$E

Brent crude hit $101.21, its highest since May 2025, due to geopolitical tensions. Major oil companies like Chevron (CVX), TotalEnergies (TTE), Exxon (XOM), Eni (E), and BP (BP) focused on asset swaps and investments in Venezuela, rather than increasing drilling. Chevron plans to invest $7B in Venezuela over five years, aiming to double production. TotalEnergies transferred operatorship of the Papua LNG project to Exxon. The moves reflect strategic portfolio adjustments amid high oil prices and

Eni S.p.A (E) acquired stakes in two offshore exploration blocks in Uruguay. It now holds 50% of OFF-5 and 40% of OFF-6, with plans to invest in exploration. The deals align with Eni's strategy to expand its upstream portfolio, though success is not guaranteed and significant costs are involved.

Eni S.p.A (NYSE:E) signed a 25-year agreement with Venezuela's PDVSA to operate the Junin 5 oil field, investing $1.5B annually. The field has 35B barrels of oil and currently produces 12,000 bpd. Eni aims to increase production to 400,000 bpd from all its Venezuelan projects by the end of the decade, but faces infrastructure, regulatory, and political risks.

Venezuela signed oil agreements with Chevron, Eni, and GE in Caracas. Chevron's deals involve joint ventures with PDVSA, while Eni secured a production-sharing contract in the Orinoco Oil Belt. GE will help restore Venezuela's oil industry electrical infrastructure. US Secretary of Energy Chris Wright attended the signing.

A report by World Oil indicates that major oil companies saw profits surge to $90 billion in Q2 2025, nearly double the same period in 2024, due to supply disruptions in the Strait of Hormuz. Key beneficiaries include Saudi Aramco ($33B), BP ($5.73B), and Chevron ($12B). The surge is linked to geopolitical tensions and rising oil prices, with Brent crude climbing from $68 to $100 per barrel. Critics call for windfall taxes on oil companies.

Oil prices rose after near-closure of the Strait of Hormuz, boosting profits for major oil firms. The article says eight companies (Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, ExxonMobil) earned over $90B in Apr-Jun, nearly doubling from Q2 2025. It cites Aramco net income over $33B (+34%) and Chevron adjusted earnings of $12B. Brent rose from about $68/bbl in Feb to nearly $100 in May, prompting windfall-tax debate.

The UK plans to expand its shared rural network with 150 new 4G masts, adding 5,684 sq km of coverage and running until Jan 2027, covering areas like the Lake District, Snowdonia and Exmoor. Separately, e& UAE tested RedCap readiness on a live network. Digi reported Q2 revenue up 11% to €608m and adjusted EBITDA up 23% to €169m. TalkTalk Business plans to merge with ARO. VodafoneThree cited on-the-go connectivity as a productivity drag and launched a new “Let Fun In” campaign.

Kazakhstan escalated a confidential arbitration over the Kashagan oil field, alleging corruption and inflated procurement tied to about a dozen contracts totaling $10.7 billion. Kazakhstan seeks about $160 billion overall, including environmental damage and lost profits. The North Caspian Operating Company consortium, including Shell and ExxonMobil, denies the claims. No tribunal ruling yet.

The article says U.S. President Donald Trump criticized oil majors ExxonMobil and Chevron after they reported strong 2026 Q2 profits, attributing gains to supply disruptions from the U.S.-Israeli war with Iran and higher oil prices. It cites Guardian estimates of $93B total profits for eight majors and lists ExxonMobil $14.5B, Chevron $12.2B, Shell adjusted $9.8B, BP $5.7B. It also notes Saudi Aramco net profit rose 44% to $32.69B despite Strait of Hormuz disruptions, while U.S. gasoline average

Eni and TotalEnergies say they took the final investment decision on the Cronos offshore gas project in Cyprus, targeting first production by 2028. The field is estimated at over 3 Tcf, with plans for four subsea wells and peak output around 500 million cubic feet per day. Gas would be processed via Egypt’s Zohr and Damietta LNG infrastructure operated by Eni.