Frontera Energy has signed a crude supply deal worth up to $120mn with Chevron Products Company, including an initial $80mn prepayment and an option for additional funding.
Amplify Energy has completed the sale of its Oklahoma assets for $92.5mn, as part of its strategy to streamline its portfolio and optimise its financial structure.
Turkish, Hungarian and Polish national companies confirm participation in Tripoli's summit as Libya revives upstream investments and broadens licensing opportunities.
Oil workers’ union FUP announced its intention to approve Petrobras’ latest proposal, paving the way to end a week-long national strike with no impact on production.
Subsea7 has secured a subsea installation contract from LLOG for the Buckskin South project, scheduled for execution between 2026 and 2027, strengthening its position in the Gulf of Mexico and boosting its order book visibility.
Global crude oil production is expected to rise by 0.8 million barrels per day in 2026, with Brazil, Guyana and Argentina contributing 50% of the projected increase.
Woodbridge Ventures II Inc. signs definitive agreement with Greenflame Resources for a transformative merger, alongside a concurrent financing of up to $10mn.
Interceptions of ships linked to Venezuelan oil are increasing, pushing shipowners to suspend operations as PDVSA struggles to recover from a cyberattack that disrupted its logistical systems.
Harbour Energy acquires US offshore operator LLOG for $3.2bn, adding 271 million barrels in reserves and establishing a fifth operational hub in the Gulf of Mexico.
The agreement signed with Afreximbank marks a strategic shift for Heirs Energies, aiming to scale up its exploration and production operations on Nigeria's OML 17 oil block.
Oritsemeyiwa Eyesan’s appointment as head of Nigeria’s oil regulator marks a strategic shift as the country targets $10bn in upstream investment through regulatory reform and transparent licensing.
Baghdad states that all international companies operating in Kurdistan’s oil fields must transfer their production to state marketer SOMO, under the agreement signed with Erbil in September.
Chinese oil group CNOOC continues its expansion strategy with a new production start-up in the Pearl River Basin, marking its ninth offshore launch in 2025.
A train carrying over 1,200 tonnes of gasoline produced in Azerbaijan entered Armenia on December 19, marking the first commercial operation since recent conflicts, with concrete implications for regional transit.
Subsea 7 has secured a new extension of its frame agreement with Equinor for subsea inspection, maintenance and repair services through 2027, deploying the Seven Viking vessel on the Norwegian Continental Shelf.
Caracas says Iran has offered reinforced cooperation after the interception of two ships carrying Venezuelan crude, amid escalating tensions with the United States.
US authorities intercepted a second oil tanker carrying Venezuelan crude, escalating pressure on Caracas amid accusations of trafficking and tensions over sanctioned oil exports.
OPEC expects crude demand from its members to reach 43 million barrels per day in 2026, nearly matching current OPEC+ output, contrasting with oversupply forecasts from other institutions.
The United States seized a vessel suspected of transporting sanctioned oil from Iran and Venezuela, prompting a strong reaction from Nicolás Maduro's government.
The International Energy Agency lowers its global oil supply forecast for 2026 while slightly raising demand growth expectations amid improved macroeconomic conditions.
South Sudanese authorities have been granted responsibility for securing the strategic Heglig oilfield following an agreement with both warring parties in Sudan.
TotalEnergies acquires a 40% operated interest in the offshore PEL83 license, marking a strategic move in Namibia with the Mopane oil field, while Galp secures stakes in two other promising blocks.
BOURBON will provide maritime services to ExxonMobil Guyana for five years starting in 2026, marking a key step in the logistical development of the Guyanese offshore basin.
Viridien has launched a 4,300 sq km seismic reimaging programme over Angola’s offshore block 22 to support the country’s upcoming licensing round in the Kwanza Basin.
Shell restructures its stake in the Caspian pipeline by exiting the joint venture with Rosneft, with Kremlin approval, to comply with sanctions while maintaining access to Kazakh crude.
Shell acquires 60% of Block 2C in the Orange Basin, commits to drilling three wells and paying a $25mn signing bonus to PetroSA, pending regulatory approval in South Africa.
Malgré la pression exercée sur le gouvernement vénézuélien, Washington ne cherche pas à exclure Caracas de l’OPEP, misant sur une influence indirecte au sein du cartel pour défendre ses intérêts énergétiques.
Kazakhstan redirects part of its oil production to China following the drone attack on the Caspian Pipeline Consortium terminal, without a full export halt.
US investment bank Xtellus Partners has submitted a plan to the US Treasury to recover frozen Lukoil holdings for investors by selling the Russian company’s international assets.
Ghanaian company Cybele Energy has signed a $17mn exploration deal in Guyana’s shallow offshore waters, targeting a block estimated to contain 400 million barrels and located outside disputed territorial zones.
Oil prices moved little after a drop linked to the restart of a major Iraqi oilfield, while investors remained focused on Ukraine peace negotiations and an upcoming monetary policy decision in the United States.
TechnipFMC will design and install flexible pipes for Ithaca Energy as part of the development of the Captain oil field, strengthening its footprint in the UK offshore sector.
Vaalco Energy has started drilling the ET-15 well on the Etame platform, marking the beginning of phase three of its offshore development programme in Gabon, supported by a contract with Borr Drilling.
The attack on a key Caspian Pipeline Consortium offshore facility in the Black Sea halves Kazakhstan’s crude exports, exposing oil majors and reshaping regional energy dynamics.
Iraq is preparing a managed transition at the West Qurna-2 oil field, following US sanctions against Lukoil, by prioritising a transfer to players deemed reliable by Washington, including ExxonMobil.
The rehabilitation cost of Sonara, Cameroon’s only refinery, has now reached XAF300bn (USD533mn), with several international banks showing growing interest in financing the project.
