EFG-Hermes Brokerage on Wednesday increased the price target for petrochemicals manufacturer Saudi Basic Industries (SASE:2010), d/b/a Sabic, to 134.00 Saudi riyals from 63.00 riyals, while keeping its neutral rating.
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French energy company TotalEnergies (TTE.PA, TTE.L) acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, United Arab Emirates.Abu Dhabi National Oil Co., d/b/a Adnoc, holds a majority interest in the concession with a 60% stake and will operate it through its Adnoc Onshore unit, according to a Wednesday release. The project targets a production capacity of 1.5 billion cubic feet per day.Other partners in the concession include British energy giant BP (BP.L) with a 10% stake, China National Petroleum Corp., or CNPC, with an 8% interest, Inpex/Jodco with a 5% interest, while ZhenHua Oil and GS Energy hold 4% and 3% stakes, respectively.
Fitch Ratings on Wednesday affirmed Indian Oil's (NSE:IOC, BOM:530965) long-term credit rating of BBB- with a stable outlook.The rating agency also maintained the state-owned oil company's standalone credit profile of bb+, citing its dominant market position in the domestic market.Fitch said it expects the company's EBITDA net leverage to deteriorate in fiscal 2027 due to the impact of the Iran conflict before recovering to a satisfactory level in the financial year ending March 2028.
Energy officials from the US, Qatar, Nigeria, and Algeria have urged European Union leaders to clarify and adopt targeted amendments to the proposed EU Methane Regulations, or EUMR, the US Department of Energy said Wednesday.In a letter sent to the European Commission and European Council, the energy officials said the EU has "a narrow window" to revise the EUMR, as importers have started buying oil and natural gas for delivery in 2027.The officials said the proposed regulations could disrupt oil and natural gas supply in the EU as majority of the imports cannot timely meet the EUMR methane emissions measuring, reporting, and verification requirements and could be found noncompliant beginning January 2027."Even with adaptive and flexible implementation, significant negative supply and price impacts are a certainty," they added.