December 29, 2025 – Oil & Gas 360

bp reshapes portfolio with $10.1 billion Castrol sale, accelerating energy strategy shift

December 29, 2025

(World Oil)– bp has agreed to sell a majority controlling interest in its global lubricants subsidiary Castrol to Stonepeak in a transaction valuing the business at approximately $10.1 billion, marking one of the supermajor’s most significant portfolio shifts in recent years. bp will retain a 35% share in Castrol following closing, maintaining strategic linkage to the lubricants business while freeing

Five energy market trends to track in 2026, the year of the glut: Bousso

December 29, 2025

(BOE Report)– Energy markets enter 2026 in a downbeat mood as geopolitical uncertainty clouds the outlook and increasing signs of swelling oil and gas supplies threaten to sink prices. This past year was a wild one for the oil and gas industry, punctuated by the 12-day Israel-Iran war in June, U.S. President Donald Trump’s trade wars, the intensified targeting of

Frontera signs deal to supply crude oil to Chevron unit for up to $120 million

December 29, 2025

(BOE Report)– Frontera Energy’s Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron to supply crude oil over two years, the Canadian oil producer said on Monday. Under the deal, Frontera will receive an initial $80 million advance and supply a portion of its crude output to Chevron

China’s CNOOC discovers massive oilfield in Bohai Sea

December 29, 2025

(Oil Price)– CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has announced the discovery of a major new oilfield in the Bohai Sea. The Qinhuangdao 29-6 discovery in the shallow Neogene formations of the Bohai Sea is yet another oilfield estimated to hold more than 100 million tons of crude, or about 730 million barrels, and discovered

CB&I acquires Petrofac Asset Solutions to expand O&M services

December 29, 2025

(World Oil)– CB&I has signed a sale agreement to acquire Petrofac’s Asset Solutions business, a major provider of operations, maintenance and decommissioning services for offshore and onshore energy assets. The deal will add a reimbursable contracting model to CB&I’s primarily lump-sum EPC portfolio, broadening revenue streams and providing steadier cash flow. The transaction will also expand CB&I’s presence in international

Oil jumps 2% as investors weigh Ukraine talks against supply outlook

December 29, 2025

(Investing)– Oil prices rose by more than $1 on Monday as investors weighed talks between the U.S. and Ukrainian presidents on a possible deal to end the war in Ukraine against potential oil supply disruption in the Middle East. Brent crude futures rose $1.33, or 2.2%, to $61.97 a barrel by 1416 GMT while U.S. West Texas Intermediate crude was up $1.31, or

Saudi Arabia set to lower oil prices to Asia again

December 29, 2025

(Oil Price)– Saudi Arabia is expected to further lower the price of its crude oil bound for Asia in February, as global supply remains plentiful and spot benchmarks in the Middle East have dropped, a Reuters survey of six Asian refining sources showed on Monday. Saudi Arabia, the biggest crude exporter in the world, is poised to reduce the price of

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