Russia

The US has extended Chevron’s waiver to maintain its assets in sanctioned Venezuela through the end of November 2022 under the same limited terms as the previous extension.

The exit comes after Equinor's presence of more than 30 years with the transfer of its interests in joint ventures to Rosneft and its stake in the Kharyaga PSA to operator Zarubezhneftegaz.

Finland will operate the FSRU jointly with Estonia as part of an emerging LNG hub in the Baltic Sea region.

Tanker transit statistics via the Suez Canal broke historic records in April as Europe sought to import more crude oil and LNG from the Arab Gulf to replace traditional supplies from Russia.

Sempra Infrastructure and Poland’s state-owned PGNiG oil and gas company have signed a deal that is expected to result in the export of 3 mtpa of LNG to Poland from Louisiana and Texas.

ExxonMobil has declared force majeure on its Sakhalin-1 operations in the Russian Far East as risk-averse shippers fearing sanctions refuse to transport Sakhalin crude and production starts to fall.

Schlumberger, Baker Hughes warn of an uncertain future for their work in Russia while Halliburton prepares for a full wind down. In turn, all look to North America for revenue growth.

As Europe’s second-largest LNG hub after Spain, the UK promises to play a near-term role as an “energy bridge” to ease the EU’s dependence on Russian energy, given that the UK can ship regasified product directly to the continent via subsea pipeline.

Forecast increased demand for natural gas globally will keep new US liquefaction projects and additional proposals moving forward.

The US oil and gas company's exit from Russia amid the ongoing military conflict freezes the Russian Far East LNG project and cripples Rosneft’s ambitions to become a competitive global LNG supplier.