(World Oil) — Petrobras increased its oil and natural gas production 14.1% year over year to a record 3.34 MMboed in the second quarter of 2026, driven by the continued ramp-up of major pre-salt developments in the Santos basin and improved operational efficiency across its offshore portfolio. Production also rose 3.4% from the first quarter as the company benefited from increasing
(World Oil) — bp has started production from its Atlantis expansion project in the U.S. Gulf of America/Mexico, adding approximately 10,000 boed of gross peak annualized production while extending the life of one of the company’s flagship deepwater developments. Located about 150 miles south of New Orleans, the Atlantis field has been producing for nearly two decades. The expansion includes two new subsea
(Oil Price) – Shipping traffic through the Strait of Hormuz slightly increased as US-Iran negotiations remained ongoing in an effort to restore peace after the memorandum of understanding collapsed amid two weeks of tit-for-tat strikes, according to Pakistan’s Foreign Ministry spokesperson Tahir Andrabi, who provided no further details. Still, the security situation in the Gulf deteriorated overnight after the US
(Investing) – Oil prices pared back earlier gains on Thursday, as investors weighed the impact of fresh U.S. strikes on Iranian targets and assessed data showing a drop in U.S. crude stockpiles. As of 06:10 ET (10:10 GMT), Brent crude futures, the global oil benchmark, had climbed 0.4% to $91.14 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were slightly higher
(Oil Price) – Shell (SHEL:NYSE) more than doubled its second-quarter earnings from a year earlier, as higher oil and gas prices, record refinery utilization, and strong trading boosted profits to above analyst expectations. Shell on Thursday reported adjusted earnings of $9.84 billion for the second quarter, more than double the $4.26 billion for the same period last year, and smashing analyst estimates
(BOE Report) – Shell and Phillips 66 are working on a potential sale of their stakes in the company which owns the Explorer refined products pipeline, in a deal that could value the major piece of U.S. energy infrastructure at around $3.5 billion, people familiar with the matter said. The move reflects how heightened demand for energy infrastructure assets, especially
(Oil Price) – The biggest oil supply squeeze is currently in diesel markets amid the lowest global refining activity for this time of year since the 2020 pandemic, Goldman Sachs says. War-induced refinery outages in the Middle East and Russia have collapsed global fuel supply, especially of diesel, while increased output in the Americas and Africa has managed to offset
(By Oil & Gas 360) – Oil and gas investing is often associated with drilling rigs, production growth, and volatile commodity prices. Yet one of the industry’s most resilient business models operates largely behind the scenes. Royalty and mineral companies own the rights to the resources beneath the ground, not the wells that produce them. Instead of funding drilling programs,
(World Oil) – bp has agreed to bring Türkiye Petrolleri Anonim Ortaklığı (TPAO) into its Kirkuk redevelopment project in northern Iraq, with the Turkish national oil company acquiring a 15% interest in BP Energy Company of Kirkuk Limited (BP ECKL). The agreement, signed during Iraqi Prime Minister Ali Al-Zaidi’s official visit to Türkiye, builds on a strategic cooperation memorandum of understanding signed by bp and TPAO
(BOE Report) – German state-controlled energy group Uniper on Wednesday finalised a 20-year liquefied natural gas purchase deal with Canada as the two nations deepen their partnership. In a preliminary deal in June, Uniper took initial steps to secure 2 million tons of gas per year from 2032 from Canada’s LNG project Ksi Lisims on British Columbia’s Pacific coast. That
(World Oil) – PetroChina Co. is weighing options to sell part of its shares in LNG Canada Development Inc. to help fund a planned expansion, according to people familiar with the matter. The Chinese state-owned energy giant is working with an adviser to help gauge interest for its 15% stake, which could be worth a few billion dollars, the people said, who asked
(Oil Price) – As nuclear energy gains momentum amid energy security concerns and spiking power demand, global annual investment is seriously lagging the spending needed to reach the current capacity expansion goals, the nuclear industry’s main body, the World Nuclear Association, said in a report on Wednesday. A major nuclear revival is underway in Europe and the United States amid efforts to boost
