The U.S. has begun releasing 86 MMbbl of crude from the Strategic Petroleum Reserve as part of a coordinated international effort to ease oil prices following supply disruptions linked to the Iran conflict and halted tanker traffic through the Strait of Hormuz. SourceContinue Reading
The U.S. Interior Department has approved bp’s Kaskida deepwater development in the Gulf of America/Gulf of Mexico. The project, expected to begin production in 2029, could unlock an estimated 275 MMbbl of oil from bp’s Paleogene discoveries. SourceContinue Reading
Venture Global has taken final investment decision (FID) on Phase 2 of its CP2 LNG project and secured $8.6 billion in project financing, bringing total financing to $20.7 billion as the company expands U.S. LNG export capacity. SourceContinue Reading
OPEC crude output rose by 640,000 bpd as Saudi Arabia increased production ahead of escalating tensions with Iran, according to a Bloomberg survey. The surge came just before tanker flows through the Strait of Hormuz were disrupted by regional conflict. SourceContinue Reading
U.S. marketed natural gas production reached a record 118.5 Bcf/d in 2025, according to the EIA. Growth was led by the Appalachia, Permian and Haynesville regions, which together accounted for more than two-thirds of total U.S. gas output. SourceContinue Reading
Germany criticized the U.S. decision to temporarily ease sanctions on Russian oil cargoes already at sea, warning the move could send the wrong signal to Moscow as oil prices rise following the Iran conflict. SourceContinue Reading
Mach Natural Resources reported a 109% increase in total proved reserves to 705 MMboe following acquisitions in the Permian and San Juan basins. The company also posted strong 2025 production of 154 MMboe/d and reaffirmed its 2026 development outlook. SourceContinue Reading
World Oil/Gulf Energy Information’s Deepwater Development Conference wrapped up its highly successful three-day stand in Lisbon on Thursday. The final day featured a Contractors’ Panel, two solo speakers, and three themed technical sessions. The participants represented a wide mix of service companies and operators. SourceContinue Reading
Brent crude surged above $100 per barrel for the first time since 2022 as tanker attacks and shipping disruptions near the Strait of Hormuz triggered the largest supply shock in oil market history. SourceContinue Reading
Rex International reported average February production of 10,300 boepd from assets in Norway, Oman and Germany, with the Brage field offshore Norway contributing the majority of output. SourceContinue Reading
