BP Eyes Egyptian Asset Sales - Report
BP is weighing the sale of several gas assets in Egypt as part of CEO Meg O'Neill’s plan to cut net debt from $22.2 billion in 2025 to a target range of $14‑$18 billion by 2027. The Egyptian portfolio, which supplies roughly 60% of the country’s gas and produced 518 million cubic feet per day, has seen output fall 40% from 2024. BP’s new Arcius Energy joint venture, formed with ADNOC‑owned XRG, now controls key concessions including Zohr and the $500 million Harmattan project. While no decision is final, the move reflects a broader super‑major trend of off‑loading mature, lower‑return assets.
Pemex Chief Executive Resigns, Financial Director Appointed to Role
Mexican President Claudia Sheinbaum announced that Pemex chief executive Victor Rodriguez will step down, appointing CFO Juan Carlos Carpio as his successor. Rodriguez’s tenure was limited to an 18‑month conditional term, and he will move to a role at the Institute...
Eni in Early Talks to Raise Funds From Private Equity Players: Report
Italian energy giant Eni has entered early discussions to raise capital from private‑equity investors, appointing Morgan Stanley as its financial adviser. The company is exploring a structure that could be underpinned by its fleet of floating liquefied natural gas (FLNG)...
European FPSO Player Marks Financing Milestone
Bluewater, the Dutch floating‑production, storage and offloading (FPSO) specialist, closed a $175 million bond issuance on May 14, 2026. The proceeds will refinance an existing bond and a term loan, improving the company’s capital structure. The financing marks a significant milestone for European...
UK Company Advances in Vietnam with Successful Appraisal Well
Pharos Energy, the UK‑listed oil and gas producer, announced the successful drilling of an appraisal well at the Te Giac Trang (TGT) field offshore Vietnam. The well confirms reservoir quality and could lift the company’s offshore output. A second appraisal...
Namibia Grants Extension to Licence in Alluring Basin
Namibia’s Ministry of Industries, Mines & Energy has granted state‑owned Namcor a short extension on its offshore Petroleum Exploration Licence 102 in the Luderitz basin, now running until 7 October 2026. The move follows high‑profile farm‑in activity by TotalEnergies and Petrobras on neighbouring...
Odfjell Updates on Deepwater Rig that Dropped Its BOP
Norwegian offshore contractor Odfjell Drilling reported that its Deepsea Atlantic semi‑submersible rig suffered a blowout preventer (BOP) loss during a recent deepwater operation. The incident has forced the rig out of service, and the company now estimates a three‑to‑four‑month repair...
Operator Works to Restore Capacity at One of World’s Largest Gas Plants Damaged by Iran Attacks
Abu Dhabi’s Habshan gas‑processing complex, one of the world’s largest with over 6.1 billion cubic feet per day capacity, was struck by an Iranian drone in March 2026. The attack knocked roughly a third of the plant’s output offline, prompting immediate...
Thailand Pulls Out of Historic Cambodia Joint Exploration MoU
Thailand announced it is withdrawing from the 2001 memorandum of understanding with Cambodia that set out joint exploration and development of offshore oil and gas in their overlapping maritime claims area. The decision ends a two‑decade‑old framework aimed at sharing...
Roll up, Roll Up: Australian Indie Seeks New CEO
Timor Resources, a privately‑owned explorer in Timor‑Leste, is seeking a new chief executive to steer a 2026 appraisal drilling programme. The company holds two on‑shore production‑sharing contracts (Blocks A and C) and has drilled three wells between 2021 and 2023. An independent...
Petroperu to Seek $2 Billion Lifeline in State-Backed Loans
Peru’s state‑owned oil firm Petroperu has been authorized to secure up to $2 billion in private, state‑backed loans to stave off a liquidity crunch. The company is burdened with roughly $8 billion in debt, half of which is due in the short...
Who Won Aramco's Lucrative Long-Term Framework Deals?
Saudi Aramco awarded long‑term agreement (LTA) framework deals to more than two dozen contractors for project‑management consultancy and on‑shore brownfield work across its oil and gas assets. The multi‑year contracts aim to streamline execution, lock in capacity and pricing, and...
Australia to Reserve 20% of Gas Exports for Domestic Market
Australia will require gas exporters to reserve 20% of LNG volumes for the domestic market starting 1 July 2027. The Albanese government plans to finalize the policy design after a consultation period later this year. The move aims to secure enough gas...
Australia Gas Project Advances Into Early-Stage FEED
Hancock Energy has moved its Lockyer gas project in Western Australia into the early‑stage front‑end engineering design (FEED) phase. The plan centers on a central processing facility (CPF) that will treat up to 117 MMcfd of natural gas from the Lockyer...
Petronas Seeks Contractor to Shoot 3D Seismic Offshore Indonesia
Petronas announced it is seeking a contractor to conduct 3D seismic surveys on the Serpang production‑sharing contract offshore Indonesia. The Serpang block, awarded to Petronas in 2025, is viewed as a frontier for new hydrocarbon discoveries in the region. The...
Arrow Brings Colombia Well on Stream After Pay Hit
Arrow Exploration announced that its Mateguafa HZ12 appraisal well on Colombia’s Tapir block has intersected multiple oil‑bearing zones and entered production in April. The well is currently delivering about 564 barrels of oil per day at a restricted rate, with...
Houston Offshore Gathering Shrugs Off Middle East Volatility
The Offshore Technology Conference (OTC) in Houston drew roughly 60,000 attendees from May 4‑7, 2026, showcasing offshore oil and gas innovation despite the Middle East war driving price volatility. Industry leaders said higher prices won’t automatically trigger larger exploration budgets;...
Chevron Wins Exploration Deal in Neglected Malta
Chevron has signed an exploration study agreement to evaluate four offshore blocks off Malta’s south coast, marking its latest push into the Mediterranean basin. The deal, sealed on April 24, calls for desktop geological and geophysical analysis using existing data. Only...
Australia and Japan Ink Energy Security Cooperation Agreement
Australia and Japan signed a joint declaration on May 4, 2026 committing to mutual energy security and market‑oriented trade and investment. The agreement, announced at Parliament House in Canberra, emphasizes a rules‑based framework for cooperation across the energy value chain. Both leaders...
Southeast Asia Gas Development Advances with Subsea Pipelaying
Prime Energy, a leading upstream firm in the Philippines, has completed subsea pipelaying and offshore construction for the Malampaya Phase 4 gas project. The 690‑meter‑deep pipeline was installed using Allseas' Audacia vessel, positioning the field to deliver its first gas in...
QatarEnergy Begins Process to Repair Two LNG Mega-Trains Hit in Iran Attack
QatarEnergy has started the formal repair process for two LNG mega‑trains damaged in an Iranian missile and drone attack earlier this year. The mega‑trains, each handling about 8 million tonnes of LNG annually, are key assets at the Ras Laffan complex, which...
US Official Defends BOEM-BSEE Merger as ‘Key Component’ of Offshore Production
The Department of the Interior announced the consolidation of the Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE) into a single offshore regulatory agency. The official described the merger as a "key component"...
Norway Drilling Technology Specialist Acquired by US Energy Services Player
Expro, a Houston‑based energy services firm, announced the acquisition of Norway’s Enhanced Drilling for roughly Nkr 2 billion (about $215 million). The deal adds a specialist offshore drilling‑technology provider to Expro’s portfolio, strengthening its well‑construction capabilities. Enhanced Drilling brings proven expertise in high‑pressure,...
US Shale Player Sees ‘Signal’ Needed to Begin Growing Production
Diamondback Energy, which trimmed output in 2025 amid fears of a global oil glut, announced it has received sufficient market cues to restart production growth in 2026. In a shareholder letter, CEO Jeremy Taylor said the company will add barrels...
Namcor Hunts Partner to Drill 2-Billion-Barrel Prospects in Orange Basin Block
Namibia's state oil company, Namcor, is looking for a joint‑venture partner to develop Petroleum Exploration Licence 79 in the Orange Basin. The shallow‑water block hosts two drilling targets estimated to contain about 2 billion barrels of oil equivalent, located east of...
Adnoc Outlines Plan for $55 Billion Project Awards, Days After Opec Exit
Abu Dhabi National Oil Company (ADNOC) announced it will award roughly 200 billion Emirati dirhams—about $55 billion—in new projects between 2026 and 2028, accelerating its capital spending schedule. The plan was unveiled just days after the United Arab Emirates announced its departure...
Angkor Ups the Ante in Cambodia
Angkor Resources, a Toronto‑listed junior miner, has signed an amended alliance with private Canadian firm 358140 Alberta Ltd to boost its ownership in the Block VIII on‑shore concession in Cambodia. The revised deal lifts Angkor’s stake to a controlling level, positioning...
Production Begins at Eighth FPSO in Brazil’s Largest Offshore Field
Petrobras has started production on the P‑79 floating production, storage and offloading (FPSO) vessel at the Buzios pre‑salt field in the Santos Basin. The new unit can process 180,000 barrels of oil per day and compress 7.2 million cubic metres of...
US LNG Player Backed by Oil Heavyweights Offers Timeline for First Gas Into Export Terminal
NextDecade, a U.S. LNG developer backed by major oil firms, announced that it expects to introduce feedgas into its Rio Grande LNG export terminal in the second half of 2026. The first commercial LNG production is slated for 2027, positioning the...
ExxonMobil CEO: ‘Market Hasn't Seen the Full Impact’ of Middle East War
ExxonMobil CEO Darren Woods told investors on May 1 that the market has not yet absorbed the full impact of the ongoing Middle East conflict. He said existing global oil stockpiles are currently cushioning supply disruptions, keeping prices from spiking...
Expand Energy ‘Not Waiting Around’ for New CEO as Search for Leader Continues
Expand Energy’s interim chief Michael Wichterich said the company will not pause its growth plan while it searches for a permanent CEO. The board expects to appoint a new leader within six to nine months, preferably an energy‑sector veteran. Meanwhile,...
Royal Navy Chief Says Russia Remains ‘Gravest’ Threat to UK Subsea Security
Russia is deemed the gravest threat to the United Kingdom’s subsea security, according to First Sea Lord General Sir Gwyn Jenkins. Over the past two years, Russian naval activity in UK waters has risen by nearly a third, prompting the...
Murphy Dominates Cameroon Licensing Round
Murphy Oil emerged as the clear winner of Cameroon’s latest licensing round, securing four offshore blocks—Etinde Exploration, Tilapia, Elombo and Ntem—covering roughly 10,600 km² in the Douala‑Kribi‑Campo basin. The U.S. independent’s win expands its African footprint beyond Ivory Coast and Morocco,...
Bolivia’s State Player Gets New Head After CEO Resigns Less than a Month in the Job
Bolivia’s state‑owned oil company YPFB has appointed Sebastian Daroca Oller as its new chief executive after the previous CEO, Claudia Cronenbold, resigned less than a month into her tenure. The rapid leadership change comes amid widespread fuel shortages, long pump...
SLB Profits Drop as Middle East War Marks ‘Challenging Start of the Year’
SLB reported a 6% decline in first‑quarter profit, posting $752 million, or $0.50 per share, as the Middle East conflict disrupted its well‑construction and reservoir‑performance businesses. Net revenue rose modestly to $8.72 billion, driven by a 26% jump in North America sales...
EU Widens Sanctions on Russian Energy Sector
The European Union announced a new sanctions package targeting Russia's oil and gas sector, adding regional producers Bashneft, Slavneft and Nizhnevolzhskneft, 12 major refineries, and several Gazprom subsidiaries to its blacklist. The measures also extend to maritime assets, sanctioning 46...
Vietnam Offshore Gas EPCIC Awarded to Domestic Player
Vietnam’s state‑owned contractor PetroVietnam Technical Services Corp Mechanical & Construction (PTSC M&C) secured the EPCIC contract for the Su Tu Trang Phase 2B offshore gas project in Block 15‑1. The award marks the second phase of development for the Su Tu Trang field, which aims to boost Vietnam’s...
Drillship Arrives in Namibia for Potential Two-Well Campaign
Saipem's 12,000‑ton drillship arrived in Walvis Bay, Namibia, marking the company's latest deployment in Africa's emerging offshore sector. The vessel is slated to support Rhino Resources' planned two‑well exploration campaign targeting the country's offshore basins. The arrival underscores growing interest...
Equinor and Vaar Team up for 'New Concept' Exploration Well
Equinor and Vaar Energi announced plans to drill the Lakris prospect, a large‑scale exploration well in the Norwegian Sea, slated for the third quarter of 2026. The well has been labeled a “new concept” or high‑impact project, reflecting its potential...
Key Contracts Awarded for Indonesia Offshore Gas Project
Conrad Asia Energy has awarded the core contracts for phase one of its Mako offshore gas development off Indonesia, a project valued at US$320 million. The contracts cover drilling, subsea infrastructure and processing facilities, positioning the field for a production start‑up...
Fresh Delays at Qatar Expansion Megaproject Amid Iran War Uncertainty
QatarEnergy’s Maydan Mahzam offshore expansion, a multibillion‑dollar LNG project, is experiencing fresh delays as its bid process stalls. The uncertainty stems from heightened tensions in the Strait of Hormuz and the broader Iran‑Israel conflict, which have disrupted shipping routes and...
Myanmar Signs Deal with Chinese Operator to Increase Oil Production
Myanmar’s government has signed a cooperation agreement with a Chinese oil operator to boost output at the on‑shore Htaukshapin‑Kanni field. The partnership will focus on enhanced petroleum recovery techniques to extract additional barrels from the mature reservoir. While the exact...
War Risk Insurance Costs Surge for Middle East Offshore Projects
Rising war‑risk insurance premiums for vessels navigating the Strait of Hormuz are inflating costs on critical offshore oil and gas projects across the Middle East. The surge follows recent attacks that have heightened geopolitical tension and disrupted logistics. Contractors now...
Saipem Gets to SURF with ExxonMobil's Latest Guyana Project
Saipem secured a contract to perform subsea engineering for ExxonMobil's proposed Longtail development offshore Guyana. The deal gives the Italian contractor the green light to execute SURF (Subsea Umbilical Risers and Flowlines) work, marking its first such engagement in the...
Saipem Sees Earnings Growth as Strait of Hormuz Closure Clouds Future
Saipem reported first‑quarter revenue of €3.53 billion ($4.15 billion) and flat profit, while adjusted EBITDA jumped 23% to €434 million ($511 million), matching analyst forecasts. The Italian contractor secured €1.7 billion ($2.0 billion) in new contracts and cut capital spending by 58% to €44 million ($52 million). It...
Iran Reiterates Interest in Securing Russian Pipeline Gas - Report
Iran reaffirmed its commitment to secure long‑term pipeline gas from Russia after a stalled trial shipment via Azerbaijan. Tehran aims to start with a 2 billion cubic metres per annum (Bcma) trial using legacy pipelines, then scale to 55 Bcma once new...
Halliburton Upbeat on Post-Iran War Business Outlook, Predicts US Drilling Resurgence
Halliburton posted first‑quarter 2026 results that were essentially flat versus the same period a year earlier, aligning with Wall Street forecasts. CEO Jeff Miller said the company is optimistic about a post‑Iran war environment, expecting higher oil and gas prices...
US Supreme Court Sides with Chevron in $745 Million Coastal Lawsuit
The U.S. Supreme Court issued an 8‑0 ruling that vacated a Fifth Circuit decision, allowing the $745 million coastal lawsuit against Chevron by Plaquemines Parish to be reconsidered in federal court. The Court found the lower courts erred by not recognizing...
CNPC Takes Key Role in Acreage with High Hopes for Kazakhstan
China National Petroleum Corporation (CNPC) has signed a binding agreement with Kazakh state oil and gas firm Qazaqgaz to explore the Severny‑1 block in the Aktyubinsk region. CNPC will invest roughly $7.4 million to acquire 2D and 3D seismic data and...
Russian Energy Remains Sticking Point as Hungary Eyes Fresh Start
Peter Magyar, Hungary's new prime minister, has signaled a more EU‑aligned stance but insists that any move away from Russian oil and gas must be preceded by viable alternatives. Hungary’s key supply line, the Druzhba pipeline, has been offline since...