Wednesday, 8 July 2026

The International Energy Agency (IEA) projected a significant supply overhang emerging next year as shipping through the Strait of Hormuz rebounded, according to Semafor Net Zero.

Benchmark crude prices were roughly flat on Friday at around USD 80 a barrel, down more than 25% from a month earlier, Semafor Net Zero reported.

The reopening of the Strait of Hormuz after months of closure could unleash millions of barrels of previously stranded oil shipments, according to Semafor Net Zero.

OPEC pushed back on the forecast. The group told CNBC that the IEA's projection was "not really based on facts and figures," according to Semafor Net Zero.

Venture Global secured a new liquefied natural gas (LNG) supply contract with EnBW, with deliveries starting this year on top of an existing 20-year, 2-MMtpa agreement between the two companies, according to Rigzone.

The deal follows an expansion of Venture Global's export authorization at its Plaquemines facility. On March 13, 2026, the Energy Department authorized an immediate 13 percent increase in exports from Plaquemines LNG. That order left Plaquemines LNG authorized to immediately export a total of 3.85 Bcf/d to both free trade agreement (FTA) and non-FTA countries, the department said.

Venture Global CEO Mike Sabel said the company's dynamic marketing platform positions it to provide short, medium, and long-term supply solutions, in an online statement cited by Rigzone.

Export volumes rose sharply at the start of the year. In the first quarter of 2026, Venture Global exported 130 cargos and sold 481 TBtu of LNG, up 67 cargos and 253 TBtu from Q1 2025, according to its quarterly report dated May 12, 2026.

For the January to March 2026 quarter, Venture Global recorded USD 4.6 billion in revenue, USD 1.2 million in income from operations, USD 500 million in net profit and USD 1.4 billion in adjusted earnings before interest, taxes, depreciation and amortization.

The company set out its shipping outlook for the year. Venture Global expects to export 147 to 154 cargos from Calcasieu and 347 to 369 cargos from Plaquemines in 2026, the report said.

Vitol Group is supplying diesel to Zambia through exclusive access to a pipeline that runs through September, an emergency arrangement the International Monetary Fund has urged authorities to end, according to Rigzone.

Ephraim Munshifwa, permanent secretary at Zambia's energy ministry, told Bloomberg that Vitol is now the sole provider via the Tazama pipeline. The line covers about 60 percent of Zambia's fuel imports, with the remainder arriving by road, according to Rigzone.

Zambia's government in April froze open access to the conduit, which connects the country's copper-rich region to a port in neighboring Tanzania, according to Rigzone. The government said the move would ensure supply security and did not identify which company had taken over the operation.

The arrangement reverses an earlier opening of the line. Zambia granted Vitol and its local partner Agro-Fuel Investments a monopoly on the pipeline in 2022, prompting IMF calls to allow open access, according to Rigzone. After the government did so, the IMF said opening access halved the premium on fuel prices.

Diesel demand in Zambia is concentrated in mining. The industry accounts for about one-third of total diesel demand, according to Rigzone.

Iranian and US officials are due in Switzerland on June 19 to put their signatures on an accord halting the war, Rigzone reported. The two sides plan a separate, later signing rather than a done deal, according to Rigzone.

Trump said the Strait of Hormuz would reopen on June 19 once the accord is signed and mines are cleared from the channel. Iran said vessels moving through the waterway would be regulated jointly by Iran and Oman, according to Rigzone.

The strait carried close to a fifth of global oil supply before the effective blockade, in a market topping 100 million barrels a day, Rigzone reported. Kpler put the count of ships still trapped in the Persian Gulf at nearly 600, with hundreds more held on the far side.

Brent slid more than 4 percent toward USD 83 a barrel after the news broke, according to Rigzone. That drop came off a close last week at the lowest in more than three months.

The UK, France, Germany and Italy signaled Sunday they would lift relevant sanctions if the deal is completed, according to Rigzone.

Energy Transfer announced a project to expand its Nederland NGL Export Terminal, adding 240,000 barrels per day of ethane export capacity and 55,000 bpd of LPG capacity, according to Rigzone.

All of the new ethane export capacity has been committed under long-term agreements running into the 2040s, according to Rigzone.

Energy Transfer expects to bring the Nederland expansion into service in stages from 2028, according to Rigzone. Following completion of additional docks in mid-2029, refrigerated NGL export capacity at Nederland will exceed 1.25 million bpd, according to Rigzone.

Combined with a separate project to raise the Marcus Hook NGL Export Facility's capacity to 420,000 bpd in mid-2027, the Nederland expansion will grow Energy Transfer's total NGL refrigerated export capacity to about 1.7 million bpd, according to Rigzone.

The Nederland terminal has exported over 430 million barrels of ethane since 2021, according to Energy Transfer.

Energy Transfer expects to invest $5 to $5.5 billion in growth projects this year, mainly for its natural gas network, according to Rigzone.

The Baleine field's third development phase should raise output to about 150,000 bpd, with associated natural gas routed to Ivory Coast's domestic power supply, according to World Oil.

Eni operates the field alongside Petroci and Vitol, World Oil reported.

VAALCO Energy and its partner CNR International are readying a fresh drilling program on Block CI-40, tied to a wider redevelopment and production optimization effort, according to World Oil.

Murphy Oil is pressing ahead with a multi-well campaign offshore Ivory Coast aimed at the Civette, Caracal and Bubale prospects, World Oil reported.

Petrobras has picked up several offshore exploration blocks in the country, according to World Oil.

NJ Ayuk, executive chairman of the African Energy Chamber, called the offshore activity "a clear acceleration of upstream momentum".

Adura has submitted responses to requests for additional information from the Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) on its Jackdaw and Rosebank developments, moving both projects closer to final approvals before production can begin, according to World Oil.

The two North Sea projects require regulatory reconfirmation after recent UK court decisions affecting environmental assessments for offshore developments, World Oil reported.

More than GBP 3 billion has already been invested across the two projects, according to World Oil.

Adura says Jackdaw could supply more than 6% of UK natural gas during its initial production phase, per World Oil. Rosebank is expected to account for about 4% of UK oil production and 10% of UK Continental Shelf oil output once onstream, the same report said.

The Petrojarl Rosebank floating production, storage and offloading (FPSO) vessel arrived at its location west of Shetland last month as offshore installation activities continue, according to World Oil.

Eleven tankers holding 20 million barrels together left the Iranian port of Chabahar this week, according to shipping data compiled by Bloomberg and cited by World Oil.

World Oil reported that Iran signed an interim peace deal with Washington on Wednesday, and that the crude now moving had earlier been held back by a US blockade.

Outbound traffic thinned by the end of the week. World Oil reported that no non-Iranian tankers were spotted heading out of the Persian Gulf on Friday morning, against vessels carrying nearly 10 million barrels that appeared outside or transited the Strait of Hormuz on Thursday.

Negotiations on a lasting settlement have slipped their schedule. Washington and Tehran postponed the opening of talks over a permanent peace deal, which had been set for Switzerland on Friday, according to World Oil.

Woodside Energy and Petrosen are in talks over a second development phase at the Sangomar field off Senegal that could add 250 MMbbl of recoverable oil, according to World Oil.

The field's first phase carried a price tag of USD 5.2 billion and used 23 wells linked back to the Léopold Sédar Senghor FPSO, according to World Oil. Woodside runs the project on an 82% interest, with Petrosen holding the remaining 18%.

Output hit the nameplate rate of 100,000 bopd nine weeks after startup, according to World Oil. Cumulative production topped 50 MMbbl by the end of 2025, roughly 8% of the field's estimated recoverable resources.

Sangomar delivered first oil in June 2024, opening Senegal's offshore oil sector, according to World Oil.

AEC Executive Chairman NJ Ayuk said the project has "shown that the MSGBC basin can compete for global capital".

Separately, Woodside signed a memorandum of understanding earlier this year to assess exploration prospects in offshore Angola's Blocks 25, 26 and 43, according to World Oil.

The Amsterdam District Court on June 3 rejected Energy Transfer's preliminary request to dismiss Greenpeace International's lawsuit, rejecting the company's argument that the court lacks jurisdiction, according to Inside Climate News.

The ruling allows the case to move forward even as the court sided with Energy Transfer on one point. According to Inside Climate News, the court found that the 2024 EU anti-SLAPP directive does not apply because the Netherlands has not yet implemented it through national legislation.

Greenpeace International sued Energy Transfer in Amsterdam District Court in February 2025, invoking a newly adopted EU directive intended to protect EU citizens from abusive lawsuits or SLAPPs, according to Inside Climate News.

The suit followed a separate case in the United States. According to Inside Climate News, on March 19, 2025, a North Dakota jury handed down a damage award of nearly $667 million against three Greenpeace entities over their alleged role in the Standing Rock protests.

In February, the trial court cut the initial award in half, to $345 million, of which Greenpeace International would be liable for about $65 million, according to Inside Climate News.

The two proceedings now run in parallel. Patrick Parenteau, emeritus professor of law at Vermont Law and Graduate School, said the parallel litigation is uncharted territory and the two courts may produce conflicting rulings, according to Inside Climate News.

The dispute traces to the pipeline route. According to Inside Climate News, the Dakota Access Pipeline runs 1,172 miles and was rerouted around Bismarck to cross within a mile of the Standing Rock Sioux reservation and beneath Lake Oahe.

GE Vernova won an order for two 9HA.02 gas turbines and two H78 generators to equip Vietnam Electricity's (EVN) Quang Trach II LNG Power Plant, the company said.

Once running, the combined-cycle station will produce upward of 1.6 GW, with commercial operation targeted for 2030, according to GE Vernova. The company logged the order in the second quarter of 2026.

EVN is building the plant alongside an engineering, procurement, and construction consortium made up of Power Construction Corporation of China and LILAMA Corporation, GE Vernova said. The site sits in the Hon La Economic Zone in Quang Tri Province, Vietnam.

The 9HA.02 belongs to GE Vernova's HA gas turbine line, which the company said has passed 4 million commercial operating hours worldwide across nearly 130 units in 21 countries.

The order builds on a Memorandum of Understanding the two parties signed in March 2026 covering High Voltage Direct Current (HVDC) technology, according to GE Vernova.

BMI analysts project that oil and gas markets through 2050 will be marked by plateauing demand, rapid technological change, shifting investment priorities, and the fragmentation of global trade, according to Rigzone.

The analysts said energy security and friend-shoring will draw more emphasis even as decarbonization efforts continue, favoring stability and availability over strictly cost alone, according to Rigzone. That shift, they said, will dictate the nature of upcoming oil and gas investment cycles.

BMI analysts cite the disruption to European energy trade in 2022 and the closure of the Strait of Hormuz in 2026 as highlighting the risks of over dependence on a single producer or region, according to Rigzone.

In BMI's 2025 oil and gas megatrends report, analysts projected that trade will segment along carbon-differentiated lines, leading to a more fractured and less fungible global system, according to Rigzone.

Success for oil and gas companies will hinge on supply flexibility, technological adoption, and strategic positioning around climate policy and energy security, the analysts said, according to Rigzone.

BMI first highlighted the impact of new technologies and rising environmental regulations on the oil and gas industry in its first megatrends report in 2016, according to Rigzone.

Saipem has started operations for the GranMorgu offshore project in Suriname, marking the arrival of the multi-purpose construction vessel Normand Navigator at the Jules Sedney Harbour commercial port in Paramaribo, according to Offshore Engineer OEDigital.

The project sits in Block 58 around 150 km offshore and is scheduled to start production in 2028, Offshore Engineer OEDigital reported.

GranMorgu is operated by TotalEnergies, which holds a 40% interest, alongside APA Corporation with 40% and Staatsolie with 20%, according to the same report.

Saipem was awarded the Subsea Umbilicals, Risers and Flowlines (SURF) package contract in 2024, covering engineering, procurement, supply, construction, installation and commissioning work in water depths ranging from 100 meters to 1,100 meters, Offshore Engineer OEDigital reported.

The company has set up a logistics hub at the Jules Sedney Harbour commercial port covering an estimated 30,000 to 40,000 square meters, used to receive, handle and store pipelines, equipment and containers before loading onto support vessels, according to Offshore Engineer OEDigital.

Qatar told reporters that an explosion at the Ras Laffan industrial complex, which killed 13 people and injured 66, will not disrupt its liquefied natural gas (LNG) shipments, according to Rigzone.

Export terminals, the Ras Laffan port, and supporting logistics escaped damage in the blast and fire, said Saad al-Kaabi, who runs operator QatarEnergy, at a briefing in Doha reported by Rigzone.

His reassurance carried weight because Ras Laffan shipped almost a fifth of the world's seaborne LNG last year, a share large enough to move prices when its export continuity is in question, according to Rigzone.

Traders responded quickly. European gas futures gave back an earlier climb of as much as 3.9 percent and steadied once the export comments landed, Rigzone reported.

Two LNG trains were hit in the incident, and Rigzone reported that rebuilding them needs specialist cryogenic equipment on a timeline of three to five years.

Qatar aims to bring 80 percent of Ras Laffan LNG output back on line within two months of the Strait of Hormuz reopening safely, according to Rigzone.

Ship-tracking data compiled by Bloomberg showed four tankers, either owned by Qatar's shipping arm or on long-term charter to the country, sailing toward Ras Laffan through the Strait with their positions visible.

The UAE formally left OPEC on May 1, according to Oil & Gas Journal, which links the timing to renewed reliance on the Fujairah export terminal that sits outside the Strait of Hormuz.

At the point of its exit, the UAE ranked behind Saudi Arabia and Iraq as the group's third-largest producer by capacity. Oil & Gas Journal put its capacity at an estimated 4.2 million b/d before the Iran conflict began.

About 20 million b/d of oil and petroleum products normally pass through the Strait of Hormuz, a volume that accounts for roughly one-quarter of global seaborne oil trade, per Oil & Gas Journal.

The Abu Dhabi Crude Oil Pipeline carries crude to Fujairah at a current capacity of about 1.8 million b/d, according to Oil & Gas Journal. Pre-conflict output ran at 3.4 million b/d, so the pipeline covers less than half of that flow.

Citing Reuters, Oil & Gas Journal reported in May that a second west-east line built by ADNOC would double export capacity through Fujairah by 2027.

Saudi Arabia has shifted volumes onto its East-West pipeline toward the Red Sea terminal at Yanbu, which holds roughly 5 million b/d of export capacity, Oil & Gas Journal reported.

UAE output climbed from 3.1 million b/d in 2016 to nearly 4.4 million b/d by 2026, according to figures the IEA cited in Oil & Gas Journal.

Baker Hughes has been awarded a long-term service agreement by ANOH Gas Processing Company to provide lifecycle services and digital monitoring support for the ANOH Gas Processing Plant in Nigeria, according to World Oil.

The agreement covers maintenance, repair services, engineering support and digital monitoring for critical turbomachinery equipment, including two NovaLT 16 gas turbines, World Oil reported.

Baker Hughes will deploy its iCenter digital services platform, powered by Cordant, for remote monitoring and diagnostics aimed at improving equipment reliability and operational performance.

The deal builds on earlier work at the site. In 2019, Baker Hughes supplied an integrated power island solution for the ANOH plant, including two NovaLT 16 gas turbines, compressors and gears. According to Baker Hughes, those turbines were the first NovaLT 16 units deployed in Sub-Saharan Africa.

Work under the agreement will be delivered through Baker Hughes' service center in Port Harcourt, Nigeria.

James Makinde, Managing Director of ANOH Gas Processing Company, said reliable performance of critical turbomachinery equipment is essential to the ANOH Plant and to delivering on Nigeria's domestic energy supply goals.

TotalEnergies is progressing development on the Moho license after the Moho G discovery, and an infill drilling program is expected to add approximately 40,000 bopd of incremental output, according to World Oil.

World Oil reported the Moho G discovery was announced earlier this year, and the company is supporting production growth through the drilling program.

Trident Energy acquired an 85% interest in the Nkossa and Nsoko II fields in 2025, according to World Oil. The company is focused on extending the life of the offshore assets through redevelopment and subsea optimization.

Congo introduced a Gas Code in 2025 that established a framework for gas commercialization, according to World Oil. A national Gas Master Plan seeks to expand gas utilization, reduce flaring and support power generation growth.

Offshore Norge is extending its notice of work stoppage under the Well Service Agreement to cover 1,272 of SAFE's roughly 1,770 members under the agreement, according to Rigzone, escalating a standoff that began earlier this month.

SAFE launched the strike on June 15 after rejecting proposals the union sees as years behind collective bargaining agreements in other parts of the oil and gas industry, Rigzone reported.

The expanded lockout notice widens the number of workers drawn into the dispute, covering 1,272 of the approximately 1,770 SAFE members under the Well Service Agreement.

SAFE said 325 workers covered by the Floating Rigs Agreement have also gone on strike against shipping companies, according to Rigzone.

Four Inspection, Maintenance and Repair vessels and one well intervention vessel have halted operations, and two rigs have already ceased activity, Rigzone reported.

A concurrent government-mediated negotiation between Offshore Norge and the trade union Styrke yielded a new Oil Service Agreement covering about 7,200 workers from nearly 50 companies, according to Rigzone.