Subsea7 has secured a substantial contract offshore Norway. Subsea7’s scope includes engineering, procurement, construction and installation (EPCI) of pipeline bundles, spools, protection covers and tie-ins using key vessels from Subsea7’s fleet.
The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas’ existing operations in Suriname.
Crude oil prices continued higher today as the war between Israel and Iran continued unabated, fuelling worry that oil supply from the biggest exporting region may be under threat of disruption.
Oil trading has seen some of its most volatile days in recent history as non-stop missile strikes exchanged between Israel and Iran ratcheted up fears of potential supply disruptions from the Middle East. Amidst unsubstantiated reports of the two sides seeking a ceasefire, the risk premium is back in the ICE Brent as the global crude benchmark remains around the $75 per barrel mark.
Oil prices continued to rise on Tuesday afternoon, following a dip in Monday’s trading session. Today’s oil price action follows Friday’s biggest intraday surge in three years following the Israeli strikes on Iran.
The market’s worst fear—a major supply disruption in the Middle East—hasn’t materialized yet. And it may not, as was the case in the previous Israel-Iran flare-ups in recent years.
“G7 members must fully ban imports of Russian energy – oil, coal, natural gas, uranium. Canada, with the world’s fifth-largest oil reserves and as a top-three uranium producer, can help fill the gap.” The statement was made this week by the head of the G7 research group, a University of Toronto political science professor.
But can Canada really replace Russia entirely on the global energy scene? That might be tough.
Yinson Production has closed a USD 1-billion investment from an international consortium to support its future growth in offshore energy, the company said on Tuesday.
Staatsolie has signed a production-sharing contract with Petronas Suriname E&P and Paradise Oil Company for Block 66 in Suriname’s deep offshore, the Suriname NOC said on Tuesday.
The American Petroleum Institute today joined more than 100 other energy trade groups and organizations in urging the Department of the Interior to develop a new five-year offshore leasing program that fully leverages the U.S. Outer Continental Shelf as a secure source of affordable, reliable energy.
Equinor ASA has secured new exploration acreage offshore Brazil in the Santos Basin, awarded under the country’s fifth Open Permanent Concession bidding.