Despite providing most of the growth in global supply over the last decade or so, U.S. shale producers are subject to the effects of the whims of OPEC+, and Saudi Arabia in particular. Their decision to rapidly unwind previous output cuts has put over 2 mm BOPD on the market in a very short period, and resulted in a global stock build that’s just knocked the stuffing out of oil prices.
The project involves converting two LNG carriers into floating storage units and building two new FLNG barges at Drydocks World’s Dubai yard. Once operational in late 2028, the facility will have a liquefaction capacity of more than 4.2 million tonnes per year (tpy), making it the largest FLNG development globally.
The system will include four subsea templates and 12 all-electric trees, which will reduce topside modifications and eliminate the need for hydraulic fluid from the host platform. The Fram Sør project will be tied back to the Troll C platform in the North Sea and is designed to have very low emissions due to shore-based power supply.
Exploration well 35/11-31 S in production licence 090 encountered petroleum in two reservoirs, one containing oil and gas and the other gas only. Estimated resources range from 0.1 million to 1.1 million standard cubic metres.
Crescent Energy Company and Vital Energy Inc announced, in a joint statement Monday, that they have entered into a definitive agreement, “pursuant to which Crescent will acquire Vital in an all-stock transaction valued at approximately $3.1 billion, inclusive of Vital’s net debt”.
OKEA ASA has announced oil discoveries made in the Cook and Statfjord formations of Norway’s Brage Field. The discoveries are considered commercial with preliminary estimates of gross recoverable resources in the range of 16 to 33 million barrels of oil equivalent (MMboe) combined.
Ace Well Technology, in collaboration with Expro and Archer, has successfully completed the first well deployment of the Ace Control Line Clamp (ACLC) using Expro’s Remote Clamp Installation System (RCIS) on the Norwegian Continental Shelf (NCS). This marks a significant milestone in the drive toward safer and more efficient well completion operations, by fully removing personnel from the red zone.
The Seadrill-owned West Gemini received a 284-day contract with Sonangol Exploração & Produção, beginning in late 2025 or early 2026. The Sonangol Libongos, owned by Sonangol, secured a 525-day contract with Azule Energy Angola, scheduled to begin in the third quarter of 2025 with priced options for extension.
In a notably quiet week, holiday-thinned liquidity kept ICE Brent range-bound at $65.80–$67.90/bbl despite a steep U.S. stock selloff.
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.