Oil and Gas Industry

OPEC+ Agrees to Make Larger Than Expected Supply Hike in May

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

OPEC+ agreed to make a larger than expected oil supply hike in May, adding the equivalent of three monthly tranches from its previous plan to revive output.

The group led by Saudi Arabia and Russia will add 411,000 barrels a day to the market next month, according to a statement posted on the OPEC website. The decision followed a conference call between ministers on Thursday that was focused on member countries that had been consistently exceeding their quotas, delegates said, asking not to be identified as the talks were private.

Aker BP, SLB, Stimwell Extend Alliance for Five More Years

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

Aker BP ASA has extended its alliance agreement with SLB (Schlumberger Limited) and Stimwell Services Ltd. for another five years. The alliance formed in 2019 has supported Aker BP’s operated assets in meeting production targets.
Aker BP said in a media release the alliance will work on further accelerating and boosting oil production.

Kongsberg secures equipment contract for new offshore support vessel

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

Kongsberg Maritime has secured a contract to supply an integrated package of equipment for a new Offshore Support Vessel (OSV) being built for ship owner DOF.

The new 110-meter OSV, with a capacity to accommodate 164 people, is designed by MMC Ship Design and constructed at CRIST shipyard in Gdynia, Poland. The vessel will operate offshore Newfoundland, known for its harsh environmental conditions.

bp starts production from Cypre gas field, Trinidad and Tobago

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

bp Trinidad and Tobago (bpTT) today confirms its Cypre development has safely delivered its first gas.
bp’s Juniper rig, offshore Trinidad
Cypre is one of bp’s 10 major projects expected to start up worldwide between 2025 and 2027, announced as part of bp’s reset strategy to grow the upstream. Production from Cypre will make a significant contribution towards the 250,000 barrels of oil equivalent per day (boed) combined peak net production expected from these 10 projects.

African oil giants advance IPO plans to attract investment

Oil & Gas‚ Oil and Gas Industry | intent | April 4, 2025 | Comment off

In a bid to bolster investment and competitiveness within Africa’s oil and gas sector, national oil companies (NOCs) in Nigeria and Angola are progressing with long-anticipated initial public offerings (IPOs). These IPOs are poised to attract significant global investment, providing much-needed capital to enhance production capabilities, improve infrastructure and foster long-term growth. This move reflects a broader trend of African nations seeking to modernize and diversify their energy sectors, signaling a shift toward greater transparency and accountability in state-owned enterprises, while also positioning the continent as a more attractive investment destination in the global energy market.

LNG Canada Moves Closer to Launch

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

LNG Canada is the country’s first project for the export of superchilled fuel, with a focus on Asian markets as the biggest demand driver. Eventually, however, Canada could potentially supply 36.2 million tons of LNG per year by 2040, according to estimates by Wood Mackenzie. That’s despite statements by the previous Canadian government that there was no business case for liquefied natural gas in the country. The statements were made in response to a request by the former German chancellor, Olaf Scholz, for potential LNG supply deals with Canada.

Mexico Revises Oil Production Down

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Late last year, the company’s management revised its budget down, which could prove an additional obstacle to boosting production. The cutback follows instructions from Pemex’s new upstream head, Nestor Martinez, to scale back major well repairs and seismic data contracts. Instead, Pemex will focus on developing new deposits, especially in the deep waters of the Gulf.

Tariffs and Demand Fears Push Oil Prices Further Down

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Crude oil prices slumped by 3% earlier this year as traders digested the barrage of tariffs that President Trump unleashed on U.S. trade partners. Between 10% and 34% for the biggest trade partners of the United States, the tariffs are expected to affect demand for pretty much everything, including energy commodities.

Oil Rises, but Doubts Dominate

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | 0 comment

The US is threatening to further tighten the screws on Russia. A group of 50 Republican and Democratic senators introduced a sanctions package that would hit the third-largest oil producer and countries that buy its fuel if President Vladimir Putin refuses to engage in good-faith ceasefire negotiations with Ukraine or if he breaches any eventual agreement.

EIA: US Crude Oil Inventories Climb 6.2 Million Barrels

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a build of 6.037 million barrels in U.S. crude oil inventories amid a small gasoline draw. The Brent benchmark was trading up 0.01% at 10:28 a.m. ET at $74.50—a roughly $1 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.18% at $71.33—a roughly $1.60 per barrel rise over last week’s levels.