Market Movers2 Jul 2025 02:41
French oil major TotalEnergies (NYSE:TTE) purchased a 25% stake in Suriname’s offshore Block 53 from Spanish energy firm Moeve, expanding into the block adjacent to its $10.5 billion Gran Morgu development.
- Norway’s state-controlled oil company Equinor (NYSE:EQNR) and its partners approved a $1.3 billion expansion plan for the Johan Sverdrup field, currently Europe’s largest, expected to be launched in Q4 2027.
- Australia’s upstream firm Santos (ASX:STO) granted exclusive due diligence for a six-week period to Abu Dhabi’s ADNOC after the latter offered $18.7 billion for it, indicating Santos is keen to be sold.
- Spanish oil company Repsol (BME:REP) agreed to sell its 24% interest in the mature Corridor development onshore Indonesia for a consideration of $425 million to the asset’s local operator, Medco Energi.
With Israel-Iran no longer being the main talking points of markets, the focus is now back on OPEC+ as the oil group meets this weekend to discuss further production moves in what seems to be another step in Saudi Arabia’s master plan to get rid of the 2.2 million b/d voluntary cut system. Brent futures were largely rangebound, trading around $67 per barrel as the global benchmark switched to September, as the market expects bigger moves next week from the double whammy of OPEC+ announcements and Trump’s tariff policy.
Saudi Arabia to Hike August Formula Prices. Saudi Aramco (TADAWUL:2222), the state oil company of Saudi Arabia, is expected to increase its formula prices for August-loading cargoes in Asia by $0.50-0.80 per barrel, as the Israel-Iran war lifted backwardation to its highest since February.
US Lifts Oil Sanctions on Syria. The Trump administration has lifted most energy-related sanctions on Syria, including an Obama-era 2011 ban on US imports of Syrian oil and refined products, whilst the country’s Baniyas refinery switched from Iranian crude to Russian oil.
Another UK Refiner Bites the Dust. Following the spring closure of the 150,000 b/d Grangemouth refinery, another British refinery could be going down the drain after the 113,000 b/d Lindsey plant operated by private firm Prax began insolvency proceedings, putting 420 jobs at risk.
Russia Mulls Lower Taxes for Embattled Gas Giant. Russia’s government has been discussing ways to lower the tax burden of the country’s largest gas producer Gazprom, after a loss-making 2023 result and no dividends paid out in 2024, whilst the firm struggles to re-orient its sales towards Asia.
LNG Canada Ships Its First Cargo. As signalled in our last week’s report, the $30 billion LNG Canada project loaded its maiden LNG cargo from Kitimat, Canada’s first ever export of liquefied natural gas, with the Shell-chartered Gaslog Glasgow LNG carrier heading towards Incheon, South Korea.
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