Recent developments
Upstream supply shifts
Supply-side signals strengthened as Eni signed long‑term LNG agreements in Indonesia, including reactivating a Bontang train, and approved FID for Baleine Phase 3 in Côte d’Ivoire. Exploration and gas tie‑back options advanced with bp signing three PSCs in Indonesia and QatarEnergy acquiring stakes in three offshore Uruguay exploration blocks. China’s unconventional liquids scaled as Sinopec’s Shengli Jiyang shale oil zone surpassed 2 million tonnes.
Nordic portfolio moves
On the NCS, Equinor and Aker BP agreed a strategic collaboration to align ownership and accelerate development of selected resources. Equinor outlined expansion in Northern Norway, while Worley Rosenberg won a Subsea7 fabrication contract for Equinor’s Fram Sør structures tied to Troll C power from shore.
Refining and EPC
Downstream integration shifted as Aramco agreed to transfer PRefChem ownership to PETRONAS, giving full control of the Pengerang Integrated Complex. Project activity remained robust with MAIRE announcing about €1.3bn in awards, including an EPC refinery upgrade and urea licensing. MOL obtained authorization to continue negotiations for a majority stake in NIS.
Circular feedstock progress
Circularity pilots scaled as Woosh, Borouge and BlueAlp closed a diaper‑plastic loop with ISCC‑certified pyrolysis oil for polymer production. Policy support and mass‑balance products advanced with PureCycle granted Thailand FastPass for a Rayong polypropylene recycling facility, and BASF and Cromology converting end‑of‑life tires into binder for Tollens Maxiline+ via ChemCycling.
Safety and automation
Operational risk remained in focus after an explosion during restart at MOL’s Olefin‑1 in Tiszaújváros caused one fatality and nine injuries, and a lifeboat‑maintenance incident at PETRONAS’s FSO Sepat resulted in three contractor fatalities. Automation responses grew as ADNOC deployed a Taurob heavy‑duty inspector robot and co‑developed an operator robot for hazardous operations.