Russia is considering changing its key budget-building mechanism in response to sliding oil revenue, in a sign the Kremlin expects crude prices will remain lower for longer while the war in Ukraine continues to drain state coffers.
Valaris Limited has agreed to sell its jackup VALARIS 247 to BW Energy for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions. As part of the sales agreement, BWE will be restricted from using the rig outside of BWE-owned or affiliated properties for the rig’s expected remaining useful life.
Viridien has sold its Sercel Marlin™ Offshore Logistics management solution to Oil and Natural Gas Corporation (ONGC) to enhance operational efficiency and safety across its Western offshore E&P operations in India. The sale includes a five-year contract to provide ONGC with dedicated on-premises Sercel software and support services.
Day two of the 2025 Offshore Technology Conference (OTC) took place Tuesday, May 6 in Houston, Texas. This year’s conference centers on the theme “Waves of innovation: Offshore energy excellence,” and much dialogue the second day indeed focused on the latest innovations and technology applications in the offshore sector. Another key theme that emerged throughout the day — how operators are pivoting strategies for offshore production in response to challenging times.
Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but it’s anything but. With demand picking up in Asia and OPEC+ preparing to unwind production cuts faster than expected, Exxon, Chevron, Shell, and TotalEnergies are digging in—ready to pump more, not less.
U.S. crude oil supply will rise more slowly than expected for the rest of 2025 and in 2026 and peak as early as this year, as WTI benchmark prices below $60 per barrel are testing the breakeven point of shale production, energy flows intelligence firm Kpler said on Monday.
Harbour Energy and its partners have taken final investment decision on the Southern Energy FLNG export project offshore Argentina’s Río Negro province, the company said on Friday.
ADNOC Drilling Company has been awarded a contract by compatriot ADNOC Offshore for three newbuild island rigs for the Zakum offshore development project in Abu Dhabi, ADNOC Drilling announced on Monday.
Imperial Oil Ltd. has reported CAD 1.29 billion ($932.94 million), or CAD 2.52 per diluted share, in net income for the first quarter (Q1), up CAD 93 million from the same three-month period last year despite lower upstream production.
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.