Offshore Archives -

Borr Drilling divests Mexico joint venture stake, retains three jackup rigs

September 15, 2026

(World Oil) – Borr Drilling has agreed to divest its 51% equity interest in Mexican joint venture Perfomex to its longtime local partner while retaining ownership of three jackup rigs currently working for Pemex. Following the transaction, Borr’s local partner will become the sole owner of Perfomex and assume responsibility for managing and operating the Galar, Gersemi and Njord jackup rigs.

Energy Holdings, Ventura Offshore sign LOI for $1 billion combination

September 11, 2026

(World Oil) – SED Energy Holdings Plc and Ventura Offshore Holding Ltd. have signed a letter of intent (LOI) for an all-share combination that would create a larger offshore energy services group with an implied pro forma equity value of approximately $1 billion. Under the proposed transaction, Energy Holdings would acquire 100% of Ventura Offshore’s outstanding shares. Ventura shareholders would

U.S. crude oil production on track for record 13.8 MMbpd in 2026, EIA says

September 10, 2026

(World Oil) – U.S. crude oil production is on track to reach a record average of 13.8 MMbpd in 2026, driven by continued Permian basin growth and rising output from new projects in the federal Gulf of America, according to the U.S. Energy Information Administration‘s latest Short-Term Energy Outlook (STEO). The forecast would surpass the previous annual record of 13.7 MMbpd set in 2025.

Equinor eyes major oil discovery offshore Namibia

August 25, 2026

(Oil Price) – Norway’s energy major Equinor hopes to make a “pretty big” oil discovery offshore Namibia, the global exploration hotspot it has just entered, a senior company official said on Tuesday. Equinor hopes that the Petroleum Exploration License 90 (PEL 90) offshore Namibia could hold a big discovery similar to those TotalEnergies and Galp have made in recent years in

bp awards Halliburton drilling services contract for Bumerangue appraisal

August 25, 2026

(World Oil) – bp has awarded Halliburton an integrated drilling services contract for the first appraisal campaign at the Bumerangue field offshore Brazil, as the operator moves to further evaluate its deepwater discovery. Under the contract, Halliburton will provide an integrated package of drilling and reservoir evaluation services aimed at supporting the appraisal program and improving operational efficiency. The scope will combine multiple Halliburton drilling and

Pemex and Petrobras bet big on high-risk high-reward drilling off Mexico

August 24, 2026

(Oil Price) – Mexico’s state oil firm Pemex and Brazil’s national oil company Petrobras are joining efforts and expertise to drill prospects in Mexican waters in the Gulf of Mexico, hoping to unlock huge oil resources from source rock formations that are miles deeper and eight times older than the currently producing formations in the U.S. Gulf. Exploration in the Jurassic

Emerson wins bp automation contract for $2.9 billion Shah Deniz project

August 13, 2026

(World Oil) — bp has awarded Emerson a multi-million-dollar contract to provide automation technologies for the $2.9 billion Shah Deniz Compression project offshore Azerbaijan, supporting increased gas recovery from the Caspian Sea field. The project represents the next phase of development at Shah Deniz and is designed to access lower-pressure gas reserves as the field matures. It is expected to enable production and

bp to acquire Woodside’s stake in Trinidad’s Calypso gas project

August 6, 2026

(World Oil) — bp has agreed to acquire Woodside Energy’s 70% interest in the Calypso gas project offshore Trinidad and Tobago, giving the company full ownership and operatorship of the early-stage deepwater natural gas development. The transaction increases bp’s stake in Block TTDAA 14 from 30% to 100% and represents another step in the company’s strategy of concentrating its upstream portfolio around high-value assets where

BP’s new boss has a message for Britain

August 5, 2026

(Oil Price) – In 2020, BP unveiled a “major, necessary step in support of our purpose to reimagine energy for people and our planet.” The new strategy – “performing while transforming” – would see the firm “significantly scale-up our low carbon energy business” as part of a commitment “to become a net zero company by 2050 or sooner and help the

Petrobras confirms new deepwater gas discovery offshore Colombia

August 3, 2026

(World Oil) – Petrobras has confirmed a new deepwater natural gas discovery at the Sandia-1 exploratory well in Colombia’s GUA-OFF-0 Block, further expanding the company’s growing offshore gas portfolio in the country. The Sandia-1 well, located approximately 42 km offshore in 1,251 m (4,104 ft) of water, encountered gas-bearing intervals that are being evaluated through well logging, with laboratory analyses planned to further

bp boosts U.S. Gulf output with Atlantis expansion startup

July 31, 2026

(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

Uruguay’s offshore oil province could be bigger than Vaca Muerta

July 13, 2026

(Oil Price) – Companies are gearing up for exploration drilling in deepwater blocks offshore Uruguay in the hope that the South Atlantic margin offshore South America could hold a lot of oil, similar to the recent discoveries offshore Namibia in Africa. Uruguay, with a limited exploration drilling history of three wells spudded, all dry, has attracted the interest of many international

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