Oil markets kicked off the new year in a downbeat mood, with Wall Street analysts almost unanimously predicting a huge oversupply in 2025 even if OPEC+ did not add a single barrel back into the market. Well, it’s six months on, and oil markets have continued to defy these bearish expectations.
Velesto Drilling has secured a contract from PTTEP to deploy its NAGA 5 jackup rig for a 15-well campaign starting in June 2025 in Malaysian waters, the company said on Monday.
Chevron Corp. and TotalEnergies SE are competing in Libya’s first energy exploration tender since the 2011 conflict, the country’s state-run oil firm said, as the OPEC member looks to oil majors to help ramp up production to a record.
Mozambican President Daniel Chapo said his government and private companies will have to collectively ensure the necessary security is in place to enable TotalEnergies to restart construction of a $20 billion gas project that has stalled due to a militant insurgency — and even then risks will remain.
DNO ASA entered into an offtake agreement with France’s ENGIE SA for DNO’s Norwegian gas production and secured a related offtake financing facility with a major U.S. bank for up to $500 million.
U.S. shale executives expect to drill significantly fewer wells this year than planned at the start of 2025, as lower oil prices and uncertainty around President Donald Trump’s tariffs hurt profits, according to a Federal Reserve Bank of Dallas survey.
Germany has given the green light for drilling as much as 13 billion cubic meters (Bbcm) of natural gas at a protected marine site in the North Sea in a controversial step to bolster energy security.
OPEC’s second-largest producer, Iraq, was the single biggest supplier of crude from the cartel to the United States in May, per data from the U.S. Energy Information Administration (EIA) cited by Iraqi media outlets Shafaq News and IraqiNews.
Oil markets are now refocusing on OPEC+ as the Iran-Israel ceasefire continues to hold, with the cartel’s meeting this weekend likely to be the next big market mover.
Reports and rumors have intensified this year that BP is in the crosshairs of rivals, especially Shell, for a potential takeover that would be the largest deal in the oil industry since the Exxon and Mobil merger in 1999.