Norway’s crude oil export earnings surged 67.9% year-on-year in March to a record 57.4 billion kroner ($6.1 billion), primarily driven by soaring global energy prices following the outbreak of the Iran war and the subsequent closure of the Strait of Hormuz. Oil prices averaged 1,014 kroner ($107.52) per barrel in March, the highest monthly average since September 2023.
Spain’s Repsol will return to Venezuela after it signed a new deal with the Venezuelan government, with plans to increase crude oil production in the country by 50% from current levels.
Japan will establish a USD 10-billion financing framework to help Asian countries secure energy resources and build oil stockpiles as tensions in the Middle East strain supply chains, Reuters reported on Wednesday.
OQ Exploration and Production (OQEP) has signed an agreement with Mitsui E&P Middle East (MEPME) to acquire a 35% non-operated participating interest in Block 27 to grow its upstream portfolio, OQEP announced on Wednesday. OQEP will pay a headline consideration of USD 74.9 million for the asset and take ownership of its share with an effective […]
Aminu Umar, CEO of STAC Marine, talks to The Energy Year about scaling a Nigerian-led FPSO business following a strategic acquisition and positioning the company to capture offshore services demand as deepwater activity accelerates across West Africa.
The U.S. Energy Information Administration (EIA) increased its 2026 Brent oil price projection in its latest short term energy outlook (STEO), which was published on April 7.
GoSubsea and Envirent have formed a strategic alliance to expand subsea equipment rental capabilities and streamline offshore project execution.
The Trump administration sanctioned more than a dozen entities tied to the network of Iranian oil kingpin Hossein Shamkhani, part of its campaign to maintain pressure on Tehran amid diplomatic talks and a standoff in the Strait of Hormuz.
Stena Drilling has secured a contract from Energean Hellas Ltd. for an offshore exploration campaign in Greece, marking the country’s first deepwater drilling operation.
Saipem has been awarded two offshore contracts by Aramco worth a combined $400 million to support development work at the Safaniya field, one of the world’s largest offshore oil fields.