Key facts
- BP has started commercial gas production from deeper reservoirs in Azerbaijan's ACG block.
- BP aims to take over operations of the offshore Babek gas field.
- Norway's natural gas exports increased by 1.06 billion cubic meters.
- Coal India Ltd. reduced production by nearly 12% in May.
- Malaysia's crude and condensate production decreased by 5.5% year-over-year in Q1 2026.
- Malaysia's crude oil output fell by 9.4% in Q1 2026.
- Malaysia's condensate production increased by 3% in Q1 2026.
- Guyana's oil production averaged 903,000 barrels per day in April.
- Guyana's oil production averaged 910,000 barrels per day in March.
- Suriname is considering incentives for offshore oil and gas exploration.
BP has initiated commercial gas production from deeper reservoirs within Azerbaijan's ACG block, a significant development that strengthens Western energy integration in the Caspian Sea region. The company also plans to assume operational control of the offshore Babek gas field, further positioning Azerbaijan as a crucial alternative gas supplier for Europe. In parallel, Norway has seen an increase in its natural gas exports, with data from JODI indicating a rise of 1.06 billion cubic meters. This contrasts with a slight decline in Guyana's oil production, which averaged 903,000 barrels per day in April, down from 910,000 barrels per day in March, according to government figures.
Mayaia's energy sector experienced a notable downturn in the first quarter of 2026, with crude and condensate production falling by 5.5% year-over-year to 43 million barrels. This decrease was primarily driven by a 9.4% slump in crude oil output, although condensate production saw a modest 3% increase during the same period. On the supply side, Coal India Ltd. reduced its production by nearly 12% in May. This cutback signals that demand for coal is not keeping pace with supply, leading to high stockpiles for the state-run miner as India's overall energy market undergoes diversification.
Amidst these varied production trends, Suriname is actively exploring measures to stimulate its energy sector. The government is contemplating the introduction of incentives designed to accelerate offshore oil and gas exploration activities within the nation. These potential measures aim to foster growth and attract investment in Suriname's burgeoning energy resources.