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. He stated that 'it is expecting to make a final decision on investment by the end of this year or early 2027, for up to three discoveries made in Block 3/24 offshore which it operates.
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. Over the past few years, the company has built up an upstream portfolio, which includes interests in Brazil and Cyprus as well as Egypt. QatarEnergy acquired 30% of the?stakes? in blocks OFF-2 and OFF-7 where Shell holds 70% and 40%, respectively.
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. Energean is a major natural gas producer in Israel. Its Israeli gas fields, and the production vessel that serves them, have been shut down twice over the past year due to conflict in the Middle East.
Sheinbaum: Pemex CEO Rodriguez to leave
Claudia Sheinbaum, the Mexican President, announced on Thursday that Pemex's CEO Victor Rodriguez will be stepping down. She said that she is nominating?Juan Carlos Carpio to replace him. On Wednesday, it was reported that Rodriguez's fate is uncertain due to his struggle to turn around Mexico’s embattled oil company. Sheinbaum announced the news in a video with?Rodriguez and Carpio. Energy Secretary Luz E. Gonzalez was also present. The first 18 months of Rodriguez's Pemex tenure were marked by worsening divisions within the company, a major oil spill and a fatal refinery accident.
Canadian Natural exceeds profit expectations on higher oil production
Canadian Natural Resources, the nation's largest oil-and-gas?producer exceeded expectations for its first quarter profit on Thursday. This was fueled by higher production of?its oil?sands segment?as well as conventional operations. Canada's oil-sands producers continue benefiting from increased operational efficiency and stable production despite concerns about pipeline constraints and volatile commodities prices. Canadian Natural said that its output increased to 1.64 million barrels of oil-equivalent per day during the three months ended March 31 from 1.58million boepd one year ago.
Shale producer APA beats first-quarter profit estimates
U.S. shale oil producer APA surpassed Wall Street expectations for the first-quarter profit?Wednesday as higher oil?prices offset a 'decrease in output. The quarter reported was marked by extreme volatility and macro-uncertainty in global oil prices, as the U.S. and Israeli war against Iran disrupted key supply routes and damaged energy infrastructure?in Middle East. APA reported that its realized price per barrel of oil increased to $78.69 from $73.73 a year earlier. The total quarterly production dropped 5.7%, to 442,352 barrels equivalent per day (boepd), due to lower output from the U.S.
Occidental abandons new oil hedges amid price volatility caused by the Iran war
Occidental Petroleum, a U.S. shale oil producer, will not be adding more?oil hedging this year due to the volatility of crude?prices after the Iran war. Chief Financial Officer 'Sunil 'Mathew stated that derivative losses were a part of the reason for Occidental’s first quarter profit. Occidental still managed to exceed Wall Street expectations. In February, Occidental placed "a modest amount" of oil hedges by using collars that were free. Many producers hedge their sales of crude oil, natural gas, and refined products in order to reduce the risk of price changes during the time that it takes to deliver cargoes to clients.
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.
