The joint venture deal comprises two rigs in Kuwait and six in Oman, all currently under contract with the Kuwaiti and Omani NOCs. ANDOC Drilling will pay USD 91 million for the 70% stake, plus an additional potential payment of USD 21 million based on rig performance, Reuters reported.
OKEA ASA and its partners in production license 055 have made a discovery that is estimated to hold 300,000 to 2.8 million barrels of recoverable oil equivalent along the eastern flank of the already producing Brage field on Norway’s side of the North Sea.
bp Trinidad and Tobago (bpTT) announced today that the Mento development has safely delivered first gas through connection of the initial discovery well and the drilling campaign for the remaining seven gross wells on the platform will now begin.
Exxon remains confident it will prevail in the case over the field’s ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president, said at the Bernstein Strategic Decisions Conference in New York on Thursday. But there will be “no change for us” if Exxon loses, he said.
South Africa has proposed to buy liquefied natural gas (LNG) from the United States over a 10-year period as the country looks to secure a trade deal with the Trump administration, a ministerial statement by the South African government has revealed. South Africa plans to import 75 to 100 million cubic metres of LNG per year from the U.S., the world’s top LNG exporter. According to Khumbudzo Ntshavheni, South Africa’s Minister in the Presidency, the deal would “unlock approximately $900 million to $1.2 billion in trade per annum and $9 billion – $12 billion for 10 years based on applicable price.” According to Ntshavheni, U.S. LNG will not replace South Africa’s current supplies but rather complement them.
The OML118 Production Sharing Contract (PSC) is located deep offshore at ~74 mi (120 km) south of the Niger Delta in Nigeria, and contains the Bonga field, which started production in 2005, as well as the Bonga North field, the development of which started in 2024. Production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boed in TotalEnergies’ company share in 2024.
The port of Vancouver last year saw a surge in petroleum cargo flows thanks to the completed expansion of the Trans Mountain pipeline. The expansion tripled the pipeline’s capacity, boosting oil flows from the east to the west. Earlier this year, Canadian media reported that the port handled a record amount of goods in 2024 thanks to the surge in oil exports. These exports alone soared by 527%.
The statement from Musk, however, doesn’t mean that fossil fuels are irrelevant. Musk warned in 2022 that the world would need to continue extracting oil and gas lest civilization start to crumble. “Realistically, I think we need to use oil and gas in the short term because otherwise, civilization will crumble,” adding that the transition to sustainable energy would “take some decades to complete.”
Despite the market’s hand-wringing, OPEC+ appears determined to stick with its roadmap to gradually restore output that was cut during the COVID-era slump. The unwinding plan has been telegraphed for months, and reversing course now could risk credibility—something the group has worked hard to reestablish.
Alberta’s wildfire season is off to a fiery start, with a major blaze near the town of Swan Hills prompting evacuations and temporarily shuttering oil operations. The fire—burning out of control and spanning roughly 1,600 hectares—is just 7 km from Swan Hills, forcing the town’s 1,200 residents to flee Monday night.