Shell PLC and its partners have agreed on a final investment decision to proceed with the Gato do Mato deepwater development in the pre-salt area of Brazil’s Santos Basin.
The project will produce up to 120,000 barrels of oil per day (bopd) through a floating production, storage and offloading (FPSO) vessel, the British energy giant said in an online statement. Shell estimates recoverable resources to be 370 million barrels.
MOL Plc said it has discovered a new oil field near Somogysámson in Western Hungary.
The company found oil at a depth of (4,100 feet) 1,250 meters during exploration drilling in December 2024. According to the results, the well located in the Somogysámson oilfield is capable of producing 1,200 barrels per day, MOL said.
Production from the new well is being transported by truck to the Danube Refinery in Százhalombatta and represents approximately one percent of the MOL Group’s total hydrocarbon production, according to the release.
TechnipFMC has been awarded a large(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Equinor for the Johan Sverdrup Phase 3 development in the Norwegian North Sea.
The Johan Sverdrup field, which originally began production in 2019, is now one of the largest developments in the region. This latest phase will increase production by tying in additional wells to the current infrastructure, which is powered by low-emission resources onshore.
Shell Plc will update its strategy on Tuesday, just a month after rival bp Plc unveiled a fundamental “reset.”
Shell CEO Wael Sawan is in the final stages of a two-year effort to shake up Shell by cutting costs, improving reliability and shedding under-performing units. Analysts and investors will be looking for plans for growth at the company’s crucial liquefied natural gas business and reassurance on oil reserves.
Iraq is in talks with several companies to secure two floating storage regasification units by early June, as OPEC’s second-biggest producer tries to address power shortages caused by a U.S. move against Iran.
The U.S. decided earlier in March not to renew a waiver that allowed Iraq to buy electricity from Iran, with Donald Trump’s administration pressuring Tehran into negotiating a new nuclear deal. The decision has left the Iraqi government in need of more gas to meet its growing demand for electricity.
Chief Executive of the Petroleum Commission, Emeafa Hardcastle has assured Upstream Petroleum companies of her determination to increase collaboration between the Regulator and the exploration and service companies as stakeholders in the sector seek a reboot of the industry.
This year will see the highest amount of new oil supply in a decade, according to data analyzed by Raymond James that showed projected global additions of nearly 3 million barrels daily.
But only if the price is right.
Bloomberg reported the Raymond James figures, noting projects such as the giant Tengiz field in the Kazakh section of the Caspian Sea—one of the largest oil discoveries in modern times—and the Bacalhau field in Brazil, which has an estimated potential of 1 billion barrels of oil equivalent. Production expansions at Saudi fields will also contribute to the fresh wave of oil supply, the investment bank added.
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, following a period of no change in the prior week.
The total rig count in the US rose by 1 to 593 rigs, according to Baker Hughes, down 31 from this same time last year as the oil industry tries with great difficulty to appreciate the pro-hydrocarbon sentiment of the Trump Administration despite it being encouched in oil prices that are not enticing for drillers.
The number of oil rigs slipped by 1 to 486—down by 23 compared to this time last year. The number of gas rigs rose by 2 this week to 102 for a loss of 10 active gas rigs from this time last year. Miscellaneous rigs were unchanged at 5.
First Helium has made a discovery of shallow heavy oil and confirmed the extension of a helium-enriched natural gas play in Canada’s Alberta, the company said on Friday.
First Helium confirmed two discoveries at its Worsley Project, located in Northern Alberta, including a shallow heavy oil discovery and an extension of the Blue Ridge helium enriched natural gas play.
The company, which First Helium seeks to become one of North America’s leading independent providers of helium gas, holds over 53,000 acres along the highly prospective Worsley Trend.
Saudi Aramco has launched Saudi Arabia’s first carbon dioxide direct air capture (DAC) test unit, the company announced on Thursday.
The pilot plant has been developed in collaboration with Siemens Energy and is designed to remove up to 12 tonnes per year (tpy) of carbon dioxide from the atmosphere. Aramco intends to use the facility to test carbon capture materials and develop capture methods that can lower operational costs and accelerate the deployment of DAC in the region.