Nigeria’s Seplat Energy PLC has reported $809.3 million in revenue for the first quarter (Q1), up 350 percent from the same three-month period in 2024 as higher oil and gas volumes offset lower prices.
Net profit came at $23.3 million, or 3.1 cents per share, compared to a net loss of $1.9 million for Q1 2024.
BW Energy has reached final investment decision (FID) for the Maromba development offshore Brazil based on a capex-efficient development with an integrated drilling and wellhead platform (WHP) and a refurbished FPSO. The development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands.
Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand.
West Texas Intermediate futures fell 2% to settle just above $57 a barrel, a fresh four-year low for the closing price. OPEC and its allies agreed on Saturday to continue loosening supply constraints as the group’s leaders seek to punish overproducing members and win back market share.
Valaris Limited has been awarded a five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days.
The price of crude oil is expected to average $64 per barrel in 2025, the World Bank has revealed in its April 2025 Commodity Markets Outlook.
This is compared with $80.7 per barrel in 2024.
The Bretton Woods institution is forecasting a further drop in the price of crude oil to an average of $60 in 2025.
The total number of active drilling rigs for oil and gas in the United States slipped this week, according to new data that Baker Hughes published on Friday, following a 2 rig increase in each of the two weeks prior.
SBM Offshore has signed a contract with BP for the wet tow and installation of the Kaskida semi-submersible floating production unit (FPU) in the US Gulf of Mexico, the company said on Wednesday.
The Kaskida field, a greenfield Paleogene development, is located about 400 kilometres southwest of New Orleans in the Keathley Canyon area in the deepwater.
The installation contract showcases SBM Offshore’s expertise in deepwater moorings and builds on its record of more than 150 floating systems installed globally, including 45 FPSOs in deepwater.
SBM Offshore provides floating production solutions to the offshore energy industry, specialising in the design, supply, installation and operation of FPSOs. With over five decades of experience, the company operates across key offshore basins including Brazil, West Africa, the North Sea and Southeast Asia, supporting major oil and gas developments worldwide.
“SBM Offshore’s commitment to excellence and innovation in the offshore industry is highlighted by this project, paving the way for future growth for our installation activities. Our pioneering spirit and deepwater expertise have been key differentiators in securing this contract,” chief business officer Olivier Icyk said.
Subsea7 has won a competitive tender and secured a “super-major” contract from Petrobras for the development of the Buzios 11 offshore field in Brazil, Subsea7 announced on Friday.
Under the terms of the engagement, Subsea7 will provide engineering, procurement, fabrication, installation and pre-commissioning of 112 kilometres of rigid risers and flowlines. The value of the business was not disclosed, but Subsea7 defines “super-major” contracts as being worth more than USD 1.25 billion.
The Gas Exporting Countries Forum (GECF) projects a 2 percent increase in natural gas consumption in 2025 on continued growth in the power and industrial sectors.
Global production is also forecast to rise 2 percent, driven by the Middle East, according to the April release of the GECF’s monthly report.
Shell Plc is working with advisers to evaluate a potential acquisition of BP Plc, though it’s waiting for further stock and oil price declines before deciding whether to pursue a bid, according to people familiar with the matter.
The oil major has been more seriously discussing the feasibility and merits of a BP takeover with its advisers in recent weeks, the people said, asking not be identified because the information is private.