News

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.

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.

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.

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.

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.

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.

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.

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.

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.​

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.​