News

April 21, 2025 — Abu Dhabi National Oil Company (ADNOC) Gas is making significant progress on the expansion of its gas processing infrastructure in the United Arab Emirates, focusing on the enhancement of the Habshan gas facilities. This initiative aims to increase gas processing capacity to meet the rising domestic and international demand for natural gas.

April 21, 2025 — ExxonMobil Guyana Limited has awarded MODEC a contract to develop a Floating Production, Storage, and Offloading (FPSO) vessel for the Hammerhead project, located offshore Guyana. The contract, issued as a Limited Notice to Proceed (LNTP), initiates early-phase work on the FPSO, including front-end engineering and design (FEED). Pending regulatory and government approvals, the project will advance to the engineering, procurement, construction, and installation (EPCI) phase.

April 21, 2025 – Global consulting and engineering firm Wood has secured two framework agreements valued at a combined $11 million from TotalEnergies EP Ratawi Hub to provide critical engineering and procurement services for the redevelopment of the Ratawi oil field in southern Iraq. The contracts span a three-year term and are part of the Associated Gas Upstream Project (AGUP), a key element of Iraq’s Gas Growth Integrated Project (GGIP).

Viva Energy is advancing its $350 million Ultra-Low Sulfur Gasoline (ULSG) project at the Geelong Refinery in Victoria, Australia, aiming to commence production by late 2025. This initiative is set to reduce the sulfur content in gasoline to 10 parts per million (ppm), aligning with new national fuel standards effective December 2025. The project includes the construction of a new sulfur removal unit and supplementary equipment, with significant components already delivered and installed. The upgrade is expected to enhance fuel quality, reduce vehicle emissions, and support the introduction of advanced engine technologies in Australia.​

April 2025 – BW Energy has approved the Final Investment Decision (FID) for its Golfinho Boost project, a strategic initiative aimed at enhancing oil recovery from the Golfinho field, located offshore Brazil in the Espírito Santo Basin. The project is designed to increase production by approximately 3,000 barrels of oil per day by 2027 and unlock an additional 12 million barrels of recoverable reserves. The total investment is expected to reach $107 million.

Brazil's state-controlled oil company, Petrobras, has announced a tender for the construction of up to two Floating Production Storage and Offloading (FPSO) vessels for its Sergipe Deep Waters Project (SEAP) in the Sergipe-Alagoas Basin. This move aims to enhance Petrobras' offshore production capabilities and bolster Brazil's oil and gas output.​

Shell Brasil Petróleo Ltda., a subsidiary of Shell plc, has made the final investment decision (FID) to develop the Gato do Mato field, a significant deepwater project located in the pre-salt region of Brazil's Santos Basin. This initiative underscores Shell's commitment to expanding its deepwater operations and contributing to Brazil's energy sector.​

Petroliam Nasional Bhd (Petronas), through its subsidiary PC North Madura II Ltd., has reached the final investment decision (FID) for the development of the Hidayah oil field located in the North Madura II Contract Area offshore East Java, Indonesia. This decision underscores Petronas' commitment to bolstering Indonesia's energy production capabilities.​

INEOS Energy has taken a bold step further into the U.S. energy market with the acquisition of offshore oil and gas assets from CNOOC Energy Holdings U.S.A. Inc., a subsidiary of China's state-owned CNOOC International Ltd. The move not only deepens INEOS’s footprint in the prolific Gulf of Mexico but also reflects a broader shift toward durable, efficient infrastructure in the offshore energy sector—where advanced materials like clad plates are becoming increasingly essential.

TechnipFMC has been awarded a significant integrated engineering, procurement, construction, and installation (iEPCI™) contract by Shell for the development of the Gato do Mato offshore field, located in the Santos Basin, Brazil. This contract represents a crucial milestone in advancing deepwater production in one of the most promising oil regions globally.

TotalEnergies, alongside its partners Equinor and Shell, has announced a $700 million investment to expand the Northern Lights carbon capture and storage (CCS) project in Norway. This expansion, which represents a major step toward large-scale industrial decarbonization, will significantly increase the capacity of one of the world’s most advanced CCS initiatives.

China Petroleum & Chemical Corporation (Sinopec) has announced the discovery of significant new shale oil reserves in multiple locations across China, reinforcing the country’s potential as a major player in unconventional oil production. These findings are expected to strengthen China’s domestic energy security and reduce reliance on imported crude oil.

OMV, Austria’s leading oil, gas, and petrochemicals company, has announced a significant expansion at its Schwechat refinery with the addition of a new processing plant. This development marks a strategic step in enhancing the refinery’s operational efficiency and product output, reinforcing OMV’s commitment to long-term energy security and industrial sustainability.

South Korea’s S-Oil Corporation continues to advance its major petrochemical expansion project, the Shaheen Olefins Complex, in Ulsan. The project, which officially broke ground in March 2023 and is expected to be completed by 2026, represents a significant step in South Korea’s refining and petrochemical industry, aiming to enhance the country’s capacity to produce high-value petrochemical products. The development aligns with global trends toward integrated refining and petrochemical operations, maximizing efficiency and profitability.

The U.S. steel industry is currently navigating a complex landscape marked by supply constraints, fluctuating import levels, and evolving international trade relationships.​

March 21, 2025 – The Neptun Deep project, Romania's largest natural gas development in the Black Sea, is progressing significantly with key contracts awarded to industry leaders. OMV Petrom and Romgaz, the project's main investors, are committing up to €4 billion to develop the offshore gas fields Domino and Pelican Sud, aiming to transform Romania into the European Union's top natural gas producer.

March 21, 2025 – Cairn Oil & Gas, a subsidiary of Vedanta Group and India’s leading private oil and gas producer, has announced a strategic partnership with 2H Offshore to advance the development of a major offshore oil field on India’s west coast. The project, one of the largest under India’s Discovered Small Fields (DSF) initiative, aims to unlock an estimated 20 million barrels of oil equivalent (MMBOE), strengthening India’s domestic energy security.

March 21, 2025 – Baker Hughes and NextDecade Corporation have signed a framework agreement to support the expansion of the Rio Grande LNG facility in Texas. The agreement involves Baker Hughes supplying state-of-the-art gas turbines and refrigerant compressors to enhance the efficiency and capacity of the facility’s upcoming liquefaction trains. This marks a significant step toward strengthening the United States' position in the global LNG market.

The U.S. Energy Information Administration (EIA) has projected that Alaska's crude oil production will increase in 2026, marking the first growth in nearly a decade. This forecast estimates an output of approximately 438,000 barrels per day (bpd), reflecting a 16,000 bpd rise from the previous year. The anticipated growth stems from the development of new oil projects in the region, aimed at revitalizing production that has been in decline since 2017.

March 21, 2025 – Baker Hughes, a leading global energy technology company, has been awarded a substantial multi-year contract by Petrobras to supply advanced completions technology for deepwater oil fields offshore Brazil. This agreement aims to enhance production efficiency and well performance in some of the region’s most technically challenging environments.