Fuel oil supply is expected to tighten in the third quarter as refinery disruptions, geopolitical conflicts, and shipping constraints disrupt global refined product markets, with Asia facing the greatest impact.
OPEC+ kept its oil production policy unchanged for October as disruptions from the Iran war continue to restrict crude exports through the Strait of Hormuz and limit the group’s ability to influence physical supply.
Baker Hughes has secured a contract from British Petroleum (bp) to provide offshore well stimulation and production enhancement services across bp’s UK North Sea operations, supporting both new well development and recovery from mature fields.
Under the agreement, Baker Hughes will deploy a vessel-based stimulation solution equipped with its StimFORCE modular stimulation package to support well completions and production enhancement activities.
The US has structured a 35% stake in a Venezuelan oil venture through warrants designed to protect its ownership from dilution as the project raises capital.
 Iraq’s Ministry of Oil is implementing four projects to capture and utilize associated gas with a combined capacity of up to 1.4 billion cubic feet per day (Bcf/d), the ministry spokesperson Salim Al-Rikabi told the Iraqi News Agency (INA).
ADNOC has restored its 922,000 bbl/d Ruwais refinery to full capacity after the facility was halted during the regional war, according to Bloomberg.
Italian energy company Eni has signed a 25-year production contract with Venezuela’s state-owned oil company PDVSA to develop the giant JunÃn-5 heavy oil field in the Orinoco Belt, taking exclusive operatorship of the project.
Under the new Contrato de Participación Productiva de Hidrocarburos (CPPH), Eni will assume full responsibility for the field’s technical, financial, and commercial management. The contract can be extended beyond its initial 25-year term.
bp has agreed to sell exploration stakes in Brazil’s Santos Basin and the Gulf of America to Shell, while retaining operatorship of both assets as part of its portfolio optimization strategy.
Shell has completed its acquisition of ARC Resources, adding 370,000 boe/d of production and strengthening its long-term growth and cash flow outlook.
British Petroleum (bp) has appointed Ian Tyler as Chair of the company following an extensive search process, including both internal and external candidates. He will assume the role immediately.
