Oil & Gas Industry News and Analysis
Original reporting on global oil and gas markets: WTI and Brent crude price moves, OPEC+ policy, rig counts, pipeline approvals, LNG offtake deals, upstream M&A, refining margins, offshore developments, and the regulatory landscape from Alberta to the North Sea. Edited by Oil Authority, refreshed throughout the trading day.
Ghana Secures $3.5 Billion in Offshore Upstream Investment as Tullow Oil and Kosmos Energy Plan 20 New Jubilee and TEN Wells
Ghana locks in $3.5 billion offshore investment from Tullow Oil, Kosmos Energy and partners, funding 20 new wells as Jubilee production tops 70,000 bpd.
Transocean's Deepwater Asgard Wins $158 Million Eastern Mediterranean Contract, Driving $1.6 Billion April Backlog Surge
Transocean's Deepwater Asgard secures $158M Eastern Mediterranean contract as the offshore driller adds $1.6 billion in backlog during April.
Equinor Q1 2026 MMP Trading Profits Beat $400M Guidance as Persian Gulf War Drives Crude Volatility, Norway Gas Spreads Widen
Equinor's Norwegian trading division expects Q1 2026 profits to surpass $400M guidance as Persian Gulf conflict and US cold snap fuel historic volatility.
April 17 Evening Wrap: Oil Prices Crash 11% as Iran Reopens the Strait of Hormuz, WTI Settles at $83
Iran declared the Strait of Hormuz open Thursday, sending WTI crude plunging 11% to $83 as six weeks of war premium evaporated in a single session.
TotalEnergies Q1 2026 LNG Income Set to Surpass $922M as Iran War Drives 10% Production Gain and Trading Windfall
TotalEnergies Q1 2026 LNG income will beat $922M as a 10% production increase and Iran-driven trading volatility push integrated results sharply higher.
US LNG Exports Hit Near-Record 18.9 Billion Cubic Feet Per Day as Cheniere Completes Corpus Christi Train 5, Stage 4 Application Filed
Cheniere's Corpus Christi Train 5 hits substantial completion in March 2026, pushing U.S. LNG exports to a near-record 18.9 bcfd as Asian demand surges.
Trans Mountain Pipeline Hits Record High-90s Utilization as Iranian Supply Crisis Steers Asian Crude Buyers to Alberta Oil Sands
Trans Mountain's 890,000-bpd pipeline hits high-90s utilization as Middle East supply cuts funnel Asian crude buyers toward Alberta oil sands.
Basra Oil Company Targets 3.4 Million BPD Recovery Within One Week as Ceasefire Opens Hormuz Window, Rumaila Field Collapsed to 30 Percent Capacity
Iraq's Basra Oil Company says it can restore 3.4 million BPD within one week if Hormuz stays open. Rumaila field has collapsed 70 percent to 400,000 BPD.
Iran Declares Strait of Hormuz Open to Commercial Ships; Trump Says US Naval Blockade Stays in Full Force as April 22 Ceasefire Deadline Approaches
Iran opened the Strait of Hormuz to ships Friday, but Trump's US blockade stays active. Brent holds near $97 with the April 22 ceasefire expiry in focus.
BP CEO Meg O'Neill Unveils Upstream-Downstream Restructuring, Reversing 2020 Green Pivot Under Elliott Management Pressure
BP CEO Meg O'Neill is simplifying the oil major into two units, reversing its 2020 green pivot as Elliott Management pushes a back-to-basics reset.
EIA Hikes 2026 Brent Forecast to $96 Per Barrel Average, Projects $115 Q2 Peak as Hormuz Shut-Ins Hit 9.1 Million BPD in April
EIA's April 2026 STEO raised Brent's 2026 average forecast 22% to $96/b, with a $115 Q2 peak, as Hormuz disruptions lock in 9.1 million BPD of shut-ins.
WTI Surges Past $93 on Record 9.13 Million Barrel Inventory Draw as ExxonMobil Projects $2.9B Q1 Earnings Windfall: April 16, 2026 Evening Wrap
WTI hit $93.47 and Brent neared $100 after U.S. crude stocks plunged 9.13 million barrels, as ExxonMobil projected a $2.9B Q1 earnings windfall.
Petrobras Approves $12 Billion SEAP I Final Investment Decision in Sergipe-Alagoas Basin, Targeting 120,000 BPD First Oil by 2030
Petrobras approved a $12 billion FID for SEAP I in Brazil's Sergipe-Alagoas Basin, targeting 120,000 bpd first oil by 2030 as global crude hits $130/bbl.
Permian Basin Oil Output Hits 7.12 Million BPD as Baker Hughes US Rig Count Drops to 545, Down 7 Percent Year Over Year
The Permian Basin hit 7.12 million BPD this week, 54.8% of US output, as Baker Hughes US rigs fell to 545, down 7% from a year ago. WTI near $91.
Canadian LNG Exports Draw Asian Buyers as Iranian Strikes Cut Qatar Supply Capacity 20 Percent
LNG Canada's Kitimat terminal gains urgent attention as Iranian strikes slash Qatar's export capacity 20%, driving Asian buyers to Pacific supply routes.
BP Flags Exceptional Q1 2026 Oil Trading Profits as Shell Reports Best Trading Results in Years
BP declared exceptional Q1 2026 oil trading profits and Shell flagged its best results in years as Brent surged 27% sequentially to average $81 per barrel.
OPEC+ Hikes May Output by 206,000 BPD, but 230 Loaded Tankers Remain Stranded in Persian Gulf
OPEC+ voted a 206,000 b/d hike for May, led by Saudi Arabia at 62,000 b/d, but 230 tankers stranded in the Gulf make the paper quota largely symbolic.
Interior Department Proposes 34-Sale Offshore Leasing Program Through 2031, Including First Pacific Coast Sales Since 1984
Trump's Interior proposes 34 offshore lease sales through 2031, opening the Pacific Coast for the first time since 1984 as BLM revenues hit $356M.
WCS Differential Widens to $16.15 per Barrel as Trans Mountain Hits 890,000 BPD Capacity, Squeezing Alberta Producer Netbacks in April
WCS settled at a $16.15/bbl discount to WTI on May delivery as Trans Mountain hits 890,000 BPD, with Alberta producers netting just $75 even as WTI holds $91.
Alberta Tables 120-Day Fast-Track Approvals as Ottawa-Edmonton Alliance Signals New Era for Canadian Energy Investment
Alberta's Bill 30 slashes project approvals to 120 days as Carney and Smith unite on a pipeline MOU that could double oil output by 2035.
Oil and Gas News Without the Noise
Oil Authority publishes original, data-driven international oil and gas news. No sensationalism. No clickbait. No unnamed sources or vague forecasts. Every article cites specific figures, names the companies involved, and attributes projections to the analysts and institutions behind them. Honesty, objectivity, and proper source attribution are the standard here.
Oil and Gas News We Cover
Prices & markets. Daily moves in WTI, Brent, Western Canadian Select, Henry Hub natural gas, and refined product cracks, with context from EIA storage data, OPEC+ production quotas, and analyst forecasts (Goldman Sachs, RBC, Wood Mackenzie).
Exploration & production. Spud reports, completions, well results, and reserve updates from the Permian, Montney, Marcellus, Eagle Ford, Bakken, Duvernay, and offshore basins, sourced from AER, NDIC, BC-ER, Sodir, and RRC filings.
Pipelines & midstream. CER and FERC approvals, expansion projects, tariff filings, contracted volumes, and outages on the major North American and international crude, NGL, and gas networks.
LNG & natural gas. FID announcements, offtake SPAs, cargo movements, spot-market prints, and project construction progress across Gulf Coast, Canadian West Coast, Qatari, and Australian export facilities.
Mergers & acquisitions. Upstream asset deals, corporate combinations, private-equity exits, and royalty package transactions, with multiple analysis ($/boe, $/acre, strip-adjusted) and closing timelines.
Regulation & policy. EPA, BOEM, AER, CER, and ministerial announcements affecting drilling permits, methane rules, royalty regimes, carbon pricing, and the energy transition.
Who Reads Oil Authority
Investors and Analysts
Portfolio managers, equity research analysts, and commodity traders tracking Brent, WTI, WCS, Henry Hub, and global LNG benchmarks alongside earnings calls, production guidance, and sector valuations. Every forecast and projection we publish is attributed to a named source.
Field Operators and Rig Crews
Drilling supervisors, completions engineers, and field operators who need to know which basins are active, what rigs are spudding, and which regulators just changed the rules. Our live rig maps cover Alberta, Saskatchewan, BC, North Dakota, and the Norwegian Continental Shelf.
Engineers and Geoscientists
Petroleum engineers, reservoir specialists, and geologists following exploration results, well performance data, and technical developments. We report on specific formations, recovery factors, and production metrics rather than generalizations.
Executives and Policy Makers
C-suite leaders, government advisors, and energy ministers benchmarking capital allocation, regulatory shifts, and competitive positioning. We cover decisions from the AER, BOEM, CER, Sodir, and OPEC with the specificity required for boardroom-level briefings.
Our Editorial Standard
Every article published on Oil Authority is original analysis written by our editorial team. We do not republish wire copy. When we cite a projection, we name the institution. When we report a production figure, we link the source. When a story is developing, we say so and update it as facts emerge.
Oil Authority is free to read. We publish multiple times daily and cover breaking developments as they happen. Follow us on Google News, subscribe via RSS, or bookmark this page.