Month: July 2025

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.

Vector Geophysical has purchased 30,000 STRYDE seismic nodes to expand high-density exploration surveys in Colombia, with the equipment set for its first deployment on a Parex Resources project.

The UK government is reportedly poised to approve Jackdaw, prompting Aberdeen energy leaders to call for swift action on Rosebank and tax reforms to help restore investment in the North Sea.

Baker Hughes has secured a contract from bp to provide vessel-based well stimulation services across its UK North Sea operations, supporting new well development and enhanced recovery from mature fields.

More than a dozen energy agreements are expected as Venezuela moves to expand crude production, with U.S. Energy Secretary Chris Wright saying China will not have debt claims on revenue generated by newly developed oil fields.

The Texas Railroad Commission will use satellite ground-motion data integrated with subsurface injection information to strengthen monitoring of underground injection activity across the Permian basin.

TotalEnergies has completed its acquisition of a 40% operated interest in Namibia’s PEL83 license, taking operatorship of the giant Mopane discovery ahead of a three-well appraisal campaign and targeted 2028 FID.