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The UK government is mulling over a change to the law to oil and gas projects in the North Sea in a drive to lower energy bills. The government has given extra funds for the Department for Energy Security and Net Zero to invest between 2026…
Chinas state energy company CNOOC said today it had discovered a new oilfield in the South China Sea that could contain over 100 million tons of crude oil, equal to around 733 million barrels. Dubbed Huizhou 19-6, the field is located some 100 miles offshore the province of Shenzhen.
Portugal-based energy company Galp expects its oil production in Brazil to jump by 40% in the coming years as a new major field is set to begin production later in 2025, Nuno Bastos, EVP Upstream, has said. The Portuguese firms production in Brazil is about 110,000 barrels of oil equivalent per day (boepd) at present.
The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston.
Kazakhstan is likely to top its oil production plan this year, due to the expansion of the Chevron-led Tengiz field, Kazakhstans Energy Minister Erlan Akkenzhenov said on Friday, in yet another snub at OPEC+ quotas. Earlier this year, Kazakhstans energy ministry said that the country plans to produce a total of 96.2
The ongoing conflict between Israel and Iran continues to send shockwaves through global energy markets. Recent strikes on Iranian energy infrastructure by Israel have heightened concerns about supply disruptions and price volatility. Global oil stocks are below five-year averages, and the U.S.
Namibia expects Frances TotalEnergies and Norways BW Energy to take final investment decisions on oil projects offshore the African country in late 2026, a senior Namibian official says. Both TotalEnergies and BW Energy are set to make
(Oil Price) –The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston. Atkinson authored a report in partnership with Mark P.
Albertas wildfire season is off to a fiery start, with a major blaze near the town of Swan Hills prompting evacuations and temporarily shuttering oil operations. Aspenleaf Energy, active in the area, has shut in about 4,000 boepd and evacuated field crews out of precaution.
Neighbouring Guyana has attracted attention from numerous international oil majors eyeing Caribbean oil and gas, which has, in turn, garnered greater attention in Trinidad and Tobagos energy sector. Trinidad and Tobago has long
is pleased to announce that Ron Gusek, CEO of Liberty Energy and Amerino Gatti, Executive Vice President of Oilfield Services & Equipment for Baker Hughes have been confirmed as keynote speakers at EnerCom Denver – The Energy Investment Conference. (Oil Gatti served on the Board of Helix Energy Solutions Group, Inc.
(Oil & Gas 360) – Publisher’s Note: CanCambria Energy will present at EneCom Denver – The Energy Investment Conference at the Westin Downtown , August 17-20, 2025. CanCambria Energy Corp. About CanCambria Energy Corp. CanCambria Energy Corp. Register to attend.
(World Oil) – Namibia will offer financial incentives to help kick-start the development of oilfields managed by a group led by TotalEnergies, according to a special adviser in the presidency. But the explorers have also hit dry wells, prompting them to write off drilling costs as they learned more about the fields.
(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oilfields in Kirkuk, in the north of Iraq. BP is one of the major developers of the Alberta Oilsands, and a global energy company based in the UK. Mohammed Shia’ Al Sudani, H.E.
Austin, Texas (May 28, 2025) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, successfully concluded its annual EVOLVE Conference, held May 12–15 in Houston, Texas. From AI-powered trading to clean fuel strategies, our attendees are not just adapting to change—they’re leading it.”
This weeks call from the International Energy Agency (IEA) for continued investment in existing oil and gas fields is another moment of truth for the Paris-based agency, highlighting its inconsistent messages about upstream investment, OPEC says.
(World Oil) –MOL has discovered a new oilfield near Somogysmson in Western Hungary. During the exploration drilling carried out in December 2024, oil was found at a depth of 1,250 meters. As a landlocked country, our oil supply is largely via pipelines and intermediaries, added Dr. Gyrgy Bacsa, COO of MOL Hungary.
million barrels of oil equivalent. million barrels of oil equivalent. Image by Ole Arnesen via iStock The Norwegian Offshore Directorate said ConocoPhillips Skandinavia AS, operator of production license 891, had confirmed the Slagugle oil discovery. million standard cubic meters of oil equivalent (approximately 30.8
XRG, the newly created energy investment firm of Abu Dhabis national oil company ADNOC, has taken a 38% stake in a production sharing contract for an offshore block of gas and condensate fields in Turkmenistan. As part of the transaction, XRG and Petronas signed a long-term gas sales agreement (GSA) with Turkmengas.
Turkeys state energy firm TPAO will sign a partnership deal with UK-based supermajor BP and with Azerbaijans state oil and gas company Socar for the development of a natural gas field in the Azeri sector of the Caspian Sea, Turkish Energy Minister Alparslan Bayraktar said on Monday.
Woodside Energy has reached a deal to sell oil and gas assets offshore in Trinidad and Tobago to UK-based firm Perenco as part of portfolio optimization efforts, the Australian major said on Friday. Woodside came into possession of the Trinidad and Tobago assets following the 2022 merger of Woodside with BHPs oil and gas portfolio.
(World Oil) –Ecuadors President Daniel Noboa has ordered a consortium seeking to take over the nations top oil asset to pay an entry fee of $1.5 Previously, the consortium of local subsidiaries of Chinese oil company Sinopec and New Stratus Energy Inc. had until April 4 to make the payment.
Chinas Geo-Jade Petroleum has signed a swathe of major contracts that give Beijing control over Iraqs first fully integrated energy project. It also includes the construction of a 520,000-tonne annual capacity fertilizer plant, developing a
The government of Kazakhstan is talking with the supermajors operating its oilfields to reduce production in line with the OPEC+ agreement to which the Central Asian country is a party. We are in phases of discussions with the majors, we are having an open dialogue, energy minister Almasadam Satkaliyev said, as quoted by Reuters,
Algeria’s national oil and gas company Sonatrach SpA has the majority stake of 51 percent in accordance with Algerian law. In 2023 TotalEnergies and Sonatrach signed an agreement to raise gas production in the Tin Fouye Tabankort II and Tin Fouye Tabankort Sud fields in the south of Algeria. square miles) onshore Algeria.
Brent Crude $78.03 +1.73% Natural Gas $4.04 +1.35% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS BW Opal FPSO Arrives at Barossa Field, Commissioning Underway by Paul Anderson | Rigzone Staff | Thursday, June 19, 2025 | 2:53 AM EST The platform's arrival keeps Barossa LNG on track to start production in the third quarter.
(Oil Price) –The UK could produce about half of the energy it consumes locally, in the North Sea, the energy industry association, Offshore Energies, said this week, as quoted by the Financial Times. This support, apparently, can be ensured by tapping new resources in deposits adjacent to already producing fields.
Canada-based oil and gas company Valeura Energy has taken a final investment decision (FID) to redevelop the Wassana oilfield in Thailands Gulf, committing $120
Following our report earlier thatSaudi Arabia has declared a new price waron OPEC+ quota-busters such as Kazakhstan, and non OPEC+ members such as US shale producers, today after the close Diamondback Energy, the largest independent oil producer in the Permian Basin, made a historic pronouncement today when it said thatproduction has likely peaked (..)
Brent Crude $66.90 +0.65% Natural Gas $3.69 -2.62% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS CNOOC Announces Seventh Upstream Startup in Chinese Waters This Year by Jov Onsat | Rigzone Staff | Monday, June 09, 2025 | 3:37 AM EST Weizhou 5-3 is expected to reach a peak output of about 10,000 bpd next year. Smart Oil Investment Ltd.
An environmentalist outlet called Oceana has filed a lawsuit seeking to prevent oil and gas exploration and production under 31 licenses for North Sea fields awarded by the UK government back in 2022.
Image by Philipp Pelka via iStock DNO ASA said it has completed its acquisition of Sval Energi Group AS from HitecVision for cash consideration of $450 million based on an enterprise value of $1.6 Sval Energi CEO Halvor Engebretsen will lead the enlarged North Sea business as the managing director for DNO Norge AS, according to the release.
(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)– Chevron U.S.A. This intelligent fracturing process combines automated stage execution with subsurface feedback to optimize delivery of energy into the wellbore without relying on human intervention. About Chevron Chevron is one of the world’s leading integrated energy companies.
(BOE Report) – Kazakhstans energy minister will stand down from his role, the countrys presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. It remains unclear who will succeed Satkaliyev as the head of the energy ministry.
Crude burnthe direct use of crude oil in power plants and industrial facilities, primarily for electricity generationhas long been a staple in Saudi Arabias energy mix. The kingdom burns significant volumes of oil to meet domestic electricity demand, which hovers around 171 terawatt-hours (TWh).
million) North Sea oil installation' Image by Alexander Sikov via iStock BEL Valves announced in a release sent to Rigzone recently that it had “lock[ed]… in [a] GBP 5 million ($6.7 in [a] GBP 5 million ($6.7 in [a] GBP 5 million ($6.7 in [a] GBP 5 million ($6.7
(Oil Price) –Kazakhstan cannot reduce its oil production as it has no right to impose output reductions on international firms that are operating more than 70% of Kazakhstans oilfields, Energy Minister Yerlan Akkenzhenov said on Thursday. Under the OPEC+ agreement, Kazakhstans crude oil production quota is below 1.5
June 16, 2025 Edition At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. Oil prices fall more than $1 barrel on reports Iran seeks truce with Israel Summary : Oil prices fell 1.3% Iran’s gas field saw partial shutdown but Strait of Hormuz flows remained uninterrupted.
Image by Adele Heidenreich via iStock Namibia will offer financial incentives to help kick-start the development of oilfields managed by a group led by TotalEnergies SE, according to a special adviser in the presidency. We’d love to hear from you, join the conversation on the Rigzone Energy Network.
(World Oil) – Libyas oil and gas sector is set for a new era of growth and investment following the announcement of its first exploration bid round in 17 years. Momentum is already building across Libyas energy industry, with several upstream developments demonstrating the countrys renewed focus growth and investment.
Brent Crude $78.03 +1.73% Natural Gas $4.04 +1.35% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS Inpex Granted Production Concession for UAE Block by Rocky Teodoro | Rigzone Staff | Thursday, June 19, 2025 | 8:56 AM EST The Japanese energy firm has been conducting exploration and evaluation activities in the block since 2018.
(Oil Price) –Crude oil and natural gas investments in Colombia could rise to $4.68 billion in 2024, the countrys oil and gas industry association said, adding that this will not lead to higher production. Colombia’s 2024 oil recovery rate averaged 27 percent, energy minister Andres Camacho said last May.
Image by Emiliano Ortiz via iStock Italy’s Eni SpA and Argentina’s YPF SA have signed an agreement to build a liquefaction facility to enable the export of natural gas from the Vaca Muerta field in the South American country. The capacity is planned to grow to up to 30 million tons per annum (MMtpa) by 2030.
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