Oil And Gas News

The latest Trump administration sale of oil and gas drilling rights in the Gulf of Mexico attracted nearly $82.7 million in high bids on Wednesday, generating more money than a sale in March, but far less than one held in December.The Trump administration offered more than 80 million acres (32.4 million hectares) in the Gulf of Mexico to drillers as part of an effort to boost domestic energy production with regular offshore lease sales.The sale is the second since the U.S.-Israeli war with Iran disrupted global crude flows and sent oil prices to four-year highs.

The Who Dat East Joint Venture, operated by LLOG, has sanctioned the development of the Who Dat East field. The field, located in lease MC 509-1, is in a water depth of approximately 1,300 metres.The Who Dat East project is a one-well development comprising the completion of the 2024 Who Dat East discovery well, the construction of a 29-kilometer pipeline to the Who Dat Floating Production System (FPS), installation of subsea controls, and minor upgrades to the FPS.The total capital cost is estimated at US$155 – 165 million net to Karoon.First production is expected in the second half of 2028…

OPEC oil output rose further in July, a Reuters survey found, as Gulf members restored supplies that were shut due to the Iran war and effective closure of the Strait of Hormuz.Output by the 11-member Organization of the Petroleum Exporting Countries rose by 1.17 million barrels per day month-on-month to 19.85 million bpd, the survey found.That extended the recovery from May, which was the lowest monthly figure since at least 2000, according to Reuters surveys, and also well below…

SLB and Equinor have signed a multi-year agreement for advanced reservoir stimulation services across the Norwegian Continental Shelf, including a major upgrade of the well stimulation vessel MV Island Captain.The agreement provides dedicated stimulation capacity to support the development of tight offshore reservoirs and help maximize recovery from future wells.As part of the contract, MV Island Captain will be converted into a fully proppant-capable stimulation vessel.Planned upgrades include expanded proppant storage…

Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz, as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those which violated the proposed rules.Brent crude futures LCOc1 were up 85 cents, or 1.03%, at $83.34 a barrel by 0634 GMT. U.S. West Texas Intermediate futures CLc1 rose 52 cents, or 0.67%, to $77.81.Oil futures settled up more than $3 a barrel on Thursday as Iran reviewed a bill to ban U.S.

Yemen's Iran-aligned Houthis said on Wednesday they had launched a missile attack on a Saudi oil tanker off the coast of the kingdom's Red Sea port city of Yanbu.Saudi officials did not immediately respond to a request for comment.The Houthis' military spokesperson, Yahya Saree, did not say when the attack took place.(Reuters - Reporting by Nayera Abdallah and Tala Ramadan; Editing by Andrew Heavens)

Oil prices rose on Tuesday as a diplomatic resolution to the U.S.-Iran conflict remained uncertain, while disruptions to oil flows through key shipping routes persisted.Front-month Brent futures LCOc1 rose $1.04, or 1.24%, to $84.81 a barrel by 0800 GMT after dropping 7% in the previous session to a three-week low.U.S. West Texas Intermediate (WTI) crude CLc1 was up 30 cents, or 0.37%, at $80.64 a barrel after falling more than 5% in the previous session to its lowest in nearly a week.Prices had dropped after U.S.

U.S. President Donald Trump accused ExxonMobil and Chevron on Monday of making "too much money" off higher fuel prices and said the oil giants should "give some of that back to the public," a notable break from his usual alliance with the industry."I don't like it," Trump told reporters on Monday, three days after the companies reported blowout second-quarter earnings as the ongoing war in Iran keeps oil prices high. “Chevron, too much money. ExxonMobil, too much. Too much money.”Exxon…

DOF Group has secured long-term contract extensions with Petrobras for the Skandi Buzios and Skandi Recife pipelay support vessels (PLSVs), extending both contracts into January 2028.Following negotiations with Petrobras, Skandi Buzios was awarded a 516-day extension, while Skandi Recife secured a 550-day extension, DOF said.The contracts had previously been due to expire in the third quarter of 2026.Both vessels are owned by a joint venture between DOF and TechnipFMC, with each company holding a 50% interest.

The two very large crude carriers (VLCC) carrying oil loaded from the Gulf exited the Strait of Hormuz on Friday, with traffic through the waterway remaining thin, according to Kpler ship-tracking data.The Spain B vessel is carrying crude oil loaded from the Saudi Arabian port of Ras Tanura on July 12, and is currently anchored off Fujairah in the United Arab Emirates. Meanwhile Noble, which loaded Iraqi Basrah crude on July 25, is heading to China.Both VLCCs are carrying about 2 million barrels of crude each.

A drone caused the fire that engulfed two gas vessels at Egypt's Mediterranean port of Damietta, the Egyptian cabinet said on Thursday, confirming for the first time that the blaze which erupted a day earlier was the result of an attack rather than an accident.No party has claimed responsibility, and authorities were continuing their investigations and taking necessary measures to protect Egypt's national security, the cabinet added.British maritime security firm Ambrey said on Wednesday that a drone had hit a U.S.-owned gas storage tanker at the port…

Oil prices rose for a second day on Thursday as renewed attacks between the United States and Iran disrupted oil flows through key shipping routes.Brent futures LCOc1 rose $1.06, or 1.17%, to $91.80 a barrel as of 0812 GMT after touching a low of $89.02 in the session.U.S. West Texas Intermediate (WTI) crude CLc1 gained 39 cents, or 0.46%, to $84.85 a barrel after hitting a session low of $83.21.Geopolitical tensions continued to simmer after the U.S. military said it had hit dozens of Islamic Revolutionary Guard Corps targets in Iran…

Tehran has ruled out Oman's proposal for regional joint management of the Strait of Hormuz, a senior Iranian official told Reuters on Wednesday, scuppering hopes for a resolution to the impasse that has choked off Gulf trade for months.Oman proposed a new regional deal aimed at resolving the conflict over the critical strait, through which about a fifth of global oil and liquefied natural gas flowed before the U.S. and Israel attacked Iran in February.However, Tehran ruled out Oman's proposal for regional joint management of the strait, saying it had no chance of success.The U.S.

Dutch offshore contractor Allseas has completed one of the most extensive renewal and upgrade programs in the history of its pipelay vessel Solitaire, paving the way for the ship's return to commercial operations following 10 months of work in Rotterdam.The program modernized the vessel's propulsion, power generation, automation and hybrid power systems, while upgrading its double joint factory (DJF), a key component of Solitaire's pipelay operations for more than 25 years.The company said the upgraded DJF is designed to support a more automated and data-driven pipelay process…

Oil futures prices fell over 3% on Friday but are still set for hefty weekly gains because of concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war with Iran.Brent futures LCOc1 fell nearly $4, or 3.96%, to $96.70 a barrel at 0946 GMT, having settled above $100 in the previous session for the first time since May after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea.The contract remained on course for a 9.7% advance this week.West Texas Intermediate (WTI) futures CLc1 were down $3.15 or 3.42% at $89.04 a barrel…

Saipem has confirmed the completion of a key offshore installation campaign for the Neptun Deep natural gas project in Romania, marking another milestone in the development of what is expected to become the European Union's largest offshore gas project.The campaign, carried out by the Saipem 7000 heavy-lift vessel, included the installation of the production platform's 7,500-tonne jacket and 9,000-tonne topside, as well as associated offshore works forming part of the company's engineering…

DOF Group has agreed to sell four platform supply vessels (PSVs), acquire two construction support vessels (CSVs) under construction and declare a constructive total loss on the anchor handling tug supply (AHTS) vessel Skandi Amazonas, as the company continues to optimize and modernize its fleet.The company said it will sell the Skandi Mongstad, Skandi Flora, Skandi Feistein and Skandi Kvitsøy, with deliveries expected during the third quarter of 2026.The vessels will remain on their current contracts…

Asian and European buyers of liquefied natural gas (LNG) plan to ask for lower prices and additional supply guarantees from Qatar and the United Arab Emirates as the U.S.-Iran war raises insurance costs on those deliveries, buyers, traders and industry executives told Reuters.The war is reshaping the global energy industry, stripping Gulf producers of their reputation as the world's most reliable suppliers, which in the past gave them significant negotiating power. Their ability…

The Iranian-aligned Houthis said on Thursday they struck two Saudi oil tankers as part of a naval blockade on Saudi Arabia, threatening to create a second chokepoint on global oil supplies alongside Iran's near-closure of the Strait of Hormuz.Meanwhile the U.S. military completed a new round of strikes on Iran at President Donald Trump's direction, marking a 12th successive night of American attacks and prompting further Iranian retaliation.Iran said it attacked U.S. missile systems, weapons and fuel storages in Jordan, as well as U.S.

ABL has been awarded a contract by Oil Search (PNG), a subsidiary of Santos, to provide marine warranty survey (MWS) services for Papua New Guinea's first offshore floating storage and offloading (FSO) facility.The work will support the supply, transportation, installation, pre-commissioning and commissioning of the FSO, which will be deployed at the Kumul Marine Terminal as part of the Kutubu Pipeline System.The FSO will provide storage and offloading for crude oil and condensate produced from multiple fields…

Sea1 Offshore has launched the Sea1 Diamond, the first vessel in a series of four offshore energy support vessels under construction at COSCO Shipping.The float-out marks a key milestone in Sea1 Offshore's newbuild program, with the company describing the vessel as the start of a new chapter for its fleet.Sea1 Diamond is the first of four offshore energy support vessels ordered from the Chinese shipyard. The initial two vessels were contracted in November 2024, followed by two additional units in March 2025 as Sea1 expanded the program.Based on the ST-245 design…

Oil prices rose to near six-week highs on Wednesday on mounting concerns about disruptions to key Middle Eastern supply routes because of escalating hostilities between the U.S. and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.Brent crude futures LCOc1 rose $2.84, or 3.12%, to $93.85 a barrel at 0833 GMT. U.S. West Texas Intermediate crude CLc1 climbed $2.93, or 3.47%, to $87.27. Both benchmarks touched their highest levels since June 11.The U.S. military said late on Tuesday, early Wednesday in Iran, that it carried out an 11th consecutive night of attacks. The U.S.

ABB has agreed to acquire UK-based intelligent flow control solutions provider Rotork in a recommended all-cash deal valuing the company at about $5.5 billion, expanding its automation portfolio and strengthening its position in industrial automation.ABB said Rotork's flow control and instrumentation portfolio complements its existing automation business and will strengthen its position at the field-device layer by adding intelligent field devices and software used to monitor…