The oil stockpiles that cushion the world from supply shocks have become “scarily thin,” putting markets at risk of worsening unless the Strait of Hormuz reopens, according to the head of Saudi Arabia’s state producer.
Kuwait is pumping oil at about 75% of the level seen before the Iran war as more tankers take the risk of navigating the Strait of Hormuz.
Cenovus Energy has agreed to acquire Athabasca Oil Corporation in a cash-and-stock transaction valued at approximately C$5.7 billion (US$4.1 billion), expanding its oil sands position and adding about 45,000 boed of production.
Baker Hughes has signed two agreements aimed at supporting oil and gas development and expanding natural gas infrastructure in Venezuela, including a strategic alliance with state-owned PDVSA focused on gas production, processing and potential LNG exports.
Azerbaijan’s parliament has ratified Gran Tierra Energy Inc.’s exploration, development and production sharing agreement (EDPSA) with the State Oil Company of the Republic of Azerbaijan (SOCAR) for the onshore Guba-Khazaryani region.
Oil fell as Saudi Arabia cut crude prices for Asian buyers in a sign that physical supplies are becoming more readily available as Middle Eastern exports recover.
Liberia will launch its 2026 Offshore Direct Negotiation Licensing Round on Oct. 14, offering 29 offshore blocks across the Liberia and Harper basins as the country seeks to attract new exploration investment.
Petrobras has made a second oil discovery in its ultra-deepwater Morpho exploration well offshore Brazil, encountering another oil-bearing interval in the Foz do Amazonas basin. Source: worldoil.com The latest discovery was made in the Morpho well (1-BRSA-1405-APS), located in block FZA-M-59 off the coast of Amapá, in water depths of approximately 2,886 meters (9,469 ft). […]
Eni SpA and Repsol SA are considering bringing in outside investors into the giant Perla natural gas field off Venezuela’s coast, as the Trump administration pushes to unlock the South American country’s energy reserves. The two partners, which each own 50% of the offshore venture, are evaluating whether to sell a portion of their […]
Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference […]