Oil price news
Eni signs agreement to sell Nigerian subsidiary NAOC Ltd to Oando PLC
Eni has announced the signing of an agreement with Oando PLC for the sale of Nigerian Agip Oil Company Ltd, the wholly Eni-owned subsidiary focusing on onshore oil and gas exploration and production in Nigeria, as well as power generation.
US shale reinvestment rates hit three-year high amid inflation and muted oil prices
The reinvestment rate of US shale oil producers has hit its highest level in three years in the 2Q23, but the recent trajectory will not last, according to Rystad Energy research.
Southeast Asia focus spending on cleaner energy initiatives
Southeast Asia's renewable investment to top US$76 billion by 2025, boosting energy independence and competitiveness.
New US$100 million contract for semi-submersible rig Hercules
SFL has announced that it has signed a drilling contract in Canada with a value of approximately US$100 million.
Chesapeake Energy have agreed to sell its remaining Eagle Ford assets
Chesapeake Energy Corporation has announced that it has executed an agreement to sell its remaining Eagle Ford assets to SilverBow Resources, Inc. for US$700 million.
Crude pricing could rise further into autumn say IEA
Crude pricing could rise further into autumn, but demand growth could slow dramatically next year, according to the International Energy Agency (IEA).
EIA expects new milestones for US crude oil production
EIA expects new milestones for US crude oil production amid sustained global petroleum demand and rising prices.
Wood secures contract extension in Brunei
Wood has been awarded an offshore contract extension worth US$250 million by Brunei Shell Petroleum.
Saudi Aramco continue expansion in the Marjan field
A project to expand the Marjan field in Saudi Arabia is expected to increase oil and gas production.
Floating rig utilisation rebounds to pre-COVID levels
Rig demand is expected to increase 20% from 2024 – 2025, meaning rates are up 40% from the past year.