Goldman Sachs expects the global oil market to swing into a surplus of 1.9 million barrels daily next year as a result of OPEC+’s output cut unwinding and producers in North and South America also ramping up production.
The EU is weighing options to impose fresh sanctions on Russia’s oil industry and exports by sanctioning major energy firms and erecting more barriers to Russian oil trade, sources with knowledge of the plans told Bloomberg on Monday.
The drilling campaign will target five wells at depths between 300 and 1,500 metres and is scheduled to begin in 2026. Any resulting production will be routed to BP’s existing infrastructure in the West Nile Delta.
The U.S. added one rig and Canada added six rigs week on week, taking the total North America rig count up to 718, comprising 537 rigs from the U.S. and 181 rigs from Canada, the count outlined.
Kongsberg Digital has entered a strategic partnership with Petroleum Development Oman (PDO) to deliver an enterprise AI-powered digital twin. The agreement marks a significant step in driving value creation through close collaboration and industrial intelligence.
Petrodec’s newly constructed heavy lift jackup vessel, named “Obana,” has begun decommissioning work in the Southern North Sea for Perenco UK (PUK)’s Galahad platform. Obana is initially being deployed on Block 48/12a working on the Galahad platform, where the program includes topside and jacket removal. After Galahad, Obana will move to the Amethyst field for […]
Expro has set a world record by deploying the heaviest casing string to date, using its Blackhawk® Gen III Wireless Top Drive Cement Head with SKYHOOK® technology. The record was achieved on a significant project in the Gulf of America/Gulf of Mexico for a super major.
Strathcona, controlled by former investment banker Adam Waterous, is now offering 0.8 of a share for each share of MEG. That would value the Calgary-based target at around C$7.8 billion ($5.7 billion), based on Friday’s close. The new price is about 10% higher than Strathcona’s original takeover bid and tops the price Cenovus agreed last month to pay for MEG.
Renewables, oil and gas, mining, and manufacturing took the lion’s share of Chinese investments in Brazil in 2024, a new report by the Brazil-China Business Council, CEBC, showed this week.
Saudi Arabia is pushing OPEC+ to fast-track the group’s next oil production increase, moving up a supply hike originally scheduled for late 2026. OPEC+ has injected a lot of downside pricing risk into the oil markets this week, fuelling speculation that the second wave of voluntary cuts totalling 1.65 million b/d could be unwound much […]