Politics, Geopolitics & Conflict
In Sudan, drone strikes on Khartoum International Airport in the Sudanese capital hit just before its planned reopening, delaying operations and reinforcing doubts over the Sudanese army’s ability to secure the capital, while simultaneously undermining a new transit agreement with Juba to safeguard South Sudan’s oil exports. The paramilitary Rapid Support Forces still hold key sections of the pipeline and surrounding territory, leaving crude flows vulnerable and turning both the airport attack and the oil corridor into indicators of how limited Khartoum’s actual control remains despite formal ceasefire and reconstruction announcements.
Israel’s domestic and external status remains volatile even as the Gaza ceasefire holds under U.S., Egyptian, and Qatari supervision. The political and legal fronts are now moving faster than the military ones. The Knesset passed an initial vote to extend Israeli civil law to parts of the occupied West Bank, a first step toward formal annexation. The bill passed 25-24 and will return for further readings. Washington and Brussels have expressed concern but predictably avoided a direct confrontation on the matter. Meanwhile, Netanyahu’s coalition is using the measure to satisfy far-right pressure after the Gaza ceasefire. The International Court of Justice issued a non-binding order that Israel must allow full UNRWA operations in Gaza. Israel dismissed the ruling as political, but it increases diplomatic…
Politics, Geopolitics & Conflict
In Sudan, drone strikes on Khartoum International Airport in the Sudanese capital hit just before its planned reopening, delaying operations and reinforcing doubts over the Sudanese army’s ability to secure the capital, while simultaneously undermining a new transit agreement with Juba to safeguard South Sudan’s oil exports. The paramilitary Rapid Support Forces still hold key sections of the pipeline and surrounding territory, leaving crude flows vulnerable and turning both the airport attack and the oil corridor into indicators of how limited Khartoum’s actual control remains despite formal ceasefire and reconstruction announcements.
Israel’s domestic and external status remains volatile even as the Gaza ceasefire holds under U.S., Egyptian, and Qatari supervision. The political and legal fronts are now moving faster than the military ones. The Knesset passed an initial vote to extend Israeli civil law to parts of the occupied West Bank, a first step toward formal annexation. The bill passed 25-24 and will return for further readings. Washington and Brussels have expressed concern but predictably avoided a direct confrontation on the matter. Meanwhile, Netanyahu’s coalition is using the measure to satisfy far-right pressure after the Gaza ceasefire. The International Court of Justice issued a non-binding order that Israel must allow full UNRWA operations in Gaza. Israel dismissed the ruling as political, but it increases diplomatic pressure from Europe and the U.N. at a moment when reconstruction access is under review. EU policy is fracturing in the meantime. Brussels quietly paused new sanctions discussions against Israeli officials, coinciding with lobbying from Germany and the Czech Republic to prioritize stability over punitive measures while ceasefire verification continues. Turkey’s proposal to contribute a small stabilization contingent to Gaza was rejected outright by Netanyahu. Israel’s governing coalition remains internally divided: centrist figures seek to consolidate a post-ceasefire political framework with U.S. support, while far-right ministers demand irreversible territorial steps in the West Bank.
Russia escalated airstrikes across Ukraine this week, with its heaviest attacks in months (northward of 400 drones). Ukraine’s air force claimed to have intercepted most, but at least six civilians were killed and major grid disruptions were reported across Dnipropetrovsk, Poltava, and Kharkiv regions. Kyiv responded with precision strikes on a gunpowder plant in Russia’s Bryansk region, using long-range Storm Shadow missiles. The escalation followed Washington’s suspension of plans for a Trump-Putin summit after Moscow rejected a ceasefire proposal. Russian officials characterized the U.S. plan as an “imposed truce” and doubled down on offensive operations intended to preserve leverage before winter. Western intelligence agencies expect Russia to intensify missile barrages on Ukraine’s energy network over the coming month, mirroring last winter’s strategy but on a wider scale.
Discovery & Development
BP just confirmed a new oil and gas find off Namibia, drilling into about 26 meters of good-quality reservoir rock with gas and light condensate but no water — a strong sign of a sealed system. The Volans-1X well sits in the Orange Basin, which is where Shell and TotalEnergies have already made big hits. BP hasn’t put numbers on the discovery yet, but early signs look promising. The result cements Namibia’s position as the most-watched frontier play since Guyana.
Khalda Petroleum, a JV between Egypt’s EGPC and Apache (APA), just confirmed two new Western Desert discoveries — SHAI-3X and WD 33J-1X. Combined output is around 3,550 bpd of oil and 23 mmcf/d of gas. Both wells were drilled and tested recently and have already been tied into production. Egypt’s Minister of Petroleum and Mineral Resources announced this week that Egypt has discovered 18 new oil and gas finds since July.
Aker BP just announced another successful appraisal at its Yggdrasil development offshore Norway, confirming additional recoverable reserves. The Omega Alfa well added an estimated 96–134 MMboe to the project, bringing total resources close to 700 MMboe with a long-term goal of 1 billion boe. First oil is still on track for 2027 under the PDO approved in 2023. The result cements Yggdrasil as one of Norway’s largest new oil hubs in a decade.
MariEnergies just struck oil at its Shawal-1 exploration well in Sindh Province, Pakistan, within the Mari Development and Production Lease. The well flowed 1,040 bpd of 30° API crude and 2.5 MMscf/d of gas on test, confirming a new hydrocarbon zone in the Ghazij Formation. The find marks a win for MariEnergies’ push to counter domestic production declines through stepped-up exploration. The company holds 100% interest and plans follow-up appraisal work to size up the commercial potential.
The Trump administration has reopened the Arctic National Wildlife Refuge (ANWR) to oil and gas development, reversing Biden-era restrictions. The Interior Department said it will allow leasing across the 1.5-million-acre Coastal Plain and reinstate canceled leases previously awarded to the Alaska Industrial Development and Export Authority, which was one of the few bidders in the 2021 auction. The move fulfills Trump’s pledge to expand domestic energy production and aligns with Alaska officials who have long pushed for access to the region’s resources. Interior Secretary Doug Burgum said the plan strengthens U.S. energy independence, creates jobs, and bolsters the state’s economy.
Deals, Mergers & Acquisitions
JERA Co., Inc. (via its U.S. subsidiary) agreed to acquire full ownership of a shale-gas asset in the Haynesville Basin (Louisiana) from Williams Companies and GEP Haynesville II, for US$1.5 billion. The asset currently produces >500 MM scfd with 200 undeveloped drilling locations and infrastructure ready for gathering & transportation. The move enhances JERA’s upstream footprint in the U.S. and aligns with its strategy to secure LNG supply and expand global energy reach.
ONE Nuclear Energy is going public through a merger with SPAC Hennessy Capital Investment Corp VII, valuing the firm at around $1.2 billion. It’ll trade on Nasdaq under ONEN once the deal closes. The company designs small modular nuclear reactors and advanced fuel systems aimed at industrial and data center clients.
Earnings Beat
Halliburton Company (HAL): In Q3 2025 the company reported net income of $18 million ($0.02/share), versus $571 million a year earlier. Revenue came in at $5.6 billion, topping analysts’ $5.39 billion expectation. Adjusted EPS (ex-impairments) was $0.58, beating the $0.50 consensus. The company flagged a $496 million impairment charge and noted strong North American oil-field services demand, while international markets were weaker.
GE Vernova Inc. (GEV): For Q3 the company reported revenue of $9.97 billion, up 11.8 % y/y, and orders climbed 55 % to $14.6 billion. Net income swung to $453 million from a $99 million loss a year ago, EPS was $1.64 (though below some estimates). It reaffirmed 2025 revenue guidance of $36-37 billion and highlighted a dramatic surge in electrification & grid-equipment demand.
Kinder Morgan Inc. (KMI): Q3 profit rose, driven by higher natural-gas volumes in its pipeline business. Though full EPS/revenue numbers weren’t detailed in the summary, the company said stronger LNG/export-linked demand is supporting its outlook (with internal estimates of ~28 Bcf/d additional demand by 2030).
Kinder Morgan (KMI) – Reported $628 million in net income, up slightly from last year’s $625 million, on $4.15 billion in revenue. EPS was $0.29, roughly in line with expectations. Growth came from higher gas transport volumes, especially to LNG terminals, while the CO2 segment lagged.
CenterPoint Energy (CNP) beat Q3 expectations with adjusted EPS of $0.50 vs $0.44 expected, driven by strong industrial power demand in Texas and regulatory recovery credits. Revenue climbed 7% year-on-year to $1.99 billion, as load growth from manufacturing and data-center projects offset storm-related costs from Hurricane Beryl. O&M savings also boosted results. The utility reaffirmed 2025 guidance of $1.75–$1.77 EPS and said its $2.6 billion sale of its Ohio gas business remains on track to close by Q1 2026.
While not yet released, analysts expect a strong Q3 showing from Exxon Mobil (XOM) and Chevron (CVX), based on firm oil prices, resilient demand, and disciplined spending across the sector. Upstream margins are likely to stay healthy thanks to OPEC+ supply restraint and stable refining spreads.
