Victorian oil and gas exploration company Lakes Blue Energy is seeking $8 million in new funding to capitalise on the East Coast’s gas supply crunch.
Andy Burnham is expected to announce an expansion of North Sea oil and gas drilling in the early weeks of his premiership. Whilst the plans are not yet concrete and the announcement date is not certain, senior members of the party, including deputy leader Lucy Powell, have given confirmation that there will be a greater emphasis on North Sea oil and gas. Burnham begins his tenure in a tricky position, making clear his plans to abide by Labour’s 2024 manifesto — a manifesto which committed to not issuing new drilling licences.
The funding aims to advance technology and research in the upstream and midstream sectors with a goal of enhancing supply chain reliability, digitalize operations, and maximize the value of underutilized resources.
Domestic equity benchmark indices opened higher on Monday, supported by a sharp decline in crude oil prices.
Expro has completed its acquisition of Enhanced Drilling, adding managed pressure drilling (MPD) and riserless mud recovery (RMR) technologies to strengthen its offshore well construction portfolio.
SLB, the world’s biggest oil field services provider, said it will take time for full production capacity to return to the Middle East and will require a durable resolution to the US-Iran conflict.
Despite the challenges posed by war, sanctions, and trade restrictions, Iran’s Ministry of Oil maintained crude oil production and exports, achieving approximately 60% of the annual oil revenue target in the first months of the Iranian year 1405 (started late March 2026). The ministry generated $18 billion in oil revenue, including $11.5 billion during the war and $6.5 billion during the ceasefire, while transferring around $11 billion to the state treasury.
The agreement, signed by the Economic Community of West African States (Ecowas) at a summit in Sierra Leone on Monday, establishes the legal framework for the pipeline, which has been under discussion since 2016.
Kuwait Oil Company (KOC), a subsidiary of Kuwait Petroleum Corporation (KPC), has signed a $16 billion lease-and-leaseback agreement covering its domestic and export crude oil pipeline network with a consortium led by the Global investment firm, Blackstone, Infrastructure asset manager, Brookfield, and Private equity firm, KKR.
Fatima Dangote, daughter of Africa’s richest man and Executive Director for Oil and Gas at Dangote Group, has described the planned initial public offering (IPO) of the family’s refinery business as a major step for African industrialisation.