MODEC Inc. has secured a contract from ExxonMobil Guyana Ltd. to develop a Floating Production, Storage, and Offloading (FPSO) vessel for the Hammerhead project. MODEC said in a media release the contract is a Limited Notice to Proceed (LNTP) hinging on government and regulatory approvals.
Turkey is currently in talks to explore for oil and gas in Bulgaria, with similar plans for exploration in Iraq and Libya, Turkish Energy Minister Alparslan Bayraktar has revealed. According to the minister, state-owned energy company Turkiye Petrolleri AO (TPAO) will sign an agreement with an unnamed foreign partner within the next month to conduct exploration in Bulgaria’s section of the Black Sea.
BW Energy has confirmed the commercial viability of the Bourdon oil discovery offshore Gabon, with estimated recoverable reserves of 25 million barrels, the Norwegian company said on Tuesday.
The DBM-1 ST2 appraisal well has verified a significant oil discovery with quality reservoir characteristics and fluid properties in the Bourdon prospect within the Dussafu licence. The company estimates 56 million barrels of oil in place, of which approximately 25 million barrels are considered recoverable.
The Trump administration’s tariff regime, intended to boost US manufacturing and inflict punitive damage on Chinese manufacturing, has disrupted multiple industrial supply chains into the US with cascading effects across other regions. For the Middle East and North Africa (MENA) region’s oilfield services (OFS) sector, the effects are indirect but may be significant if unmitigated by national oil companies (NOCs) and OFS suppliers.
The U.S. move to penalize China-built and China-owned vessels calling at U.S. ports could lead to an oil supertanker made in China and operated by a Chinese company facing a fee of up to $5.2 million per call at a U.S. port, shipbrokers have estimated.
The U.S. last week announced fees on vessel owners and operators of China based on net tonnage per U.S. voyage. The previous proposal was a per-port-entry fee of up to $1.5 million on Chinese-built vessels, and up to a $1 million per-port-entry fee on any vessel (Chinese-built or non-Chinese-built) for operators that have any Chinese-built vessels in their fleet or orderbook.
China slashed its imports of many U.S. energy and agricultural commodities in March amid intensifying trade and tariff tensions with the United States, which are set to further reduce Chinese purchases of American goods this month and in the coming months.
China’s LNG imports from the United States crashed to zero in March as China slapped tariffs on American LNG and other energy products, making these uneconomical for Chinese buyers.
Last year, U.S. LNG represented about 5% of China’s imports of the super-chilled fuel.
ADNOC has signed term deals for the supply of LNG with Chinese buyers ENN Natural Gas and state-owned Zenhua Oil, Reuters reported on Saturday.
Privately owned natural gas company ENN Natural Gas agreed to buy about 1 million tonnes per year for a period of 15 years. The deal represents ADNOC’s largest-ever LNG supply contract with a Chinese buyer, according to the report.
TotalEnergies has commenced production from the Ballymore deepwater field in the US Gulf of Mexico, the company said on Monday.
The company holds a 40% stake in the project alongside Chevron as operator with 60%.
Located 120 kilometres off Louisiana’s coast, the Ballymore field ties back to Chevron’s Blind Faith floating production unit. It has a daily gross production capacity of 75,000 bopd and 50 mcf (1.4 mcm) of gas. The project, launched in May 2022, uses existing infrastructure and standardised equipment to minimise development costs and emissions.
Russia downgraded its outlook for exports this year and lowered expectations for the price for its oil, developments that may force the government to dip into its wealth fund to cover wartime spending.
The Economy Ministry forecast a 5.3% decline in exports to 410.6 billion rubles ($5 billion), down from an earlier projection of 445 billion rubles, the Interfax news service reported on Monday. The updated macroeconomic outlook also included a lower price for Urals oil of $56 a barrel, versus $69.70 seen earlier.
Wood has secured two engineering and procurement framework agreements worth $11 million from TotalEnergies EP Ratawi Hub to support redevelopment work at Iraq’s Ratawi oil field.
The contracts are part of the Gas Growth Integrated Project (GGIP), a multi-energy initiative aimed at improving Iraq’s natural gas production and electricity supply. Under the three-year agreements, Wood will help advance the Associated Gas Upstream Project (AGUP), a key component of GGIP that involves debottlenecking and upgrading existing facilities.