Treasury Secretary Scott Bessent said the US aims to squeeze Iran’s oil exports to less than 10 percent of current levels as President Donald Trump renews a campaign of “maximum pressure” on Tehran’s nuclear program. “We are committed to bringing the Iranians to going back to the 100,000 barrels-a-day of oil exports” shipped during Trump’s first […]
Ulstein Design & Solutions has confirmed that Penta Ocean Construction Company Limited has signed a contract for the construction of an Ulstein HX118 U-Stern installation vessel The heavy-lift vessel, to be built at Seatrium in Singapore, will be used to install large monopile foundations for the offshore wind sector. Ulstein first unveiled the U-STERN hull concept in […]
President Trump signed several executive orders aimed at boosting domestic energy production and reducing reliance on foreign energy. The administration withdrew from the Paris Climate Agreement and paused offshore wind leasing. Environmental regulations were cut to stimulate economic growth and promote energy independence. On his first day in office, President Donald Trump signed several executive […]
Tamboran Resources Corporation and Santos Limited have entered into a non-binding Memorandum of Understanding (MOU) to undertake technical studies relating to a potential Darwin LNG (DLNG) Train 2 expansion and collaborative work on the jointly owned EP 161 acreage (Santos 75% operator, Tamboran 25%) in the Beetaloo Basin. The goal of the studies is to […]
IEA revises annual growth forecast upward as oil demand strengthens, with notable increases across Asia and the Middle East The International Energy Agency’s (IEA) January 2025 Oil Market Report reveals a revised annual growth forecast for oil demand, reflecting a more robust recovery than initially anticipated. Global demand for oil is now projected to increase by 2.1M […]
In 2024, the crude oil and natural gas market navigated a complex landscape of controlled OPEC+ supply and variable demand, heightened geopolitical tensions, macroeconomic weakness, and a continued focus on energy transition. This resilience is reflected in the stability of oil prices: Brent crude oil prices exhibited a minimal average monthly change and a monthly […]
The transformation of the oil and gas industry is picking up speed. We look at issues from shifting LNG demand to increased regulation on emissions and the impact of AI. Furthermore, we explore how the rapid shift towards EVs and the beginnings of a move away from gas stoves are all having an impact on […]
Crude oil prices rose for the third consecutive session on Wednesday, driven by China’s plans to boost its economy, potential new U.S. sanctions on Russian oil, and a consistent decline in U.S. crude supplies. These factors, combined with mixed projections from OPEC, are shaping a dynamic and complex energy market. Key Drivers Behind the Price […]
SLB’s OneSubsea™ joint venture has secured a groundbreaking contract with Petrobras to deliver two cutting-edge subsea raw seawater injection (RWI) systems. These systems will enhance production efficiency at the prolific Búzios field, reducing greenhouse gas (GHG) emissions per barrel of oil while increasing recovery rates for Petrobras’ FPSOs P-74 and P-75. A Smarter Approach to […]
Shell Offshore Inc., a subsidiary of Shell plc, has made an exciting announcement about its continued commitment to energy production in the U.S. Gulf of Mexico (GoM). The company has reached a Final Investment Decision (FID) for the Phase 3 Silvertip project. This new venture aims to deliver two high-performing wells at the Shell-operated Perdido […]
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