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Iraq Faces Gas Shortage While Seeking New Oil Export Markets

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

Iraq is grappling with a natural gas shortage while simultaneously exploring new crude oil export markets.

In recent weeks, Iraq has made headlines not only due to pressure from OPEC but also because of its struggle to secure natural gas imports. Iraqi Oil Minister Hayyan Abdul Ghani stated on Iraqi television that negotiations are ongoing with several companies to secure two floating storage regasification units (FSRUs) by early June. These are needed to address a natural gas supply deficit caused by the expiration of a U.S. waiver that previously allowed Iraq to import Iranian electricity. The Trump administration is now pressuring Tehran to reach a nuclear deal, with all options on the table. The two FSRUs are set to be installed near the Khor Al-Zubair port in Basra. Simultaneously, Baghdad has issued a tender for a fixed regasification platform at the Grand Faw port in the south.

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British Oil Sector Hinges on Shell’s Future

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

Last year, British multinational oil & gas giant, Shell Plc (NYSE:SHEL) threatened to delist from the London Stock Exchange (LSE) and list on the New York Stock Exchange (NYSE). Shell CEO Wael Sawan told Bloomberg that the company is grossly undervalued in London due to shareholder apathy to the oil and gas sector. Sawan also expressed deep frustration by investors’ under-appreciation of the financial performance of the company, as well as the British government’s over-taxation of its profits. Sawan vowed to “look at all options”, including switching the group’s listing to New York in a bid to close the valuation gap with American Big Oil companies Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX). A U.S. listing might make even more sense now that Trump is in office thanks to his pro-fossil fuel policies.

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Saudi Arabia awards $2.6-billion IPP expansion contract

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

Orascom Construction and 50-50 joint venture partner Técnicas Reunidas have been awarded an EPC contract for the Qurayyah IPP Expansion Project in Saudi Arabia’s Eastern Province, Orascom announced on Monday.

The contract is valued at more than USD 2.6 billion and the companies have already received the limited notice to proceed with execution. The commissioning consortium is comprised of ACWA Power, Saudi Electricity Company and industrial services company Haji Abdullah Alireza & Co.

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Shell Approves Gato do Mato Project Offshore Brazil

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

Shell PLC and its partners have agreed on a final investment decision to proceed with the Gato do Mato deepwater development in the pre-salt area of Brazil’s Santos Basin.

The project will produce up to 120,000 barrels of oil per day (bopd) through a floating production, storage and offloading (FPSO) vessel, the British energy giant said in an online statement. Shell estimates recoverable resources to be 370 million barrels.

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MOL Discovers Oil in Western Hungary

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

MOL Plc said it has discovered a new oil field near Somogysámson in Western Hungary.

The company found oil at a depth of (4,100 feet) 1,250 meters during exploration drilling in December 2024. According to the results, the well located in the Somogysámson oilfield is capable of producing 1,200 barrels per day, MOL said.

Production from the new well is being transported by truck to the Danube Refinery in Százhalombatta and represents approximately one percent of the MOL Group’s total hydrocarbon production, according to the release.

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TechnipFMC wins significant iEPCI™ contract for Equinor’s Johan Sverdrup Phase 3 offshore Norway

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

TechnipFMC has been awarded a large(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Equinor for the Johan Sverdrup Phase 3 development in the Norwegian North Sea.

The Johan Sverdrup field, which originally began production in 2019, is now one of the largest developments in the region. This latest phase will increase production by tying in additional wells to the current infrastructure, which is powered by low-emission resources onshore.

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Shell CEO seen focusing on LNG as key part of growth strategy

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

Shell Plc will update its strategy on Tuesday, just a month after rival bp Plc unveiled a fundamental “reset.”

Shell CEO Wael Sawan is in the final stages of a two-year effort to shake up Shell by cutting costs, improving reliability and shedding under-performing units. Analysts and investors will be looking for plans for growth at the company’s crucial liquefied natural gas business and reassurance on oil reserves.

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Iraq exploring floating gas terminals to meet power demand

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

Iraq is in talks with several companies to secure two floating storage regasification units by early June, as OPEC’s second-biggest producer tries to address power shortages caused by a U.S. move against Iran.

The U.S. decided earlier in March not to renew a waiver that allowed Iraq to buy electricity from Iran, with Donald Trump’s administration pressuring Tehran into negotiating a new nuclear deal. The decision has left the Iraqi government in need of more gas to meet its growing demand for electricity.

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New Oil Projects Set to Flood Market in 2025

Oil & Gas‚ Oil and Gas Industry | intent | March 24, 2025 | Comment off

This year will see the highest amount of new oil supply in a decade, according to data analyzed by Raymond James that showed projected global additions of nearly 3 million barrels daily.

But only if the price is right.

Bloomberg reported the Raymond James figures, noting projects such as the giant Tengiz field in the Kazakh section of the Caspian Sea—one of the largest oil discoveries in modern times—and the Bacalhau field in Brazil, which has an estimated potential of 1 billion barrels of oil equivalent. Production expansions at Saudi fields will also contribute to the fresh wave of oil supply, the investment bank added.

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