Oil & Gas News

Varcoe: 'All hat and no cattle': Canada has big reserves, but can't get much more oil to strained global markets today

Canada doesn't have a strategic petroleum reserve — like the United States — and still imports foreign oil into parts of Eastern Canada

360 Energy Pulse: What mattered this week in energy

(By Oil Gas 360) Energy markets moved into crisis mode this week as tensions around Iran and the []

Oil at the Edge: Can strategic reserves prevent the next energy shock?: Oil Gas 360

(By Oil Gas 360) (Part II) When oil markets face a sudden shock, governments have one tool they can deploy []

Global Strategic Petroleum Reserves, Part 3 (Final): Cost, Misuse, and Governance Failures

(Oil Gas 360) By Greg Barnett, MBA SPR as a national balance sheet—and why politicians keep over-promising what it []

Energy Market Assessment: Getting oil in the forms it is needed, where and when needed

(Oil Gas 360) Getting Oil In The Forms It Is Needed Where And When Needed, Having Prices Profitable, []

Mach Natural Resources boosts proved reserves 109% to 705 MMboe

(World Oil) Mach Natural Resources LP reported a 109% increase in total proved reserves in 2025, reaching 705 MMboe, as []

U.S. rig count increased by 2, is at 553

This week’s Baker Hughes Rig Count shows that the U.S. increased by 2 last week, resulting in a total count []

Gulf oil producers have already lost $15 billion since the start of the war

(Oil Price)  Oil producers in the Arab Gulf have already lost at least $15.1 billion in oil and gas revenues []

Why the Bank of Canada is likely to stand pat amid an oil crisis

Douglas Porter: High oil prices to slow growth, add inflationary pressure

RBC: Iran conflict could prolong ‘well into spring’, pushing oil above 2022 highs

(Investing) The war between Iran and the United States could last far longer than policymakers anticipated, raising the likelihood []

Italy denies negotiating safe passage through Hormuz Strait with Iran

(Investing)  Italy is not conducting negotiations with Iran to secure safe passage through the Strait of Hormuz for Italian vessels []

Assala makes hydrocarbon discovery at Magoga-A in Gabon

Assala Energy reported that the Magoga-A exploration well, located in the Mutamba Iroru License II in Gabon, and subsequent sidetrack into the Atora License, encountered hydrocarbons in the targeted reservoir interval. Preliminary evaluation of data acquired during drilling indicates the presence of

SLB OneSubsea to acquire Envirex Group subsea business

SLBs OneSubsea joint venture has into an agreement to acquire the subsea business of Norway-based Envirex Group. As a result of the transaction, Envirex and their subsea business would become part of SLB OneSubsea. The proposed acquisition would bring the specialized technologies and RD strengths of

Eastern Gas plans multi-well appraisal drilling campaign at Venus CSG project

Eastern Gas plans to begin a multi-well appraisal drilling campaign at its Venus coal seam gas (CSG) project in the Surat Basin onshore Queensland, Australia. The drilling program is expected to start next month, subject to final operational readiness and the mobilization of a drilling rig. The comp

Seadrill appoints Samir Ali as CEO

Samir Ali was appointed President and CEO of Seadrill, succeeding Simon Johnson. Mr Ali has served as Executive Vice President, Chief Commercial Officer of the company since August 2022. Prior to joining the company, Mr Ali was with Diamond Offshore, most recently serving as Vice President of Invest

Oil prices could get high enough to force a COVID-level lockdown

Rory Johnston: IEA oil reserve release still not enough to offset Strait of Hormuz shut down

Worley secures contract from Chevron for Aphrodite gas field FEED

Worley has secured a contract from Chevron Cyprus to deliver FEED and procurement services for the Aphrodite Field Development Project.

TotalEnergies restarts production at Mabruk oilfield in Libya

TotalEnergies has restarted production at the onshore Mabruk oil field in Libya, following the completion and commissioning of a new production unit.

Venezuela signs strategic gas agreements with Repsol

Venezuela has formalised “strategic agreements” with Spanish energy firm Repsol to boost gas production, according to a statement released by the South American nation's government, reported Reuters.

Oil prices climb despite US waiver on Russian oil purchases

Oil prices are expected to post weekly gains on Friday, even with the recent US decision permitting a temporary purchase of Russian oil and refined products stuck at sea.

Petronas strikes hydrocarbons at Barokah-1 well in Indonesia

Petronas has announced its first hydrocarbon discovery at the Barokah-1 exploration well situated in the North Ketapang production sharing contract (PSC) area, off the coast of East Java, Indonesia.

Oil at the Edge: Markets brace for the largest supply shock in decades: Oil Gas 360

(By Oil Gas 360) (Part I) Oil markets are once again confronting a question they have not seriously []

Global Strategic Petroleum Reserves, Part 2: Hormuz “Days-to-Failure”

(Oil Gas 360) By Greg Barnett, MBA Why 300–400 million barrels is politically huge, and physically small. In a []

Trump administration may loosen US shipping rules to combat fuel price spike, White House says

(Investing)  WASHINGTON The Trump administration is considering waiving the century-old Jones Act for a limited period to ensure energy []

Iranian oil flows through Strait of Hormuz even as Gulf neighbors’ exports shut

(BOE Report) Iranian crude oil has continued to flow through the Strait of Hormuz at a near-normal pace even []

Battalion acquires Ward County acreage, adds 30 drilling locations

Battalion Oil agreed to acquire 7,090 net acres in Ward County, Texas from RoadRunner Resource, formerly Sundown Energy, in an all-stock transaction. The acreage is expected to add about 30 net drilling locations targeting the Wolfcamp A, Wolfcamp B and 3rd Bone Spring formations. The leases directl

RWE to invest $19 billion in U.S. gas power as demand jumps

(Oil Price)  Germany-based utility giant RWE is expanding its U.S. portfolio beyond renewables, focusing a large part of planned $19 []

Oil prices near $100 after new Iranian leader says Strait of Hormuz to stay closed

(Investing)  Oil prices rose sharply Thursday, cresting above the key $100 per barrel level, after new Iranian Supreme Leader Mojtaba []

Shell drills Sirius-1X exploration well in Mediterranean offshore Egypt

Shell drilled the Sirius-1X exploratory gas well in the Northeast Amreya area of the Mediterranean Sea offshore Egypt. The well reached a target depth of 2,115 m and encountered encouraging initial indications within the targeted Sirius reservoir interval. The well is Shells first exploration well d

Todd Energy to drill New Zealand’s first superhot geothermal well

Todd Energy was selected by the New Zealand Ministry of Business, Innovation and Employment (MBIE) as the preferred lead contractor to drill New Zealands first exploratory superhot geothermal well. The well will be drilled as part of a government-backed project aimed at evaluating the potential of s

Seplat plans 17-well drilling program for 2026

Seplat Energy plans to drill 17 new wells in 2026 as part of its development and production program, according to the companys 2025 annual report. The program will include 15 onshore wells and two offshore wells. The drilling campaign forms part of the companys operational plans to support productio

Asia to spearhead global CDU capacity additions by 2030

Asia is likely to witness the highest CDU capacity additions globally, representing 40% of the total CDU capacity additions in 2026-2030.

Energean to acquire Chevron’s stakes in offshore Angola blocks

Energean has signed a $260m deal to acquire Chevron’s 31% operated stake in Block 14 and 15.5% non-operated stake in Block 14K, both situated offshore Angola.

TotalEnergies begins production at Lapa South-West project

TotalEnergies has announced the start of production at the Lapa South-West project in the Santos Basin, situated nearly 300km offshore Brazil.

Varcoe: 'We haven't seen anything yet' — Volatile oil markets, escalating conflict, meet Alberta's royalty roller-coaster

'We do have a volatile budget and resource revenues are the key driver of it, but going forward it’s going to get even worse,' said U of C economist Trevor Tombe

Canada once considered building an emergency oil reserve with the U.S., but the Americans backed out

With an energy crisis unfolding in the Middle East, the Financial Post looks at Canada's role in the global response

'The bids just dried right up': Iran-driven oil shock ripples through Canadian economy

Fallout is quickly spreading beyond energy markets as shipping disruptions jam grain sales for Canadian farmers and raise costs for consumers

IEA nations to release 400mbbl of oil amid Middle East crisis

The International Energy Agency (IEA) has announced that its 32 member countries, including the US, will release a collective total of 400 million barrels of oil from emergency reserves to stabilise global markets affected by the conflict in the Middle East.

MidOcean Energy to increase stake in Gorgon LNG project

EIG-backed MidOcean Energy has signed definitive agreements with JERA to acquire an additional 0.417% interest in the Gorgon LNG project located offshore Western Australia.

How high oil prices could impact Canada

Watch: A short spike may sting at the pump, but if prices remain high, the effects can spread through the economy

Varcoe: At a time of oil anxiety, Trans Mountain wants to fast-track plans to boost pipeline's capacity

Trans Mountain is working on projects that would increase the pipeline's capacity. It wants to launch one a full a year ahead of schedule.

OMV joins Shell, TPAO in Black Sea exploration block

OMV Petrom agreed to join an offshore exploration project in the Bulgarian sector of the Black Sea alongside Shell and Trkiye Petrolleri (TPAO). Under a farm-in agreement, OMV will acquire a 25% stake in the Han Tervel block, joining Shell as operator with a 42% interest and a TPAO subsidiary with 3

Eco Atlantic acquires JHI, adds North Falkland Basin exploration exposure

Eco Atlantic signed a binding agreement to acquire all remaining shares of JHI Associates that it does not already own, expanding its upstream exploration portfolio. The acquisition adds exposure to the North Falkland Basin, where Eco will partner with Navitas on exploration activity in the PL001 li

Japanese automakers earned Canada's trust. Will China do the same with EVs?

Baris Akyurek: The debate has evolved, but the lessons learned from the arrival of Japanese vehicles are still relevant today

Danielle Smith: There is no global energy security without Canadian energy

Canada stands alone as a secure and reliable energy partner as the conflict in Iran upends supplies around the world

Referendum talk chilling Alberta's brand and reputation, business groups and investors say

Separation talk is a leading concern for Alberta businesses, ahead of pipelines, U.S. tariff-free deals and rising costs, new survey says

Oil prices are spiking: Can a solar tycoon convince America to embrace the sun?

Shawn Qu built Canadian Solar from humble beginnings in Kitchener, Ont., into a multi-billion-dollar solar energy company. Now he plans a massive push into the United States that he says could mark the 'fairytale' return of U.S. manufacturing

Stock markets still 'relatively well behaved' in face of Middle East conflict

Coming off three years of a bull market, a slump of a few per cent is relatively small in the grand scheme of things

Graphic of the Week: Why is the Strait of Hormuz so important for oil trade?

Almost one-third of the world's marine crude traffic passes through Mideast chokepoint