Adnoc Gas was behind two of the largest entries on Upstream’s compilation of contract awards this week, with the Abu Dhabi giant’s final investment decision on the second and third phases of its Rich Gas Development (RGD) project yielding contracts worth up to $8.2 billion.
The Federal Government has introduced a major fiscal incentive for new deep offshore oil and gas projects, allowing qualifying developments to restart the profit-oil sharing scale at 70:30 in favour of contractors, even where existing production in the same contract area has already moved to a higher government share.
The Dangote Petroleum Refinery and other local refineries could have saved between $246.6m and $328.8m on crude supplied to them in the first half of 2026 if the proposed crude swap arrangement had been in operation.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced consultations with stakeholders on a new framework for domestic crude oil and gas supply, including a proposed swap arrangement aimed at reducing logistics costs and improving the availability of feedstock for local refineries.
U.S. Energy Secretary Chris Wright this week said that the oil exports from the Middle East have rebounded to 15 million barrels per day (bpd) and even topped the pre-war average of 20 million bpd on Sunday.
Vessel-tracking services and commodity analysts are baffled and struggling to reconcile these numbers with their observations of tanker loadings and traffic in the region.
Egyptian Minister of Petroleum and Mineral Resources Karim Badawi ordered the acceleration of work to connect the offshore Harmattan gas field to production facilities, as the government seeks to bring new gas resources online and strengthen domestic supplies.
ConocoPhillips chief financial officer and executive vice president, strategy and commercial Andy O’Brien to succeed Ryan Lance as president and chief executive, with Lance becoming executive chair. Current vice president, finance and controller Konnie Haynes-Welsh to become senior vice president and chief financial officer. All effective 1 September.
XRG is making one of the most significant new foreign investments yet aimed at unlocking Venezuela’s vast offshore natural gas resources for international markets, taking a stake in the 4 Tcf-plus Loran field as the country looks to establish a more direct path for its gas into the global LNG trade.
Türkiye produced 23.1 million barrels of oil and more than 1.6 billion cubic meters of natural gas in the first half of 2026, with the Gabar and Sakarya fields accounting for most of the output, the Energy and Natural Resources Ministry said.
The Rosebank oil field, 80 miles northwest of Shetland, and the Jackdaw gas field, east of Aberdeen, are awaiting a formal decision from the government after a previous approval by a Conservative administration in 2023 was quashed by the Scottish courts.