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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
707.50
-51.00
674.00
+3.00
Feb 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	-51.00	674.00	+3.00	Feb 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
432.67	+0.16	520.59	-0.26	775.81	-1.92	Feb 16

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	403	435	-32	451	482	-31	671	688	-17	Feb 16
Singapore	435	430	+5	480	524	-44	663	681	-18	Feb 16
Fujairah	413	396	+17	470	515	-45	738	744	-6	Feb 16
Houston	352	408	-56	455	464	-9	642	682	-40	Feb 16

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-02-17
  Oil prices edge lower with US-Iran talks in focus
  Oil prices fell slightly in holiday-thinned trade on Tuesday, with focus squarely on upcoming negotiations between the U.S. and Iran. Strength in the dollar, before a string of economic and Federal Reserve cues this week, also pressured crude markets.... Read more Oil prices fell slightly in holiday-thinned trade on Tuesday, with focus squarely on upcoming negotiations between the U.S. and Iran.
  Strength in the dollar, before a string of economic and Federal Reserve cues this week, also pressured crude markets.
  Brent oil futures for April fell 0.3% to $68.45 a barrel, while West Texas Intermediate crude futures rose 1.1% to $63.45 a barrel by 21:00 ET (02:00 GMT). The move in WTI futures was skewed by a U.S. holiday on Monday.
  Trading volumes were largely quashed by market holidays in China, Hong Kong, Taiwan, South Korea, and Singapore.
  Get more key price insights on oil markets by upgrading to InvestingPro
  US-Iran dialogue in focus amid heightened tensions
  U.S. and Iranian ministers are set to meet in Geneva, Switzerland, on Tuesday to discuss the Middle Eastern country’s nuclear enrichment activities, media reports showed.
  U.S. President Donald Trump told reporters on Monday that he will be “indirectly involved” in the discussions, although it was unclear what this will entail.
  The Geneva meeting comes just weeks after talks between Tehran and Washington proved to be largely inconclusive earlier this month.
  Reports showed the U.S. had deployed a second aircraft carrier to the Middle East ahead of talks with Iran, and that Washington was planning an extended military campaign in the region if talks fell through.
  Markets priced in a greater risk premium for crude on the prospect of worsening geopolitical conditions in the Middle East, which stand to potentially disrupt supplies.
  Source: Investing.com
- 2026-02-17
  Oil Bears Are Dangerously Underestimating Geopolitical Risk
  For decades, oil prices could swing wildly on even the distant prospect of war in the Middle East. With U.S. shale, that changed, leading many to assume that anything short of an oil blockade in the Strait of Hormuz will leave oil markets cold—and such... Read more For decades, oil prices could swing wildly on even the distant prospect of war in the Middle East. With U.S. shale, that changed, leading many to assume that anything short of an oil blockade in the Strait of Hormuz will leave oil markets cold—and such a blockade is highly unlikely. This, however, is a false sense of security. Geopolitics can still flip the script on oil bears.
  
  The most recent oil price rally was prompted by the threat of a military escalation between the United States and Iran. Interestingly, the oil blockade that the United States imposed on Venezuela earlier this year failed to really move benchmarks in any consistent way. A war with Iran, on the other hand, has pushed Brent crude past $67 per barrel and WTI to over $62.
  
  Rystad Energy recently published five possible scenarios about U.S.-Iranian relations, with the best-case one involving productive talks leading to a new nuclear deal that the U.S. would force on Tehran, per the consultancy, and that would lead to an increase in Iran’s oil production. This is obviously a bearish scenario – but the other four are increasingly bullish. They range from limited U.S. strikes on Iranian nuclear facilities and possibly oil infrastructure to wide-ranging strikes, the death of the country’s Supreme Leader, and civil unrest ensuing after the collapse of the government.
  
  Interestingly, Rystad Energy does not see a huge price increase potential for crude oil in any of its scenarios. In the worst-case ones, the consultancy sees oil jumping by $10 to $15 per barrel as Iran’s production suffers from the aftermath of adverse events. Some, however, note that if the war spreads across the Middle East, prices could top $100.
  
  A Bloomberg article looked at such a scenario recently, with the authors noting that the price shock would be the result of Iran closing the Strait of Hormuz, albeit for a brief period. Even though brief, such a disruption would affect 20% of global oil supply, the authors noted, leading to a potential price jump of as much as 80%, based on historical data. Still, the effect on oil prices from this worst-case scenario would be limited—because the world, at least according to the authors, does not need as much oil as it did decades ago.
  
  The reason for this is energy efficiency, with the authors pointing out that “In the US, the amount of oil needed to produce one unit of GDP has fallen by about a quarter since 2011.” However, on a global scale, crude oil remains the top primary energy source, which means a price shock would cause pain—although not as much pain as it might have caused 20 years ago, for instance, thanks to inflation. “Inflation means $100 oil today buys fewer goods and services than $100 oil a decade or two ago,” Dina Esfandiary and Ziad Daoud wrote. This is hardly any consolation for those who, with Brent at over $100, would be able to afford even fewer goods and services.
  
  However, such a major disruption is the least likely scenario for the U.S.-Iranian conflict. Just this weekend, Reuters reported that Iran wanted to make a deal with the U.S., citing a senior Tehran official as suggesting the Iranian side was willing to make concessions in order to strike a deal and get sanctions lifted.
  
  Needless to say, that would be highly bearish for oil prices because it would likely lead to an expansion in Iran’s oil production. But in case the two fail to agree on a deal, the potential for escalation remains active—and the prospect of a deal is also distant, despite this latest signal from Tehran. Indeed, last week saw oil prices make gains on reports that the U.S. was building a substantial military presence in the Persian Gulf, signaling it was prepared for an extended conflict with Iran—and that extended conflict significantly raises the risk of oil infrastructure getting targeted and disrupting Iran’s production of crude, currently at some 3.2 million barrels daily. The extended conflict scenario also increases the risk of other Middle Eastern oil producers getting drawn into the fighting as targets for strikes, facing potential disruption to their oil infrastructure.
  
  Yet events from last year suggest that no one in the Middle East really wants oil prices to go through the roof. Higher is better up to a point, and while oil demand is among the least elastic in the world, it still responds to price shocks. Some analysts point to China’s oil storage spree as grounds for arguing there will be no oil price shock. China is the world’s largest importer of crude, it is the biggest buyer of Iranian crude, and it has been buying more oil than it has been refining for over a year—and building new storage to keep doing the same. China, in other words, is insulating itself against just such price shocks. The rest of the world, however, doesn’t really have China’s capacity to insulate itself. For the rest of the world—and for China, too—a geopolitical price shock would be painful. Source: Oilprice.com
- 2026-02-17
  China Hits Renewable Milestone, But Coal Isn’t Going Anywhere
  For the first time ever, China now has more operating power capacity from clean energy sources than capacity running on fossil fuels, thanks to a decade of booming solar and wind installations. China, the undisputed global leader in clean energy... Read more For the first time ever, China now has more operating power capacity from clean energy sources than capacity running on fossil fuels, thanks to a decade of booming solar and wind installations.
  
  China, the undisputed global leader in clean energy investment, has 52% of operating power capacity coming from non-fossil fuel sources as of February 2026, while 48% of installed capacity is fossil fuel-based, according to data tracked by Global Energy Monitor.
  
  For years, China, the world’s biggest greenhouse gas polluter, has accounted for a large part of total global clean energy investment and has installed more solar and wind power capacity than the rest of the world combined.
  
  China’s clean energy capacity, including nuclear and hydropower, is soaring to record highs as the world’s second-largest economy looks to have domestic energy sources – with the help of a massive supply chain of panels and batteries – meet an increasingly larger share of rising electricity demand.
  
  But Beijing continues to rely on coal, too, and its coal power capacity additions hit in 2025 their highest level in a decade. China has the world’s largest coal power fleet and accounts for a massive 71% of total global coal power capacity under development, per Global Energy Monitor data.
  
  China leads in both renewables and coal expansion to meet growing electricity demand. The clean energy boom has in no way made its coal power sector irrelevant.
  
  Concerns about energy security prompt China to continue building coal-fired power plants, while coal capacity developers are rushing to install more gigawatts before more stringent emissions regulation potentially limit the growth.
  
  China has as much as 674 GW of non-fossil power capacity under construction and 237 GW of fossil fuel capacity under construction, according to Global Energy Monitor.
  
  Of the non-fossil fuel capacity under construction, China’s 234 GW of utility-scale solar capacity is greater than the same figure for the rest of the world combined, the tracker showed.
  
  Solar leads China’s current power capacity in development, which includes construction, pre-construction, and announced capacity. Solar is closely followed by wind, hydropower ranks third, and fourth comes coal capacity expansion.
  
  Coal is still very much alive in China despite the huge milestone of non-fossil sources now outpacing fossil-fuel installed capacity.
  
  China continues to rely on coal for power generation to avoid blackouts and industry shutdowns during peak demand and periods of faltering hydropower when rainfall is scarce.
  As of January 2026, China had 1,243 GW of operating coal power capacity, Global Energy Monitor data showed. A total of 501 GW coal power capacity was under development, although not all of this is expected to move to construction.
  
  Over the past decade, China has added 362 GW of operating coal power capacity.
  
  Last year, China’s current coal power build-out cycle reached a new high, according to a report by the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) from earlier this month.
  
  China commissioned 78 GW of coal power capacity in 2025, the highest annual total in a decade, even as coal power generation declined, and clean energy met all net growth in power demand, the report found.
  
  New and reactivated coal power project proposals surged to a record high of 161 GW, which accounts for 13% of the current operational capacity, the study showed.
  
  “If built, the projects proposed in just this one year would commit China to years of coal expansion beyond power demand growth and climate requirements, reflecting a rush by the coal industry stakeholders to advance projects ahead of tighter policy constraints,” analysts at CREA and Global Energy Monitor wrote in the report.
  
  China presses on with massive build-out and record new proposals in coal power capacity despite leading the global investment in energy transition solutions and technologies.
  
  China, the largest market, made up $800 billion of all $2.3 trillion energy transition investments in 2025, a BloombergNEF report showed last month.
  
  Moreover, “China continues to account for a clear majority of global supply chain investment, and BNEF expects this situation to continue for at least the next three years,” the report said.
  
  China isn’t ditching one source for another; it uses its domestic manufacturing chain to expand renewables while still relying on coal for baseload capacity and stable grids. Source: Oilprice.com
- 2026-02-17
  MABUX: Global bunker indices to resume upward trend on Feb. 17.
  The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed mixed movements without a firm trend on Feb. 16: 380 HSFO: USD/MT 432.67 (+0.16) VLSFO: USD/MT 520.59 (-0.26) MGO: USD/MT 768.85 (-8.88) As... Read more The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed mixed movements without a firm trend on Feb. 16:
  
  380 HSFO: USD/MT 432.67 (+0.16)
  VLSFO: USD/MT 520.59 (-0.26)
  MGO: USD/MT 768.85 (-8.88)
  
  As of Feb. 16, the MABUX Market Differential Index (MDI) — which monitors the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – indicated the following dynamics across the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore and Fujairah were overcharged, with premiums widening by $2 in Singapore and narrowing by $1 in Fujairah. Rotterdam and Houston remained in the underpriced zone, with discounts narrowing by $2in Rotterdam and staying unchanged in Houston. Singapore’s MDI remained close to the 100% correlation level between MBP and DBP.
  
  • VLSFO segment: All four ports continued to be undercharged. The discount values decreased by $3 in Rotterdam, increased by $3 in Singapore, remained unchanged in Fujairah, and rose by $2 in Houston. Houston’s MDI stayed close to full correlation between MBP and DBP.
  
  • MGO LS segment: All ports were in the undercharge zone. The underpricing unchanged in Rotterdam and Fujairah, while increasing by $4 in Singapore and $1 in Houston. Fujairah’s MDI remained close to the 100-percent correlation mare.
  
  We expect Global bunker indices to resume upward trend on Feb. 17: 380 HSFO – plus 2-5 USD/MT, VLSFO – plus 2-5 USD/MT, MGO LS – plus 3-5 USD/MT.
  Source: MABUX
- 2026-02-17
  U.S. and Iran Signal Willingness to Negotiate Ahead of Geneva Talks
  US Secretary of State Marco Rubio has emphasized a diplomatic approach to Iran, saying he wasn't going to speak about a military attack and that President Donald Trump "has made it clear he prefers diplomacy." Speaking at a joint press conference in... Read more US Secretary of State Marco Rubio has emphasized a diplomatic approach to Iran, saying he wasn't going to speak about a military attack and that President Donald Trump "has made it clear he prefers diplomacy."
  
  Speaking at a joint press conference in Bratislava with Slovak Prime Minister Robert Fico on February 15, Rubio said that "no one has ever been able to do a successful deal with Iran, but we are going to try."
  
  Rubio is in Slovakia for one day as part of a broader European tour focused on strengthening ties with key allies.
  
  "Right now, we are talking about negotiations, we are focused on negotiations," Rubio said. "The president has made that clear. If that changes, it will be obvious to everyone."
  
  The secretary of state's remarks come amid continued US attempts to negotiate with Iran over its nuclear program, ballistic missiles, and regional proxies.
  
  At the same time, Iran has opened the possibility of striking a deal over its nuclear program, provided that Washington lift its sanctions imposed on the regime.
  
  In a BBC interview in Tehran on February 15, Iranian Deputy Foreign Minister Majid Takht-Ravanchi said: “We are ready to discuss this and other issues related to our [nuclear] program provided they are ready also to talk about the sanctions.”
  
  “Those sanctions have to be also on the table,” he said, adding that the ball was “in America's court to prove that they want to do a deal.”
  
  Takht-Ravanchi didn’t specify whether he meant some or all of the sweeping US sanctions, which target banks and oil exports among other sectors, imposed in recent years.
  
  Geneva Talks
  
  Their remarks comes ahead of new US-Iran talks in Geneva on February 17.
  
  The US delegation will include envoys Steve Witkoff and Jared Kushner, with Omani representatives acting as mediators. Oman hosted indirect talks between Tehran and Washington earlier in February.
  
  According to the BBC, Takht-Ravanchi cited Iran’s offer to dilute its 60 percent-enriched uranium as a sign of willingness to compromise and said zero enrichment -- something the US has pushed for -- “wasn’t on the table anymore.”
  
  Western countries have long suspected Iran of seeking a nuclear weapon, while Tehran insists its program is for civilian purposes only.
  
  World powers struck a landmark nuclear deal with Tehran in 2015, the Joint Comprehensive Plan of Action (JCPOA), to prevent an Iranian bomb. Western economic sanctions were eased at the time, but Iran began reneging on commitments after Donald Trump, in his first term as US president, withdrew from the JCPOA in 2018 and reimposed sanctions.
  
  Second Aircraft Carrier Headed Arabian Sea
  
  President Trump has called the initial US-Iran talks “positive” but over the weekend said regime change is the “best thing that could happen” in Iran. He also confirmed that a second aircraft carrier, the USS Gerald R. Ford, would soon join a “massive” US armada in the Arabian Sea.
  
  The American president has previously threatened strikes against Iran if no deal curbs its nuclear program. The US and Israel targeted the country’s nuclear and military sites in a 12-day bombing campaign in June.
  
  At a panel discussion at the Munich Security Conference on February 13, Rafael Grossi, head of the International Atomic Energy Agency (IAEA), said Iran’s nuclear landscape had changed drastically after the US attacks, adding that “the physical infrastructure of Iran's nuclear program has been largely damaged and that future monitoring would need to focus not only on what remains but on how Tehran's nuclear capabilities could evolve going forward.”
  
  IAEA inspectors have returned to Iran but still lack access to sites targeted during the bombing.
  
  The upcoming talks also come weeks after the regime’s violent crackdown on anti-government protests across Iran earlier this year. Iranian security forces killed thousands of demonstrators, and more than 53,000 people have been arrested, according to rights groups. Source: Oilprice.com
- 2026-02-17
  Germany’s Mukran LNG Terminal Reopens After Frozen Baltic Is Cleared
  Operations at the Mukran LNG terminal in Germany’s Baltic Sea have resumed following successful icebreaking operations to clear a navigable channel. The facility had been temporarily disrupted by heavy sea ice, preventing cargo ships from departing.Situated... Read more Operations at the Mukran LNG terminal in Germany’s Baltic Sea have resumed following successful icebreaking operations to clear a navigable channel. The facility had been temporarily disrupted by heavy sea ice, preventing cargo ships from departing.Situated on Ruegen island, the Mukran LNG terminal is operated by Deutsche ReGas, which has been utilizing floating storage and regasification units (FSRUs) such as the Energos Power and Neptune. After a slow start, the terminal achieved record-high gas deliveries by the second quarter of 2025, becoming a top-performing terminal before facing the 2026 winter ice restrictions.
  
  The LNG terminal is a central part of Germany's strategy to replace Russian pipeline gas with LNG, with plans to expand capacity to 13.5 bcm/y, serving both Germany and the Czech Republic. Germany has largely managed to completely cut off direct pipeline imports of Russian natural gas by successfully building new LNG infrastructure.
  
  Europe’s largest economy now sources most of its natural gas from Norway, the Netherlands and Belgium, as well as small amounts of Russian gas through indirect, "hidden" routes. A 2024 study found that between 3% and 9% of Germany’s total gas imports still originated from Russia, arriving via pipelines from countries like Belgium.
  
  Germany is also a major buyer of U.S. LNG, accounting for more than 90% of its total LNG imports. However, the country is hardly an outlier: the U.S. has solidified its position as the primary LNG supplier to the EU, managing to increase its share from 24% in 2021 to 60% in 2025. That share is likely to grow again this year, with the U.S. expected to supply up to 65% of Europe's total LNG in 2026.
  
  Indeed, energy experts are now warning that Europe now risks creating a new energy dependency on the United States, with the Institute for Energy Economics and Financial Analysis (IEEFA) projecting that the U.S. could account for up to 80% of the continent's LNG supply by 2030. Source: Oilprice.com
- 2026-02-17
  Hungary Seeks Croatian Help As Russian Oil Flows Via Ukraine Halted
  Hungary and Slovakia have formally requested that Croatia authorize the transit of Russian crude oil via the Adriatic pipeline, following the complete suspension of oil flows through the Ukrainian section of the Druzhba pipeline, which has been out of... Read more Hungary and Slovakia have formally requested that Croatia authorize the transit of Russian crude oil via the Adriatic pipeline, following the complete suspension of oil flows through the Ukrainian section of the Druzhba pipeline, which has been out of service since January 27. The two countries seek to use the Adria pipeline (operated by the Croatian state-owned company Janaf), which connects the Croatian port of Omišalj to refineries in Hungary and Slovakia.
  
  According to Hungarian Foreign Minister Péter Szijjártó, their EU sanctions exemption allows for maritime imports of Russian oil if pipeline deliveries are disrupted. Croatian appears willing to lend a helping hand, with Economy Minister Ante Šušnjar stressing that "no one should be left without fuel," provided the assistance complies with EU law and U.S. sanctions. Ukraine officials claim the shutdown was caused by Russian strikes on pipeline infrastructure just over two weeks ago.
  
  The attack occurred near the city of Brody, where the Druzhba pipeline connects with other infrastructure, with local officials reporting pollution from burning oil products. The incident follows a series of strikes on Ukrainian energy infrastructure by Russia, as well as previous Ukrainian drone strikes on the Russian section of the same pipeline.
  
  While Ukraine cites physical damage from Russian strikes, Hungarian and Slovakian officials say there are no technical reasons to stop oil flows, labeling the stoppage "political blackmail" and suggesting Ukraine is intentionally blocking the supply as a political maneuver following a stand-off regarding Hungary's stance on Ukraine's EU membership. The two have been vocal in their opposition to Ukraine joining the European Union, with Hungarian Prime Minister Viktor Orbán explicitly pledging to block the process, citing risks of bringing war into the bloc.
  
  The situation coincides with broader diplomatic activity in the region. U.S. Secretary of State Marco Rubio met with Hungarian Prime Minister Viktor Orbán in Budapest on Monday wherein Rubio explicitly backed Orbán’s bid for a fifth consecutive term in the upcoming April 12 elections, noting that President Donald Trump is "deeply committed" to Orbán's success. The two leaders oversaw the signing of a major U.S.-Hungary civil nuclear cooperation deal, which includes the potential purchase of American small modular reactors (SMRs) and nuclear fuel technology. Source: Oilprice.com
- 2026-02-17
  Dangote Drives Nigeria’s Domestic Fuel Supply Above 57% as Imports Retreat
  Nigeria’s Dangote Refinery processed a record 40.1 million litres of crude per day in January, representing 57% of tthe otal supply and marking a 25% increase from 32 million litres in December 2025. The refinery now supplies 62% of the country’s Premium... Read more Nigeria’s Dangote Refinery processed a record 40.1 million litres of crude per day in January, representing 57% of tthe otal supply and marking a 25% increase from 32 million litres in December 2025. The refinery now supplies 62% of the country’s Premium Motor Spirit, overtaking fuel importers for the first time ever. The giant plant--the world's largest single-train refinery--finally reached full operational capacity at 650,000 bpd, marking an important milestone in Nigeria’s efforts to cut reliance on imported fuel.
  
  Located in Lekki, near Lagos, Nigeria, Dangote Refinery was officially commissioned on May 22, 2023, by former Nigerian President Muhammadu Buhari and began production of diesel and aviation fuel in January 2024. Nigeria's total crude oil production for January 2026 was approximately 1.459 million barrels per day. The Dangote refinery has reached full capacity after completing the stabilization and optimization of its core units, specifically the Crude Distillation Unit (CDU) and the Motor Spirit (MS) production block.
  
  The Dangote refinery has begun to ease fuel price pressures in Nigeria, cutting its ex-depot petrol price to about $0.50 per litre in February 2026, down from roughly $0.53 previously. Diesel prices were reduced to around $0.65 per litre, down from earlier levels of approximately $0.78 to $1.04. During the festive season, the refinery briefly lowered petrol prices to about $0.45 per litre before adjusting them back to roughly $0.52.
  
  Higher domestic output from the refinery is expected to curb Nigeria’s reliance on imported fuel. Projections indicate the country could save up to $10 billion annually in foreign exchange previously spent on fuel imports. The impact has been significant, with petrol imports falling by more than 54% year-on-year in the first quarter of 2025 as local supply increased.
  
  Beyond the domestic market, the refinery is also supplying refined products to other African countries. Diesel and jet fuel shipments have reached Ghana, Togo, and Cameroon, positioning the facility as a regional export hub and a key player in Nigeria’s fuel market.
  
  However, Aliko Dangote is not about to rest on his laurels and has initiated plans to expand the refinery's capacity to 1.4 million barrels per day, which would further boost the economy through increased petrochemical production.
  
  Source: Oilprice.com
- 2026-02-17
  Eni Makes Major Gas Discovery Offshore Ivory Coast
  Eni has made a major natural gas and condensate discovery offshore the Ivory Coast in Africa, in part of what is estimated to be the second largest discovery in the country after Baleine, the Italian energy major said on Monday. Eni has focused on... Read more Eni has made a major natural gas and condensate discovery offshore the Ivory Coast in Africa, in part of what is estimated to be the second largest discovery in the country after Baleine, the Italian energy major said on Monday.
  
  Eni has focused on exploration offshore Africa in recent years as it looks to boost its natural gas resources and farm out minority shares to other companies and investors to fast-track the development of the discoveries.
  
  In the latest discovery offshore Côte d'Ivoire, also known as Ivory Coast, Eni made a significant gas and condensate discovery after successfully drilling Murene South-1X, the first exploration well in Block CI-501.
  
  The discovery, named Calao South, confirms the potential of the Calao channel complex that includes also the Calao discovery. Calao is the second largest discovery in the country after Baleine, with estimated volumes of up to 5.0 Tcf of gas and 450 million barrels of condensate, or about 1.4 billion barrels of oil, Eni said.
  
  The exploration well Murene South-1X is just southwest of the Murene-1X discovery well in the adjacent CI-205 block.
  
  Block CI-501 is operated by Eni with a 90% stake in partnership with Petroci Holding with 10%.
  
  Currently, the Eni-operated Baleine field produces more than 62,000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, boosting Baleine’s role as a key asset in meeting Côte d’Ivoire’s domestic energy needs.
  
  Eni has been active in Côte d’Ivoire since 2015 and has interests in ten exploration blocks offshore the African country.
  
  In recent months, Eni has sold 30% in the Baleine oil and gas project to the world’s biggest independent oil trader, Vitol, and a 10% stake to SOCAR, the State Oil Company of the Republic of Azerbaijan. Source: Oilprice.com
- 2026-02-17
  Chevron-Led Joint Venture Signs Major Gas Exploration Deal Offshore Greece
  A Chevron-led consortium on Monday signed the lease contracts for oil and gas exploration offshore Greece as the southern European country aims to become a major gas supplier in the Mediterranean. Chevron, in partnership with Helleniq Energy, signed... Read more A Chevron-led consortium on Monday signed the lease contracts for oil and gas exploration offshore Greece as the southern European country aims to become a major gas supplier in the Mediterranean.
  
  Chevron, in partnership with Helleniq Energy, signed the lease agreements with Greece concerning the exploration of four offshore blocks south of Crete and the Peloponnese.
  
  Greece picked the consortium as the preferred bidder at the end of last year following a tender, and has now made Chevron’s entry official with the signing of the lease agreements.
  
  Chevron holds a 70% interest in the consortium and is the operator of the block leases while Helleniq Energy’s wholly-owned subsidiary holds a 30% interest.
  
  The four offshore blocks - South Crete 1, South Crete 2, South of Peloponnese, and Block A2 - cover a total area of approximately 47,000 square kilometers, or 18,147 square miles.
  
  The lease agreements have to be ratified by the Greek Parliament to come into effect.
  
  Under the terms of the lease deals, the Chevron- Helleniq joint venture will undertake a three-phase exploration program to help assess the hydrocarbon potential of the areas. The target areas lie in ultra-deepwater settings - some beyond 1,500 meters of sea depth - with complex geological structures, Helleniq said.
  
  With the signing of the lease agreements, Chevron joins the other U.S. supermajor, ExxonMobil, in gaining access to exploration access offshore Greece.
  
  In November 2025, ExxonMobil expanded its exploration portfolio offshore Greece with a new farm-in agreement for a block in the northwestern Ionian Sea.
  
  Energean, and Helleniq Energy reached a farm-in agreement under which the U.S. supermajor will buy 60% in the Block 2 concession in the northwestern Ionian Sea, next to the Italian Exclusive Economic Zone (EEZ).
  
  Energean will remain the operator of the concession during the exploration stage, but if the partners make a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage.
  
  Exploratory drilling is expected to begin in late 2026 or early 2027, provided that all necessary approvals and permits are obtained.
  
  Exxon and Chevron have snapped up exploration blocks offshore Greece in recent months, as the companies and Greece hope the offshore area could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel. Source: Oilprice.com

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