Oil jumped amid fresh signs of escalation in the Iran war, dimming prospects for an imminent resumption of flows through the Strait of Hormuz. West Texas Intermediate futures rose 3.1% to settle near $96 a barrel in New York, after earlier rising by as much as 5.8%. Brent settled above $105 a barrel. Prices jumped […]
Ecopetrol has agreed to acquire an initial equity stake in Brava Energia as part of a broader plan to secure a controlling interest and expand its upstream footprint in Brazil. Under the agreement, Ecopetrol will purchase approximately 26% of Brava’s outstanding shares from a group of existing shareholders. The company also plans to launch a tender offer to […]
EIV Capital has closed approximately $1.1 billion in capital commitments across two funds targeting U.S. upstream and energy infrastructure investments. The firm’s EIV Resources II fund will focus on acquiring non-operated working interests in oil and gas assets across the Lower 48, building on its existing upstream platform. A separate Fund V will invest in energy […]
Helix Energy Solutions Group and Hornbeck Offshore Services have agreed to combine in an all-stock transaction, forming an integrated offshore services company focused on deepwater operations. The combined company will bring together Helix’s subsea robotics and well intervention capabilities with Hornbeck’s fleet of high-specification offshore support vessels, creating a life-of-field service offering spanning subsea intervention, marine transportation and […]
Major oil companies are increasing investment in high-impact exploration as the industry faces a potential 300-billion-barrel supply gap by 2050, according to new analysis from Wood Mackenzie. The report estimates that currently producing and sanctioned fields will supply only about 700 billion barrels of liquids through mid-century, leaving a significant shortfall without new discoveries or field […]
A new joint venture between PetroGuin and Tender Oil and Gas marks a step forward in unlocking Guinea-Bissau’s offshore potential, reinforcing broader momentum across West Africa’s deepwater frontier. Signed during the Invest in African Energy Forum in Paris on Wednesday by Petroguin Director General Alfredo Malú and Tender Oil and Gas Chairman and CEO Teodor […]
Oil and gas minister Clotaire Kondja said on Wednesday that Gabon plans to sign production sharing contracts with ExxonMobil and BP within the next six months, Reuters reports. ExxonMobil declined to comment to Reuters on the minister’s stated timeline, and BP did not respond immediately to a request for comment. Both companies have signed preliminary exploration agreements covering offshore acreage in […]
Sierra Leone has signed an offshore petroleum licence agreement with Nigeria-based Marginal Energy, Reuters reported on Thursday. The licence grants exploration and production rights over offshore blocks G-145, G-146, G-147, G-160 and G-161, which together cover approximately 6,800 square kilometres. Under the terms of the agreement, Marginal Energy has committed to conducting a seismic acquisition […]
Saudi Aramco has let two offshore contracts to Saipem under its existing long-term agreement.
Energean Hellas Ltd. has let a contract to Stena Drilling for a new exploratory drilling campaign in Block 2 in the Northwestern Ionian Sea.The well will be the first deepwater offshore exploration and the first exploratory offshore drilling in Greece since 1981.