Month: April 2023

Brent crude topped $100/bbl for the first time since July after the U.S. destroyed five Iranian tankers, adding fresh supply concerns as Chinese crude buying rebounds and global inventories decline.

Saudi Arabia temporarily halted operations at several energy facilities after Houthi missile and drone attacks sparked fires in the kingdom’s south, escalating concerns over regional oil supplies as Brent approaches $100/bbl.

Tamarack Valley Energy and Headwater Exploration will combine in a US$7.2-billion (C$10 billion) all-stock deal, creating a major Canadian oil producer with more than 80,000 boed of run-rate production and over 300 MMboe of 2P reserves.

McDermott has won a substantial subsea contract from Eni for the Cronos gas field development offshore Cyprus, with the company classifying the award at between $500 million and $750 million.

Kistos has taken ownership of producing Blocks 3 and 4 onshore Oman from Mitsui, marking its entry into the MENA region as its broader $148 million acquisition of three Oman blocks advances.

Decom Engineering has secured nine mooring chain projects in 2026, with two-thirds supporting offshore installation campaigns as the company expands its cutting technology beyond decommissioning.

ExxonMobil will take operatorship of the Papua LNG project as it moves toward FID, with design optimization and EPC rebidding cutting estimated development costs by nearly $4 billion to about $14 billion.

Iran said it targeted three oil tankers and several U.S.-linked vessels in retaliation for American strikes on three Iranian crude tankers, marking a new escalation in the ongoing conflict.

OPEC+ will keep oil production quotas unchanged in October as the Iran war and Strait of Hormuz disruptions continue to constrain Middle East exports, shifting the group’s focus toward 2027 production limits.

Treasury Secretary Scott Bessent says oil could fall as low as $40/bbl after the Iran war ends, predicting a heavily oversupplied crude market as new production comes online.