DeepOcean has been awarded a contract by bp to support decommissioning activities at the Foinaven field West of Shetland, including the removal of subsea risers, umbilicals and associated infrastructure from the former FPSO location. SourceContinue Reading
Vår Energi has approved the Balder Next New Wells project in the North Sea, a seven-well development targeting 86 MMboe of reserves and supporting long-term production growth through the Jotun FPSO hub. SourceContinue Reading
ExxonMobil has signed a Heads of Agreement with Zululand Energy Terminal to support development of South Africa’s first LNG import facility at Richards Bay, a project designed to strengthen energy security as domestic gas supplies decline. SourceContinue Reading
The Department of the Interior has reached an agreement with Invenergy to terminate four offshore wind leases and redirect approximately $765 million into natural gas and geothermal energy projects, marking a significant shift in planned U.S. energy investment. SourceContinue Reading
President Trump said the interim U.S.-Iran agreement could be signed within days, bringing the reopening of the Strait of Hormuz one step closer and reinforcing expectations for increased Gulf oil exports and lower crude prices. SourceContinue Reading
Trendsetter Vulcan Offshore deployed its Hercules tethered blowout preventer system to help restore a shut-in U.S. Gulf well, enabling a deepwater dynamically positioned rig to safely perform a shallow-water workover without requiring a separate moored rig. SourceContinue Reading
The IEA has cut its 2026 oil demand forecast by 700,000 bpd, now expecting global consumption to decline by 1.1 MMbpd this year as Middle East disruptions, higher fuel prices and tighter product markets weigh on demand. SourceContinue Reading
Kosmos Energy has completed the sale of its interests in the Ceiba Field and Okume Complex offshore Equatorial Guinea to Panoro Energy for approximately $127 million, using proceeds to reduce debt and focus capital on higher-return assets. SourceContinue Reading
Transocean has secured approximately $185 million in new contract backlog after winning offshore drilling work for the Transocean Norge in Norway and the Transocean Equinox in Australia, extending utilization of its harsh-environment semisubmersible fleet. SourceContinue Reading
Iraq is preparing to increase crude exports from its southern ports as a U.S.-Iran agreement to reopen the Strait of Hormuz approaches, with state marketer SOMO coordinating tanker nominations and export logistics ahead of a gradual recovery in Gulf oil flows. SourceContinue Reading
