SHELx2, AKSO, EU GAS, BP, SPM/SUBC, NESTE, ENI: EU Energy Sector Specialist Commentary Oil - O&G - Utilities - Infrastructure

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SHELx2, AKSO, EU GAS, BP, SPM/SUBC, NESTE, ENI: EU Energy Sector Specialist Commentary Oil - O&G - Utilities - Infrastructure

er swelter (Research Available). For the week of June 22-28, total natural

gas demand in NWE+UK averaged 327 Mcm/day, 2% lower WoW but 14% higher than the same period last year, driven by

higher non-residential demand. The European summer is forecast to be the hottest on record since at least 1973, with total of

861 CDDs (Jun-Aug); for comparison, the hottest summer so far in 2022 had 648 CDDs. As of June 28, storage facilities in

NWE+UK were 37.7% full (18.8 Bcm), compared to 51% at the same time last year and the 2022-25 average of 64%. Storage

stands at 38.5% full in NWE and 48.6% in total EU.

• BP - announces appointments of EVPs and retirement of Carol Howle. Yesterday afternoon BP announced the

appointment of Sam Skerry as EVP Supply, Trading & Shipping and Sonya Adams as EVP People & Culture and that Carol

Howle, head of trading and interim CEO prior to Meg O’Neill’s appointment, is retiring after 36 years at the company, whilst

Kerry Dryburgh, EVP People, Culture & Communications, has made a personal decision to leave the company after 16 years.

The market will probably focus on the departure of Howle, who has run the important Trading business since 2020, often very

successfully, and will be interested if there is any change in trading or risk strategy as a result

• SPM/SUBC - Saipem, Subsea 7 deal clears EU’s foreign subsidy law hurdle. Saipem and Subsea 7’s plan to create a new

energy services giant was cleared under the European Union’s Foreign Subsidies Regulation, according to a website filing.

This is a separate review to the main anti-trust review, to check if there is risk of state aid helping companies, so helpful of