Production News

Revolution Wind, a 50/50 joint venture between Global Infrastructure Partners’ Skyborn Renewables and Ørsted, started delivering power to New England's electric grid on March 14.Revolution Wind, a 704MW offshore wind energy project, is expected to supply enough electricity to power more than 350,000 homes and businesses. The project will deliver power under fixed-price, 20-year agreements with energy utilities in Rhode Island and Connecticut.At a time of rising electricity demand…

Unlike larger jackup regions where scale provides greater flexibility, relatively minor changes in supply can have an outsized impact. The availability, reactivation, or retirement of a single rig can materially shift utilisation levels, dayrate negotiations, and contracting dynamics, often with limited visibility.There are currently five jackups drilling in the region, operating across Turkmenistan, Azerbaijan, and Iran. Several of these units are contracted into 2026 and beyond, which is meaningful in a market of this size.© EsgianDespite this coverage, active supply remains constrained.

The Trump administration sold more than 400,000 acres (406,876 hectares) of land in Alaska's Cook Inlet on Wednesday, but no oil and gas drillers showed up. They refused to make a bid.The One Big Beautiful Bill Act of U.S. president Donald Trump, which was signed into law in 2017, mandates six Alaska offshore gas and oil auctions through 2032.Trump has sought ways to increase domestic oil and gas production, including in Alaska, where the industry has seen a decline in recent decades.

The diplomatic route in Iran is now exhausted, as last night the United States and Israel attacked Iran, sharply escalating security risks for commercial shipping in the Persian Gulf and adjacent waters, prompting immediate operational and insurance repercussions across the global maritime sector.According to Jakob Larsen, Chief Safety & Security Officer at BIMCO, the attacks “dramatically increase the security risk to ships operating in the Persian Gulf and adjacent waters,” particularly for vessels with business ties to U.S.

The FPSO P-78 can produce up to 180,000 barrels per day and will increase the gas supply.Petrobras began oil production from the P-78 floating production, storage and offloading (FPSO) vessel in the Búzios field, in the pre-salt layer of the Santos Basin, this Wednesday, December 31, 2025. Búzios 6 (P-78) has the capacity to produce 180,000 barrels of oil and 7.2 million m³ of gas per day. The FPSO will increase the field's installed production capacity to approximately 1.15 million barrels of oil per day.

While challenges linger from the 2025 offshore rig market, there are signs it will look brighter from late 2026 onwards.Main Events of 2025One of the biggest talking points of 2024 and 2025 was Saudi Aramco’s suspension of 36 jackups from April 2024, but by 3Q 2025 21 units had been re-deployed into other regions of the world. Fast forward to today, the national oil company (NOC) has confirmed it will restart work with eight of the remaining suspended rigs in early 2026. It has…

SSI, a leader delivering software, services, and expertise for the business of shipbuilding, announced that Austal USA, a partner since 2005, will use its ShipbuildingPLM product lifecycle management (PLM) solution to further expand its digital transformation.This decision reflects Austal USA’s pursuit of innovation and operational excellence in shipbuilding, showing how a shipbuilding-specific digital platform can accelerate production, reduce risk, and create a single source of truth across complex programs.By leveraging ShipbuildingPLM…

Equinor and its Brazilian subsidiary Rio Energy have started commercial power production at the Serra da Babilônia Solar facility in Brazil. Strategically co-located with the existing Serra da Babilônia Wind, this represents the first hybrid asset in Equinor’s power portfolio, comprising 140 MW of solar and 223 MW of wind capacity.Hybrid projects take advantage of the complementary nature of solar and wind resources, which generate power at different times of the day and throughout different seasons.

A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf, such as Equinor Aker BP Vaar Energi, intend to drill 37 exploration wells by 2026.

Odyssey Marine Exploration said on Friday it has sought U.S.

U.S. natural gas pipeline exports to Mexico averaged 7.5 billion cubic feet per day (bcfd) in May 2025, the most of any month on record as Mexico's demand for natural gas increases, the U.S. Energy Information Administration said on Monday.On an annual basis, U.S. natural gas pipeline exports to Mexico averaged 6.4 bcfd in 2024, a 25% increase compared with 2019 and the highest on record in data going back as early as 1975, the EIA report stated."Total consumption of natural gas in Mexico increased from 7.7 bcfd to 8.6 bcfd during the same time (2019-2024) period…

A liquefied natural gas tanker has left Russia's Arctic LNG 2 after loading a cargo there, according to data compiled by LSEG and analytics firm Kpler, as the project continues output despite Western sanctions over Moscow's war in Ukraine.The Christophe De Margerie tanker arrived at Arctic LNG 2 on October 17 and departed loaded on October 20, according to Kpler data. Shipping database Equasis lists the tanker's registered owner as Zelitiko Shipping, and its ship or commercial manager as Gas Carriers SCF Management…

Donald Trump is putting more pressure on India to slash its Russian oil purchases. This could deprive Moscow of vital revenue, but it will mostly just push more Russian oil into an increasingly large shadow market.The U.S. president said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, an agreement India has yet to confirm.India has become a major trade buyer of Russian oil since Moscow’s invasion of Ukraine in 2022. It purchased 1.9 million barrels per day (bpd) of Russia’s crude in the first nine months of 2025…

The development Argentina’s vast Vaca Muerta share is transforming the nation into a rising energy exporter, with oil and pipeline gas already flowing abroad and an ambitious multi-phase ‘Argentina LNG’ initiative aiming to secure a permanent place in the global liquefied natural gas (LNG) market. While geological resources appear sufficient, the scale and pace of development, however, present challenges.‘Argentina LNG’ is a large-scale LNG scheme designed to massively develop Vaca Muerta's resources to deliver energy to domestic and international market.

Seatrium Limited signed a Letter of Intent (LOI) with Karpowership, a global energy company and the owner, operator, and builder of the world’s largest Powership (floating power plant) fleet.Under the LOI, Seatrium will carry out the integration of four New Generation Powerships, with an option for two additional units. Karpowership will deliver the hulls and key equipment for the four Powerships to Seatrium Singapore, where integration works will begin in the first quarter of 2027.

Ambipar and SBM Offshore announced a solution for cleaning cargo oil tanks on (FPSOs), a solution that importantly is geared to completely remove humans from entering tanks during cleaning activities.“This robotic solution marks a turning point for the offshore industry. By automating a traditionally hazardous process, we are not only enhancing safety but also boosting operational efficiency and reducing environmental impact. It’s a clear demonstration of how innovation and responsibility can go hand in hand…

Floating liquefied natural gas (FLNG) terminals are gaining momentum on the global LNG market, with capacity expected to triple by 2030 according to research from Rystad Energy.Once hindered by technical and operational challenges, FLNG projects are now achieving utilization rates comparable to onshore terminals. With LNG demand rising alongside the growing viability of smaller gas fields, FLNG is emerging as a faster, more flexible and cost-effective solution capable of adapting…

Seatrium has announced the impending delivery of Petrobras 78 (P-78), the first of a series of turnkey floating production, storage and offloading (FPSO) units to Petrobras.The sailaway ceremony took place two weeks ago at Seatrium’s Singapore yard. Upon delivery, the P-78 will be deployed in Brazil’s prolific Buzios field, the largest deepwater oil field globally, with a production capacity of 180,000 barrels of oil per day (bopd), 7.2 million cubic metres (mcbm) of gas per day…

Danos Operations Services has been awarded a contract to provide production services for Beacon Offshore Energy’s new deepwater facility, the Shenandoah floating production system (FPS). The project will employ production operators, instrumentation and electrical technicians, mechanics, and offshore installation managers. Several employees began work on the platform in 2024.The Shenandoah facility is in the final stages of hook-up and is expected to begin producing oil later this summer.

Wind turbine maker Siemens Gamesa is in talks with Chinese suppliers of rare earth permanent magnets about the possibility of bringing production to Europe, in a bid to cut the region's reliance on imports after curbs on supplies from China.Delays in Chinese rare earth export permits have caused European car makers and their suppliers to scramble for alternatives in a market that is dominated by the world's No. 2 economy, threatening production stops across the continent.The wind sector also depends on rare earths processed in China…

The Bureau of Ocean Energy Management announced the publication of a Proposed Notice of Sale (PNOS) for an oil and gas lease sale in the Gulf of America.As directed by Secretary of the Interior and outlined in the PNOS, Lease Sale 262 will offer approximately 15,000 unleased blocks located 3 to 231 miles offshore across the Gulf’s Western, Central, and Eastern Planning Areas. Covering roughly 80 million acres, these blocks are situated in water depths ranging from 9 feet to more than 11…

Norwegian oil and gas company Aker BP has completed the installation of a jacket for a new production platform at the Valhall field in the Southern North Sea.The Valhall production and wellhead platform (PWP) jacket has been installed with the support from Allseas' Pioneering Spirit and Heerema Marine Contractors' Sleipnir, two of the world’s largest offshore vessels, Aker BP informed on social media.The installation followed the removal of an old production and compression platform (PCP).“This marks the end of an era and the beginning of 40 more years of production at Valhall.

Russia signed an investment agreement with Myanmar on Friday that it said could open up new opportunities for Russian energy companies in the south Asian country."We especially note the readiness of the Myanmar side to attract Russian companies to the development of offshore oil and gas fields," Economy Minister Maxim Reshetnikov said after signing the agreement in St Petersburg with Kan Zaw, Myanmar's minister of investment and foreign economic relations.Russia said the deal would help accelerate projects including in Myanmar's Dawei special economic zone…