Month: March 2022

Brent crude posted its biggest weekly gain since July despite a 2.8% Friday decline, as Saudi Arabia’s East-West pipeline shutdown and escalating Middle East hostilities heightened oil supply risks.

ADNOC and XRG are pursuing new long-term LNG supply agreements with Germany’s RWE while expanding potential natural gas cooperation with SEFE across supply, infrastructure and logistics.

The IEA expects global oil supply to fall 5.7 MMbpd in 2026 as prolonged Middle East disruptions delay a recovery in Gulf production until 2027.

Gulf states and Iran are weighing talks in Oman on restoring shipping through the Strait of Hormuz as disruptions to the critical oil chokepoint continue to constrain regional energy flows.

Energy Holdings and Ventura Offshore have signed an LOI for an all-share combination that would create a roughly $1 billion offshore energy services group with $1.3 billion in contracted revenue backlog.

Royale Energy is completing its 10th Permian well after nine producers met or exceeded the company’s type curve, with more than 70 additional Barnett and Woodford drilling locations identified across its acreage.

Argent LNG and Albania will evaluate a 5-MMtpa LNG import terminal designed to connect with regional pipelines and deliver U.S.-sourced gas across the Western Balkans and Southeastern Europe.

U.S. crude oil production is forecast to reach a record 13.8 MMbpd in 2026 as higher oil prices support Permian drilling and new Gulf of America projects boost offshore output, according to EIA.

TotalEnergies is fast-tracking its Acacia-5 oil discovery offshore Angola to first production just three months after discovery, while adding two operated exploration blocks in the Lower Congo basin.

Saipem has secured a contract from GOE Petrol Sanayi to provide commissioning services for the Osman Gazi FPU at Türkiye’s deepwater Sakarya gas field in the Black Sea.