Subsea7 has won a competitive tender and secured a “super-major” contract from Petrobras for the development of the Buzios 11 offshore field in Brazil, Subsea7 announced on Friday.
Under the terms of the engagement, Subsea7 will provide engineering, procurement, fabrication, installation and pre-commissioning of 112 kilometres of rigid risers and flowlines. The value of the business was not disclosed, but Subsea7 defines “super-major” contracts as being worth more than USD 1.25 billion.
The Gas Exporting Countries Forum (GECF) projects a 2 percent increase in natural gas consumption in 2025 on continued growth in the power and industrial sectors.
Global production is also forecast to rise 2 percent, driven by the Middle East, according to the April release of the GECF’s monthly report.
Shell Plc is working with advisers to evaluate a potential acquisition of BP Plc, though it’s waiting for further stock and oil price declines before deciding whether to pursue a bid, according to people familiar with the matter.
The oil major has been more seriously discussing the feasibility and merits of a BP takeover with its advisers in recent weeks, the people said, asking not be identified because the information is private.
Magnolia Oil & Gas Corporation has posted a net income of $106.6 million for the first quarter, up 9 percent compared to the corresponding quarter in 2024.
The company said production grew by 14 percent year-over-year to 96.5 thousand barrels of oil equivalent per day, including 39.1 thousand barrels per day of oil, which are quarterly production records for the company.
At the end of April, crude oil prices settled at the lowest in four years. The immediate reason was a report that Saudi Arabia was fed up with production cuts and was willing to give cheaper oil for a longer go. The other reason: Trump’s tariffs. Ironically, the tariff fear pressuring prices is related to economic growth prospects. Yet cheap oil is a great fuel for economic growth—which is why oil importers are happy. Exporters, not so much.
Although the ‘No Iranian Energy Act’ was introduced to U.S. lawmakers on April Fools’ Day it is no joke as far as the Americans are concerned and the Iraqis will find little cause for merriment in its contents either. As highlighted by Chairman of the Republican Study Committee, Congressman August Pfluger, this legislation is part of President Donald Trump’s maximum pressure campaign against Iran’s leaders.
Venezuela saw its oil exports slump by nearly 20% in April from March to the lowest level in nine months, after state-owned oil firm PDVSA canceled cargoes for Chevron, Reuters reported on Thursday, citing shipping documents and tanker-tracking data.
Global oil markets are entering a pivotal phase as exploration-driven reserve replacement lags. With only a few bright spots like Namibia and Guyana, estimates suggest that just 25–30% of the oil consumed each year is currently being offset by new discoveries.
Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector.
Indian Oil Corporation has signed a five-year deal with Trafigura to import 2.5 million tonnes of LNG in a USD 1.3 billion-1.4 billion agreement, Reuters cited chairman A S Sahney as saying on Wednesday.