Topic
gas
Commodities Cabinet Approves Rs 84,084 Crore 'Samudra Manthan' Scheme for Oil & Gas Exploration
India's Union Cabinet approved the Rs 84,084 crore 'Samudra Manthan' National Offshore Exploration Scheme to boost domestic oil and gas production. The scheme aims to add over 600 MMTOE of hydrocarbon reserves, with incremental annual output of 10–15 MTOE, as India seeks to cut its ~90% oil import dependence amid Middle East tensions.
Commodities BP Puts North Sea Oil and Gas Business Up for Sale, Ending 60-Year Era
BP has announced the sale of its North Sea business, marking the end of 60 years of production in the region. The portfolio includes five production hubs and around 1,100 employees. CEO Meg O'Neill said the business would be better positioned as part of another company.
Commodities From Hurricane Wasteland to World's Largest LNG Hub: Louisiana Parish Booms
Cameron Parish, Louisiana, transformed from a community destroyed by Hurricane Rita in 2005 into a global LNG powerhouse. The world's largest LNG terminal, Sabine Pass, operates there, processing 29.5 million tonnes annually. Two more terminals exist, and a $13bn fourth is under construction. The county projects over $4bn in tax revenues from LNG over the next decade, as US exports surge to supply European demand following Russia's invasion of Ukraine.
Commodities Eni and TotalEnergies Fast-Track Cronos Gas Project Offshore Cyprus for First Gas in 2028
Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field offshore Cyprus, with first gas expected in 2028. The project will transport gas to Egypt for liquefaction and export to Europe, supporting energy security and Eni's LNG portfolio expansion.
Commodities Noble Reports $37M Net Loss on Rig Suspensions in Brazil and Black Sea Exit
Offshore driller Noble posted a $37m net loss in Q2 2026 as revenue fell to $679m, driven by the suspension of the Noble Faye Kozack and Noble Courage in Brazil and the end of the Noble Globetrotter I contract in the Black Sea. CEO Robert Eifler noted a $43m adverse impact from the Brazilian suspensions. Despite the weak quarter, Noble added $200m in new contract value and maintained a $6.8bn backlog.
Commodities ADNOC Makes $6.2bn Final Investment Decision for Umm Shaif Offshore Gas Field Expansion
Abu Dhabi National Oil Company (ADNOC) has taken a $6.2bn final investment decision to develop the Umm Shaif offshore gas field with partners TotalEnergies, Eni, and CNPC. The project will unlock over 600 million standard cubic feet per day of natural gas, equivalent to nearly 10% of the UAE's daily consumption, with production targeted by 2030. It includes $5.1bn in offshore infrastructure contracts and a $365m drilling program by ADNOC Drilling.
Logistics Petronas Extends Indonesian FPSO Charter to 2036, Ensuring Long-Term Offshore Production
Petronas Carigali has negotiated a 10-year extension for the Ratu Nusantara FPSO on the Bukit Tua oilfield offshore Indonesia, keeping the vessel in operation until 2036. The floating production unit, owned by Sabah International Petroleum and PT M3 Ketapang Sejahtera, has a processing capacity of 25,000 bbl of oil and 60m cf of gas per day. The extension follows over 11 years of consistent performance and strengthens the partnership between Malaysia and Indonesia.
Commodities Noble Corporation Wins $136M Drillship Contract for Offshore Brunei Operations
Offshore drilling contractor Noble Corporation has won a $136.2 million contract to deploy the 2014-built drillship Noble Viking for an undisclosed customer in Brunei. The firm scope covers six wells with options for three more, beginning in early 2028 for approximately 296 days. The Noble Viking is currently finishing a campaign in Papua New Guinea, followed by another in Malaysia.
US Gulf of Mexico Third Offshore Lease Sale Scheduled for August Bidding
The US Bureau of Ocean Energy Management (BOEM) has scheduled its third Gulf of America oil and gas lease sale for August 12, 2026, offering about 15,100 unleased blocks across 325,367 sq km. The sale follows a weak second sale in March that drew only $47 million in high bids, significantly lower than the $280 million raised in the first sale in December 2025. The auction is part of 30 required sales under the One Big Beautiful Bill Act and Trump's Executive Order 14154.
Commodities UK North Sea Offshore Workers Reject Pay Offer and Back Strikes at Neo Next+ Energy Platforms
Offshore workers at Neo Next+ Energy's Elgin Franklin and North Alwyn platforms have rejected pay offers of less than 3% and voted for strike action, with the first 24-hour stoppage scheduled for July 22. The dispute involves around 50 Unite union members in key operational roles, and further walkouts are planned on July 29 and August 5, 12, and 19. Unite leadership has called the pay offers "pitiful" and warned the company to resolve the issue before disruptions begin.
Commodities Ocean Installer Bags One of Its Largest-Ever Contracts from Vår Energi for Balder Next New Wells Project
Ocean Installer, a Moreld subsidiary, has been awarded a fast-track EPCI contract by Vår Energi for the Balder Next New Wells project, supporting continued development of the Balder area. The contract, valued over NOK 2bn ($202.5m), is among the largest in Ocean Installer's history and is the third awarded under the strategic partnership established in June 2022.
Commodities Jackdaw Gas Field Emissions Won't 'Materially Influence' Climate Change, Owner Says
The Jackdaw gas field in the North Sea will account for less than 0.02% of annual global greenhouse gases, according to a new Environmental Impact Assessment from its owner Adura, a joint venture between Shell and Equinor. The report was required after a court ruling that ministerial consent was unlawful, and fresh UK government approval is needed before production can begin.
Logistics Four Oil and Gas Tankers Turn Back from Strait of Hormuz After Renewed Vessel Attacks
At least four oil and gas tankers have turned back from the Strait of Hormuz after renewed attacks on vessels in the critical waterway. The diversions follow damage to a Qatari LNG tanker and a Saudi-flagged crude oil tanker, prompting a 'severe' threat risk for transiting vessels. The disruptions affect LNG and crude oil flows from Qatar and the UAE, with a queue of ballast vessels building up at Qatar's Ras Laffan export facility.
Commodities TotalEnergies Sells 85% Stake in Malaysia Block 2E to Inpex for $350 Million
TotalEnergies has sold its 85% interest in Block 2E offshore Malaysia, representing a net 8.5% stake in the Marjoram gas field, to Inpex for $350 million. The deal aligns with TotalEnergies' strategy to monetize non-operated assets and prioritize low-cost, low-emission growth projects. The Marjoram field, operated by Shell and expected to start production in 2026, is part of a $10 billion development.
Logistics Hormuz dispute shifts from access to control as containership grounding highlights risks
Indirect US-Iran talks in Doha yielded only a seven-day quiet period on the Strait of Hormuz, with negotiations deadlocked over joint sovereignty and tolling proposals. A Comoros-flagged containership sanctioned under OFAC ran aground after deviating from Iran's approved corridor, exposing the operational risks for vessels transiting the waterway. The dispute has shifted from access to control, with Iran demanding passage fees and warning of 'irreversible incidents' for non-compliant ships.
Norwegian offshore unions enter last-ditch talks to avert wider strike in oil and gas sector
Norwegian offshore unions Styrke, SAFE, and DSO have entered state-mediated wage talks to avert a wider strike in the country’s oil and gas sector. Initial disruption could affect the Transocean Encourage rig, Odfjell Technology’s Linus rig, AKOFS Seafarer, and Equinor’s Gullfaks B platform. A separate service strike already underway has caused output losses, with Aker BP shutting down the Tambar field.
Commodities DOF Secures TotalEnergies FSO Replacement Contract for Nigerian Crude Storage Vessel
Norwegian offshore vessel owner DOF has won a contract from TotalEnergies for the subsea construction, mooring, disconnection of an existing FSO, and connection of a replacement unit for the FSO Unity. The contract, valued in the $50-100M range, involves four vessels and approximately 330 vessel-days, with offshore execution planned for Q4 2027 and Q1 2028. The FSO Unity stores up to 2.4 million barrels of crude oil from multiple Nigerian offshore fields.
Commodities Geopolitical Tensions Drive Wholesale Energy Costs, Ofgem Price Cap Rises 13%
The UK's energy price cap rose 13% from 1 July 2025, driven by higher wholesale oil and gas costs linked to the US-Israel war with Iran. Ofgem's new cap sets gas at 7.33p/kWh and electricity at 26.11p/kWh for direct debit customers. The regulator also revised typical household consumption estimates downward, reflecting demand reduction.
Commodities Mercuria and Eni Form 50:50 Joint Venture for Global Energy Trading
Swiss commodities trader Mercuria and Italian energy major Eni have agreed to create a 50:50 joint venture for global energy trading. The independent venture will cover oil, biofuels, gas, LNG, and related logistics, marking Eni's return to the trading business after stepping back in 2019. No financial details were disclosed.
Commodities Vallourec Secures Pipe Supply Contract for Azule Energy's $5.1bn Angola Offshore Development
French tubing manufacturer Vallourec has been awarded a contract by Azule Energy to supply more than 26,000 tons of seamless carbon steel line pipes for the Greater PAJ offshore development in Angola. The project, with a total investment of $5.1bn, involves five fields and first oil expected by the first half of 2029.
Commodities Pakistan Backtracks on Energy Gamble, Buys Emergency LNG as Qatar Exports Stay in Limbo
Pakistan has reversed its strategy of staying out of the spot LNG market, issuing an urgent tender for a cargo from BP Plc at $16.74/MMBtu — above Asia spot levels — as Qatar's LNG exports through the Strait of Hormuz effectively halt following attacks on vessels. The purchase follows a previously cancelled Qatari shipment that forced Pakistan to pay $19.13/MMBtu, the highest since 2022. The energy crunch is feeding into broader economic pressure, with CPI rising 11.7% in May.
Commodities BP Secures Expanded Technical Services Contract for ONGC’s Western Offshore Fields
Super-major BP has been awarded a technical services contract by India's ONGC for 43 blocks in the Western Offshore Basin. The agreement follows a similar contract for Mumbai High signed in February 2025 and aims to enhance hydrocarbon recovery and operational efficiency across mature assets.
Commodities Petrobras and Pemex Sign MoU for Gulf of Mexico Oil and Gas Cooperation
Brazilian state oil company Petrobras and Mexican state oil company Pemex have signed a memorandum of understanding to cooperate on hydrocarbon projects in the Gulf of Mexico. The two-year agreement covers exploration and production in deepwater and mature fields, as well as industrial activities including refining, petrochemicals, and lower-carbon fuels.
Logistics Poland Advances Plans for Second Floating LNG Terminal at Gdansk Port
Poland is advancing plans for a second floating LNG import terminal (FSRU) at Gdansk, according to Splash247. The proposed unit will complement the country's first Gdansk FSRU project, further strengthening Poland's position as a key LNG gateway into Central and Eastern Europe. The move continues a trend of diversifying supply sources after the sharp reduction in Russian pipeline gas supplies.
Commodities All Roads Still Lead to the Middle East: Why India’s Energy Pipeline Runs Through the Gulf
A Hormuz crisis lasting over 100 days exposed India's continued reliance on Middle Eastern energy supplies. Despite attempts to diversify LPG imports from West Africa and the US, physical constraints prevented full offset. LNG demand fell as landed prices stayed above $16-17 per mmBtu. Normalisation of Hormuz traffic could ease supply pressures.
Trade Australians Take UN Case Claiming Coal and Gas Exports Violate Human Rights
A group of ten Australians has filed a legal claim with the UN Human Rights Committee, arguing that Australia's continued export of coal and gas violates their human rights by contributing to extreme weather events. This is the first such claim since the International Court of Justice ruled in 2025 that countries can be sued for climate change. The claimants include a wildlife ecologist, a blind flood survivor, and an Indigenous elder.
Commodities Saipem and TechnipFMC Secure Over $1bn in Contracts for Angola's Greater PAJ Offshore Oil Project
Saipem and TechnipFMC have been awarded contracts worth over $1bn for the Greater PAJ project offshore Angola, operated by Azule Energy (Eni/BP JV). Saipem's $1bn contract covers subsea pipeline installation, while TechnipFMC's deal valued at $75-250mn involves flexible flowlines. First oil is expected in the first half of 2029, adding 95,000 bpd of production capacity.
Commodities Equinor and Partners Agree on Development Concept for Ringvei Vest North Sea Tieback
Equinor and its partners have agreed on the development concept for the Ringvei Vest subsea project, a tieback to the Troll B platform in the Norwegian North Sea. The project is expected to contribute 240 million barrels of oil equivalent from eight discoveries and one prospect, spread across eight licences. Equinor aims to increase its equity production to 1.3 million barrels per day by 2035.
Business Woodside Energy Dismisses ExxonMobil Takeover Speculation as Unfounded
Woodside Energy has denied any discussions with ExxonMobil regarding a potential acquisition, following media reports that the U.S. supermajor was evaluating Woodside as a target to bolster its LNG and Asian market presence. Bloomberg reported early-stage internal talks at ExxonMobil, but Woodside confirmed no proposal or negotiations exist.
Commodities TGS signs up for major Equatorial Guinea offshore seismic megasurvey project
Oslo-listed TGS has signed an agreement with Equatorial Guinea's Ministry of Hydrocarbon and Mining Development for a large-scale multi-client seismic megasurvey. The first phase includes reprocessing of 27,273 km of 2D and 35,000 sq km of 3D data, with completion expected in Q3 2026. The full project aims to cover over 46,000 line-km of 2D and 59,000 sq km of 3D data across the Rio del Rey and Rio Muni basins.
Commodities Aker BP and Viridien Partner for Norwegian Exploration
Aker BP and Viridien have formed a strategic partnership to enhance exploration efforts on the Norwegian Continental Shelf. The collaboration focuses on multi-client OBN seismic data acquisition and technology development.
Logistics PV Drilling Expands Fleet with New Jackup Rig Acquisition
Petrovietnam Drilling and Well Service Corporation (PV Drilling) has expanded its fleet with the acquisition of a new jackup drilling rig, increasing its total to eight. The rig, named PV Drilling X, will be transported to Vietnam for upgrades and is expected to enter service in 2027.
Logistics BP Secures Noble Semisub for UK Drilling Campaign
BP has contracted Noble Corporation's semisubmersible for a UK drilling campaign. The contract, valued at up to $72.2 million, will precede a major project in Norway.
Commodities Crude Oil Prices Surge Amid OPEC+ Production Cuts
Crude oil prices on the NYMEX have surged due to OPEC+ production cuts. The November contract rose to $85.50 per barrel, marking a 3% increase week-over-week and a 15% rise year-over-year.
Commodities Conrad Secures Jackup Rig for Indonesian Gas Field Development
Conrad Asia Energy has secured a jackup drilling rig from Pertamina Drilling for the Mako Gas Field in Indonesia. This move marks a significant step in the development of the Duyung PSC, with drilling expected to commence in 2027.
Commodities Gold Prices Dip Amid Elevated Crude and Geopolitical Tensions
Gold prices have fallen this week as crude oil remains elevated due to US-Iran tensions. The market is reacting to geopolitical uncertainties and supply disruptions.
Trade Velesto secures offshore drilling contract in Thailand
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Logistics Carnarvon hires Transocean rig for 2027 exploration
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Business SBM Offshore Secures Petrobras FPSO Contracts in Brazil
SBM Offshore has secured contracts from Petrobras for two FPSO projects in Brazil's Sergipe-Alagoas basin. These contracts are expected to enhance Brazil's domestic gas supply and minimize offshore flaring.