The Saudi giant has renewed long-term agreements with the Italian offshore engineering and construction giant Saipem and UAE-based fabricator Lamprell. Saipem’s agreement with the Saudi firm is now set to run until the end of 2027. With this renewal, the company is confirmed in the exclusive list of contractors selected by Saudi Aramco, which are […]
Continue ReadingENB Pub Note: Excellent article from Tsvetana Paraskova for Oilprice.com. This brings up a talking point that I have been tracking. When the U.S. or other countries need extra money, they just print it, and when countries in OPEC+ that do not have access to print additional revenue, they just drill for oil and gas. […]
Continue ReadingOslo-listed BW Energy has made a final investment decision for the Golfinho Boost project, aiming to increase incremental oil production from 2027 by 3,000 barrels per day. According to the company, the project will also increase uptime and reduce operating expenses at the Golfinho field offshore Brazil. The project includes multiple measures aimed at boosting […]
Continue ReadingThe Iraqi Oil Ministry has announced a new subsea oil pipeline deal with Italian offshore contractor Micoperi and Turkish firm Esta. This pipeline, with a capacity of 2.4 million bpd, will support increased exports from Iraq’s southern ports. Turkiye is looking to expand cooperation with Iraq in electricity exports too. Is the Iraq-Türkiye Cooperation Set […]
Continue ReadingENB Pub Note: How this plays into the OPEC and OPEC+ production quotas has yet to be announced. We know that Saudi Arabia needs the 80 dollar range of oil for its fiscal budgets for its social programs, so we may see some production activity announced in the next meeting. The problems with the OPEC […]
Continue ReadingENB Pub Note: This article from Robert Rapier is spot on. Low oil prices are not always a good thing. When the price is too low, drilling stops, and then when the price comes back up, drilling begins again. We will see a price spike soon, as we are still short 4 trillion in cap […]
Continue ReadingENB Pub Note: This is an excellent time to talk about the fundamentals of the global oil and gas market. For years, the fundamentals were impacted by imperfect reporting from different sources, sanctions and weaponization of the US Dollar, and the response from Russia, Venezuela, Iran, and other countries. The Dark Fleet is well over […]
Continue ReadingOil and gas firms are focusing on infrastructure-led exploration (ILX) near existing fields to reduce costs and shorten development timelines. Spending on exploration remains subdued, holding steady at $50–60 billion annually since 2016. Companies prioritize smaller, quicker-return projects over high-risk frontier plays. Oil and gas companies are looking to get the most bang for their […]
Continue ReadingPresident Trump\’s tariffs are creating some uncertainty in the United States oil and gas market and resulting in a price drop. Brent crude futures were trading at $69.90 per barrel on Thursday, the same day that Trump announced his sweeping tariffs, while West Texas Intermediate futures were at about $66, both down around 7%. Rey […]
Continue ReadingOil prices have crashed to their lowest point since 2021 due to the escalating US-China trade war. Analysts fear the trade war will lead to a global recession, significantly reducing oil demand. The oil price slump puts pressure on OPEC+, potentially leading to a reversal of their recent production increase. Crude oil prices slumped to […]
Continue Reading