Oil drops 3% to 12-day low as Iran claims two-year plan to cope with Washington’s ‘economic D-Day’
Investors shrugged off the latest developments in the U.S.-Iran war.
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Industry Reports
Industry research, market reports, trend analysis, and intelligence relevant to Permian Basin and energy markets.
Equinor awards Emerson 13-year measurement technology agreement
Equinor has selected Emerson to provide measurement instrumentation and services across its global onshore and offshore operations under a frame agreement spanning up to 13 years, including options.
Read MessageTrump’s oil and gas stocks gained up to $15.5 million amid Iran war, congressional Democrats say
Trump’s stock trading could face heightened congressional scrutiny if Democrats retake either chamber in the midterms.
Read MessageSLB launches ExaCT electrical coiled tubing control system
SLB introduced the ExaCT electrical downhole coiled tubing control system, an intervention platform that replaces pressure-dependent hydraulic actuation with real-time electrical control. The system combines electrical power, telemetry and downhole measurements to communicate with, actuate and verify downhole tools throughout an intervention, giving operators continuous visibility and precision during coiled tubing runs. The platform supports...
Read MessageComet Ridge acquires Santos stake, takes 100% control of Mahalo Gas Hub
Comet Ridge has completed its acquisition of Santos’ 42.86% interest in the Mahalo Gas Project, giving it 100% ownership and operatorship of the broader 1,850-sq-km Mahalo Gas Hub as it advances toward FID.
Read MessageCB&I wins three-year FPSO operations contract offshore Côte d’Ivoire
CB&I Asset Solutions has secured a three-year contract to operate and maintain an FPSO offshore Côte d’Ivoire, an award the company classifies at between $50 million and $100 million.
Read MessageADNOC awards McDermott $1 billion-plus EPCI contract for Umm Shaif field
ADNOC has awarded McDermott a contract valued at more than $1 billion for Package 4 of the Umm Shaif development, covering a new offshore pressure boosting facility designed to increase gas recovery and production.
Read MessageSLB launches ExaCT platform for electrically controlled well interventions
SLB has launched its ExaCT electrical control system for coiled tubing interventions, with field testing showing a roughly 175-hour reduction in intervention time during one six-lateral well operation.
Read MessageDNV acquires Equinor’s WellSpot subsea wellhead monitoring technology
DNV has acquired Equinor’s WellSpot technology, developed and operated over 15 years, and will commercialize the platform to help offshore operators continuously monitor and manage subsea wellhead fatigue.
Read MessageCOSL Innovator drills gas/condensate discovery in North Sea
Equinor and partner Aker BP discovered gas/condensate in the North Sea’s Linga prospect. Exploration well 25/7-13 was drilled in production license 782 S, 16 km northwest of the Balder field and 205 km west of Stavanger. Preliminary estimates put the discovery at between 0.1 and 2.1 million standard cu m of recoverable oil equivalent. The...
Read MessageDeepsea Nordkapp gets go-ahead for Øst Frigg production wells
Norwegian authorities cleared Aker BP to use Odfjell Drilling’s Deepsea Nordkapp semisubmersible for production drilling at the Øst Frigg field in the North Sea. The Norwegian Ocean Industry Authority (Havtil) granted the consent on 17 August 2026, covering the drilling and completion of four production wells. The wells form part of the Øst Frigg tie-back...
Read MessageU.S. to unveil 'greatest financial offensive' against Iran as Tehran threatens ship seizures
The escalation came as both sides have missed a 60-day ceasefire window to reach a deal, closing off the formal truce mechanism to end the six-month war.
Read MessageOil prices fall as investors await 'toughest' U.S. sanctions on Iran
Oil prices fell Monday as investors awaited details of what Washington has billed as its toughest-ever sanctions campaign against Iran.
Read MessageUK LNG import plans draw criticism as North Sea production declines
The UK is reportedly considering additional LNG import capacity as North Sea production declines, prompting Aberdeen business leaders to challenge government restrictions on new offshore oil and gas development.
Read MessageL&T secures major offshore EPCIC contract in Middle East
L&T Energy Hydrocarbon Offshore has secured a more than ₹150 billion ($1.57 billion) EPCIC contract for a major Middle East offshore development involving multiple facilities and subsea infrastructure.
Read MessageIran announces 7.5-Tcf natural gas discovery in Fars province
Iran has announced a natural gas discovery containing more than 7.5 Tcf in Fars province, including an estimated 5.7 Tcf of recoverable gas, as the country contends with production losses following months of attacks on energy infrastructure.
Read MessageAhead of tough new U.S. sanctions, Iran criticizes 'extraterritorial sovereignty'
U.S. Treasury Secretary Scott Bessent told CNBC on Thursday that the proposed economic measures will likely negate the need for major U.S. military operations.
Read MessagePetrobras advances talks for four exploration blocks offshore Ghana
Petrobras has entered negotiations for four exploration blocks offshore Ghana in the Keta basin, advancing its strategy to expand frontier exploration and replenish oil and gas reserves.
Read MessageOil prices rise toward $94 as U.S. prepares new Iran economic measures
Oil headed for a roughly 6% weekly gain, with Brent near $94 a barrel, as markets awaited new U.S. economic measures targeting Iran amid continued Middle East supply disruptions.
Read MessageApexindo secures new PHM contract for semisubmersible Yani
Apexindo won a new contract from PT Pertamina Hulu Mahakam for offshore drilling in the Mahakam Delta region of East Kalimantan. The contract was signed on 18 August 2026 and covers the 1982-built semisubmersible barge Yani. The company said the contract is estimated at $74.3 million, with a firm term of two years and an...
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