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Shell plc

$SHEL
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335 stories mentioning Shell plcUpdated 2d ago

Shares fell amid a broad energy-sector decline Monday as oil prices dropped on US-Iran peace progress and prospects of the Strait of Hormuz reopening.

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Asia Markets

European Equities Traded in the US as American Depositary Receipts Start Week Marginally Higher in Monday Trading

European equities traded in the US as American depositary receipts started the week slightly higher late Monday morning, rising 0.15% to 1,910.62 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by software firm SAP (SAP) and lender Banco Santander (SAN), which rose 6% and 3.5% respectively. They were followed by biotech firm Evaxion (EVAX) and biopharmaceutical company Grifols (GRFS), which increased 3.3% and 3.2% respectively.The decliners from continental Europe were led by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which fell 3% and 2.6% respectively. They were followed by brewing company Anheuser-Busch InBev (BUD) and biopharmaceutical company argenx (ARGX), which were down 1.8% and 0.7% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and telecommunications operator Vodafone Group (VOD), which climbed 9.6% and 5.4% respectively. They were followed by biotech firm Autolus Therapeutics (AUTL) and pharmaceutical company Silence Therapeutics (SLN), which advanced 5.2% and 4.4% respectively.The decliners from the UK and Ireland were led by oil and gas companies BP (BP) and Shell (SHEL), which dropped 2% and 1% respectively. They were followed by tobacco company British American Tobacco (BTI) and utilities company National Grid (NGG), which lost 0.6% and 0.1% respectively.

$AKTX$ARGX$AUTL$BP$BTI$BUD$E$EQNR$EVAX$GRFS$NGG$SAN$SAP$SHEL$SLN$VOD
Japan

Update: US Equity Futures Rise Pre-Bell as Oil Prices Drop Amid Pause in Middle East Hostilities

US equity futures rose pre-bell Monday as oil prices declined amid a pause in hostilities between the US and Iran over the weekend.Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.3% higher.The US did not strike any Iranian targets on Saturday or Sunday after 13 consecutive nights of attacks. The US ambassador to the United Nations, Mike Waltz, told Fox News that President Donald Trump has halted the attacks for the meantime to allow more time for diplomacy. Iran said it will suspend its own attacks as long as the US does the same, Reuters reported Sunday, citing a senior Iranian official.Traders anticipate another round of earnings this week, kicked off by AstraZeneca (AZN), which posted higher Q2 core earnings and revenue.Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon.com (AMZN), Lam Research (LRCX), and Arm (ARM) are set to release their financial results this week. Anticipated earnings also include Seagate Technology (STX), Qualcomm (QCOM), Procter & Gamble (PG), Visa (V), and Mastercard (MA).Traders also look forward to the Federal Reserve's policy session and rate statement, slated for Wednesday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 5.2% at $86.94 per barrel and US West Texas Intermediate crude 6% lower at $83.97 per barrel.Durable goods new orders rose 0.3% in June after a 4.0% decline in the prior month, compared with expectations for a 1.8% increase in a survey compiled by Bloomberg. The Dallas Fed manufacturing survey for July will be released at 10:30 am ET.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 1% higher, and China's Shanghai Composite finished 1.2% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 1.6% higher in Europe's early afternoon session.In equities, energy-related stocks were on the downswing due to the drop in oil prices. Exxon Mobil (XOM) shares fell 3.4%, Chevron (CVX) stocks were down 2.7%, and Shell (SHEL) shares were 2.3% lower.On the winning side, Broadcom (AVGO) stock was up 2.1% after the company and Samsung Electronics said they signed a memorandum of understanding to expand their strategic collaboration across memory and foundry technologies to support next-generation artificial intelligence infrastructure. Advanced Micro Devices (AMD) shares rose 2.2% after a Korea Times report cited the Ministry of Science and ICT as saying that the company partnered with South Korea to establish an artificial intelligence research facility and expand computing infrastructure. Toyota Motor (TM) stock was up 1.6% after the company said it signed a binding agreement with Volvo Group and Daimler Truck to acquire a one-third stake in fuel-cell joint venture Cellcentric.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AMZN$ARM$AVGO$AZN$CVX$LRCX$MA$META$MSFT$PG$QCOM$SHEL$STX$TM$V$XOM
Commodities

Market Chatter: Kazakhstan Kashagan Oil Field Operator Assets Frozen Over $5 Billion Fine

Kazakhstan has frozen the assets of the joint-venture operator of the Kashagan oilfield over a $5 billion environmental fine which the company has disputed, Reuters reported on Monday.The July 21 freeze of the company's property and vehicles of North Caspian Operating was published on the database of the Ministry of Justice, the article said. NCOC is a joint venture between Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM) and China's CNPC.The Central Asian country may enforce a 2.3 trillion Kazakhstani tenge ($4.84 billion) fine imposed on NCOC related to breaches of sulphur storage limits while it has said the head of the company could face criminal prosecution.NCOC and associated contractors have rejected the fine and the accusations and the case has now been brought before international arbitrators, the article said.None of the companies responded immediately to Reuters' request for comment.has reached out to the companies seeking comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$SHEL$TTE$XOM
Asia Markets

European Equities Traded in the US as American Depositary Receipts Fall in Thursday Trading

European equities traded in the US as American depositary receipts were tracking lower late Thursday morning, falling 0.9% to 1,901.24 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biopharmaceutical company argenx (ARGX) and medical device maker EDAP TMS (FOCL), which rose 5.3% and 4.4% respectively. They were followed by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which were up 3.7% and 2.1% respectively.The decliners from continental Europe were led by biopharmaceutical company Grifols (GRFS) and lender Banco Santander (SAN), which dropped 4.2% and 3.6% respectively. They were followed by brewing company Anheuser-Busch InBev (BUD) and accommodations booking site trivago (TRVG), which lost 3.1% and 2.9% respectively.The gainers from the UK were led by biopharmaceutical company Mereo BioPharma Group (MREO) and oil and gas company BP (BP), which advanced 2.8% and 2.3% respectively. They were followed by oil and gas company Shell (SHEL), which increased 1.6%.The decliners from the UK and Ireland were led by biotech firm Trinity Biotech (TRIB) and tobacco company British American Tobacco (BTI), which fell 5.4% and 3.3% respectively. They were followed by alcoholic beverage company Diageo (DEO) and educational publisher Pearson (PSO), which were down 2.4% and 0.4% respectively.

$ARGX$BP$BTI$BUD$DEO$E$EQNR$FOCL$GRFS$MREO$PSO$SAN$SHEL$TRIB$TRVG
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Ahead of Major Tech Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) retreated 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was down 1% in Wednesday's premarket activity, as investors awaited results from major technology companies.US stock futures were also lower, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.9% before the start of regular trading.Mortgage applications rose by 1.9% in the week ended July 17 despite an increase in 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.In premarket action, bitcoin was down by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) advanced 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 1.3%, while the iShares US Healthcare ETF (IYH) slipped 0.6%. The iShares Biotechnology ETF (IBB) was 0.5% lower.Dyne Therapeutics (DYN) stock was down more than 8% premarket after the company priced an upsized secondary public offering of 18.3 million shares at $20.50 each.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.7%, the Vanguard Industrials Index Fund (VIS) lost 0.01%, and the iShares US Industrials ETF (IYJ) was 0.5% higher.GE Vernova (GEV) stock was down more than 1% before the opening bell after the company reported lower-than-expected Q2 earnings.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was down 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.6% higher.Cal-Maine Foods (CALM) shares were down more than 4% pre-bell after the company swung to a fiscal Q4 loss.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Banco Santander (SAN) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.3%, the iShares US Technology ETF (IYW) was 0.2% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 1.8%, while the iShares Semiconductor ETF (SOXX) was down 2.8%.Nvidia (NVDA) shares were down more than 1% in premarket activity after gaining nearly 2% at the prior close. Chief Executive Jensen Huang is expected to meet Samsung Electronics Chairman Jay Lee, SK Group Chairman Chey Tae-won and Naver founder Lee Hae-jin in the US this week for an artificial intelligence roundtable, according to news reports.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Shell (SHEL) stock was up more than 1% before market open following a 1.2% gain in the previous session. The company resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 3.4% to $87.24 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.7% to $2.91 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.8%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July advanced 1.3% to $4,128.70 an ounce on the Comex. Silver futures were up 0.9% to $59.64 an ounce. SPDR Gold Shares (GLD) increased 1.1%, and the iShares Silver Trust (SLV) was 1.4% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CALM$DYN$EEM$EETH$EXI$FAS$FAZ$GEV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVDA$PMR$QQQ$RTH$SAN$SHEL$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Equities

Update: Market Chatter: Shell Restarts Crude Unit at Pernis Refinery in Netherlands

(Updates to include Shell's response to' request for a comment in the last paragraph.)Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday, citing an alert from consultancy Wood Mackenzie.The crude unit closed Saturday along with a 25,600-barrel-per-day vacuum distillation unit, which remained offline, the report said.Shell declined' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$SHEL
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.4%, and the Dow Jones US Utilities Index was fractionally higher.In geopolitical news, President Donald Trump delivered a dim view of possible talks with Iran to end the war, telling reporters Tuesday that the US has "no interest in meeting" until Iran is ready to convene "in a meaningful way," the Associated Press reported.Separately, a desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera reported Tuesday.Meanwhile, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.Front-month West Texas Intermediate crude oil climbed 2% to $84.91 a barrel, and the global benchmark Brent crude contract rose 2.3% to $91.25 a barrel. Henry Hub natural gas futures increased 0.9% to $2.89 per 1 million BTU.In corporate news, Fluor (FLR) said Tuesday it secured a contract from Gulf Petrochemical Industries to carry out the front-end engineering and design for a new aromatics facility in Bahrain. Fluor shares gained 3.6%.Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported. Shell shares were up 1.1%.Shell, TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported. TotalEnergies shares climbed 2.9%, and BP added 1.3%Magnolia Oil & Gas (MGY) shares were down 2%. The company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.

$BP$FLR$MGY$SHEL$TTE
Sectors

Sector Update: Energy Stocks Higher Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.6%.The Philadelphia Oil Service Sector Index was climbing 1%, and the Dow Jones US Utilities Index was down 0.2%.In geopolitical news, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.Front-month West Texas Intermediate crude oil climbed 2.2% to $85.09 a barrel, and the global benchmark Brent crude contract rose 2% to $91.04 a barrel. Henry Hub natural gas futures increased 0.1% to $2.86 per 1 million BTU.In corporate news, Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported. Shell shares were up nearly 1%.Shell, TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported. TotalEnergies shares climbed 3.3%, and BP added 1%Diamondback Energy (FANG) is expected to deliver a strong Q2, with total and oil production above the midpoint of guidance and cash flow per share projected to be 2% ahead of the Street estimate, UBS Securities said in a note. Diamondback shares climbed 1.8%.

$BP$FANG$SHEL$TTE
Sectors

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.5%.The Philadelphia Oil Service Sector Index was climbing 1%, and the Dow Jones US Utilities Index was down 0.2%.In geopolitical news, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.Front-month West Texas Intermediate crude oil climbed 2.4% to $85.25 a barrel, and the global benchmark Brent crude contract rose 2.3% to $91.24 a barrel. Henry Hub natural gas futures increased 0.1% to $2.86 per 1 million BTU.In corporate news, Shell (SHEL), TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported. Shell shares were up 0.8%, TotalEnergies climbed 3.2%, and BP added 0.9%

$BP$SHEL$TTE
Wire

Update: Market Chatter: Egypt, Energy Companies in Talks on Long-Term LNG Supply Deal

(Updates with BP's response to a request for comment in the last paragraph.)Shell (SHEL), TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported Tuesday, citing three trading and industry sources familiar with the matter.The talks include Hartree Partners, two of the sources said, according to the report. Deals are yet to be finalized and may span up to five years, the report said.Shell and BP declined to comment, while TotalEnergies did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $86.95, Change: $+0.75, Percent Change: +0.87%

$BP$SHEL$TTE
Wire

Update: Market Chatter: Egypt, Energy Companies in Talks on Long-Term LNG Supply Deal

(Update with Shell's response to a request for comment in the last paragraph.)Shell (SHEL), TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported Tuesday, citing three trading and industry sources familiar with the matter.The talks include Hartree Partners, two of the sources said, according to the report. Deals are yet to be finalized and may span up to five years, the report said.Shell declined to comment, while TotalEnergies and BP did not immediately respond to requests for comments from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $87.05, Change: $+0.85, Percent Change: +0.99%

$BP$SHEL$TTE
Wire

Market Chatter: Egypt, Energy Companies in Talks on Long-Term LNG Supply Deal

Shell (SHEL), TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported Tuesday, citing three trading and industry sources familiar with the matter.The talks include Hartree Partners, two of the sources said, according to the report. Deals are yet to be finalized and may span up to five years, the report said.Shell, TotalEnergies and BP did not immediately respond to requests for comments from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $87.06, Change: $+0.86, Percent Change: +1.00%

$BP$SHEL$TTE
Oil & Energy

Market Chatter: Egypt Seeks Long-Term LNG Import Deals

Egypt is in talks with Shell (SHEL), TotalEnergies (TTE), BP (BP) and commodities trader Hartree to secure 15-18 liquefied natural gas cargoes per month under contracts lasting at least three years, Reuters reported on Tuesday, citing industry sources.The discussions reportedly come as Egypt seeks to offset declining domestic gas production and reduce reliance on volatile spot markets amid heightened geopolitical tensions.Reuters estimated the contracts could cost $8 billion-$11 billion annually. Egypt imported about 985 billion cubic feet of gas in the year ended June 2026 and expects imports to rise further this fiscal year as domestic production falls to an estimated 4.2 billion cubic feet per day.Egypt's petroleum ministry, Shell, TotalEnergies, BP and Hartree Partners did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumors and speculation. Accuracy is not guaranteed.)Price: $87.14, Change: $+0.94, Percent Change: +1.08%

$BP$SHEL$TTE
Wire

Market Chatter: Shell Restarts Crude Unit at Pernis Refinery in Netherlands

Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday, citing an alert from consultancy Wood Mackenzie.The crude unit closed Saturday along with a 25,600-barrel-per-day vacuum distillation unit, which remained offline, the report said.Shell did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $87.07, Change: $+0.87, Percent Change: +1.01%

$SHEL
Wire

Correction: --Shell, TotalEnergies, BP in Talks With Egypt to Sell LNG Cargoes, Reuters Reports

Correction: --Shell, TotalEnergies, BP in Talks With Egypt to Sell LNG Cargoes, Reuters Reports

$BP$SHEL$TTE
Wire

Shell, TotalEnergies, BP in Talks With Egypt to Buy LNG Cargoes, Reuters Reports

Shell, TotalEnergies, BP in Talks With Egypt to Buy LNG Cargoes, Reuters Reports

$BP$SHEL$TTE
Commodities

Chevron Shuts In Petronius Output as Tropical Depression 2 Nears

Chevron (CVX) is shutting in production at its Petronius facility and moving workers ashore as Tropical Depression Two approaches the Gulf of Mexico, Chevron confirmed in an emailed statement toon Monday."In preparation for Tropical Depression Two, we are shutting-in production at our Petronius facility, and all associated personnel are being moved onshore," the spokesperson said.The company's spokesperson said production at its other company-operated Gulf of Mexico assets remains "at normal levels," while Chevron transports nonessential personnel from its Tubular Bells and Blind Faith platforms.The company said it has activated storm preparedness procedures at its onshore facilities and will continue monitoring the system while prioritizing worker safety, facility integrity and environmental protection.Tropical Depression Two could disrupt about 2 million barrels of crude oil production in the US Gulf of Mexico, which accounts for about 14% of US crude output, as more high-producing offshore platforms lie in the storm's projected path, Reuters reported, citing Earth Science Associates estimates.Shell (SHEL), BP (BP), Chevron and Occidental Petroleum (OXY) rank among the largest deepwater operators in the US Gulf of Mexico, according to the Reuters report.Stretching from Corpus Christi, Texas, to Pascagoula, Mississippi, the Gulf Coast refining corridor accounts for about half of the nation's 18.4 million barrels-per-day refining capacity, the report added.

$CVX$OXY$SHEL
Oil & Energy

Eni, Petronas JV Set to Become Southeast Asia's Upstream Giant, Wood Mackenzie Says

Eni (E) and Malaysia's Petronas could reshape Southeast Asia's oil and gas sector through their joint venture, which is set to become one of the region's largest upstream operators and plans to invest $20 billion over the next five years, Wood Mackenzie strategists said in a Monday note.Wood Mackenzie analysts said Searah, which combines 19 upstream assets across Indonesia and Malaysia, will begin operations producing over 300,000 barrels of oil equivalent per day and is projected to lift output to over 500,000 boe/d by 2029.The consultancy estimates that the venture's longer-term production potential could exceed 800,000 boe/d, potentially making it Southeast Asia/s largest upstream producer by 2030, ahead of regional rivals including Pertamina, Petronas, PTTEP, Shell (SHEL) and BP (BP).The 50:50 JV combines Petronas' producing assets and infrastructure in Malaysia with Eni's deepwater gas portfolio in Indonesia's Kutei Basin, creating a business with immediate cash flow alongside a pipeline of large-scale development projects.Wood Mackenzie said the complementary portfolios provide the venture with a strong financial foundation, allowing it to fund expansion from producing assets rather than relying on additional capital from its parent companies.Capital spending is projected to peak in 2027 as several major projects move forward simultaneously.The venture is projected to generate annual cash flow exceeding $2 billion from 2030, driven by the development of Eni's Kutei Basin gas discoveries.Eni contributes over 12 trillion cubic feet of undeveloped gas resources across the Rapak, Ganal and North Ganal production sharing contracts, Wood Mackenzie said, adding that the recently discovered Geliga field could add about $2 billion in value and support a third development hub in the basin.Searah will supply gas to three liquefied natural gas facilities, including Indonesia's Bontang LNG plant, the proposed Abadi LNG project and Malaysia LNG, creating one of Southeast Asia's largest equity LNG portfolios.However, Wood Mackenzie said execution would determine whether the venture achieves its ambitions.The consultancy highlighted several challenges, including delivering multiple multi-billion-dollar offshore developments in parallel, advancing the Abadi LNG project to a final investment decision, managing capacity constraints at Indonesia's aging Bontang LNG facility and coordinating investments across Indonesia's and Malaysia's different regulatory systems.The venture will also need to integrate Eni's exploration-focused operating model with Petronas' national oil company approach while navigating a tight global market for offshore engineering and construction services.Searah's assets and capital are in place; the challenge is whether this newly formed operator can deliver multiple billion-dollar developments in parallel without losing schedule or cost discipline, said Munish Kumar, senior research analyst for upstream at Wood Mackenzie.The venture represents the latest expansion of Eni's "satellite model" of creating standalone regional upstream companies, following Var Energi in Norway, Azule Energy in Angola and Ithaca Energy in the UK.London-headquartered Searah will operate independently while receiving technical support from Eni under service agreements.Price: $49.29, Change: $-0.48, Percent Change: -0.96%

$BP$E$SHEL
Commodities

Caspian Pipeline Consortium Loading Halted After Drone Attack

Two moorings of a Caspian Pipeline Consortium loading facility and two berthed tankers were struck by drones on Sunday, prompting the suspension of loading, according to a post by CPC on the Telegram messenger service.Fire broke out on one tanker, the Asia, and was later extinguished by the CPC emergency response teams. It was carrying oil from Tengizchevroil/Chevron. The Nissos Ios was carrying oil from Kashagan BV and Maten/NC KazMunayGas.In a subsequent post on Monday, CPC said that a further attack took place on a vessel during loading. A fire broke out on the vessel, the Nelsa, but was later put out. The crew were unharmed, it said and loading has been suspended since.There were no injuries reported from the attacks and no spillage of oil. The tankers remain afloat and damage assessments are taking place, the post said.The CPC is a venture between energy companies from Russia, the US, Kazakhstan and several Western European countries, the post said.The 1,500 km pipeline transports oil from three large fields in Kazakhstan - Tengiz, Kashagan and Karachaganak further west to the Russian port of Novorossiysk where cargoes then set sail across the Black Sea.The post, which made no mention of the attack's origin, described it as "terrorist" in nature and said it was also considered "an attack on the interests of the CPC member countries as well".The attacks match a pattern of strikes by Ukraine on vessels carrying Russian crude after a significant improvement in its drone capabilities that have seen it step up counter-attacks on Russia in the latter's fifth year of invasion of its neighbor.Russia is a major stakeholder in the CPC and the posts, in Russian, likely originated from that country given its description of the incident as terrorism and due to a reference to the other CPC participants, including Kazakhstan, as "foreign"."We expect the CPC member states to condemn these attacks and, in strict adherence to international law, to devise practical measures to halt terrorist attacks on the infrastructure used to export hydrocarbons produced by international consortia within the territory of the Republic of Kazakhstan," the later post said.Ukraine is now regularly attacking Russian oil refining facilities to the extent that fuel shortages are now widespread across Russia and serious enough to deal a blow to the economy.It handled 70.5 million tonnes of oil in 2025 with Chevron's (CVX) Tengizchevroil, ExxonMobil (XOM), NC KazMunayGas, Eni (E) and Shell (SHEL) accounting for more than 75% of this total, the post said.

$CVX$E$SHEL$XOM
Research

Mizuho Initiates Shell at Neutral With $98 Price Target

Shell (SHEL) has an average rating of overweight and mean price target of $96.71, according to analysts polled by FactSet.

$SHEL

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