London-listed Tullow Oil and Capricorn Energy, formerly known as Cairn Energy, have reached an agreement on the terms of a recommended all-share combination of Tullow and Capricorn to create what they say will be “a leading African energy company.”

The G7 countries, representing the world’s biggest economies, pledged last Friday to end direct international public financing of the fossil fuels sector starting from the end of this year and affirmed the commitment to end inefficient fossil fuel subsidies by 2025.

Russia widened its gas cuts to Europe on Tuesday with energy giant Gazprom turning off supplies to top Dutch trader GasTerra escalating the economic battle between Moscow and Brussels.

Norwegian offshore petroleum safety regulator has granted Neptune Energy consent for exploration drilling in the North Sea off Norway, using the Deepsea Yantai rig.

UK’s regulator North Sea Transition Authority (NSTA) has revealed a new report, which highlights a positive outlook for the supply chain, showing that at least £5 billion (around $6.3 billion) of work is imminent and currently in the works.

Amid ever-increasing calls to phase out fossil fuels and pivot toward clean energy sources, oil and gas exploration activities remained resilient in 2021 undeterred by the accelerating energy transition, reveals Westwood Global Energy, an energy market research and consultancy firm, in its latest report.

The transition to renewable energy is not without its challenges, but today’s markets are increasingly shifting in response to it. Understanding the massive swings in energy supply and demand taking place will enable oil and gas traders to confidently plan for the years ahead, especially as capital allocations shift in response to market signals.

Kazakhstan expects to produce 90-93 million tonnes of oil next year, up from 87.5 million tonnes this year, depending on when expansion projects at the giant Tengiz field are completed as they may be slightly delayed, its energy minister said.

The UK’s representative body for the offshore energy industry, Offshore Energies UK (OEUK), has revealed that oil and gas operators are expected to pay £7.8 billion (over $9.7 billion) in taxes to the country’s government in 2022, which constitutes a 20-fold increase worth £279 (around $346) per household.

As part of its strategy to focus on gas production in Norway, German oil and gas company Wintershall Dea has reached an agreement with Norway’s OKEA to sell its stakes in three North Sea fields for €108 million (about $114 million).