Libya’s National Oil Company (NOC) confirmed that the “Essar” discovery, made by OMV Austria, is commercially viable. The announcement follows the drilling of well B1-106/4 and the completion of the company’s development plan evaluation, which verified the project’s economic feasibility.
Several international energy companies, including Chevron, ConocoPhillips, and bP, signed non-binding agreements and memorandums of understanding (MoU) with Iraq worth more than $60 billion to advance oil and gas development, strengthen energy infrastructure, and expand export options.
ConocoPhillips announced it has agreed to acquire a 42% stake in bp Energy Company of Kirkuk Limited (bp ECKL), a subsidiary of British Petroleum (bp), supporting the redevelopment of four oil-producing fields in northern Iraq, according to Reuters.
ADES International Holding (ADES) secured two offshore drilling contracts in the UK North Sea and Nigeria, totaling approximately SAR 858.3 million. In the UK, ADES signed an agreement with NEO NEXT+ Energy E&P UK Limited to deploy the Shelf Drilling Fortress jack-up rig. ADES is also expanding in West Africa with a contract for the Shelf Drilling Odyssey jack-up rig in Nigeria, awarded by Seplat Energy Producing Nigeria Unlimited.
US senators have released a sanctions bill targeting Russia, lowering the proposed tariff to 100% from 500% in the previous version in an effort to secure broader congressional support, Reuters reported.
However, Democratic lawmakers have expressed concerns over tariff provisions in a bipartisan US sanctions bill targeting Russia, warning that the legislation could expand President Donald Trump's authority to impose tariffs on countries importing Russian oil and natural gas.
Canadian ARC Resources announced that its shareholders approved the company’s acquisition by Shell, according to a press release by ARC. Shell announced earlier this year it would buy the Canadian natural gas producer in a $16.4 billion transaction, aiming to strengthen its North American gas portfolio, according to Reuters.
bp has agreed to sell the majority of bp Ventures’ minority investment portfolio to European investment firm Verdane, as part of its strategy to simplify its business and sharpen capital allocation. The transaction, expected to close by the second quarter of 2027, will transfer stakes in more than 10 energy technology companies while allowing bp to retain select investments with strategic value.
British Petroleum (bp) expects a lower upstream production of between 2.17 million and 2.22 million barrels of oil equivalent per day (mmboe/d) in the second quarter (Q2) of 2026, down from 2.339 mmboe/d in the first quarter, according to its latest trading update. The company attributed the lower output to seasonal maintenance, mainly in the Gulf of America, and disruptions in the Middle East.
Iraq’s Prime Minister Ali al‑Zaidi said on Tuesday that the country must secure a fair share within the Organization of the Petroleum Exporting Countries (OPEC), responding to reporters who asked whether Baghdad was weighing an exit from the oil producers’ group.
The International Energy Agency warns that the EU’s upcoming methane emissions rules could significantly narrow the bloc’s crude oil supply options, potentially increasing refining costs and prompting calls from several member states to delay implementation.
