Offshore – Oil & Gas 360

ConocoPhillips awards Halliburton multi-year North Sea services contract

August 14, 2025

(World Oil)– ConocoPhillips has contracted Halliburton to deliver comprehensive well stimulation services to improve well performance and reservoir productivity. The contract spans five years and includes three optional extension periods. Under the agreement, Tidewater’s vessel, North Pomor, will be transformed into an advanced stimulation vessel designed to efficiently deliver offshore well stimulation services in the North Sea. The improvements will include Octiv® digital fracturing

ExxonMobil starts production at Yellowtail, offshore Guyana

August 8, 2025

(World Oil) – ExxonMobil Guyana started production today at Yellowtail, the fourth oil development in Guyana’s offshore Stabroek block. Yellowtail’s ONE GUYANA floating production storage and offloading (FPSO) vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day. “Yellowtail’s ahead-of-schedule startup is a significant milestone for ExxonMobil and

Repsol-NEO merger forms one of largest producers on UK Continental Shelf

July 31, 2025

(World Oil)– The strategic merger between Repsol Resources UK and NEO Energy is complete, in a deal that will create one of the largest producers on the UK Continental Shelf (UKCS). The combined group has been renamed NEO NEXT Energy Limited. “This combination creates a jointly governed business which will call upon the key strengths of both shareholders,” commented Francisco

US Gulf refiners seek MidEast, S.American oil to offset Venezuela, Mexico losses

July 25, 2025

(BOE Report) – U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market. The shake-up in trade flows reflects a

TotalEnergies starts production from two offshore Angola projects

July 23, 2025

(World Oil)– TotalEnergies has announced the start of production from the BEGONIA and CLOV Phase 3 offshore Angola projects, which together will add a total of 60,000 bpd of new production. The two subsea tie-back projects will deliver additional production leveraging available capacity on existing FPSOs, TotalEnergies stated, citing added benefits of low marginal costs and low carbon intensities. TotalEnergies

Chevron wins Exxon case but loses time, oil and billions

July 21, 2025

(BOE Report)– ExxonMobil has lost its arbitration challenge to block Chevron’s $55 billion Hess acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration. Chevron’s deal, first announced in October 2023, closed on Friday after a drawn-out dispute over Hess’s 30%

Exxon vs. Chevron battle sets stage for oil industry’s race for prize assets: Bousso

July 18, 2025

(BOE Report) – LONDON, July 18 – The high-stakes clash between Exxon Mobil and Chevron over a prized South American oilfield may be a sign of what’s to come in the oil and gas industry as competition for a shrinking pool of prime assets heats up. Chevron is set to finalize its $53 billion acquisition of U.S. rival Hess after the companies prevailed

Guyana scales back borrowing as elections test oil boom stability

July 17, 2025

(Oil Price)– Guyana’s government will reduce external borrowing for major infrastructure projects, Vice President Bharrat Jagdeo said, citing the country’s swelling oil revenues and a growing push for fiscal restraint. Speaking at a press briefing, Jagdeo said new revenue flows made it unnecessary to pursue as many external loans for transport and energy projects as previously planned, adding, “We have

BP-Eni JV makes major gas discovery offshore Angola

July 14, 2025

(Oil Price)– Azule Energy, a joint venture of international majors BP and Eni, has discovered a major natural gas reservoir offshore Angola in the first gas-targeting exploration well in the oil-producing country. Azule Energy, the operator of Block 1/14, has announced a gas discovery at the Gajajeira-01 exploration well, located in the Lower Congo Basin in Angola’s waters. Initial assessments suggest gas

Hess exits deepwater exploration block in Suriname

July 10, 2025

(World Oil)– The American international oil and gas company Hess (Suriname II) Exploration Limited (Hess) will relinquish Block 59 in offshore Suriname on 8 July 2025. The block will return to Staatsolie and become part of the open acreage. Hess fulfilled its minimum work obligations and has decided not to move forward to the next phase of the exploration period,

Valaris secures multi-year contract for drillships in U.S. Gulf

July 8, 2025

(World Oil)– Valaris Limited has been awarded a 940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, the company announced Monday. The contract is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America/Gulf of Mexico. The combined

ExxonMobil-led consortium discovers gas reservoir off Cyprus coast

July 7, 2025

(Investing) – A consortium led by ExxonMobil (NYSE:XOM) has discovered a natural gas reservoir off the coast of Cyprus, according to a government announcement on Monday. The drilling operation found preliminary indications of a 350-meter gas-bearing reservoir at a depth of 1.9 kilometers in the Pegasus-1 well, Cypriot government spokesperson Konstantinos Letymbiotis said. “Further assessment will be required in the coming months to

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