Oil And Gas News

A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf, such as Equinor Aker BP Vaar Energi, intend to drill 37 exploration wells by 2026.

ABS issued approval in principle (AIP) to Hanwha Ocean Co. Ltd. for remote control functions for FPSO units.ABS completed design reviews based on the ABS Requirements for Autonomous and Remote-Control Functions.The project is part of the Offshore Technology Collaboration Agreement (OTCA) between ABS and Hanwha Ocean, which enables the companies to collaborate on a series of cutting-edge projects leveraging each company’s core competencies under three broad themes: sustainability…

Oil majors operating in Brazil have closed ranks to oppose a proposed merger between energy contractors Subsea7 and Saipem, and antitrust agency Cade has asked the two firms to provide its probe with new data on Friday, public documents seen by Reuters show.The resulting new firm, to be called Saipem7, would have a strong enough position to impose additional costs, delay projects and pressure some clients into exclusive long-term contracts, Brazil oil industry group IBP said in a November filing to Cade.On Friday…

Global energy and marine consultancy ABL has partnered up with Egypt’s Petroleum Marine Services (PMS) to introduce a unified rig moving service in the Red Sea and Gulf of Suez, with the support of the Egyptian General Petroleum Corporation (EGPC).This milestone initiative supports Egypt’s strategic direction to enhance offshore operational efficiency, reduce downtime, and elevate the standards of marine and drilling logistics across two of the country’s most dynamic offshore basins.The new integrated service from PMS and ABL…

Floatel International has selected Semco Maritime’s Hanøytangen facility outside Bergen in Norway, to perform a series of modifications and service works on the Floatel Endurance rig ahead of an upcoming contract on the Norwegian Continental Shelf.Following completion of its current assignment in Canada, Floatel Endurance will sail across the Atlantic to Hanøytangen, arriving in the first quarter of 2026 for yard stay and energy optimization works.Under the contract, Semco Maritime will be in charge of thruster removal and overhaul…

Lebanon and Cyprus signed a long-awaited maritime demarcation deal on Wednesday, paving the way for potential exploration of offshore gas fields and energy cooperation in the Mediterranean.Lebanese President Joseph Aoun and Cypriot President Nikos Christodoulides signed the agreement at Lebanon's presidential palace and told reporters it would signal deeper cooperation between Lebanon, European Union-member Cyprus and the broader EU."This is a historical agreement, concluding an issue pending for many years and now look forward to what our countries can jointly create…

Windcat, part of CMB.TECH, has signed a contract with Damen Shipyards to build a new Multi-Purpose Accommodation Support Vessel (MP-ASV), with options for five additional units.To be known as the Innovation Series, the new class of offshore support vessels will combine a large open deck, subsea crane capability and fuel-efficient operations with accommodation for personnel working offshore for extended periods.Construction of the first MP-ASV is scheduled to begin in February 2026 at Damen’s Ha Long Shipyard in Vietnam, with delivery planned for 2028.

Thousands of U.K. jobs and billions in future tax revenue are at risk unless the government reforms the Energy Profits Levy (EPL), industry group Offshore Energies UK (OEUK) said ahead of the Autumn Statement.OEUK said statistical modelling shows that revising the 78% levy in 2026 instead of waiting for its scheduled expiry in 2030 would increase total tax receipts from £32.9 billion ($43.2 billion) to $63.9 billion (£48.6 billion) over the next decade, driven by higher employment…

Drydocks World has completed the full conversion and integration of the EMEM Floating production storage and offloading (FPSO) unit, delivering a key offshore asset to support production at Nigeria’s Okwok field.The FPSO, converted from double-hulled tanker, underwent structural modifications, marine system upgrades and the installation of 19 topside production and utility modules at Drydocks World’s Dubai facility.The unit was commissioned by World Carrier Corporation on behalf of Oriental Energy Resources for deployment its Okwok field in Petroleum Mining Lease 15.Once operational…

U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.Cut off from the global financial system…

Equinor has extended the contract for Havila Shipping’s platform supply vessel (PSV) Havila Charisma.Equinor has exercised one year option for Havila Charisma until December 2026.According to Havila Shipping, Equinor has an option for one year thereafter, until December 2027.Havila Charisma is 2012-built PSV of Havyard 833L design. The PSV is 92.8 meters long, with a breadth of 19.6 meters.

This week, the Department of the Interior issued the Draft Proposed Program for the next five year federal offshore oil and gas leasing program, and the response from industry has been positive.Under the new proposal for the 2026–2031 National Outer Continental Shelf Oil and Gas Leasing Program, Interior includes as many as 34 potential offshore lease sales across 21 of 27 existing Outer Continental Shelf planning areas, covering approximately 1.27 billion acres. That includes 21 areas off the coast of Alaska…

Crude loadings at Russia's Novorossiysk port are about two to three days behind schedule as damage caused by a November 14 Ukrainian attack has limited the capacity of a key jetty at the terminal, three sources familiar with the matter told Reuters.The Black Sea port of Novorossiysk and a neighbouring Caspian Pipeline Consortium terminal, through which one fifth of Russia's crude exports flow, suspended oil exports on Friday after the attack. Novorossiysk resumed them on Sunday.The Ukrainian attack on the Sheskharis oil harbour at Novorossiysk damaged berths 1 and 1A…

Saipem has launched the LiSa Hyper Harness, a smart safety harness equipped with sensors and artificial intelligence designed to enhance worker safety during operations at height.The device monitors how workers connect to fall protection systems and alerts both the operator and a supervisor if the connection is missing or incorrect. The harness emits an acoustic signal, similar to a car seatbelt warning, and automatically sends a notification to a central platform for immediate…

Singapore-based engineering group Seatrium has reported strong execution in the third quarter ended September 30, 2025, bolstered by major offshore and wind project deliveries, a high-value order book and strategic asset sales.The group’s net order book stood at about $12.8 billion (S$16.6 billion), covering 24 projects slated for delivery through 2031. During the third quarter of 2025 the company completed the wind turbine installation vessel Charybdis and the offshore substations Greater Changhua 2b and 4…

Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from previous expectations of a speedy transition to cleaner fuels following U.S. criticism about its climate focus.The Paris-based energy security watchdog also predicted in its annual outlook that the world will likely fail to meet its goal to cap the rise in temperatures to as close as possible to 1.5 degrees (2.7 degrees Fahrenheit) above pre-industrial times to avoid the most devastating effects of climate change.The IEA has been under pressure from the U.S.

Italian offshore services provider Next Geosolutions (NextGeo) has secured a new contract worth around $9.8 million by Saipem for offshore survey and installation support activities under the Bouri Gas Utilization Project (BGUP) in North Africa.The contract covers survey and construction support work for the development of the Bouri gas field, located off the Libyan coast, one of the largest offshore initiatives in the region aimed at boosting gas recovery and utilization.Next Geosolutions said the project will involve deployment of its vessels NG Worker and NG Surveyor…

Britain plans to ban companies from providing services such as shipping and insurance for Russian liquefied natural gas exports, in its latest attempt to help Ukraine in its war against Russia by trying to choke off Kremlin revenue.In October, the European Union approved new sanctions against Russia that ban Russian LNG imports from January 1, 2027, and Britain and the U.S.

Russia has maintained a steady pace of oil shipments from its sea ports at the start of November despite fresh U.S. sanctions imposed on the country's largest oil companies, traders said and LSEG data shows.The United States last week introduced sanctions against Russia's two biggest oil producers, Lukoil and Rosneft. These are the first direct sanctions on Russia imposed by U.S.

Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S. President Donald Trump's push to end the war in Ukraine.Four sources with…

Norwegian offshore supply vessel owner DOF Group has secured a contract with BP for the provision of subsea services in the Atlantic region.The three-year firm and two-year options contract will see DOF deploy a high-capability subsea vessel asset to support BP with subsea construction, installation, repair, and maintenance (IRM) operations.Offshore operations are expected to begin in the first quarter of 2026.Financial details related to the agreement, including rates and overall revenue…

The Trump administration will hold an auction for drilling oil and gas off the U.S. Gulf next month and has proposed another in a waterway in southern Alaska, it said on Friday.The lease sale in the U.S. Gulf of Mexico, which President Donald Trump refers to as the Gulf of America, will make about 80 million acres available. The sale, which will take place on December 10, will be the first of 30 sales in the region through 2040 that were included in Trump's tax law which he signed in July.The Gulf's offshore continental shelf spans roughly 160 million acres…

Executives at two of Europe's top gas suppliers, ExxonMobil and QatarEnergy, on Monday warned they could stop doing business with the European Union if it does not significantly loosen a sustainability law that could impose fines of 5% of their global revenue.Exxon CEO Darren Woods told Reuters on the sidelines of the ADIPEC meeting in Abu Dhabi that the EU's Corporate Sustainability Due Diligence Directive would have "disastrous consequences" if adopted in its current form.The…