BP commits $5 billion to Tiber-Guadalupe, with a floating platform targeting 80,000 barrels per day and first production in 2030, to increase its offshore volumes in the Gulf of Mexico.
Russia projects a 12.5% contraction in oil and gas revenues in 2025, before a gradual recovery through 2028, according to official economic projections.
Baker Hughes will supply up to 50 subsea trees and associated equipment to Petrobras to support offshore production in Brazil, strengthening its role in the development of pre-salt fields.
Driven by rising global energy consumption and exploration investments, the oilfield service equipment market is expected to grow at a 5.39% CAGR to reach $36.87bn by 2031.
US sanctions against Serbian oil company NIS, owned by Gazprom, were delayed by eight days after talks between Belgrade and Washington, President Aleksandar Vucic said.
Nigeria’s oil union ordered the suspension of gas and crude deliveries to Dangote refinery following the dismissal of hundreds of local workers, escalating an industrial dispute with potential supply impacts.
Vitol strengthens its presence in West Africa by acquiring a 30% stake in the Baleine oil field from Eni, while maintaining an active role in the country’s offshore development.
ShaMaran and several international oil companies have reached a provisional deal with Baghdad and Erbil to resume crude exports from the Kurdistan region via pipeline, after months of suspension.
The number of active drilling rigs in the United States rose for the fourth consecutive week, supported by higher crude prices and OPEC+’s difficulties in meeting production targets.
Baghdad has restarted crude shipments from Kurdistan via the pipeline to Turkey, following a two-year halt linked to legal and contractual disputes involving international firms operating in the region.
Canadian group North Atlantic will acquire ExxonMobil’s stake in Esso France, including the country’s second-largest refinery, with the ownership change expected by the end of 2025.
Ghana’s only refinery is preparing to resume operations after a prolonged shutdown caused by technical and financial issues, with a restart scheduled for October according to its management.
The Liberian government awarded four offshore oil blocks to Nigerian company Atlas-Oranto for $12 million, strengthening the regional presence of African junior players in offshore exploration.
Oil companies are preparing for a tough 2026 with lower investments, focusing on financial discipline and cash flow redistribution at the expense of low-return projects.
North Atlantic finalises agreement to acquire ExxonMobil’s stake in Esso S.A.F., marking a decisive step in a strategic transfer in France. Completion remains subject to regulatory approvals expected this quarter.
A technical dispute between Hungarian group MOL and Croatian operator Janaf raises doubts about the Adriatic pipeline's ability to supply oil to Hungary and Slovakia.
Commercial crude inventories in the United States declined unexpectedly, as analysts had forecast an increase, amid rising imports and falling exports.
Adnan Ahmadzada, a former senior figure at SOCAR, has been placed in pre-trial detention in Baku on suspicion of large-scale embezzlement and threatening the country's economic security.
Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.
French steel tube manufacturer Vallourec has secured a strategic agreement with Petrobras, covering complete offshore well solutions from 2026 to 2029.
Increased output from Opec+ and non-member producers is expected to create a global oil surplus as early as 2025, putting pressure on crude prices, according to the International Energy Agency.
A drone attack on a Bachneft oil facility in Ufa sparked a fire with no casualties, temporarily disrupting activity at one of Russia’s largest refineries.
The divide between the United States and the European Union over regulations on Russian oil exports to India is causing a drop in scheduled deliveries, as negotiation margins tighten between buyers and sellers.
Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.
Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.
Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Imperial Petroleum expanded its fleet to 19 vessels in the second quarter of 2025, while reporting a decline in revenue due to lower rates in the maritime oil market.
