TotalEnergies and OQ Exploration and Production have broken ground on the Marsa LNG plant in Oman, one year after reaching final investment decision on the project.
The 1 million ton per annum (MMtpa) liquefaction plant is being built by Marsa LNG LLC, a joint company between TotalEnergies (80%) and OQEP (20%). The LNG production, which is expected to start in the first quarter of 2028, is primarily intended to serve the marine fuel market (LNG bunkering) in the Gulf.
Crude burn—the direct use of crude oil in power plants and industrial facilities, primarily for electricity generation—has long been a staple in Saudi Arabia’s energy mix. The kingdom burns significant volumes of oil to meet domestic electricity demand, which hovers around 171 terawatt-hours (TWh). However, analysis from Rystad Energy shows the upcoming Jafurah shale gas field, set to start production in 2025 and the largest of its kind globally, could dramatically shift this dynamic. By tapping into unconventional gas, Saudi Arabia stands to displace up to 350,000 barrels per day (bpd) of crude burn by 2030. The increased gas supply would not only curb domestic crude use but also free up more oil and refined products for export, strengthening the country’s position in global energy markets.
The U.S. stock markets enjoyed a broad rally on Wednesday, with the S&P 500 jumping nearly 2% a day after U.S. President Donald Trump announced that China tariffs will come down substantially, with another potential boost coming from a Wednesday Reuters report citing unnamed sources as saying talks to lead to significant tariff reductions.
In January, China’s National Energy Administration said it was eyeing stable oil production of over 200 million tons in 2025. Two months later, oil production in the world’s largest importer of the commodity hit an all-time high of 4.6 million barrels daily, per official data. China is taking “Drill, baby, drill” to heart.
EQT Corporation will acquire the upstream and midstream assets of Olympus Energy for USD 1.8 billion to strengthen its footprint in the USA’s Marcellus and Utica shale regions, the company said on Wednesday.
Oil prices may decline further this year as new production swells and demand remains capped by China’s faltering growth, the head of the International Energy Agency said.
While crude futures have recovered over the past two weeks to trade near $68 a barrel on London, they remain roughly 9% below levels traded before President Donald Trump announced a blizzard of tariffs on China and other nations on April 2.
OPEC+’s audacious bid to punish its oil-quota cheats prompted a renewed plunge in crude on Wednesday, as growing tensions with Kazakhstan stoked fears of an escalating price war.
Oil markets have been jittery since early April, when the producers’ group led by Saudi Arabia stunned traders by accelerating the revival in its output. This was an apparent effort to discipline over-producing members by driving down prices, yet Kazakhstan — the greatest offender — has continued to pump as usual at its biggest fields.
Vantage Drilling International has received a conditional letter of award for the Platinum Explorer deepwater drillship with a 90-day validity period. The contract value is circa $80 million with an anticipated 260 days required to render the campaign, inclusive of mobilization time, paid-for contract preparation time and demobilization time.
Oil markets are bracing for the next big external shock as Trump’s trade war with China continues to escalate and talks of a potential nuclear deal with Iran threaten to bring fresh supply to markets.
AIQ and Weatherford have signed a strategic collaboration agreement to integrate AIQ’s artificial intelligence systems with Weatherford’s digital oilfield technologies, the companies said on Tuesday.
The partnership aims to enhance efficiency in global energy operations. It will bring together AIQ’s AI platforms with Weatherford’s Modern Edge suite, Unified Data Model and WFRD Software Launchpad. The integration is designed to modernise workflows, reduce downtime and cut operational costs across energy facilities worldwide.