Eni and Petronas establish joint gas venture in Southeast Asia
After signing an agreement for investment in November, Eni of Italy and Petronas of Malaysia have created a joint venture that combines energy businesses throughout Indonesia and Malaysia. This move is part Eni's "satellite strategy" to separate specific assets and develop them independently with the assistance of a partner. In a joint announcement, the companies stated that the new company named Searah will begin with a production base of more than 300…
US Energy Secretary says that lower gas prices will eventually lead to a resolution with Iran
Chris Wright, the U.S. Energy Secretary, said Friday that to lower?pump price it will take a solution with Iran in order to get more oil flowing through the Strait of Hormuz. Wright made his 'comments' during an appearance at Sable Offshore, a new oil and gas facility in California near Santa Barbara. The Sable Offshore facility was restarted after President Donald Trump invoked a Cold War Defense Production Act that superseded state laws.
The response to the auction of oil drilling rights at Alaska Wildlife Refuge is tepid
Officials from the U.S. Department?of the?Interior said that only $3.7million was bid for five parcels of land in Friday's auction by Trump's administration. The auction included 58 tracts on 689,000 acres (278.828 hectares), in a wildlife refuge known for its pristine habitat, which is home to species such as polar bears, caribou, and migratory bird species. Nine bids were made on five tracts totaling 70,000 acres.
Trump Administration to auction off oil drilling rights in Alaska Wildlife Refuge
The Trump Administration will sell oil and gas leases in Alaska's Arctic National Wildlife Refuge on Friday. This is a "remote, pristine habitat" for polar bears, caribou, and migratory bird species. The auction is a test of the industry's appetite for drilling in Alaska. It is a high-risk endeavor that involves decades of hard work and billions of dollar investments. Oil and gas drillers were offered 60 tracts of the refuge by the U.S. Bureau of Land Management.
Norway oil companies and unions reach wage agreement, averting a strike
Negotiators from both sides said that the Norwegian oil companies had agreed to a wage deal with three unions. This agreement prevented any strike action which could have disrupted production. The industry estimates that the strike would have reduced production by an initial 45.500 barrels equivalent per day. Union officials had warned that a strike could have expanded at any moment, and would have had a significant impact on production.
Energean Angola expansion on hold after Etu preemption
Energean announced 'on Wednesday that its $260m deal to 'buy Chevron offshore assets in Angola is a limbo, after Etu acted to match the offer. This has complicated its efforts to expand its business beyond its Eastern Mediterranean gas core. Energean announced its $260 million contract in March. It was part of its plan to expand its gas fields beyond Israel's flagship offshore fields, which have been shut down several times due to conflict.
Norway Oil Sector Workers Threaten Strike from June 5,
Labour union data revealed that nearly eight percent of Norwegian offshore oil and gas workers intend to strike if the state-brokered wage mediators fail. It wasn't immediately clear whether a strike could affect Norway's oil production. According to the government appointed mediator's office, 617 of Norway's 8,100 offshore oil-and-gas production workers, organized by unions Styrke Lederne, and Safe, will be part of the first wave of strike action.
The tiny Guyana is poised to gain big gains from Iran oil and growth strains
The U.S. and Israeli war against Iran had already pushed up oil prices, but the tiny Caribbean nation of nearly 1 million people will now reap an even bigger bonanza as the conflict reshapes global energy markets. The tiny Caribbean nation of nearly 1,000,000 people is now set to reap even more benefits as the war reshapes the global energy markets. This war, which caused the biggest energy disruption in history…
Suriname's Block 52 could become commercial for oil in 18 months, Staatsolie says
The managing director of Staatsolie, the state-owned oil and gas company in Malaysia, said that Petronas was exploring for oil in offshore 'Block 52' in Suriname. This area had been declared "commercially viable" for the development of a natural gas field late last year after large discoveries were made in the region. Annand Jagesar said in a telephone interview that they hoped to declare commerciality for oil in the next 18 months.
Afentra plans to drill exploration wells in Angola before 2027
Afentra's CEO announced on Thursday that the company is pursuing onshore and offshore exploration to increase production in Angola. Afentra CEO Paul McDade stated that the high crude oil prices caused by the Iran War and the disruption of crude exports through the Strait of Hormuz have helped to underpin Afentra’s strategy in Angola. Angola is sub-Saharan Africa’s second largest crude producer.
Shell subsidiary sells stakes to QatarEnergy in offshore blocks of Uruguay
QatarEnergy acquired three offshore exploration blocks in Uruguay from Shell's subsidiary, marking its first entry in the South American nation's upstream energy sector. The state-owned firm said on Wednesday that it would not disclose financial details. Shell, a key partner in Qatar's energy projects, is also strengthened by the Qatari energy giant’s South American exploration expansion.
Energean, a gas producer, has cut its output and dividends due to the Mideast conflict.
?Eastern ?Mediterranean-focused gas producer Energean cut its 2026 production forecast and dividend on Wednesday after a 41-day shutdown of its Israeli operations hammered its first-quarter results. After Israel's Ministry of Energy lifted the directive that had halted production since late February, the company's floating power production vessel resumed its operations on 9 April. The output returned to full capacity in 48 hours.
