Norwegian subsea services firm Reach Subsea has strengthened its order backlog with $47.6 million worth of new contacts.Reach Subsea has increased its order backlog after securing multiple new contracts, contract extensions and call-offs within…
Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second half of 2024.Hedge funds and other money…
Canada-based oil and gas company Valeura Energy has started development drilling operations at Nong Yao C extension, having completed the infill drilling campaign at Nong Yao A, offshore Thailand.Valeura has drilled two production-oriented horizontal wells at the Nong Yao A wellhead platform…
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.Brent crude oil prices LCOc1 have been trading near $80 per barrel in recent days…
ConocoPhillips is in advanced talks to buy Marathon Oil in an all-stock deal that could value the Houston-based company at a little over its $15 billion market value, the Financial Times reported on Wednesday citing people briefed on the matter…
Top U.S. independent oil and gas producer ConocoPhillips on Wednesday agreed to buy Marathon Oil $22.5 billion, the latest in a series of mega-deals in the energy industry.The U.S. oil and gas industry has been riding a consolidation wave over…
China’s state-run China National Offshore Oil Corporation (CNOOC) has through its wholly owned subsidiaries acquired five offshore oil and gas blocks in Mozambique.CNOOC’s subsidiaries have entered into petroleum exploration and production concession…
A consortium including Germany's BayWa r.e. and Belgium firm Elicio won a tender to develop and operate France's first floating offshore wind farm, the 250-megawatt (MW) Bretagne Sud farm, French industry minister Roland Lescure said on Wednesday…
Maryland Governor Wes Moore signed a bill aimed at reevaluating and potentially revising existing offshore wind project plans, setting the stage for the state's goal of achieving 8,500 megawatts of offshore wind energy capacity by 2031.The bill…
U.S. oil and gas production rebounded sharply in February after extensive disruption the previous month caused by freezing wells and other outages stemming from Winter Storm Heather in the middle of January.Nationwide crude and condensates output jumped by 0…
France launched a tender for four offshore wind projects totalling 2.5 gigawatts (GW) on Thursday and announced plans for another 10 GW later this year, as it seeks to catch up with other more advanced wind power producers.The first round of…
Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas production rose.The company said it will buy back a further $3…
Brazilian state-run oil company Petrobras said on Monday that its crude oil production during the first quarter rose 4.4% compared to the same period last year.Petrobras pumped 2.24 million barrels per day (bpd) in the period, the firm said in a statement…
The price to rent an offshore rig hit a nine-year high last year with jackups, semisubmersibles and drillships costing on average $118,000, $368,000 and $419,000, respectively (as of 31 December 2023). These figures represent an overall 54% increase in dayrates when compared with 2021…
In recent years, the oil and gas industry has faced mounting pressure to address its environmental impact. This has led many companies to set decarbonization targets – we are tracking more than 460 targets set by independents, majors, and NOCs across the sector…
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