The partners began drilling the Galgahévíz-4 well in Galgahévíz, which is part of the “Mogyoród” concession area, at the end of May, and reached its target depth of 2,400 m in 37 days. Following successful tests, the well was put into production and is capable of producing approximately 1,000 barrels of crude oil per day. O&GD and MOL share the extracted volume in a 51%-49% ratio. The drilling was carried out by MOL’s subsidiary, Rotary Zrt., using the R-69 drilling rig.
Rex International Holding Ltd. reported that oil and gas production from its assets in Norway, Oman and Germany averaged 12,230 barrels of oil equivalent per day (boed) in August 2025, supported by output from the Brage and Yme fields in Norway, the Yumna field offshore Oman, and the Schwarzbach and Lauben fields in Germany.
PACC Offshore Services (POSH) has selected design and engineering consultancy Longitude as a subcontractor to deliver marine hook-up operations engineering for the installation of the Republic of Congo’s landmark FLNG project – the Nguya FLNG.
These contracts would be part of a broader commitment that the president of the European Commission Ursula von der Leyen made to President Trump for the EU to buy $750 billion worth of U.S. oil and gas until 2028.
Crude oil price climbed in early trading on Wednesday following the news of an Israeli attack against Hamas leaders in Doha, Qatar, along with reports that President Donald Trump had asked the European Union to slap a 100% tariff on China and India to make them stop buying Russian crude.
Iraq’s state oil marketing firm is in discussions with Exxon for potential crude storage sites close to demand markets in Asia, the United States, and Europe, Bloomberg reports, citing a senior Iraqi executive.
Saudi Arabia has once again reduced the price of crude oil it sells to Asia, with the premium for the flagship Arab Light at $2.20 a barrel over the Dubai/Oman benchmark for cargos to be delivered in October.
The volume will increase to 3 million tpy from 2028, with supplies sourced primarily from TotalEnergies’ US LNG portfolio. The deal follows an international tender and aims to meet demand from Korean industries, businesses and households.
The contract includes a carbon steel pipeline and installation of subsea umbilicals, risers and flowlines for the Alum, Bemban and Permai deepwater fields to supply additional gas to the PFLNG DUA facility.
In response, the Organization of the Petroleum Exporting Countries and its partners in the OPEC+ group are ramping up production to reclaim market share lost to the U.S. and other producers. On Sunday, OPEC+ announced plans to increase output by 137,000 barrels per day starting in October.