Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but it’s anything but. With demand picking up in Asia and OPEC+ preparing to unwind production cuts faster than expected, Exxon, Chevron, Shell, and TotalEnergies are digging in—ready to pump more, not less.
U.S. crude oil supply will rise more slowly than expected for the rest of 2025 and in 2026 and peak as early as this year, as WTI benchmark prices below $60 per barrel are testing the breakeven point of shale production, energy flows intelligence firm Kpler said on Monday.
Harbour Energy and its partners have taken final investment decision on the Southern Energy FLNG export project offshore Argentina’s Río Negro province, the company said on Friday.
ADNOC Drilling Company has been awarded a contract by compatriot ADNOC Offshore for three newbuild island rigs for the Zakum offshore development project in Abu Dhabi, ADNOC Drilling announced on Monday.
Imperial Oil Ltd. has reported CAD 1.29 billion ($932.94 million), or CAD 2.52 per diluted share, in net income for the first quarter (Q1), up CAD 93 million from the same three-month period last year despite lower upstream production.
Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand.
Nigeria’s Seplat Energy PLC has reported $809.3 million in revenue for the first quarter (Q1), up 350 percent from the same three-month period in 2024 as higher oil and gas volumes offset lower prices.
Net profit came at $23.3 million, or 3.1 cents per share, compared to a net loss of $1.9 million for Q1 2024.
BW Energy has reached final investment decision (FID) for the Maromba development offshore Brazil based on a capex-efficient development with an integrated drilling and wellhead platform (WHP) and a refurbished FPSO. The development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands.
Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand.
West Texas Intermediate futures fell 2% to settle just above $57 a barrel, a fresh four-year low for the closing price. OPEC and its allies agreed on Saturday to continue loosening supply constraints as the group’s leaders seek to punish overproducing members and win back market share.
Valaris Limited has been awarded a five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days.