Recent developments
Refinery reconfiguration
Eni moved to convert Priolo, replacing the Versalis ethylene unit with a 500 kt/y biorefinery, integrated hydrogen, and the first industrial-scale Versalis Hoop technology plant (40 kt/y pyrolysis feedstock, 32 kt/y oil). Environmental approval process is underway; completion targeted end-2028.
LNG feedstock expansion
Upstream gas optionality expanded as Eni and YPF signed the FTPD for the Argentina LNG project, a phased plan anchored by two 6 MTPA FLNG units to monetize Vaca Muerta gas for export and progress toward a 12 MTPA first phase.
Gulf petrochem integration
Aramco deepened integration, buying an additional 22.5% stake in Petro Rabigh for $702 million, alongside $1.4 billion equity-like funding to prepay debt and a $1.5 billion loan waiver, supporting upgrades to raise high-margin yields and reliability.
Europe competitiveness strain
Industry conditions deteriorated in Europe. The INEOS chief urged EU politicians to address high energy costs and carbon charges amid production declines (UK −30%, Germany −18%, France −12%), plans to close 21 large sites, and risk that about half of ethylene capacity could shut by 2030.
Upstream supply signals
bp started up the Murlach field in the UK North Sea, part of six 2025 projects targeting ~150 kboe/d peak addition. Separately, OMV detailed 2026–2030 capex and growth, including the Borouge Group International transaction, 400 kboe/d output target, and SAF/HVO, green hydrogen, and chemical recycling projects.
UK fuels logistics
Essar Energy Transition’s agreement with Harvest Energy shifts supply for 47 forecourts to EET’s Stanlow-led network, addressing constraints linked to the Prax Lindsey refinery closure and supporting retail expansion.
Exploration leadership changes
Chevron appointed Kevin McLachlan as Vice President of Exploration. TotalEnergies named Nicola Mavilla as Senior Vice President Exploration, reiterating ~$1 billion/year exploration focused on prospects leading to low-cost, lower-emissions developments.