Shale producer Occidental beats quarterly profit estimates
The war in Iran weighed heavily on the?global?operations of Occidental Petroleum, a producer of shale oil. After the U.S./Israeli war on Iran, oil prices were volatile in the first quarter. This was due to disruptions in supply routes and damage in key energy infrastructure. Occidental’s average global production during the January-March period was 1,42 million barrels equivalent per day (mmboepd), compared to 1.39 mmboepd a previous year. The price realized for each barrel of oil produced fell 1.6%, to $69.91.
Devon Energy misses profit forecasts for the first quarter due to production decline
As a result of lower production, Devon Energy's first-quarter profits fell short of Wall Street expectations on Tuesday. Results of a shale oil producer. The first-quarter production dropped to 387,000 barrels equivalent per day (boepd) from 388,000 boepd one year ago. U.S. Permian Shale prices in West Texas remain in the 'negative territory' for a record-breaking 61 consecutive days, as pipeline restrictions trap gas in this region. This is America's largest oil producing shale basin. Oil prices have increased by more than 88% in the past year due to supply chain disruptions and conflict in the Middle East.
Norway issues up to 70 new drilling permits for oil and gas
Norway's government announced on Tuesday that it is offering energy companies a total of?70?blocks in its annual licensing round to help them explore for oil and natural gas. The country wants to prolong the life span of its petroleum sector. The new 'blocks' include 38 areas of the Barents Sea; 10 areas in Norwegian Sea; and 22 areas of the North Sea. Applications are due by September 1, and the final awards will be made in early 2027. Norway's plan to extend oil and gas production in Norway for decades is based on the annual predefined areas (APA) rounds of new offshore exploration acreage.
Diamondback increases annual production forecast as oil prices rise
U.S. shale oil producer 'Diamondback Energy' raised its annual production forecast on Monday after exceeding Wall Street expectations with a 'first-quarter profit due to a rise in oil prices. Oil prices have risen by more than 87% in the past year, after the U.S. and Israeli war against Iran has disrupted supply chain and damaged energy infrastructure. Diamondback, which is based in the United States, benefits from higher commodities prices. The realized price per barrel of oil was $72.53 compared to $70.06 one year ago.
Norway Oil firms seek mediation to avoid a labour strike that could affect output
Offshore Norge, an industry group, said that wage talks between Norwegian oil companies?and labour unions?broke down on Wednesday. The state will now take over mediation to try and?prevent workers from going on strike. If the government-appointed mediator in Norway is unable broker a deal at the time of negotiations that resume later this summer, union members will be eligible to strike and disrupt?the output from Western Europe's biggest oil and gas producer. Offshore Norge reported that unions Styrke Safe and Lederne were unable to reach an agreement with companies.
Norway's Vaar Energi Q1 operating profit lags forecast
Vaar Energi, a Norwegian oil company, reported a lower than expected operating 'profit for the first quarter. It maintained its dividend and capital expenditure guidance. Vaar, listed in Oslo, increased its earnings before interest and taxes (EBIT) from $972 to $1.31 Billion between January-March. This is a significant increase but still falls short of the $1.41 Billion average forecast by 15 analysts in a poll conducted by Vaar. During the third quarter, Vaar surpassed rival?Aker BP as Norway's second largest listed oil producer based on output.
CEO of Energean Energy hopes to make a major discovery in the western Greek waters
Energean, an oil and gas producer in Greece, will be aiming for a large discovery of hydrocarbons near western Greece. The first test drilling could begin as early as next year. ExxonMobil joined Energean, Greece's largest oil refiner Helleniq Energy and other companies to explore for gas in the Ionian Sea last year as the United States?seeks?to play a greater role in Europe's efforts to replace much of the Russian gas after Moscow's invasion in Ukraine. "We aim for a 'big discovery, but it won't mean anything if the first drilling doesn't?succeed…
Eni's Vaar Energi plans a boost in oil production from Arctic Goliat
Vaar Energi, a subsidiary of Italy's Eni and a Norwegian company, announced on Wednesday that it plans to increase crude production 'from its Arctic Goliat 'oilfield with'minority stakeholder Equinor. Vaar Energi, a subsidiary of Italy's Eni, announced on Wednesday that it plans to boost crude production?from its Arctic Goliat?oilfield along?with?minority stakeholder Equinor. The project will create a pipeline to connect the nearby Snoehvit Gas Facility, which will allow large quantities of natural gas from Goliat to be removed. This is currently preventing oil flow.
BP will buy three offshore Namibian block as the shift towards oil and gas intensifies
BP has agreed to purchase an operating 'interest' in three offshore exploration -blocks in Namibia, from Canada-based Eco Atlantic Oil & Gas. This is part of its strategy to expand its upstream portfolio. Eco Atlantic, a Canadian company, said that BP would pay Eco Atlantic $2.7M in cash to acquire 60% of the interest in three?petroleum exploring licences. Oil major has shifted its focus to oil and natural gas following an ill-fated venture into renewables. It pledged to sell $20 billion in assets and reduce its debt by $14 to 18 billion dollars by the end of 2027.
Oil prices plunge on Iran ceasefire, causing European energy stocks to fall
After weeks of gains, European oil and gas stocks fell sharply Wednesday. Equinor, a Norwegian company, led the declines, falling 13%. It was followed by its domestic competitors Var Energi and Aker BP, who had benefitted from the disruptions in Qatar's gas flow after the closure of the Strait of Hormuz. TotalEnergies, France, BP and Shell in Britain, Eni and?Italy were all around 6%-9% down. Oil prices fell after U.S. president Donald Trump announced that Washington had agreed to an?armistice? with Iran for two weeks, subject to the safe and immediate reopening of?Strait of Hormuz.
A krill harvesting vessel and an activist vessel collide off Antarctica
Aker QRILL, the owner of the vessel, confirmed that an environmental activist vessel had collided with a Norwegian krill harvesting vessel on Tuesday, damaging its hull. The Captain Paul Watson Foundation's 65-metre Bandero vessel, operated under the Norwegian flag, deliberately struck the trawler Antarctic Sea. Aker QRILL reported that Bandero hit near the stern, where Aker QRILL's diesel fuel tank is located, causing only minor damage. It shared photos and videos of the incident. If the steel plates (...) ruptured, a spill could have occurred.
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan. CNOOC Ltd, a domestic peer, reported a 11.5% drop in net profits to 122.08 bn yuan on Thursday. Earnings at the refining giant Sinopec dropped 37% to $31.8 bn yuan.
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a drop in earnings, as the Iran War?disrupts the energy infrastructure throughout the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven to be durable. Brent's benchmark price has risen 53% in the past two months, just one day before Israel and the U.S. launched their strikes against?Iran. This makes oil and gas projects much more profitable and increases demand for crews and rigs. However, the Iran War has seen a drop in activity and a reduction in demand for oilfield equipment and services.
Danish funds challenge Nordea at AGM over Arctic Oil
A shareholder resolution urging Nordea to stop funding companies that are expanding Arctic oil and natural gas production is supported by at least?three Danish institutions investors. The pension funds Akademiker Sampension and Velliv announced their voting intentions on Tuesday, ahead of the annual general meeting of the bank. The activists' motion comes in the wake of the oil crisis caused by the Iran War and after Norway announced plans to increase drilling in its Arctic offshore region. The resolution is aimed at Norwegian energy companies?Equinor BP and Var Energi which are involved with Arctic exploration and drilling.
Equinor begins drilling in Brazil's Raia and plans to explore the Santos Basin by 2027
Equinor's top executive in Brazil said that the Norwegian company has begun drilling for the offshore Raia natural-gas project in Brazil. It is also planning new 'exploratory activities in Brazil. Equinor Brazil Country Manager Veronica Coelho said that the project in Campos Basin is expected to begin production by 2028. It will?ultimately supply around 15% of Brazil's gas domestic demand. Coelho stated that Brazil was the second most popular country in which we invested after Norway. The $9 billion Raia Project is expected to?produce 16 million cubic meters of gas and 126,000 barrels?of oil and?condensate?per day.
Danish funds challenge Nordea at AGM over Arctic Oil
Two Danish institutional investors have backed a shareholder resolution calling on the Nordic region's largest bank,?Nordea, to cease all financing of companies that are expanding Arctic oil and gas production due to environmental risks. Investors, pension funds Sampension and Akademiker, informed the annual general meeting of the bank on Tuesday about their voting intentions. The activist motion comes in the wake of the oil crisis caused by the Iran war and after the Norwegian Government announced last year plans to increase drilling in Norway's Arctic offshore region.
Equinor CEO: We Have No Spare Capacity for Oil and Gas
The CEO of Norway's state-controlled company Equinor said that the company does not have any spare capacity to increase its oil and gas output due to Middle East supply shortages."Our focus today is on making sure we are seen as a reliable supplier of oil and natural gas in the markets that we operate in, and ensuring we have the highest possible production because it's needed in these times," Equinor CEO Anders Opedal said at an industry conference held in Oslo.U.S. and Israeli attacks against Iran, and their retaliatory strikes in the Middle East…
Bloomberg News: Trump will invoke emergency law to protect California oil producer Sable
Bloomberg News reported that U.S. President Donald Trump intends to invoke the 'emergency laws' for Sable Offshore in order to restart production from a cluster of offshore platforms located in California. A person familiar with this matter was quoted as saying so. In?afternoon trade, shares of Sable rose by 16.3% to $16.75. The report said that Trump was preparing to call in authorities under the?Defense Production Act? to preempt state law and to ease?permitting? for Sable. Bloomberg reported that the planned order would pave the way for renewed production of oil off the southern California coast…
Enverus reports that global dealmaking for oil and gas upstream in 2025 was muted.
Enverus, a firm that provides analytics, said Wednesday that the upstream oil and natural gas market in the world will remain?subdued' for the second consecutive year, with only $18 billion in deals. The firm stated in a recent report that fewer 'high-quality resources' and lower oil prices have limited the value of mergers and acquisitions well below the historical norm of $60 billion. Andrew Dittmar is the principal analyst of Enverus. He said that international M&A deals are shaped by availability, not appetite. Majors have retreated from the M&A sector and are focusing on organic growth.
BP and Chevron top the list of bidders at a small US Gulf of Mexico gas and oil auction
According to a U.S. government livestreamed auction, BP's single bid accounted for almost half of the total. The U.S. Bureau of Ocean Energy Management conducted the sale. It was a far less successful one than the previous auction three months earlier. Donald Trump's administration prioritizes regular lease sales and plans to have 30 in the area by 2040. The auction was won by a $21 million bid from BP on a block located in Green Canyon. Chevron was also a high bidder, as were Shell, LLOG Exploration, Anadarko, Woodside Energy and Anadarko. Chevron won the high bid for three blocks at $11.5 million.
