Oil News

 

Exxon, Hess Exit Kaieteur Offshore Oil Exploration Block in Guyana

Sep 28, 2023

U.S. oil producers ExxonMobil and Hess Corp have withdrawn from exploring the Kaieteur block in Guyana’s deepwaters, Exxon said on Thursday, after disappointing exploration results.The exit comes as the producers focus on their larger and highly productive Stabroek block, where more than 11 billion barrels of oil and gas have been discovered so far.Kaieteur, at 3.3 million acres (13,354 sq km), is about half the size of Stabroek and one of two…

Biden's Five-year Offshore Oil Plan to Have Historically Few Lease Sales

Sep 28, 2023

The Biden administration's five-year plan for offshore oil and gas leasing will not include any sales in 2024 and will feature the lowest number of auctions in the history of the program in the four years to follow, according to three sources familiar with the matter…

US Oil Output to Rise More than Expected in 2023

Sep 12, 2023

U.S. crude oil production is forecast to rise more than previously thought in 2023, while global oil inventories are expected to fall after Saudi Arabia extended output cuts this month, the Energy Information Administration said on Tuesday.U…

Petrobras Walks Back Four Divestment Processes

Sep 04, 2023

Brazilian state-run oil company Petrobras said on Monday it has decided to halt some key asset sales after concluding a broad revision of divestment processes, which were launched during the country's previous administration.The oil giant said…

Woodside’s Trion Receives Regulatory Approval

Aug 29, 2023

Woodside has announced that the Trion field development plan (FDP) has been approved by the Mexican regulator, Comision Nacional de Hidrocarburos (CNH).Woodside’s final investment decision (FID) to develop the Trion resource, announced 20 June 2023…

Connecticut Oil Trader Hit Again in Petrobras Bribery Case

Aug 29, 2023

A Connecticut oil and gas trader already charged for his alleged role in a bribery scheme to win business from Brazil's state-owned Petrobras oil company was hit with additional charges on Tuesday, the Justice Department said.Gary Oztemel, of Riverside…

Eni Starts Production from Baleine Field in Côte d’Ivoire

Aug 28, 2023

Eni has started production of oil and gas from the Baleine Field, located in the waters offshore Côte d’Ivoire.The milestone comes less than two years after the discovery in September 2021 and less than a year and a half after final investment decision…

Petrobras CEO: Oil Industry is not the Villain

Aug 24, 2023

Petrobras CEO Jean Paul Prates participated in the CEO Oil and Gas Governors Meeting in Geneva this week and highlighted that it is crucial to raise people's awareness of the essential contribution of oil to the economy.The event was coordinated by the World Economic Forum…

Guyana's Oil Boom Grabs Bigger Share of European Market

Aug 23, 2023

Guyana has gained a larger share of Europe's oil market this year, vessel monitoring data showed, driven by rising output by a consortium led by ExxonMobil and strong demand for light sweet crude grades amid a reshuffling of global oil flows…

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

Aug 22, 2023

Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U…

US, Brent Crude Futures Stabilize After Negative Turn

Aug 21, 2023

Crude oil futures stabilized on Monday after briefly turning negative following gains of more than $1 earlier in the session, as markets weighed supply tightness against expectations of slow demand growth, particularly from China.Brent crude was up 14 cents to $84…

MODEC’s FPSO Anita Garibaldi MV33 Achieves First Oil in Brazil

Aug 21, 2023

Japan's MODEC said its FPSO Anita Garibaldi MV33 has achieved first oil production for Petrobras at the Marlim field in the Campos Basin off the coast of Brazil.The FPSO is leased on a 25-year time charter contract to the state-owned Brazilian energy company—one of MODEC's longest charters to date…

China Jitters Set to Snap Oil's Seven-week Winning Streak

Aug 18, 2023

Oil prices looked set to close down this week following seven weeks of gains, as China's economic woes eclipse signs of tight supply.The seven-week upswing in prices, galvanised by supply cuts by the Organization of the Petroleum Exporting Countries and allies (OPEC+)…

NGO Shipbreaking Platform Pushes for Safe Recycling of FSO Safer

Jul 06, 2023

The NGO Shipbreaking Platform has called for the safe and environmentally friendly recycling of the FSO Safer, currently being salvaged off the coast of Yemen.The UNDP is looking for a destination for the FSO’s recycling, and the Platform is calling on the Dutch government…

Guyana Not Interested in Joining OPEC, VP Says

Jun 26, 2023

Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators…

Current News

IWS Fleet Strikes Deal to Put Off Yard Payments for Offshore Wind Service Vessels

IWS Fleet Strikes Deal to Put Off Yard Payments for Offshore Wind Service Vessels

US Plans Sharp Reduction in Offshore Oil and Gas Lease Sales

US Plans Sharp Reduction in Offshore Oil and Gas Lease Sales

Global Underwater Hub Hosts Royal Visit from King Charles

Global Underwater Hub Hosts Royal Visit from King Charles

Baker Hughes Lands Two Contracts with Vår Energi for Norwegian Offshore Work

Baker Hughes Lands Two Contracts with Vår Energi for Norwegian Offshore Work

Subscribe for OE Digital E‑News

Offshore Engineer Magazine