Well 6507/5-13 S aimed to prove petroleum in reservoir rocks in the Fangst and Båt groups. “The well encountered a 14-meter oil column in the Garn Formation in 43 meters of sandstone with moderate reservoir quality”, the upstream regulator said in a press release. “The oil/water contact was encountered at 3702 meters below sea level. The other formations in the Fangst and Båt groups were aquiferous.
The Emirati oil major expects production of the grade to top 1.7 million barrels daily in June, July and August, which means more downward pressure on its price and likely drive stronger demand from Asian buyers. One unnamed Reuters source said output of the key grade could top 2 million barrels daily in July.
A European official attending the G7 finance powwow in Banff, Canada, told Reuters that the U.S. Treasury team thinks market forces are already doing the heavy lifting. With Brent prices wobbling around $64—and Russia’s Urals blend clocking in at a $10 discount—Washington’s logic is that there’s no need to poke the bear when the bear’s already limping.
South Africa’s offshore acreage, particularly in the Orange Basin, has been gaining momentum on the back of transformational discoveries in neighboring Namibia. Within South African waters, the Brulpadda and Luiperd finds in Block 11B/12B remain the most commercially significant to date, estimated to hold more than 600 million barrels of oil equivalent. While TotalEnergies has since exited the block, citing internal portfolio shifts, the company’s re-engagement with the broader South African market suggests continued belief in the basin’s long-term potential.
India is on track to import nearly 1.8 million barrels per day (bpd) of crude oil from Russia in May, which would be a 10-month high, according to vessel-tracking data by Kpler. Indian refiners have increased buying activity for lighter Russian grades, such as ESPO, showed the Kpler data cited by Reuters. The strong Indian imports […]
Crude oil inventories in the United States saw an increase of 1.3 million barrels during the week ending May 16, according to new data from the U.S. Energy Information Administration released on Wednesday.
Global engineering and consulting firm Wood has been awarded a contract to provide detailed engineering design for Package 5 of ADNOC Offshore’s Lower Zakum Long-Term Development Phase 1 project on Das Island, Wood announced on Wednesday.
Oil dropped after a second consecutive weekly gain in US crude inventories overshadowed a CNN report that Israel is preparing for a potential strike on Iranian nuclear sites.
The UK urged its Group of Seven allies to agree a cut to the price cap on Russian oil, saying the move is necessary to put further pressure on President Vladimir Putin to end Russia’s war in Ukraine.
DOF Group ASA has secured four long-term charter and service contract awards with Petrobras in Brazil following a competitive tender process.
Skandi Iguaçu, one of the biggest AHTS vessels ever built in Brazil with a 350mt+ bollard pull (BP) and large winch storage capacity has been contracted for four years with expected commencement in February 2026 in sequence with its current contract.