Oil And Gas News

Oil prices edged higher on Thursday, as investors monitored peace talks between the United States and Iran, while supply tightness and U.S. inventory drawdowns provided some support.Brent crude futures LCOc1 rose 40 cents, or 0.4%, to $105.42 a barrel by 0809 GMT, and U.S. West Texas Intermediate futures CLc1 were up 50 cents, or 0.5%, at $98.76.Both benchmarks dropped around 5.6% on Wednesday to their lowest in more than a week after President Donald Trump said talks with Iran…

Britain will allow imports of diesel and jet fuel refined abroad from Russian crude under a sanctions carve-out, watering down restrictions to help ensure supply at home as prices soar due to the conflict in the Middle East.While Britain's support for Ukraine remains steadfast, junior treasury minister Dan Tomlinson said, he added that the national interest had to come first and therefore a loosening of certain sanctions on some Russian products for now made sense."We have to make sure that we protect the security of supply for really important foundational goods in our economy…

Glenfarne Alaska LNG and ConocoPhillips Alaska have signed a gas sales precedent agreement to supply natural gas from Alaska’s North Slope for Phase One of the Alaska LNG project.The 30-year agreement will secure sufficient natural gas volumes to support a final investment decision for Phase One and meet Alaska’s domestic energy needs, according to Glenfarne.Glenfarne is developing the Alaska LNG project in two financially independent phases. Phase One includes a 739-mile, 42-inch pipeline designed to transport natural gas to Alaska consumers…

Oil fell by nearly 2% on Tuesday after U.S. President Donald Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East.Trump posted on social media on Monday that he was holding off on a planned military attack on Iran scheduled for Tuesday, while efforts continue to reach a deal, adding that the United States was ready to resume attacking if one is not reached.Brent futures LCOc1 for July were down $2.02, or 1.8%, to $110.08 a barrel at 0802 GMT, while U.S.

Oil prices extended gains on Monday as efforts to end the Iran war appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran.Brent crude futures LCOc1 climbed $1.65, or 1.51%, to $110.91 a barrel by 0703 GMT, but were off the $112 they had touched earlier for their highest since May 5.U.S. West Texas Intermediate crude CLc1 stood at $107.42 a barrel, up $2, or 1.9%, after a rise to $108.70, its highest since April 30.

Caturus has taken a final investment decision on its Commonwealth LNG export project in Louisiana after securing $9.75 billion in project financing for the 9.5 million tonnes per annum facility, with partners Mubadala Energy, Kimmeridge and CPP Investments.The companies said the financing supports construction of the LNG export terminal in Cameron Parish, Louisiana, with total commitments for the project reaching $21.25 billion.The Commonwealth LNG project is expected to begin…

A Panama-flagged crude oil tanker managed by Japanese refining group Eneos has passed through the Strait of Hormuz, ship-tracking data from LSEG showed on Thursday, the second instance of such a Japan-linked oil ship making it through.Prime Minister Sanae Takaichi has directly contacted Iranian President Masoud Pezeshkian to allow for the transit of the ship, which has four Japanese crew members onboard, she said in a post on X.Before the U.S.-Israeli war on Iran largely disrupted oil supplies via the Strait of Hormuz…

Oil prices edged up on Thursday, with markets focusing on the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive results towards a resolution for the Iran war.Trump is expected to encourage China to convince Tehran to make a deal with Washington to end the conflict, but analysts doubt that Xi will be willing to push China's long-time strategic partner too hard.Brent crude futures LCOc1 were up 45 cents, or 0.43%, to $106.08 a barrel by 0714 GMT, while U.S.

Petronas LNG (PLL) has signed a 20-year time charter agreement with MISC Group for five newbuild liquefied natural gas (LNG) carriers as the Malaysian energy company strengthens long-term LNG supply capacity.The agreement covers five 174,000-cubic meter LNG carriers that will be built by Hudong-Zhonghua Shipbuilding in Shanghai, China, with charter commencements expected between 2029 and 2030.The vessels will feature XDF2.1 propulsion technology, shaft generators and onboard reliquefaction…

Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency said in its monthly oil market report on Wednesday."With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 million (barrels per day) of oil now shut in, an unprecedented supply shock," the agency said.Its base-case forecast is for a gradual resumption of traffic through the Strait of Hormuz from the third quarter onwards…

Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran's ability to control energy flows through the Strait of Hormuz.The U.S.-Israeli war with Iran has slashed energy exports from a region that normally supplies 20% of the world's crude oil and LNG. The U.S. has blockaded Iranian ports in recent weeks. And though Iran initially sought to halt traffic through the strait…

Dutch non-destructive testing specialist Ned Marine has launched drone and remotely operated vehicle (ROV)-based inspection services aimed at vessels, offshore installations and industrial assets.The company said the new services combine aerial drones and subsea ROVs with existing non-destructive testing (NDT) capabilities, including visual inspections and ultrasonic thickness measurements.Ned Marine said drone-based inspections would allow surveys of confined spaces, offshore and onshore wind turbines…

Offshore infrastructure services provider North Star has secured a multi-million-dollar pipeline of emergency response and rescue vessel (ERRV) contracts covering 17 vessels operating in the North Sea.The awards, comprising new contracts and extensions, represent around 50 years of combined contract duration, the company said.North Star said the contracts were secured through competitive tenders and renewals with offshore energy operators across the UK Continental Shelf.The company…

Fast Offshore Supply (FOS) has selected Incat Crowther to design a fleet of 10 new DP2 fast crew transfer vessels (CTVs) for offshore operations supporting Brunei Shell Petroleum, a joint venture between Shell and the Government of Brunei.The 55-metre aluminum vessels will transport offshore personnel and cargo to Brunei Shell Petroleum assets and will be built at multiple shipyards in the region, including FOS’s own yard in Singapore.The vessels will each carry up to 80 passengers and 150 tonnes of cargo at speeds of up to 30 knots…

Equinor-operated Gullfaks field in the North Sea has delivered its 5,000th oil cargo, underscoring the continued role of mature Norwegian offshore fields in supplying energy to Europe.Production at Gullfaks began in 1986 and the field has since produced around 2.8 billion barrels of oil equivalent, nearly double the original estimate, the company said.The field currently exports oil to refineries in countries including Sweden, the United Kingdom and Poland, while also serving as an export hub for production from the Snorre and Visund fields and nearby subsea developments.“Reaching 5…

The U.S. Coast Guard and partners responded to a fire onboard a non-operational natural gas platform offshore Santa Barbara, California, on Monday.At 6:30 a.m. a fire occurred aboard platform Habitat when platform personnel were conducting decommissioning operations for the platform.Platform Habitat, a non-oil producing platform, is located approximately 8 miles southwest of Santa Barbara.Responders and platform personnel reported that the fire was extinguished at 11:40 a.m.There…

New Wave Offshore Energy has been selected by Shell to provide marine warranty survey services for the Orca project in Brazil’s pre-salt Santos Basin.The contract covers marine warranty and assurance services for the offshore development, which is estimated to contain recoverable resources of about 370 million barrels.New Wave Offshore’s scope includes vessel surveys, engineering review and oversight of transportation and installation operations across multiple project phases.The…

Lloyd’s Register (LR) has granted an Approval in Principle (AiP) to Wison New Energies for a harsh-environment floating production storage and offloading (FPSO) design featuring an internal turret mooring system.The FPSO concept is aimed at offshore developments in demanding metocean conditions, where internal turret systems are commonly used but involve complex integration between hull, mooring, risers and topside systems.LR said the concept-stage review helps reduce technical…

UTC Overseas and Transoceanic Development have launched UTC Transoceanic (UTC Transo), a joint venture aimed at supporting the growing logistics needs of energy, power and industrial infrastructure projects along the U.S. Gulf Coast.Headquartered in New Orleans, the venture combines UTC Overseas’ project logistics and customs brokerage operations with Transoceanic Development’s regional infrastructure and port expertise in Louisiana.The companies said UTC Transo would focus on logistics support for large-scale projects including LNG developments…

Brent crude futures retreated on Tuesday but held near $114 a barrel following fresh hostilities in the Middle East, while investors monitored developments in the U.S.-Israeli conflict with Iran.The U.S. and Iran launched new attacks in the Gulf on Monday as they wrestled for control over the Strait of Hormuz with duelling maritime blockades, shaking a fragile truce.Brent crude futures LCOc1 eased 93 cents, or 0.8%, to $113.51 per barrel at 0719 GMT after settling up 5.8% on Monday. U.S.

Tidewater Inc. has announced a revenue drop for the three months ended March 31 of $326.2 million compared with $333.4 million for the three months ended March 31, 2025.Tidewater's net income for the three months ended March 31, 2026, was $6.1 million ($0.12 per common share), compared with net income of $42.7 million ($0.83 per common share) for the three months ended March 31, 2025.Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The first quarter of 2026 exceeded our expectations across all key financial and operational measures…

DOF Group has secured four 12-year charter and services contracts in Brazil following a competitive tender process, supporting Petrobras’ deepwater subsea inspection, maintenance and repair operations.The contracts will lead to the construction of four new remotely operated vehicle support vessels (RSVs), with operations expected to begin from 2030, DOF said.The vessels are expected to be built by Brazil’s Navship yard, with delivery of the first two planned within four years of contract signing.The newbuilds will be DP2-class vessels designed for deepwater operations…

The Iran war has already led to a loss of about 120 billion cubic metres of global liquefied natural gas supply over the 2026 to 2030 period, Gergely Molnar, an analyst from the International Energy Agency, said on Thursday.Speaking at the Budapest LNG Summit, Molnar said the conflict was reshaping the medium-term gas outlook, with tighter market conditions likely to persist longer than previously expected.He said the crisis had cut LNG supply by around 15%, but a strong increase in new liquefaction capacity was expected to offset lost volumes from Qatar and the United Arab Emirates.Iranian at