intent, Author at GUPC | Page 204 of 747

Banks Slash Oil Price Forecasts as OPEC Resumes Fight for Market Share

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Wall Street banks are racing this week to slash their oil price forecasts for 2025 and 2026 after OPEC+ threw another curveball at the market this weekend by vowing to continue raising production by more than initially planned.

Commodity strategists and analysts from major U.S. and European investment banks have issued notes with downgraded oil price forecasts for 2025 and 2026 since OPEC+ producers led by Saudi Arabia and Russia agreed on Saturday to raise collective output by 411,000 barrels per day (bpd), nearly triple the volume originally scheduled.

Revenue Shock Looms for Kazakhstan Despite Strong Oil Output

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Kazakhstan’s national oil company KazMunayGas (KMG) says it is fully prepared to navigate recent oil price volatility, even as global benchmarks hit new lows and concerns mount over falling state revenues.

Despite the slump, driven largely by OPEC+ plans to increase output, KMG Deputy Chairman Aset Magauov stated that the company remains confident in its resilience.

PDO launches flare gas recovery project with Enerhash

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

PDO has initiated a flare gas recovery project at Zulaiyah Station in Hazar South, Oman, as part of its decarbonisation strategy, the company reported on Tuesday.

The initiative, developed in partnership with Hungary-based Enerhash, aims to convert flare gas into a sustainable energy source through modular digital mining infrastructure. Enerhash’s technology powers containerised data centres directly with flare gas, offering a decentralised solution suitable for remote oilfields.

EU plan to end Russian gas imports faces legal, geopolitical snags

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

The EU’s plan to fully cut off Russian gas imports by 2027 faces legal, logistical and political hurdles.

Although the bloc has slashed Russian gas from 45% of its supply in 2021 to 19% in 2024, fully severing ties is proving difficult. Long-term contracts with companies such as TotalEnergies and Naturgy, lasting into the 2030s, are a major obstacle. Brussels is weighing “force majeure” clauses to exit these deals, but legal experts caution that without sanctions, such moves could spark costly arbitration.

Russia Mulls Tightening Budget Rule Over Slumping Oil Prices

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Russia is considering changing its key budget-building mechanism in response to sliding oil revenue, in a sign the Kremlin expects crude prices will remain lower for longer while the war in Ukraine continues to drain state coffers.

BW Energy to buy VALARIS 247 jackup rig for $108 million

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Valaris Limited has agreed to sell its jackup VALARIS 247 to BW Energy for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions. As part of the sales agreement, BWE will be restricted from using the rig outside of BWE-owned or affiliated properties for the rig’s expected remaining useful life.

SLB launches Electris™ well completions technology to boost production, recovery

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Electris completions digitalize control of the entire productive area of the wellbore, providing real-time production intelligence across the reservoir. This enables operators to predict, adapt and act with confidence in response to dynamic production conditions — improving reservoir management over the life of the well and accessing reserves that conventional systems leave behind.

Viridien sells logistics solution to ONGC for use in offshore India E&P

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Viridien has sold its Sercel Marlin™ Offshore Logistics management solution to Oil and Natural Gas Corporation (ONGC) to enhance operational efficiency and safety across its Western offshore E&P operations in India. The sale includes a five-year contract to provide ONGC with dedicated on-premises Sercel software and support services.

OTC Day 2: Trends and challenges shaping offshore production and recovery

Oil & Gas‚ Oil and Gas Industry | intent | May 7, 2025 | Comment off

Day two of the 2025 Offshore Technology Conference (OTC) took place Tuesday, May 6 in Houston, Texas. This year’s conference centers on the theme “Waves of innovation: Offshore energy excellence,” and much dialogue the second day indeed focused on the latest innovations and technology applications in the offshore sector. Another key theme that emerged throughout the day — how operators are pivoting strategies for offshore production in response to challenging times.

Big Oil Isn’t Backing Down at $60 Oil

Oil & Gas‚ Oil and Gas Industry | intent | May 6, 2025 | Comment off

Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but it’s anything but. With demand picking up in Asia and OPEC+ preparing to unwind production cuts faster than expected, Exxon, Chevron, Shell, and TotalEnergies are digging in—ready to pump more, not less.

Author: intent