Oil prices jump after Iran publishes restrictive draft plan for Strait of Hormuz
Crude oil prices rose Thursday after Iranian state news published a draft plan with restrictive conditions for ship traffic in the Strait of Hormuz.
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Industry Reports
Industry research, market reports, trend analysis, and intelligence relevant to Permian Basin and energy markets.
Transocean lands new work for Conqueror, Proteus, Skyros drillships
Transocean secured new contract work for three ultra-deepwater drillships in its second-quarter fleet status report, released 5 August 2026. An unnamed operator awarded a two-well contract extension to the Deepwater Conqueror in the US Gulf, keeping the rig under contract until January 2027, while a separate unnamed operator awarded the Deepwater Proteus a two-well contract...
Read MessageValaris adds exploration, P&A work across drillship and jackup fleet
Valaris secured a letter of award for a two-well exploration program with an undisclosed operator for the drillship Valaris DS-18, with the campaign expected to start in the fourth quarter of 2026 and run for up to seven months. The company said the DS-18’s previously disclosed contract with Occidental in the US Gulf would begin...
Read MessageTalos-led group appraises Daenerys discovery with Seadrill’s West Vela
Talos Energy and its partners spudded the Daenerys appraisal well on 1 July 2026, using the Seadrill West Vela drillship to further define last year’s discovery in the US Gulf. The well targeted Walker Ridge blocks 106, 107, 150 and 151, with operations progressing according to plan and results expected by year-end 2026. The discovery...
Read MessageYPFB Chaco to spud Junín-9D gas well in Bolivia
YPFB Chaco set 26 August 2026 as the date to begin drilling the Junín-9D (JNN-9D) development well, aimed at developing remaining gas reserves in the Sara and Piray reservoirs. The well is located in the Santa Rosa complex, Sara province, Santa Cruz department, and will also gather data on the gas potential of the Tariquía,...
Read MessageConocoPhillips announces CEO succession, Lance to retire after 14 years
ConocoPhillips has named CFO Andy O'Brien as its next president and CEO, succeeding Ryan Lance, who will transition to executive chair after leading the company for 14 years.
Read Messagebp to acquire Woodside's stake in Trinidad's Calypso gas project
bp has agreed to acquire Woodside Energy's 70% interest in the Calypso deepwater gas project offshore Trinidad and Tobago, giving the company full ownership and operatorship of the natural gas development.
Read MessageU.S. upstream M&A declines in Q2, but Permian demand remains robust
U.S. upstream M&A activity fell to $9.1 billion in the second quarter as crude price volatility slowed dealmaking, but Enverus says competition for premium Permian acreage remains strong and activity is expected to accelerate in the second half of 2026.
Read MessageGuyana expands Caribbean energy partnerships as oil production grows
Guyana is expanding regional energy partnerships with Jamaica, the Dominican Republic and other Caribbean nations as rising offshore oil production drives new collaboration on infrastructure, energy security and upstream investment.
Read MessageOccidental CEO Richard Jackson outlines long-term growth strategy after strong Q2
New CEO Richard Jackson says Occidental will drive long-term growth by maximizing existing assets, strengthening the balance sheet and expanding free cash flow through disciplined execution and advanced recovery technologies.
Read MessageVantris secures new tender-assisted drilling rig contracts in Malaysia
Vantris’ drilling business secured a notice of assignment from PETRONAS and a new contract from Vestigo Petroleum for the provision of tender-assisted drilling rig services in Malaysia. PETRONAS assigned the Sapura Esperanza rig under an existing drilling services contract, while Vestigo awarded a new contract for the Sapura Jaya rig. Both awards were expected to...
Read MessageFugro secures three-year ROV contract for ONGC drilling campaign in India
Vantage awarded Fugro a three-year contract to provide ROV-based deepwater drill support services for ONGC’s offshore drilling operations in India. Fugro will support drilling and completion activities in water depths of up to 3,000 m aboard Vantage’s Platinum Explorer drillship as part of ONGC’s deepwater exploration program. The scope of work included subsea installation and...
Read MessageVaalco moves rig to new SEENT slot after ETBNM-3 success
VAALCO Energy drilled, completed and placed on production the ETBNM-3 gas-supply well in the crestal portion of the North Tchibala structure offshore Gabon, targeting the Dentale D-15 reservoir. Reservoir properties exceeded pre-drill estimates, with more than 10 m of net reservoir pay and strong porosity and permeability. The company was evaluating shallower pay intervals encountered...
Read MessageXodus selected for next phases of Northern Endeavour decommissioning
Xodus Group will support environmental approvals for the next phases of Australia's Northern Endeavour Decommissioning Program, including subsea well plugging and abandonment and removal of offshore infrastructure.
Read MessageEnerMech wins North Sea topside process services contract
EnerMech has secured a multi-year contract to provide topside process and shutdown services for a North Sea offshore operator, expanding its role in maintenance, asset integrity and operational support across the operator's asset portfolio.
Read MessageAGR, THF partner to advance AI-powered well engineering
AGR and THF Engineered Solutions have formed a strategic partnership to apply AI-powered well engineering technology that helps operators improve well planning, identify operational risks earlier and streamline engineering workflows.
Read MessageHormuz shipping deal could come within 48 hours, Trump says
President Donald Trump said a shipping agreement for the Strait of Hormuz could be reached within days as U.S., Iranian and Omani officials work toward a temporary arrangement to reopen the critical oil transit route.
Read MessageDozens of Iranian tankers idle as U.S. blockade restricts exports
Dozens of loaded Iranian oil tankers are idling near the country’s coast as a renewed U.S. naval blockade disrupts crude and petroleum-product exports, pushing Iranian floating storage higher amid weak demand from Chinese refiners.
Read MessageOil prices move higher after Yemen's Iran-backed Houthis claim Saudi tanker strike
Crude prices rose Wednesday after Yemen's Houthis claimed they had struck a Saudi Arabian oil tanker in the Red Sea.
Read MessageOdfjell Drilling restores Deepsea Atlantic service following BOP incident
Odfjell Drilling has returned the Deepsea Atlantic rig to operations after a 106-day off-hire period following an equipment handling incident that resulted in a dropped blowout preventer earlier this year.
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