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Oil & Gas

Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Oil Field
15-05-2025

Gulf of Thailand Oil Field Revamp Gets Green Light
Valeura Energy has approved redevelopment of its 100%-owned Wassana field in license G10/48, Gulf of Thailand, with a new central processing platform (CPP). The project, extending the field’s life to 2043, targets first oil in Q2 2027 and peak p
Oil Price
15-05-2025

US Oil Prices Drop More Than $1 as Inventory Build Raises Oversupply Fear
U.S. crude futures dropped more than $1 in early trading on Thursday after unexpected data showed an increase in U.S. crude oil inventories, sparking concerns about potential oversupply.An oil pumpjack is pictured in the Permian basin, Loco Hills regions,
LNG
15-05-2025

Venture Global Urges FERC to Reaffirm Approval for Louisiana LNG Project
Venture Global, a U.S. liquefied natural gas (LNG) company, is seeking approval from the Federal Energy Regulatory Commission (FERC) to proceed with the construction of its CP2 plant in Louisiana by June 26. This request, outlined in a letter to FERC Chai
Oil Field
14-05-2025

Murphy Discovers More Oil in Cuu Long Basin Offshore Vietnam
Murphy Oil Corp. has announced a significant oil discovery in Block 15-1/05, located in the Cuu Long Basin offshore Vietnam. The exploration well Lac Da Hong-1X, also known as Pink Camel, encountered 106 feet of net oil pay from a single reservoir after b
LNG
13-05-2025

Shell’s LNG Canada Plans First Exports as Soon as Late June
Shell Plc’s liquefied natural gas (LNG) project, LNG Canada, located on Canada’s western coast, is nearing completion and preparing to start overseas sales as early as late June 2025. This facility, the first large-scale LNG export ter
Crude Oil
13-05-2025

Iraq to Reduce Crude Oil Exports in May and June, Official Says
Iraq intends to export 3.2 million barrels per day (bpd) of crude oil in May and June, according to an Iraqi official familiar with the matter. This volume represents a notable decrease from previous months, aligning with the country’s commitmen
Crude Oil
13-05-2025

US House Budget Bill Seeks More Than $1.5 Billion for Strategic Petroleum Reserve
A U.S. House committee unveiled a budget proposal on Sunday, allocating over $1.5 billion to restore and maintain the Strategic Petroleum Reserve (SPR), the world’s largest emergency crude oil stockpile. The plan also cancels a previously mandat
Crude Oil
13-05-2025

Mexico’s Pemex Plans to Export Less Crude Oil as New Refinery Starts Up, Official Says
Mexico’s state-owned oil company, Pemex, expects to decrease crude oil exports this year as it directs more supply to domestic refineries, particularly the new Olmeca refinery, according to a company official. The shift aims to boost local proce
Crude Oil
12-05-2025

China’s Recovery in Crude Oil Imports Is More Bearish Than Bullish
China, the world’s largest crude oil importer, reported a slight increase in imports for the first four months of 2025, reaching 11.83 million barrels per day (bpd), a 0.5% rise compared to the same period in 2024. In April 2025, imports totaled
Crude Oil
12-05-2025

Oman Considering $8 Billion Sale of Natural Gas Assets, Sources Say
Oman is exploring the sale of a minority stake in natural gas assets within Block 6, valued at approximately $8 billion, to raise funds for state finances and support investment projects. The initiative is led by Energy Development Oman SAOC (EDO), a stat
Crude Oil
12-05-2025

Petrobras Enriches Brazilian Offshore Reserves With ‘High-Quality’ Oil Find
Brazilian state-owned energy company Petrobras has announced a new oil discovery in the pre-salt Santos Basin, located off Brazil’s southeastern coast. The find was made in the 3-BRSA-1396D-SPS exploratory well within the Aram block, situated 24
Crude Oil
09-05-2025

Kazakhstan Says It Has No Plans to Cut Oil Production This Month
Kazakhstan’s Energy Ministry, based in Astana, has announced that the country will maintain its oil production at an average of 277,000 metric tons of crude and condensate per day in May, consistent with April’s output and up from 260,
LNG
09-05-2025

Canada’s Multi-Billion LNG Project Seeks Permit for New Floatel to Create 900 More Jobs
Woodfibre Management, a Vancouver-based Canadian company, is preparing to seek regulatory approval for a second floating workforce accommodation unit, or floatel, for its $5.1 billion liquefied natural gas (LNG) export project in British Columbia. The add
Oil Field
09-05-2025

Mexico’s Pemex Aims to Reopen Wells to Boost Falling Oil Output, Documents and Sources Say
Mexico’s state energy company, Pemex, is planning to reactivate closed wells to increase oil production, according to internal documents and four sources familiar with the initiative. The effort aims to address a decline in output and meet produ
FLNG
08-05-2025

Dutch-UAE Duo Teams up on Perenco’s FLNG Project in Gabon
Technomak, a UAE-based engineering and construction firm, has signed an engineering, procurement, construction, commissioning, and integration (EPCCI) agreement with Dixstone, a Netherlands-based solutions provider and affiliate of Perenco, for a floating
Natural Gas
11-05-2025

Singapore Centralises Power Sector’s Natural Gas Procurement and Supply
Singapore has established Singapore GasCo, a new government-owned entity tasked with centralizing the procurement and supply of natural gas for the city-state’s power sector. The announcement was made by the Energy Market Authority, highlighting
FLNG
08-05-2025

Samsung Heavy’s Deepwater FLNG Design Wins Triple Blessing
Samsung Heavy Industries (SHI), based in South Korea, has secured approvals in principle (AiP) for its multi-purpose LNG floater-offshore (MLF-O) standard model from three classification societies: DNV (Norway), Lloyd’s Register (UK), and the Am
Natural Gas
08-05-2025

Occidental Reports Quarterly Profit Beat on Strong Output, Natural Gas Prices
Occidental Petroleum announced on Wednesday that its first-quarter profit for 2025 exceeded Wall Street expectations, driven by robust production and favorable commodity prices. The company reported an adjusted profit of 87 cents per share for the quarter
Oil Price
08-05-2025

Colombia’s Ecopetrol Plans Cost Cuts as Lower Oil Prices Bite
On Wednesday, Ecopetrol, Colombia’s state-owned oil company, announced plans to reduce costs and expenses by approximately 1 trillion pesos ($232 million) in 2025, according to Chief Executive Ricardo Roa. During a call with analysts, Roa outlin
Crude Oil
07-05-2025

Exxon Plans $1.5 Billion Investment in Nigerian Oilfield
ExxonMobil, a global energy company, plans to invest $1.5 billion in its deepwater operations in Nigeria, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as announced on Wednesday. The investment, scheduled from the second quar
Natural Gas
07-05-2025

Permitting Starts for Netherlands’ Third LNG Terminal
Dutch energy infrastructure company VTTI and Norwegian LNG carrier and floating storage and regasification unit operator Höegh Evi have initiated the permitting process for a new liquefied natural gas (LNG) terminal in the Netherlands. The Zeelan
Crude Oil
07-05-2025

Mexico’s Pemex Increased Crude Shipments to Cuba in 2024, Filing Shows
Mexican state oil company Pemex significantly increased its crude oil exports to Cuba in 2024, boosting shipments by nearly 20%, according to a company filing released this week. The annual report, submitted to the U.S. Securities and Exchange Commission
Crude Oil
07-05-2025

Norway Parliament Orders Restart to Frontier Oil and Gas Exploration Licensing
On Tuesday, the Norwegian parliament directed the Labour minority government to initiate a new licensing round for oil and gas exploration in frontier areas, paving the way for expanded drilling activities. The decision, supported by a majority, aims to b
Oil Field
06-05-2025

BW Energy Greenlights Maromba Field Development, Offshore Brazil
BW Energy has finalized its investment decision for the Maromba field development offshore Brazil, located 100 km off the coast in the Campos Basin. The project, targeting 500 million barrels of oil in the Maastrichtian sands, employs a cost-effective app
Natural Gas
06-05-2025

Totalenergies Breaks Ground on Middle East’s First LNG Bunkering Hub
TotalEnergies, a French energy company, and Oman’s OQ Exploration and Production have begun construction of the Marsa LNG plant at the port of Sohar, Oman. The project, aimed at establishing the Middle East’s first LNG bunkering hub, m

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