Shell has increased its working interest in the Ursa platform in the Gulf of Mexico from 45.3884% to 61.3484%, the company said on Thursday.
Shell Offshore and Shell Pipeline Company completed the acquisition of additional interests in the Ursa platform and associated assets, previously held by ConocoPhillips.
Equinor subsidiary Equinor Brasil Energia has entered into agreements to sell its 60% operated interest in Brazil’s Peregrino offshore oilfield to Prio Tigris, a subsidiary of Brazilian independent oil and gas company Prio, for USD 3.5 billion, the Norwegian company announced on Friday.
US oil futures broke a three-day string of losses as equity markets strengthened and President Donald Trump threatened broader sanctions against buyers of Iranian crude.
West Texas Intermediate settled 1.8% higher, at $59.24 a barrel, after Trump said that any nation or person who buys oil or petrochemicals from Iran will be subject to secondary sanctions. It was the biggest one-day increase for US oil futures in more than a week.
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.