will average $68.21 per barrel overall in 2025 and $60.75 per barrel overall in 2026. According to that report, Macquarie expects the Brent price to average $63.00 per barrel in the fourth quarter of this year, $57.00 per barrel in the first quarter of 2026, $59.00 per barrel in the second quarter, $60.00 per barrel in the third quarter, and $67.00 per barrel in the fourth quarter.   In that report, Macquarie

Uniper SE said it has decided to proceed constructing its first solar project in Scotland, the 45-megawatt (MW) Berryhill Solar Farm just north of Dundee. The German power and gas utility expects to start construction “early 2026” and fire up the facility later in the year. Berryhill’s output, from about 150,000 solar panels, would be enough “to power the equivalent of over 12,500 UK households each year, 1/5th the population of Angus – contributing to the UK’s net zero targets”, Uniper said in an online statement. “The project has been developed jointly with partner Solar2 and Uniper plans to start the construction process as its sole owner”, Uniper said. Scottish and Southern Electricity Networks, the district network operator, is responsible for installing the nine-kilometer (5.59 miles) medium-voltage cable to connect the solar farm to the grid’s point of connection at the Charleston substation on the Kingsway in Dundee, according to Uniper. The project had obtained planning permission from the Angus Council in 2022, which was modified 2024, it said. “Once operational, there will be a community benefit fund associated with the project which will be agreed with the applicable local community council – Muirhead, Birkhill and Liff Council”, Uniper said. In another Scottish renewable project, Uniper earlier this year greenlighted the construction of a 46.2-MW wind farm in East Ayrshire. It expects to put the facility into production 2028 with enough generation for 66,000 United Kingdom homes each year, it said in a press release June 11. Uniper had announced two other UK renewable power projects in 2025: the Tamworth Solar Farm with a capacity of around 44.2 MWp and the 21.33-MWp Totmonslow Solar Farm. The two projects’ combined capacity can power about 23,300 homes a year, according to Uniper. Uniper aims to connect the projects, which received approval from local

A consortium between BW Energy Ltd and Maurel & Prom SA has signed an agreement with Azule Energy Holdings Ltd, a 50-50 venture between BP PLC and Eni SpA, to acquire Azule’s non-operating stakes in Block 14 and Block 14K offshore Angola. Chevron Corp-operated Block 14, a mature deepwater area, produces about 40,000 barrels of oil per day (bopd) gross from nine fields, while Block 14K is a tieback to Block 14 with current production of 2,000 bopd gross, BW Energy and Maurel & Prom noted in separate press releases. BW Energy, part of Singapore-based energy shipping operator BW Group Ltd, and Maurel & Prom, a Paris-based exploration and production company majority-owned by Indonesia’s national oil and gas company PT Pertamina (Persero), will each acquire 10 percent in Block 14 and five percent in Block 14K. Azule said separately its combined share from the blocks averaged 9,600 bopd in 2024. “This transaction is aligned with Azule Energy’s strategy to concentrate our efforts on our core assets in Angola”, said Azule chief executive Joseph Murphy. Last year in Angola, Azule sold its 12 percent interest in Block 3/05 and 16 percent stake in Lower Congo Basin to Afentra, as confirmed by Azule May 23, 2024. The transaction with BW Energy and Maurel & Prom is valued up to $310 million including up to $115 million of deferred payments, Azule said. BW Energy said of the assets, “Current producing reserves are estimated at 9.3 million barrels net to BW Energy, with several identified opportunities to further increase recoverable volumes”. It added, “Abandonment and decommissioning costs are covered by existing provisions”. BW Energy chief executive Carl K. Arnet said, “The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base”. “Angola is a mature hydrocarbon basin

Eni’s latest discovery in Indonesia reinforces the Kutei Basin’s reputation as one of the hottest global exploration plays of recent years. That’s what Andrew Harwood, Wood Mackenzie (WoodMac) Vice President, Corporate Research, said in a statement sent to Rigzone, adding that the find “will add to Indonesia’s gas resources when the country increasingly focuses on gas availability”. “It provides options for Indonesia as the nation balances domestic demand needs with future export opportunities,” Harwood said. Harwood noted that the Konta-1 discovery “adds momentum to Eni’s existing plans to invest in and develop new gas sources for the currently underutilized Bontang LNG plant”. “The Konta-1 discovery lies in the northern Muara Bakau area, close to Eni’s pre-FID Kutei North Hub. It provides future tie-back upside and offers Plan B for Eni if the un-appraised Geng North underperforms initial expectations,” he added. Harwood also said Eni’s latest find encourages the company’s ongoing exploration campaign, which he pointed out runs into 2026. “Wood Mackenzie’s pick of prospects in line for drilling is Geliga, which holds multi trillion cubic foot potential,” he stated. Harwood went on to note that 2026 “looks exciting for Eni’s Indonesian portfolio with several major milestones ahead”. “These include exploration campaign results, a final investment decision on the Northern hub development, and the launch of ‘NewCo’ – the strategic satellite venture between Eni and Petronas,” he highlighted. In a statement sent to Rigzone recently, Eni announced 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. “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

China’s fossil fuel power plants are on track to chart their first annual drop in generation in a decade as renewables flood the grid to meet rising demand.  Thermal electricity output fell 4.2 percent in November, according to data published by the National Bureau of Statistics on Monday. Generation from coal and gas-fired plants is down 0.7 percent this year, on track for the first annual decline since 2015 unless there’s a sharp jump in December. China’s massive fleet of coal power stations is the world’s leading source of greenhouse gases fueling global warming. Even though the nation is continuing to build more of the plants, their use is plateauing as huge investments in renewables meet growing consumption needs.  Wind power jumped 22 percent in November from the previous year, while large solar farms saw a 23 percent rise in generation, additional data released Monday showed.  Even as power-sector emissions in China drop, they’ve been largely offset by rising pollution from a growing fleet of chemicals and plastics factories, according to the Centre for Research on Energy and Clean Air.  The nation’s coal output fell on an annual basis for a fifth month, while oil and natural gas continued to rise toward annual production records. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.

As utilities work to expand capacity and modernize aging infrastructure to meet growing demand, they face a new imperative: doing more with every dollar invested. Analysts project capital expenditures by U.S. investor-owned electric utilities will reach $1.4 trillion between 2025 and 2030, nearly twice the amount spent during the entire previous decade.  To maintain today’s investment momentum and strengthen reliability and resilience, utilities have an opportunity to look beyond cost control and pursue strategies that deliver broader long-term value. That means seeking systems that maximize output, efficiency and uptime.  In today’s energy landscape, fuel cells are becoming increasingly relevant. They provide modular, reliable power that helps utilities extract more value from their investments while addressing rising demand and aging infrastructure. With high electrical efficiency, modular design and exceptional reliability, advanced fuel cell systems enable utilities to generate more value from their assets and streamline their day-to-day operations. Powering More with Less: Fuel Cells Redefine Efficiency Fuel cells outperform traditional combustion-based generators by converting fuel into electricity through an electrochemical reaction, rather than by burning it. This translates into roughly 15% to 20% higher efficiency than most open-cycle gas turbines or reciprocating engines. That improved conversion efficiency means each kilowatt-hour requires less fuel, increasing energy productivity and reducing exposure to fuel-price swings.  Among the various types of fuel cells, solid oxide fuel cells(SOFCs) offer the greatest advantages. Operating at high temperatures and utilizing a solid ceramic electrolyte, rather than relying on precious metals, corrosive acids or molten materials, SOFCs are a modern technology that converts fuels such as natural gas or hydrogen into electricity with exceptional efficiency and durability. Conversion efficiencies can reach up to 65% and when integrated with combined heat and power (CHP) configurations, the total system efficiency can exceed 90%.  Meeting Demand Faster with Fuel Cells With demand surging,