Oil prices edged lower on Wednesday after surging in the previous session, as traders weighed fresh US inventory data and signs of possible export relief from northern Iraq against continuing concerns over Middle East supply disruptions.
TotalEnergies announces the start of production from the Quiluma field, in which the Company holds an 11.8 per cent interest alongside its partners Azule Energy (37.4 per cent, operator), Cabinda Gulf Oil Company (31 per cent) and Sonangol E&P (19.8 per cent).
SLB’s OneSubsea joint venture won a multi-well EPC contract from CNOOC for 20 wells, providing integrated subsea production systems for the deepwater Kaiping 18-1 field development in the South China Sea.
Macquarie has withdrawn from bidding for a stake in Kuwait's oil pipeline network worth up to $7 billion, two sources familiar with the matter said, becoming one of the first known investors to pull out of a Gulf deal due to the Iran war.
The International Energy Agency's (IEA) member countries could release more oil into the market from strategic stockpiles "as and if needed" after they agreed the largest-ever reserves release last week to offset shortages and a spike in prices, its executive director said.
Eni discovered two new gas structures, Bahr Essalam South 2 and 3, off Libya’s coast. Drilled near the Bahr Essalam field, they are estimated to hold over 1 trillion cubic feet (Tcf) of gas in place.
bp confirmed gas production start-up from Angola’s Quiluma field, part of the New Gas Consortium (NGC), operated by Azule Energy. This marks continued successful project launches and exploration achievements for the bp‑Eni joint venture.
Europe is experiencing renewed pressure on gas supplies due to disruptions in the Strait of Hormuz and the EU’s ongoing efforts to reduce dependence on Russian gas, exposing vulnerabilities in global LNG markets and driving up spot prices.
Abu Dhabi authorities and relevant response teams have contained and brought under control a fire that broke out at Shah gas field, caused by a drone attack.
Oil prices rebounded on Tuesday, recovering part of the previous session’s losses as renewed supply concerns around the Strait of Hormuz lifted sentiment in global energy markets.
