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Oil price shock may be short lived, Canada energy chiefs say

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | April 10, 2025 | Comment off

The plunge in oil prices over the past week was more severe than the market’s dynamics justify, and the drop may be short-lived, according to Canadian energy executives gathered in Toronto.
Leaders of oil and gas producers as well as pipeline companies characterized the sudden decline — sparked by US President Donald Trump’s global tariffs and OPEC’s surprise decision to revive output more quickly than expected — as more of a shock reaction than a reflection of actual supply-and-demand imbalances.

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Oil and Gas Explorers Focus on Near-Field Plays

Oil & Gas‚ Oil and Gas Industry | intent | April 9, 2025 | Comment off

Increasing financial constraints, a low commodity price environment and a shrinking pool of prospective basins have transformed how oil and gas players explore for new barrels. Across the globe operators are prioritizing low-risk, low-cost near field or infrastructure-led exploration (ILX) prospects instead of expensive, high-risk exploration plays. ILX, although not a recent phenomenon, is a reliable avenue that capitalizes on existing production hubs and pipeline networks to commercialize smaller discoveries that might otherwise remain untapped.

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Gunvor Snapped Up North Sea Oil During Futures-Market Tumble

Oil & Gas‚ Oil and Gas Industry | intent | April 9, 2025 | Comment off

Gunvor Group, one of the world’s biggest independent oil traders, piled into the North Sea crude market during a wider rout in futures markets.

The North Sea crude market, home to the world’s most important physical oil-price benchmark Dated Brent, often sees individual traders taking relatively large positions, meaning Gunvor’s actions aren’t definitive proof of bullishness.

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SPIE secures five-year maintenance contract for offshore Angola oil platforms

Oil & Gas‚ Oil and Gas Industry | intent | April 9, 2025 | Comment off

SPIE Global Services Energy, a subsidiary of SPIE, has announced the signing of a five-year contract with Sonangol Exploração & Produção for the general maintenance of the Block 3/05 oil complex in Angola.

This contract, which commenced in early September 2024, covers the offshore maintenance of Cobo, Pacassa and Palanca platforms in Block 3/05, oil fields located about 200 km off the coast of Luanda and operated by Sonangol Exploração & Produção. SPIE Global Services Energy is providing general maintenance services covering electrical and mechanical equipment, HVAC (heating, ventilation, and air conditioning), as well as turbomachinery, instrumentation, and automation systems.

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Shell starts production from Dover, further advancing position in U.S. Gulf

Oil & Gas‚ Oil and Gas Industry | intent | April 9, 2025 | Comment off

Shell Offshore Inc. (Shell), a subsidiary of Shell plc, today announced the start of production at Dover, the second subsea tieback connecting new wells to the existing infrastructure of the Shell-operated Appomattox production hub in the Gulf of America/Gulf of Mexico. Dover brings an estimated peak production of 20,000 barrels of oil equivalent per day (boed).

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$17B in New Deals for World’s Largest Gas Field May Indirectly Go to Russia

Oil & Gas‚ Oil and Gas Industry | intent | April 8, 2025 | Comment off

Iran has awarded US$17 billion of contracts to attempt to reverse a dramatic projected production decline from the world’s biggest gas reservoir. Its South Pars field spans 3,700 square kilometres and holds an estimated 14.2 trillion cubic metres (tcm) of gas reserves plus 18 billion barrels of gas condensate. In addition to generating nearly 80% of Iran’s gas production, it also accounts for around 40% of its total estimated 33.8 tcm of gas reserves (mainly located in the southern Fars, Bushehr, and Hormozgan regions).

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