Industry News

Part of the proceeds will fund additional oil and gas workover wells in New Zealand.

The Calgary-based midstream company decided to proceed with a new straddle plant project to extract natural gas liquids through its existing rights on the Yellowhead Pipeline.

Minnesota-based Northern Oil and Gas signed a deal to buy a 25 percent stake in light-oil assets in the Duvernay shale from Parallax for an initial price of around $259 million, marking its entry into Canada.

Despite higher oil prices, spending on oil projects is set to drop below $500 billion in 2026, according to the International Energy Agency's annual World Energy Investment report.

The U.S. carried out airstrikes on an Iranian military site and imposed new sanctions to prevent Tehran from profiting from vessels transiting the Strait of Hormuz, highlighting the fragility of recent diplomatic momentum.

Former BP Plc Chairman Albert Manifold says he was fired without warning or explanation.

Oil futures plunged as traders bet on a possible US-Iran peace deal.

Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be down for the week ending May 22.

'Looking ahead, the outlook remains highly uncertain and depends largely on the duration of the disruption to traffic through the Strait of Hormuz and the time required for oil production and global refinery operations to recover'.

Bo French defeated incumbent Texas Railroad Commissioner Jim Wright in a runoff election for the GOP nomination to sit on the Lone Star State's chief oil regulator.

'I am delighted to welcome Jeff to Noble's Board of Directors', Noble Chairman Charles M. Sledge said.

Petrofac, under administration since 2025, said it had completed the divestment of its core engineering and construction business in the UAE to a consortium of financial investors led by Mason and Pearlstone Alternative.

Rystad Energy described digitalization and Artificial Intelligence in upstream oil and gas as 'a $500 billion opportunity'.

'Recent developments in global energy markets have underscored the importance of operational agility for energy infrastructure of strategic national significance', Malaysia's state-owned Petronas said.

Phase 3 of Baleine, discovered about 5 years ago off the Atlantic coast of the West African country, will increase the field's oil production from 60,000 to 150,000 barrels per day and natural gas output from 80 to 200 million cubic feet a day.

Oil companies were advised to curb sales of oil products to foreign markets following a meeting with the deputy prime minister on the domestic fuel market.

Oil rebounded as renewed US-Iran clashes clouded hopes for a Hormuz deal.

Summer forecasts are pointing to higher than normal temperatures across Asia, while an El Nino weather pattern could make things even hotter.

The U.S. Department of the Interior announced that it generated over $4 billion in total receipts from a Bureau of Land Management oil and gas lease sale in New Mexico and Texas.

BP Plc fired Chairman Albert Manifold just months into the job.