(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,
(World Oil) – Sable Offshore Corp. is seeking the Trump administration’s help to jumpstart a California oil project stalled by red tape. The Houston-based company’s effort to tap hundred of millions of barrels of crude off the coast of Santa Barbara have been stymied by state regulators’ opposition to reopening pipelines that funnel the crude to refineries. If state approval
(World Oil)– EnerMech has won a significant contract to provide subsea pre-commissioning and specialist services for a major offshore gas development in Australia’s East Browse basin. The work will support the second phase of the project’s installation campaign, scheduled between October 2025 and April 2026. The contract scope includes riser and umbilical services such as flooding, top-up, and leak testing
(World Oil)– Rhino Resources Namibia Ltd. has confirmed a significant gas condensate discovery at the Volans-1X exploration well in Block 2914A, offshore Namibia’s Orange basin. The find represents the company’s third consecutive hydrocarbon discovery on Petroleum Exploration License 85 (PEL 85), where Rhino holds a 42.5% operating interest. The Volans-1X well, spudded on July 31, 2025, with the Northern
(Oil Price) – U.S. oil firm Sable Offshore Corp, which seeks to restart production offshore California via a pipeline to the coast, has unveiled an alternative offtake strategy after being sued by the Santa Barbara County District Attorney for environmental violations. This alternative strategy, a so-called Offshore Storage and Treating Vessel (OS&T) strategy, would entail seeking federal clearance to transport the oil from
(World Oil)– DeepOcean has been awarded an offshore installation contract by Equinor covering simultaneous marine operations and production (SIMOPRO) on the Norwegian Continental Shelf. The work scope spans two major projects: at the Åsgard field in the Norwegian Sea, DeepOcean will handle riser removal, installation of a new production riser, dynamic umbilical connections from the Berling subsea assets, two static
(BOE Report) – Chevron said on Thursday it was expecting a loss of $200 million to $400 million in the third quarter due to the impact related to the acquisition of Hess. Chevron closed its $55 billion buyout of Hess in July after winning a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.
