Norway’s Equinor and its partners Vaar Energi and Petoro have announced a new oil discovery in the Norwegian sector of the Arctic Barents Sea. The find is located around 16 km from the Johan Castberg field, one of Norway’s key offshore developments in the region.
Australia’s Macquarie Group has pulled out of a planned bid for a stake in Kuwait’s oil pipeline network, in a deal valued at up to $7 billion, according to sources familiar with the matter, as geopolitical tensions weigh on investor sentiment in the Gulf.
Daily oil exports from the Middle Eastern Gulf have fallen sharply amid ongoing disruptions linked to the US -Iran war, with flows dropping by more than 60% in the week ending March 15 compared to February levels, according to shipping data and industry estimates.
Eni has announced two new natural gas discoveries offshore Libya following a recent exploration campaign, reinforcing its position as a leading international operator in the country. The discoveries were made in two adjacent structures, Bahr Essalam South 2 (BESS 2) and Bahr Essalam South 3 (BESS 3).
The International Energy Agency (IEA) said more than 400 million barrels (mmbbl) of oil from emergency reserves will start entering global markets soon as part of a coordinated effort to ease a surge in crude prices following the outbreak of the Iran war.
TotalEnergies reported that production in Qatar, Iraq, and offshore UAE is either halted or in the process of shutting down, representing around 15% of the company’s total output. Onshore UAE production, estimated at 210,000 barrels per day (b/d) (TotalEnergies’ share), remains unaffected by the ongoing regional tensions.
Iran has permitted two Indian-flagged liquefied petroleum gas (LPG) carriers to pass through the Strait of Hormuz, sources with direct knowledge said to Reuters, marking a rare exception to Tehran’s blockade that has disrupted global energy shipments.
Iranian crude oil has kept flowing through the Strait of Hormuz at near-normal levels, despite Tehran-linked attacks on ships that have slashed exports from other Gulf nations, according to a Reuters analysis of tanker tracking data.
President Donald Trump announced that his administration will tap the US Strategic Petroleum Reserve (SPR) to combat skyrocketing gas prices fueled by the ongoing conflict with Iran.
US President Donald Trump revealed plans to build a new oil refinery on the southern US border, backed by India’s Reliance Industries, the operator of the world’s largest refining complex, Reuters reported.
