PETRONAS Abu Dhabi Sdn Bhd, a wholly-owned subsidiary of PETRONAS, has secured a new oil and gas exploration concession in Onshore Block 2 from the Supreme Council for Financial and Economic Affairs (SCFEA). PETRONAS Abu Dhabi will hold 100% equity and operate during the exploration phase.Located in the Al Dhafra region of Abu Dhabi and covering over 7,300 square kilometers, this is PETRONAS Abu Dhabi’s third concession, following Unconventional Block 5 in 2024 and Unconventional Block 1 in 2022.
Libya’s National Oil Corporation (NOC) announced that Eni and bp have resumed exploration after a ten-year break. Eni has begun drilling the A1-96/3 well to test the Hasheem prospect in the Ghadames Basin, located 35 km from the Wafa field and about 650 km south of Tripoli. NOC also reported that Repsol is preparing to explore in the Murzuq Basin, and OMV will resume work in the Sirte Basin. Earlier this year, ConocoPhillips and TotalEnergies restarted exploration in the Sirte Basin, reflecting progress toward NOC’s goal of producing 2 million barrels per day. Dhabi will hold 100% equity and operate during the exploration phase.Located in the Al Dhafra region of Abu Dhabi and covering over 7,300 square kilometers, this is PETRONAS Abu Dhabi’s third concession, following Unconventional Block 5 in 2024 and Unconventional Block 1 in 2022.
Transocean is in merger talks with Seadrill, a move that would create the largest recent consolidation in the offshore rig market. The combined company would have 39 active rigs—mainly floaters, with one jack-up from Seadrill—and an additional 13 stacked rigs. This follows Noble Corporation’s acquisition of Diamond Offshore and comes as day rates rise amid increased deepwater activity from E&Ps.
Currently, one fixed platform (Umid-1) and six wells operate at the site, producing 8.1 million cubic meters of gas and 1,150 tons of condensate daily, meeting up to 15% of Azerbaijan’s gas needs. SOCAR estimates reserves at 127.1 bcm of gas and 19.9 million tons of condensate. The field is managed by the UBOC company.
ExxonMobil has secured offshore storage rights for its Carbon Capture and Storage (CCS) operations in the US Gulf of Mexico, covering 1,097 km² across Texas’s Jefferson, Chambers, and Galveston Counties. This, along with CO2 infrastructure from its 2023 Denbury acquisition and recent agreements in Texas and Louisiana, strengthens its CCUS portfolio in the region.
The area is a competitive CCUS hub, with projects from major players like Shell, bp, Chevron, TotalEnergies, Equinor, and Oxy.
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