Italian energy contractor Saipem said on Wednesday its first-quarter core earnings jumped 31% year on year driven by the group's offshore engineering and construction activities.Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 351 million euros ($398…
Chevron has started oil and natural gas production from the Ballymore subsea tieback project in the deepwater Gulf of America.Ballymore, the latest in a series of Chevron projects to start up in the past year, represents another step towards the company’s goal to produce 300…
China's privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (ADNOC).ENN Natural Gas said on its official WeChat account on Saturday that…
Kuwait has begun taking executive steps to merge two of its state-owned oil firms, news agency Kuna reported on Tuesday, as the OPEC producer seeks to restructure its energy industry.Kuwait National Petroleum Company (KNPC) plans to acquire Kuwait Integrated Petroleum Industries Company (KIPIC)…
Brazil's government is preparing an extra auction this year of stakes in offshore oil areas to boost revenue, a plan gaining steam amid falling oil prices and rising global trade uncertainty, said four people familiar with the matter.Two of the sources…
The Indonesian Ministry of Energy and Mineral Resources (MEMR) has issued a directive to Conrad Asia Energy, the operator of the Mako Gas field offshore Indonesia, stating that all gas produced from the field would be sold to state-owned PT…
According to its latest market outlook, Wood Mackenzie projects that Brent crude oil prices will average $73.00 per barrel (bbl) in 2025. The forecast considers geopolitical and economic factors, including potential peace talks between Russia and the US regarding the Ukraine conflict…
U.S. oil production is expected to reach new heights in 2025, surpassing earlier projections, according to the U.S. Energy Information Administration’s (EIA) latest Short-Term Energy Outlook. The EIA now forecasts U.S. crude oil production will average 13…
Shell has restarted production at the Penguins field in the U.K. North Sea with a new floating, production, storage and offloading (FPSO) unit.The previous export route for the field, operated by Shell with 50% interest, and partner NEO Energy with the remaining 50%…
Oil fell 1% on Thursday after U.S. President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum.Uncertainty over how Trump's proposed tariffs and energy policies would affect global economic growth and energy demand also weighed on prices…
Oil prices edged lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions.Brent crude futures were down 41 cents, or 0.5%…
As the risk of a delayed energy transition scenario increases, so does the possibility of a much greater pull on future oil and gas supply, but meeting this demand would require a significant increase in upstream investment, resulting in higher hydrocarbon prices…
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents…
U.S. crude stocks fell last week, driving the Cushing, Oklahoma hub to a 10-year low, while fuel inventories surged, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week ended Jan…
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports…