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Hungary’s MOL Group has signed a memorandum of understanding (MoU) with Libya’s National Oil Corporation (NOC) for cooperation in hydrocarbons exploration, technological innovation and crude trading, as international interest in Libya hots up

The strategic partnership agreement sets out the framework for NOC and MOL to exchange information and jointly explore potential areas of cooperation. These include hydrocarbon exploration and production, technological and field development innovations, oilfield services opportunities in Libya, crude supply and trading activities.

"We recognise Libya’s oil and gas industry as a pillar of strength and expertise. I am sure that this new agreement will act as a catalyst for further expanding our international portfolio, creating clear mutual value for both companies and reinforcing the resilience of our region. From the perspective of security of supply and energy sovereignty, particularly for landlocked countries, diversification of sources is of crucial importance. Our cooperation also goes beyond business, as we have agreed to rebuild our educational, scientific, and university ties in order to learn as much as possible from each other. Such partnerships can also help Europe to find its own path to competitiveness, rather than switching between different forms of energy dependency,” – said Zsolt Hernádi, chairman and CEO of the MOL Group.

The agreement comes as MOL is looking to expand its international portfolio to maintain its strategy target of at least 90,000 barrels of oil equivalent/day production level over the next five years, recently signing cooperation agreements with the national oil company of Kazakhstan (KazMunayGas), the national oil company of Azerbaijan (SOCAR), and the national oil company of Türkiye (Turkish Petroleum). The company has oil and gas exploration and production assets in nine countries, with production in eight countries: in Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, Egypt, and Hungary.

The agreement also reflects the hotting up of international interest in Libya. Chevron recently signed an MoU with NOC to evaluate exploration and development opportunities, while TotalEnergies has signed an agreement extending the Libya Waha Concessions up to 2050, paving the way for further investments. TGS has a global provider of energy data and intelligence, has just signed a Letter of Intent (LOI) with North Africa Geophysical Company, (NAGECO),a subsidiary of the NOC to advance high-quality subsurface data, supporting Libya’s upstream development through modern, fit-for-purpose data and technology solutions. Libya’s latest upstream licensing round launched in March 2025, the first in 18 years, has attracted more than 40 bids, signalling growing international interest in Libya’s largely untapped hydrocarbon potential.

Global energy consultancy company Penspen scooped US$500mn in new contract awards in 2025, up 120% on 2024, underpinned by growth in its core Middle East market

The achievement reflects a year of strong global performance across engineering, project management consultancy (PMC) and asset integrity services, the company says.

In the Middle East and Africa, Penspen was awarded 65 new contracts worth US$456mn, spanning project management supervision and consultancy services, FEED, detailed design and integrity assessment. The UAE remained its largest and most strategic country of operation, supported by deep engagements across the ADNOC Group, where Penspen is one of the ADNOC Groups top-20 energy sector contractors operating in the UAE.

During the year, Penspen secured and executed a number of high-value PMC assignments supporting critical gas infrastructure, including LNG pre-conditioning, compression facilities, utilities and production enhancement programmes, alongside multiple offshore and onshore PMC packages.

In Saudi Arabia, Penspen concluded 12 new agreements spanning studies, FEED, detailed design and project management supervision services. It continued to build momentum through its selection under a framework with ENOWA, executed through a joint venture with Dar Al Handasah and in collaboration with Technip, positioning Penspen at the heart of NEOM’s next-generation energy and water infrastructure.

Neale Carter, executive vice president, Middle East, Africa and Asia Pacific Regions, said, “ The Middle East played a pivotal role in Penspen’s 2025 growth, contributing the largest share of new contract awards and reinforcing the region’s role as a strategic engine for the business.

“Our long-standing relationships across the UAE and Saudi Arabia, combined with our ability to deliver complex gas, LNG infrastructure and PMC programmes at scale, continue to differentiate Penspen in a highly competitive market. With sustained investment across gas, energy security, aviation, and transition-linked infrastructure, we see significant opportunity to build on this momentum in the years ahead.”

In addition to the Middle East and Africa, Penspen also saw strong growth in Europe and the Americas, supported by major infrastructure and energy transition programmes.

In the UK and Europe the company won 177 new contracts worth US$16mn, including fuelling terminal operations, pipeline maintenance and inspection, hydrogen repurposing and blending, carbon capture studies, gas compression upgrades and pipeline diversions

While in the Americas it secured 54 new contracts worth US$5mn, including pipeline fitness-for-service, electrical interference and cathodic protection studies, gas pipeline project management, production operations support and environmental testing.

Chief executive officer, Peter O’Sullivan, said, “With cumulative contract awards of US$500mn, 2025 stands out as one of the strongest commercial and delivery years in Penspen’s history.

“While we continued to build momentum across Europe and the Americas – particularly in energy transition – our performance was anchored by exceptional delivery in core markets where demand for large-scale, complex energy infrastructure remains strong.”

As the Uganda National Oil Company aims to build a crude refinery, it has reached out to a unit of global commodities trader, Vitol, for a US$2bn loan to support the project alongside construction and infrastructure developments

According to Henry Musasizi, Uganda's junior finance minister, this seven-year tenor loan from Vitol Bahrain EC (VBA) comes with an interest rate of 4.92%. The minister worked on advancing the approval process for the credit line and the loan, which involved significant lawmakers, who sanctioned the development with a majority verdict.

Musasizi said that Vitol's support "presents an opportunity to access non-traditional financing to implement. ..projects and support the government in developing national infrastructure."  

Vitol Bahrain EC has a long-standing presence in Uganda's downstream sector, functioning as the sole supplier of refined petroleum products to UNOC, before the state-owned company sells it to retailers across the country.

Alongside the refinery, the loan amount will also be covering road construction, a petroleum products storage terminal and extension of a petroleum pipeline from western Kenya to Uganda's capital Kampala.

Previously, the UNOC also concluded a deal with the UAE-based Alpha MBM Investments, whereby a domestic refinery with a capacity of 60,000 barrels per day is in the pipeline. The agreement accords 60% stake on the refinery to the UAE firm while UNOC retains 40%.

Uganda is looking to begin commercial oil generation starting next year from fields in its west.

Energy services provider Expro has launched Solus – a high-debris single shear and seal ball valve system for subsea well access

Solus replaces the conventional requirement for two valves with just one, reducing operational risk and complexity while accelerating the drive toward more cost-efficient subsea intervention technologies.

Tested and validated in accordance with API Std 17G, Solus is the first fully NACE MR0175 compliant fail-close bi-directional high-debris ball valve system that can shear and seal on wire and coiled tubing. It can be used in both in riser and open water applications across the entire well lifecycle - from exploration and appraisal and completion intervention to plug and abandonment (P&A) and decommissioning.

Solus has already been deployed for a new in-riser completions development in the Gulf of America and installed in an open water system for a North Sea P&A campaign. The system provides shear and post-shear seal for gas and liquids on slick line, braided electrical cable, and coiled tubing. It delivers bi-directional sealing for liquids and gas, even after a pump-through.

Solus has also been included in the Expro lightweight P&A Open Water Intervention Riser System (OWIRS).

Solus’ modular and compact design is an additional attraction, while its fail-close design reduces risk of emissions and provides a unique well safety barrier. It offers superior high debris (HD) flexibility for a wider range of complete well lifecycle challenges, with 15% solids ingress qualification size.

Daniel More, vice president Subsea Well Access, said, “In introducing Solus, Expro now offers the subsea engineering market a distinctive new system that provides the ultimate integrated shear and seal on coiled tubing and wire using just a single valve. Solus cuts through operational complexity. Simple to use, flexible, with a compact design for smaller BOP stack sizes, this is the latest in fail-safe technology developed by the experts of valve technology and systems integration.

“When there’s no room for error, Solus is designed to provide the assurance of an independent well safety barrier, combined with the surety and confidence that comes from Expro’s integration experience and expertise at the ‘whole system’ level. It’s the latest example of Expro’s engineering excellence and deep understanding of customer needs to move our industry forward.”

Solus is available in Expro’s ELSA landing string assemblies equipment offering. It is available in-riser as a single valve, a single valve with a latch mechanism, or within a subsea test tree, and within an OWIRS.

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The fossil-fuel sector offers the largest and most cost-effective opportunity for rapid methane abatement, according to the newly released Global Methane Status Report, launched on the sidelines of COP30 in Belém

Produced by the UN Environment Programme (UNEP) and the Climate and Clean Air Coalition (CCAC), the Global Methane Status Report assesses progress and remaining gaps in efforts to cut methane - a potent greenhouse gas responsible for nearly a third of current warming.

The report shows that although methane emissions are still rising, projected 2030 emissions under current legislation are already lower than earlier forecasts due to a mix of national policies, sectoral regulations, and market shifts. However, the report warns that only full-scale implementation of proven and available control measures will close the gap to the Global Methane Pledge’s target of a 30% cut from 2020 levels by 2030.

Urging decisive methane action to deliver the Global Methane Pledge, ministers attending the Global Methane Pledge Ministerial stressed that the policies, technologies, and partnerships needed to meet the target are available, but require rapid scale-up across the energy, agriculture, and waste sectors. Ministers also called for increased transparency from countries on ambition and action to track progress.

Julie Dabrusin, Canada’s Minister of Environment and Climate Change and Co-Convener of the Global Methane Pledge, said, “This report is a crucial assessment of our progress and a key indicator of the work that’s required to meet the Global Methane Pledge goal. In just four years, we have made improvements, but we must continue to drive faster, deeper methane cuts. Every tonne reduced brings us closer to cleaner air, more resilient communities, and a thriving global economy. It is important for all countries that have agreed to the Global Methane Pledge to continue to work closely together to drive momentum on methane mitigation, turning ambition into tangible benefits for the planet.”

The fossil-fuel sector is the second largest source of anthropogenic methane emissions, responsible for approximately one third of the global total. Under current legislation, emissions from the sector are expected to rise by 8% in 2050 compared to 2020. This sector presents the single greatest potential for rapid, cost-effective methane abatement, according to the report. These reductions could be achieved through readily available technologies and practices, often at low cost.

Since the launch of the GMP, methane abatement policies in the oil and gas sector have become more innovative and widespread, while voluntary initiatives such as the Oil and Gas Methane Partnership (OGMP) 2.0 now cover up to 45% of global oil and gas production.

The rate of policy development and country participation, however, still fall short of what is needed to achieve the 2030 targets. Implementation and enforcement must also be strengthened.

The recent adoption of novel approaches, such as the European Union import standard, offers the potential to use the market to mitigate methane in oil and gas sector more rapidly at the global scale.

Bridging the methane policy gap in the fossil fuel sector calls for strong implementation of existing policies, continuous capacity building, increased ambition from additional producing countries, ramped up technical support and innovative financial mechanisms to facilitate mitigation in developing countries.

Key measures recommended include:

• enhancing monitoring, reporting and verification (MRV) systems across all fossil fuel operations
• expanding the use of direct measurement protocols and corroborated satellite data which could improve the accuracy and transparency of inventories
• expanding leak detection and repair (LDAR) programmes in oil and gas, which not only help reduce leaks but also enhance data quality for inventories and enhance workplace safety and asset integrity;
• ensuring proper sealing techniques during well closure, given methane emissions from abandoned wells can continue for decades after activities cease;
• strengthening enforcement mechanisms with the establishment of clear accountability structures, penalties for non-compliance and independent oversight;
• facilitating access to finance and capacity building;
• harnessing import standards as market leverage, creating a clear incentive for producing countries to adopt stronger mitigation practices; and
• leveraging international and bilateral frameworks for capacity and alignment.