Africa’s next energy growth cycle will be driven less by new discoveries and more by the ability to build infrastructure, expand LNG capacity and monetize existing reserves, according to analysts participating in the State of African Energy 2026 Outlook webinar hosted by the African Energy Chamber (AEC) and S&P Global.
Seadrill added more than $860 million to its offshore drilling contract backlog during first-quarter 2026, supported by new deepwater rig awards and extensions across Brazil, the U.S. Gulf and Angola as the company pointed to strengthening demand for offshore drilling services.
DOF Group ASA has secured nearly $2 billion in long-term contracts with Petrobras for four new ROV support vessels (RSVs) that will support subsea inspection, maintenance and repair (IMR) operations offshore Brazil.
The reputation of the Strait of Hormuz as a reliable artery for global energy trade may be permanently damaged by its prolonged closure, International Energy Agency Executive Director Fatih Birol said.+
Brent crude oil fell 4.3% to $96.96 per barrel on May 7, 2026, during volatile trading, as renewed hopes of a U.S.-Iran peace deal emerged, according to market analysts. The benchmark slipped $4.31 from its May 6 close, with intraday fluctuations of up to 4.6%, exchange data showed. Shipping giant Maersk warned that even if a peace agreement were reached soon, high energy costs would persist due to structural supply constraints.
WTI Crude Oil May 2026 market: Current pricing suggests a 50% chance of reaching $110, a 23% chance of reaching $120, and a 14% chance of hitting $130. Recent trends indicate increasing probabilities for higher price thresholds.
The global oil market narrative has changed dramatically since the start of 2026. In January, the dominant concern was a potential supply glut. Global inventories looked comfortable, and Brent crude prices were expected to stay subdued for much of the year.
Tema Oil Refinery (TOR) is increasingly turning to crude oil from West Africa as part of efforts to restore stable operations and support a long-term recovery plan, its managing director has said.
Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched off their transponders to avoid detection.
Equinor ASA has put onstream the Eirin field in the North Sea, growing Norway’s capacity to export natural gas to Europe.