Islamabad: A substantial deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a cache so large its exploitation could change the country’s destiny, according to a media report.
Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.
Oil futures jumped by about 1% on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses.
Malaysia’s Yinson is divesting its offshore marine business, Regulus Offshore, to compatriot Icon Offshore supporting the seller’s strategic direction to focus on its floating production, storage and offloading vessels and energy transition businesses.
Malaysia’s national oil and gas company has reported MYR171.7 billion ($39.4 billion) in revenue for the first six months of 2024, up MYR2.7 billion ($459.5 million) compared to the same period last year despite weaker selling prices especially for liquefied natural gas.
Crude oil prices hit year-to-date lows on Wednesday, with Brent at $72.63 and WTI at $69.19, driven by weak demand in China and other markets.
OPEC+ delayed plans to ease production cuts, but analysts see challenges due to lost market share and declining prices.
Commodity analysts highlight trend-following strategies and potential for a short-covering rally in oil, while the return of Libyan oil adds further downward pressure on prices.
Italian oil and gas contractor Saipem has won two deals worth $1bn from Aramco, Saudi Arabia’s state-owned oil company.
Offshore drilling giant Noble Corporation has completed the acquisition of US offshore rig owner Diamond Drilling, after getting the final permit earlier this week. Noble said that the transaction, valued at around $2.1bn, enhances its position as a leading offshore driller, creating the largest fleet of 7th-generation dual-BOP drillships in the industry. Through this acquisition, Noble will increase […]
Saudi Arabia’s current account balance is set to flip into deficit as oil prices decline and imports related to huge projects meant to transform the economy rise, the International Monetary Fund said.
The US Department of Interior (DOI) has approved the Maryland Offshore Wind Project, the nation’s tenth commercial-scale offshore wind energy project approved under the current administration.