(World Oil) – The UK government will stick with a controversial windfall tax for North Sea oil and gas producers until the end of the decade, dismissing complaints that the levy hurts investment and jobs. The Energy Profits Levy will remain in place until March 2030, according to a leaked document from the Office for Budget Responsibility. The decision comes as Chancellor of
(World Oil)– Transocean has secured approximately $89 million in new firm backlog after operators in Brazil, Norway and Romania exercised contract options on three of its floating rigs, the company announced. In Brazil, Petrobras exercised a 90-day option on the Deepwater Mykonos, continuing the ultra-deepwater drillship directly into its next campaign. The extension is expected to contribute about $33 million to backlog.
(World Oil) – Petrobras has confirmed another oil discovery offshore Brazil, identifying high-quality post-salt crude in the Sudoeste de Tartaruga Verde block in the Campos basin. The find further reinforces Brazil’s momentum in offshore exploration and Petrobras’ continued success in mature deepwater basins. The discovery was made at well 4-BRSA-1403D-RJS, located 108 km offshore Campos dos Goitacazes at a water depth
(World Oil) – Namibia plans to consolidate control of its petroleum sector under the office of the presidency, as the southern African nation edges toward becoming an oil producer. The move is part of a proposed amendment to the Petroleum Act, Defense and Veterans Affairs Minister Frans Kapofi — who is also serving as Minister of Industries, Mines and Energy —
(Oil Price) – Shell has exited two offshore wind power projects in Scotland as the world’s top oil and gas firms continue to scale back their investment and involvement in renewable energy. Shell has ditched plans to build two wind farms offshore Scotland, days after announcing it is withdrawing from the Atlantic Shores Offshore Wind project in the United States. Offshore
(Oil Price)– ExxonMobil is expanding its exploration portfolio offshore Greece with a new farm-in agreement for a block in the northwestern Ionian Sea. ExxonMobil, Energean, and Helleniq Energy have reached a farm-in agreement under which the U.S. supermajor will buy 60% in the Block 2 concession in the northwestern Ionian Sea, next to the Italian Exclusive Economic Zone (EEZ), Energean said on
(World Oil) – Shell Plc will invest about $1 billion on new oil blocks in Angola as the southern African nation seeks to boost production that’s dwindled over the years, the chairman of the oil regulator said. Shell and Angola’s National Agency for Oil, Gas and Biofuels signed an exclusive agreement for exploration rights covering offshore Blocks 19, 34 and
(World Oil)– ExxonMobil reported third-quarter 2025 earnings of $7.5 billion, highlighting record upstream performance across its global portfolio, led by major gains in the Permian basin and offshore Guyana. Companywide production averaged 4.8 million boe per day, up 139,000 boed from the prior quarter. ExxonMobil’s Permian production hit a record 1.7 MMboed, while Guyana output exceeded 700,000 boed, marking another
(World Oil) – The Trump administration is ruling out selling offshore oil and gas leases along the U.S. East Coast, after its initial plan for auctioning them drew alarm from Republican strongholds in the Southeast. The shift in thinking comes after the White House earlier contemplated a more expansive approach to auctioning offshore drilling rights, having drafted plans for potential
(World Oil) – The UK’s remaining proven and probable oil and gas reserves were estimated at 2.9 billion barrels of oil equivalent (Bboe) at the end of 2024, according to the latest Reserves and Resources Report published by the North Sea Transition Authority (NSTA). While total reserves declined slightly year-on-year, the report highlights a significant 31% increase in prospective resources, now estimated
(World Oil)– Halliburton has been awarded multiple deepwater contracts by Petrobras to deliver vessel stimulation, intelligent completions, and safety valve systems across key offshore fields in Brazil, following a competitive tender process. Under the new agreements, Halliburton will deploy its SmartWell® intelligent completion technology in the Búzios field to enable real-time reservoir management and enhance production optimization. The company will
(World Oil)– Valeura Energy Inc. reported higher production and continued growth across its Thailand portfolio in the third quarter, driven by a ten-well drilling campaign at the Nong Yao field on block G11/48 in the Gulf of Thailand. The campaign lifted Valeura’s working interest oil production to 24,800 bpd by quarter-end, up from an average of 23,000 bpd in Q3,
