Valaris Limited has been awarded a five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. SourceContinue Reading
OPEC+ agreed to increase output again in June, as the group continues a supply revival aimed at punishing over-producing members that has sent crude prices plunging. Key nations agreed to add 411,000 bpd next month, according to a statement. SourceContinue Reading
Subsea7 has secured a super-major contract1 with Petrobras for the development of the Búzios 11 field located approximately 180 kilometers off the coast of the state of Rio de Janeiro, Brazil, at 2,000 meters water depth in the pre-salt Santos basin. SourceContinue Reading
Rising Phoenix Capital, an oil and gas investment firm, have announced a strategic purchase of mineral interests in Ector and Midland Counties, TX, operated by ConocoPhillips. The transaction strengthens the firm’s growing position in the core of the Midland Basin. SourceContinue Reading
Golar LNG has reached final investment decision (FID) for the 20-year re-deployment charter of the FLNG Hilli Episeyo (FLNG Hilli). The vessel will be chartered to Southern Energy S.A. (SESA), offshore Argentina, to monetize gas from the Vaca Muerta shale formation. SourceContinue Reading
Exxon Mobil Corp. and Chevron Corp. are likely to shoulder more of the Permian basin’s oil growth as independent producers cut back in response to U.S. President Donald Trump’s trade war and supply increases from OPEC+, which have caused oil to drop nearly 18% since April 1. SourceContinue Reading
National Ocean Industries Association (NOIA) President Erik Milito issued a statement on Friday in support of the House Natural Resources Committee reconciliation package. “Chairman Westerman’s bill is a game-changer for offshore energy,” Milito said. SourceContinue Reading
Equinor has entered into agreements with Brazilian company PRIO to sell its 60% operated interest in the Peregrino field in Brazil for $3.5 billion USD. Peregrino is a heavy oil field consisting of a FPSO platform supported by three fixed platforms. Equinor has been operating the field since 2009, with around 300 million barrels of...Continue Reading
Shell Offshore Inc. and Shell Pipeline Company (SPLC), subsidiaries of Shell plc (Shell), have completed the previously announced agreement to increase their stake in the Ursa platform in the Gulf of America/Gulf of Mexico from 45.39% to 61.35%. SourceContinue Reading
TotalEnergies and OQ Exploration and Production have broken ground on the Marsa LNG plant in Oman, one year after reaching FID on the project. The 1 MMtpa liquefaction plant is being built by Marsa LNG LLC, a joint company between TotalEnergies (80%) and OQEP (20%). SourceContinue Reading
