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Offshore Technology
Eia Forecasts Record Us Crude And Gas Production In 2025The US Energy Information Administration (EIA) anticipates that the country’s crude oil and natural gas production will reach record levels this year, along with demand for natural gas and electricity.
In its latest short-term energy outlook (STEO) report, the agency projects significant growth in energy output and consumption over the next few years.
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According to Reuters, the EIA expects crude oil production to average 13.61 million barrels per day (mbbl/d) in 2025, with a further increase to 13.76mbbl/d in 2026.
These figures represent an uptick from the 13.22mbbl/d forecast in 2024.
Notably, the projection for 2025 exceeds the previous month’s estimate of 13.5mbbl/d.
The report also indicates that domestic petroleum and other liquid fuels consumption is set to rise, reaching 20.5mbbl/d in 2025 and 20.6mbbl/d in 2026, up from 20.3mbbl/d in 2024.
This consumption level approaches the record high of 20.8mbbl/d set in 2005.
In terms of natural gas, the EIA projects that dry gas production will increase from 103.2 billion cubic feet per day (bcf/d) in 2024 to 105.2bcf/d in 2025, and then 107.5bcf/d in 2026.
This forecast surpasses the previous record of 103.6bcf/d in 2023.
The EIA also estimates that domestic gas consumption will reach new heights, climbing from a record 90.4bcf/d in 2024 to 92.0bcf/d in 2025, before slightly declining to 91.1bcf/d in 2026.
Electricity demand in the US is expected to follow a similar upward trend, with the EIA predicting record consumption levels in 2025 and 2026.
The growth is attributed to increased electricity usage in data centres, homes and businesses, particularly for heating and transportation.
Power demand is projected to rise to 4.22 trillion kilowatt-hours in 2025 and 4.28 trillion kilowatt-hours in 2026, up from a record 4.1 trillion kilowatt-hours in 2024.
In October 2024, the EIA reported that crude oil and oil product flows through the Bab el-Mandeb, the southern choke point of the Red Sea, dropped by more than 50% in the first eight months of 2024.oil-gas
Mar 12, 2025
Offshore Technology
Quorum Software Boosts Digital Oilfield Capabilities With Zdscada AcquisitionQuorum Software, a provider of energy software solutions, has acquired zdSCADA, a cloud-based supervisory control and data acquisition (SCADA) technology.
This strategic move aims to bolster Quorum’s Upstream On Demand suite by integrating advanced SCADA capabilities to provide real-time well data for production management.
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The acquisition of zdSCADA also complements Quorum’s FLOWCAL measurement software and Coastal Flow measurement services.
It is poised to enhance the company’s end-to-end digital oilfield capabilities, offering operators a more comprehensive solution for optimising production and measurement operations.
Quorum Software CEO Paul Langenbahn said: “The future of energy operations is here, bringing connected workflows, intelligent automations and real-time data-driven insights.
“With Quorum and zdSCADA together, we are delivering a seamlessly connected workflow that enhances visibility, efficiency and value from field to back office to boardroom. This acquisition strengthens our capabilities and accelerates innovation across the industry.”
By integrating zdSCADA’s technology, Quorum Software is set to improve efficiency and digital connectivity between the field and the office.
Operators will now have access to a unified, cloud-based platform that facilitates real-time decision-making and greater operational agility across the energy value chain.
PPHB served as the sole financial advisor for the acquisition, while Troutman Pepper Locke provided legal counsel to zdSCADA.
zdSCADA co-founder Matthew Smiley added: “We are excited to join the Quorum team and continue driving innovation in the industry.”oil-gas
Mar 12, 2025
Offshore Technology
Delfin Lng Receives Export Permit ExtensionThe US Department of Energy (DOE) has granted an extension to Delfin LNG for its liquefied natural gas (LNG) export permit, allowing additional time for the commencement of exports from its proposed project offshore Louisiana.
This decision comes amidst a series of LNG-related approvals by the DOE, highlighting the administration’s focus on energy exports.
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The extension, announced by US Secretary of Energy Chris Wright at CERAWeek in Houston, prolongs the deadline for Delfin’s export authorisation to non-free trade agreement countries until 1 June 2029.
This authorises the export of up to 1.8 billion cubic feet per day (bcf/d) of natural gas as LNG.
Wright said: “While the previous administration pursued a strategy of energy subtraction, I am proud to be working with President Trump to advance a strategy of energy addition – embracing all forms of energy that are affordable, reliable and secure.
“The positive energy and renewed enthusiasm for US leadership in energy exports from our allies and trading partners here at CERAWeek is palpable, and I am thrilled to sign this order to help another US LNG project advance.”
The permit extension had previously been delayed by the Biden-Harris administration.
However, with this recent development, Delfin, majority-owned by Fairwood Peninsula, Talisman Global Alternative Master and Talisman Global Capital Master, can now progress towards a final investment decision (FID), expected later this year.
Delfin aims to commence construction of its offshore floating liquefied natural gas (FLNG) vessel following the FID.
The DOE has issued four LNG-related approvals since President Trump took office.
These include Commonwealth LNG’s export authorisation on 14 February, a ruling on 28 February allowing LNG as bunkering fuel and a 5 March extension for Golden Pass LNG to begin exports.oil-gas
Mar 11, 2025
Offshore Technology
Whitecap And Veren Merge In $10.4Bn Deal To Expand Shale OperationsWhitecap Resources, a Canadian oil company, is set to merge with Veren, also an oil and gas company in Canada, in an all-stock transaction valued at C$15bn ($10.43bn), including debt.
The merger will position the combined entity as the “seventh-largest” oil and gas producer in Canada and the largest Canadian light oil-focused producer.
This strategic move will notably enhance the company’s presence in Alberta’s Montney and Duvernay shale regions.
The combined company will boast 1.5 million acres of land across the two key shale plays, with two-thirds in Montney and the remaining third in Duvernay, according to Whitecap vice-president Joey Wong.
The merger is projected to yield a production capacity of 370,000 barrels of oil equivalent per day (boepd), with a 63% focus on liquids.
Fagerheim said: “We are more resilient and better able to manage the current macro environment, including the ongoing threat of tariffs and commodity price volatility.”
Meanwhile, Tom Pavic, president of Sayer Energy Advisors, anticipates that the total merger and acquisition activity in the Canadian oil industry this year will mirror last year’s robust performance, which saw $20.4bn in deals, reported Reuters.
Veren investors are set to receive 1.05 Whitecap shares for each share they hold, equating to C$9.82 based on the last closing price, a 39% premium on Veren’s closing price.
Post-merger, Whitecap shareholders will retain approximately 48% of the new company, with the remainder held by Veren’s shareholders.
The transaction is expected to be finalised before 30 May, with the combined company continuing under Whitecap’s current management team and welcoming four Veren directors to its board, including CEO Craig Bryksa.
In January 2025, Pembina Pipeline acquired a 50% stake in Whitecap Resources’ 15-07 Kaybob Complex through Pembina Gas Infrastructure, its joint venture with KKR.oil-gas
Mar 11, 2025
Offshore Technology
Oilmax Energy Commits $51.6M To Develop Energy, Mineral Resources In Assam, IndiaOilmax Energy, a private integrated oil and gas company, is set to invest Rs4.5bn ($51.6m) in energy and mineral sectors in the Indian state of Assam.
The investment was unveiled at the Advantage Assam Summit, where Oilmax Energy expressed its commitment to the state’s Tiphuk oil and gas field, compressed biogas sector and the exploration of Assam’s mineral resources.
Oilmax Energy signed three memorandums of understanding (MOUs) at the event for three key initiatives, which are set to create approximately 300 jobs.
The first MOU was signed with Brahmaputra Crackers & Polymers, targeting the Tiphuk oil and gas field. BCPL will offtake the gas produced, bolstering domestic production and India’s energy security.
The second MOU, with the Government of Assam, will facilitate the development of the state’s mineral resources, focusing on quartz mining. This venture is expected to leverage Assam’s untapped mineral potential.
In a third MOU, Oilmax Energy has partnered with Assam Gas Company to establish a compressed biogas (CBG) plant using Napier grass as feedstock.
This initiative supports India’s commitment to clean energy and a circular economy, providing Assam with a sustainable biofuel production model.
The Tiphuk oil and gas project is expected to commence within the next six to 12 months, while the quartz mining and CBG plant developments will unfold over the next two to three years.
Oilmax Energy founder and managing director Kapil Garg said: “Oilmax has always been committed to harnessing Assam’s potential in the energy and mineral sectors. The current investments and MOUs underscore the company’s strong interest in exploring the state’s abundant resources.
“We are keen to expand into other critical industries that align with the state’s and the nation’s development goals and contribute to the country’s growing GDP. Our investments in energy production, minerals and clean energy reflect our long-term vision of creating sustainable growth opportunities. Assam is at the forefront of India’s industrial expansion, and we are committed to playing a key role in its transformation.”oil-gas
Mar 11, 2025
Offshore Technology
Hunting Acquires Organic Oil Recovery Tech For $17.5MHunting, a UK-based energy services provider, has announced the acquisition of Organic Oil Recovery (OOR) technology from its original shareholders for $17.5m (ÂŁ13.55m).
This strategic move grants Hunting the global rights to the OOR technology, positioning the company to accelerate commercialisation efforts across North America and worldwide.
The acquisition includes more than 25 discrete patents, the rights to distribute the technology, and a laboratory in California, US.
The deal also involves a 15% royalty payment to the sellers on revenue earned over the next 15 years after the completion of the acquisition.
OOR is an advanced oil recovery technology that enhances the extraction of oil reserves from a well.
The technology helps extend the life of producing fields and maximise economic returns. It is designed to be a cost-efficient solution that reduces capital expenditure and is easy to implement.
Additionally, OOR improves production efficiency by lowering the water cut during late-stage extraction and reducing hydrogen sulphide levels in the production offtake.
Field trials of the technology are currently in progress with several exploration and production companies across North America, Europe, the Middle East and Asia-Pacific.
Hunting chief executive Jim Johnson said: “Following the acquisition of this exciting business, Hunting now has the ability to deploy this remarkable technology globally. The technology is currently being evaluated by many blue-chip customers, with the benefits to the operator clear.
“For Hunting, the business will be margin accretive and strongly position the company to reach its Hunting 2030 Strategy targets in the medium term as commercialisation accelerates.”
Hunting is also planning to establish a new laboratory in the United Arab Emirates to service clients in the eastern Hemisphere, with the aim of reducing sample lead time and overall analysis time due to closer proximity to customers.
In August last year, Hunting secured up to $60m of orders from operators in the UK North Sea.oil-gas
Mar 10, 2025
Offshore Technology
Us Plans $20Bn Investment To Refill Oil ReserveThe US Energy Secretary, Chris Wright, has announced plans to seek up to $20bn to achieve President Donald Trump’s objective of refilling the nation’s Strategic Petroleum Reserve (SPR) to its full capacity.          Â
This restoration, which could span several years, aims to bring the reserve holdings “just close to the top” for optimal operation, as stated by Wright during an interview in Louisiana.
Following the announcement, US crude futures saw a momentary peak at $67.68 a barrel in New York, as reported by Bloomberg.
President Trump has expressed his commitment to reinforcing conventional energy sources since his inaugural address in January, which includes enhancing domestic oil production and easing regulations.
The SPR, “the largest of its kind”, serves as a safeguard against crude supply disruptions.
Wright was quoted by the news agency as saying: “Ultimately, that is what it was built for – to have the maximum security for the American people.”
Established in response to the 1970s Arab oil embargo, the reserve can hold approximately 700 million barrels (mbbl).        Â
Under the previous administration of President Joe Biden, the reserve’s stockpile significantly diminished due to soaring gasoline prices triggered by Russia’s invasion of Ukraine, with current levels at 395mbbl, based on Energy Department data.
To proceed with the replenishment, Congress must approve the necessary funding, which remains uncertain.
The Energy Department’s budget for purchases was exhausted after the Biden administration acquired around 60mbbl.
Wright disclosed that a specific funding request to Congress has not yet been made.
During Biden’s term, approximately 290mbbl were sold from the reserve, including emergency drawdowns and sales mandated by Congress for unrelated expenditures such as infrastructure repairs.
Wright indicated that these rapid drawdowns might have caused infrastructure issues due to the reserve’s age.
Wright was quoted by the news agency as saying: “Was there some damage from the rapid drawdowns? It appears that there was. So certainly some of the money we are going to spend is going to be maintenance.”
Also, In February, the US Department of Energy approved a loan guarantee to expand Calumet’s sustainable aviation fuel refinery in Montana, enabling production to rise from 140 million to 315 million gallons annually.oil-gas
Mar 10, 2025
Offshore Technology
Shell Starts Oil Production From Phase Four Of Malaysia’S Deep-Water Gkgje ProjectSabah Shell Petroleum Company (SSPC) has started first oil production from phase four of the Gumusut-Kakap-Geronggong-Jagus East (GKGJE) deep-water offshore project.
Oil from phase four is transported to the existing Gumusut-Kakap semi-submersible floating production system (GK-Semi FPS) off the coast of Sabah, Malaysia.
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As the operator, SSPC manages the project, which includes a subsea tie-back crossing the Malaysia-Brunei border comprising three producer wells and one water injection well.
Gumusut-Kakap, Shell’s first deep-water project in Malaysia, lies at a depth of 1,200m and began production in 2014.
Shell Malaysia country chair and senior vice-president for integrated gas & upstream Malaysia Siti Sulaiman said: “This achievement reaffirms Shell’s ongoing commitment in innovating and executing safe, reliable and sustainable projects that meets today’s energy needs. I would like to thank Malaysia Petroleum Management Petronas, Petroleum Authority of Brunei Darussalam, National Unitisation Secretariat, our government in Malaysia and our partners for their unwavering support in achieving this significant milestone.”
The phase four development is expected to bolster Shell’s global initiative to introduce new upstream projects that will cumulatively add around 500,000 barrels of oil equivalent per day (boepd) at peak production between 2023 and 2025.
SSPC operates two key deep-water oil assets in Sabah: Gumusut-Kakap, which commenced in 2014, and Malikai, which followed in 2016.
The completion of Gumusut-Kakap phase two in 2019 added four subsea tie-back wells to the GK-Semi floating production system, with the first oil achieved in August 2019. Phase three saw first oil in July 2022.
The final investment decision for phase four was made in October 2022, with the project expected to produce an average of approximately 21,000boepd, representing the total gross production.
The GKGJE project is a collaborative venture with partners including ConocoPhillips Sabah, Petronas Carigali, PT PERTAMINA Malaysia Eksplorasi Produksi, PTTEP Sabah Oil, Shell Sabah Selatan, SSPC and several Brunei-based companies.
In March 2021, Brunei and Petronas formalised a unitisation agreement for the GKGJE fields, designating SSPC as the unit operator.oil-gas
Mar 10, 2025
Offshore Technology
Jera, Bp Unveil Leadership Team For Planned 50-50 Offshore Wind JvJERA and bp have revealed the leadership team for their planned 50-50 offshore wind joint venture (JV), JERA Nex bp.
The new entity is set to become a leading global offshore wind developer, owner and operator. Its leadership team will feature personnel from both organisations.
The JV will be led by CEO Nathalie Oosterlinck, currently the CEO of JERA Nex.
Erin Eisenberg, currently holding the role of vice-president (VP) finance, low carbon energy at bp, will serve as CFO.
Richard Sandford, presently SVP offshore wind at bp, will take on the position of chief development officer.
Zlati Christov, currently chief investment officer at JERA Nex, will step in as chief investment officer.
Eric Antoons, now co-CEO of Parkwind, will assume the role of chief operating officer.
Alfonso Montero Lopez, who is VP of offshore wind engineering at bp, will serve as chief technical officer.
Announced in December 2024, JERA Nex bp aims to accelerate development and enhance access to competitive financing.
JERA Global CEO and chair Yukio Kani said: “The leadership team of JERA Nex bp brings together the best characteristics of both companies and has the experience and expertise to lead this next phase of development in offshore wind energy.
“With the backing of two strong shareholders with a long history of cooperation, and with an exciting and globally diversified development portfolio, we are confident JERA Nex bp will play a critical role in the energy transition in Japan, the UK and beyond.” Â
The JERA Nex bp leadership team was announced during the signing ceremony for the memorandum of cooperation in offshore wind power, attended by Yoji Muto, Japan’s Minister of Economy, Trade and Industry; Jonathan Reynolds, UK Secretary of State for Business and Trade; and Julia Longbottom, British Ambassador to Japan.
Pending approvals, the new entity will manage 13GW of potential net capacity across Europe, Asia-Pacific and the US.oil-gas
Mar 10, 2025
Offshore Technology
Dno To Acquire Sval Energi For $1.6Bn, Expanding North Sea PortfolioDNO, a Norwegian oil and gas operator, has announced the signing of an agreement to acquire all shares of Sval Energi Group from HitecVision for an enterprise value of $1.6bn (Nkr17.24bn).
The deal, which includes a cash consideration of $450m, is set to enhance DNO’s North Sea assets and bolster its position as a “leading” independent oil and gas company.
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DNO plans to finance the acquisition with existing cash, debt financing facilities, new bond and reserve-based lending debt, as well as offtake-based financing.
Sval Energi holds non-operated interests in 16 producing fields offshore Norway, with a net production of 64,100 barrels of oil equivalent per day (boepd) as of 2024.
Some of the largest assets in terms of net proven and probable (2P) reserves are Nova, Martin Linge, Eldfisk and Ekofisk.
The company’s portfolio includes 141 million barrels of oil equivalent (mboe) in net 2P reserves and 102mboe in net contingent (2C) resources.
DNO executive chairman Bijan Mossavar-Rahmani said: “This is a rare opportunity to acquire a portfolio of high-quality oil and gas assets on the Norwegian Continental Shelf (NCS) and we have moved fast to capture it.
“Given low unit production costs and limited near-term investment requirements, the Sval Energi portfolio is highly cash generative and will help underpin development of the numerous discoveries we have made in Norway recently.”
The deal is expected to increase DNO’s net production by two-thirds to approximately 140,000boepd on a 2024 pro forma basis, with 2P reserves rising by 50% to 423mboe.
Furthermore, North Sea production for DNO will quadruple to around 80,000boepd, surpassing its production in the Kurdistan region of Iraq.
The company’s 2P reserves in the North Sea will increase from 48mboe to 189mboe, while 2C resources will grow from 144mboe to 246mboe.
The transaction is also expected to bring tax synergies, general and administrative savings, and reduced borrowing costs, improving DNO’s financial position.
DNO’s successful exploration track record on the NCS, with 14 discoveries since 2020, will be further strengthened by the acquisition.
Completion of the transaction is anticipated by mid-year 2025, pending customary regulatory approvals from the Norwegian Ministry of Energy.
In December 2024, DNO announced an oil discovery in licence PL1086 offshore Norway, indicating the possibility of a new play in the area.oil-gas
Mar 10, 2025