Sable Offshore has restarted production at the Santa Ynez Unit (SYU), offshore California, marking a major milestone for the development once owned by ExxonMobil. The Santa Ynez Unit was previously shut down in May 2015 after facing regulatory hurdles and a pipeline leak.
Goldman Sachs analysts have revised their outlook for global oil demand upwards, now expecting growth of 600,000 barrels daily this year and 400,000 barrels daily in 2026.
The bank, however, maintained its oil price forecast at $60 per barrel of Brent crude and $56 per barrel of West Texas Intermediate for this year, Reuters reported, citing a new note. Brent crude was trading at over $65 per barrel at the time of writing, and WTI was trading at over $62.
The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 6-rig decrease last week.
The total rig count in the US fell by 6 to 578 rigs, according to Baker Hughes, down 25 from this same time last year.
ADNOC investment arm XRG has signed an agreement with Occidental and subsidiary 1PointFive to evaluate a joint venture for a direct air capture (DAC) hub in South Texas, the companies announced on Friday.
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) has secured approval from the Indonesian government to develop the Anambas block in the Natuna Sea, Reuters reported on Thursday.
Canada’s Stamper Oil & Gas will acquire BISP Exploration for an indirect stake in five offshore Namibian blocks, Stamper said on Wednesday.
Muscat-listed OQ Exploration & Production (OQEP) has signed four contracts worth more than USD 54 million with Omani companies and SMEs to support operations in its concession areas, the company said at the Oman Petroleum & Energy Show 2025.
Chinese fossil fuels output fell in April from the record levels hit in the prior month, although natural gas, crude oil and coal all delivered increases compared to the previous year as the government continues to prioritize security of supply despite weaker prices.
Abu Dhabi National Oil Co. will work with Exxon to boost capacity at the offshore Upper Zakum field, the UAE company said in a statement Friday. The site, where Japan’s Inpex Corp. is also a partner, currently can produce more than 1 million bpd. ADNOC didn’t specify the new target.
Egypt is once again facing a resurgence of natural gas shortages, drawing headlines as the country enters the peak summer season. With soaring temperatures above 40°C expected in the coming months, electricity demand—driven largely by air conditioning—is putting intense pressure on the national grid. In response, the Cairo government is scrambling to implement emergency measures to avoid blackouts.