NOC ends Trasta Energy partnership, retakes control of Ras Lanuf
The signing of the agreement between NOC and Trasta Energy. Credit: National Oil Cooperation. Libya’s National Oil Corporation (NOC) has signed an agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), the operator of the Ras Lanuf refinery. Trasta Energy is part of the United Arab Emirates-based Al […]
Petrobras Q1 2026 profit falls 7.2% to $6.2bn
Petrobras’ adjusted EBITDA for the quarter was $11.3bn. Credit: Donatas Dabravolskas/Shutterstock.com. Petrobras has reported net profit of 32.7bn reais for the first quarter of 2026 (Q1 2026), a 7.2% decline in local currency from 35.2bn reais recorded in the same period the previous year. The Brazilian state-owned petroleum company’s sales revenues, in terms of US […]
Shell reports 23% increase in Q1 2026 adjusted earnings
Shell’s working capital outflow stood at $11.2bn in Q1 2026, compared to $2.7bn in Q1 2025. Credit: Mark Roger Bailey/Shutterstock.com. Shell has reported adjusted earnings of $6.9bn for the first quarter of 2026 (Q1 2026), a 23.2% increase from $5.6bn in the same period of the previous year. Cash flow from operations (CFFO), excluding working […]
Eni conducts drill stem test at Geliga-1 discovery in Indonesia
The Geliga-1 well is located in the Ganal Block within Indonesia’s Kutei Basin. Credit: BETO SANTILLAN/Shutterstock.com. Eni has conducted a drill stem test (DST) at the Geliga-1 gas discovery offshore East Kalimantan, Indonesia, confirming the reservoir’s potential to deliver up to 60 million standard cubic feet per day of gas, despite rig facility constraints. The […]
Oil prices surge as US-Iran conflict threatens ceasefire
The Strait of Hormuz handled a fifth of the world’s oil and LNG supplies before hostilities began in February. Credit: Aerial-motion/Shutterstock.com. Oil prices increased on 8 May as conflicts resumed between the US and Iran, putting a fragile ceasefire at risk and hindering efforts to reopen the Strait of Hormuz, a significant passageway for oil […]
Devon Energy completes $58bn merger with Coterra Energy
Devon shareholders hold around 54% of the combined company, with former Coterra shareholders holding roughly 46% on a fully diluted basis. Credit: IgorGolovniov/Shutterstock.com. Devon Energy and Coterra Energy have completed their all-stock merger, forming a single entity under the Devon Energy name. The companies initially agreed to merge in February 2026, creating a business with […]
PRC Europe 2026: how oil and gas is adapting to net zero
PRC Europe will discuss pain points and emerging solutions for operators looking to decarbonise. Credit: PRC Europe. PRC Europe 2026 will take place in Amsterdam, the Netherlands, from 18–19 May. Delegates are set to discuss the future-proofing of downstream operations, as pressure builds around emissions targets. As operators look to adapt existing assets, protect competitiveness […]
Conrad awards SURF contract for Mako field to Timas Suplindo
Under the agreement, Timas Suplindo will procure all materials including line pipe, umbilical, SPCS components and valves. Credit: James Jones Jr/Shutterstock.com. Conrad Asia Energy subsidiary West Natuna Exploration has awarded the subsea umbilical, flowline and riser (SURF) contract for the Mako gas field offshore Indonesia to Timas Suplindo. The value of the engineering, procurement, construction […]
Crude spikes Trump dismisses Iran, Hormuz bottleneck persists
Kpler shipping data revealed that three additional tankers managed to navigate the Strait of Hormuz last week. Credit: FUN FUN PHOTO/Shutterstock.com. Oil prices surged on 11 May after US President Donald Trump said Iran’s response to his peace proposal was “unacceptable”, intensifying supply concerns with the Strait of Hormuz still largely closed. At 09:02 GMT, […]
What is ‘Premium Content’ on Offshore Technology?
By gating our content, we are able to help protect our own IP while improving our output for readers. Offshore Technology has introduced new ‘Premium Content’ for its readers – here’s an explanation of what’s changing and what isn’t. Premium Content is valuable Premium Content is our new free subscription that provides access to deeper […]