Oil prices reduced earnings by about $1 billion while gas contributed another $500 million hit when compared to the first quarter, ExxonMobil in a statement Monday, noting that a volatile quarter for commodity prices has weighed on second-quarter profits. SourceContinue Reading
Eni’s CEO met with the Algerian President on Monday to discuss the company’s activities in the country, including gas production and future investments. During the visit, Eni and its partner Sonatrach signed a new hydrocarbons contract for the Zemoul El Kbarunder area worth an estimated $1.35 billion. SourceContinue Reading
bp Plc has appointed Simon Henry, a longtime Shell veteran, to its board of directors as the UK energy giant seeks to expand its oil and gas expertise. Henry left Shell in 2017 after 35 years during which he held the role of chief financial officer and board member. SourceContinue Reading
Draeger Marine & Offshore (DMO) has supplied equipment to support the UK’s first CO2 injection test for carbon capture and storage (CCS). The gas monitoring equipment is being used to ensure safe operations aboard Petrodec’s ERDA rig in the North Sea. SourceContinue Reading
Valaris has been awarded a 940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, the company announced. The combined addition to contracted revenue backlog is approximately $760 million. SourceContinue Reading
McDermott has been awarded a sizeable* offshore transportation and installation contract by BRAVA Energia, an independent oil and gas company in Brazil, for the Papa-Terra field in the Campos Basin and the Atlanta field in Block BS-4 within the Santos Basin. SourceContinue Reading
Petro-Victory Energy Corp. and Azevedo & Travassos Energia S.A. (ATE) have signed a binding memorandum of understanding on July 2, 2025 (MOU) under which Petro-Victory will become a subsidiary of ATE. ATE has agreed to acquire all shares of Petro-Victory. SourceContinue Reading
Companies hired by TotalEnergies SE to build a $20 billion gas project in northern Mozambique have started preparing to resume work on the venture, four years after it was suspended because of a militant insurgency, according to people familiar with the matter. SourceContinue Reading
U.S. oil and gas company VAALCO Energy is refurbishing its FPSO facility at the Baobab field in Block CI-40, offshore Ivory Coast, African Energy Chamber announced. The modernization is set to increase production and extend the field’s economic life. SourceContinue Reading
OPEC+ will increase oil production even more rapidly than expected next month, as the group led by Saudi Arabia seeks to capitalize on strong summer demand in its move to reclaim market share. Eight key alliance members agreed to raise supply by 548,000 bpd at a conference on Saturday. SourceContinue Reading
