London, May 28, 2025 (Oilandgaspress) –- ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today that it has signed an agreement to acquire a 70% stake in SLB’s land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies (NOCs) of both countries.
Through this partnership, ADNOC Drilling will gain immediate access to earnings, cashflow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies. This acquisition will enhance the Company’s ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimizing performance, reducing environmental impact and driving value for customers across the region.
Acquisition Closing
The formation of the joint venture (JV) and the acquisition of a 70% stake, along with the completion of this transaction are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the Company’s auditor, ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026. . Read More
ADNOC Drilling Secures $1.15 Billion, 15-Year Contract ADNOC Drilling Company PJSC announced today the award of a $1.15 billion, 15-year contract for two jack-up rigs by ADNOC Offshore in support of its growing offshore operations. The contract will follow existing agreements, bringing accretive rates that generate long-term revenue and attractive returns..With 47 offshore rigs, one of the largest operational offshore fleets in the world, ADNOC Drilling is uniquely positioned to support the UAE’s long-term energy strategy. The scale of the Company’s offshore fleet ensures both reliability and flexibility, enabling the rapid deployment of rigs to meet growing demand while maintaining operational excellence and safety.
The new rigs represent the latest generation of jack-up rigs and have been expertly prepared for operations at the Lamprell shipyard in Sharjah. This is aligned with the Company’s fundamental commitment to not only deliver high-quality solutions but drive In-Country Value and contribute to the UAE’s economic development by fostering local partnerships and prioritizing homegrown innovation.
The rigs will leverage advanced digitalization, real-time data analytics and AI as ADNOC Drilling continues to deploy the technology throughout its fleet to improve safety, efficiency and maximize asset value and operational uptime.
These long-term contracts are a clear demonstration of the resilience, stability and long-term visibility offered by ADNOC Drilling’s business model offering attractive returns. Multi-year engagements such as these, create a solid foundation for recurring revenue and earnings growth, supporting the Company’s ability to deliver resilient, sustainable and growing returns to shareholders.
The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards. This award further derisks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance.
bpTT announces Mento first gas bp Trinidad and Tobago (bpTT) announced today that the Mento development has safely delivered first gas through connection of the initial discovery well and the drilling campaign for the remaining seven gross wells on the platform will now begin.
Mento is a 50/50 joint venture between EOG Resources Trinidad Ltd (EOG) and bpTT, with EOG as the operator. The development features a 12-slot, attended facility that is located in acreage jointly licensed by bpTT and EOG off Trinidad’s southeast coast.
Mento is one of bp’s 10 major projects expected to start up worldwide between 2025 and 2027 that bp announced earlier this year as part of its strategy to grow the upstream. Production from Mento will make a significant contribution towards the 250,000 barrels of oil equivalent per day (boed) combined peak net production expected from these 10 projects.
The Mento platform was built at the TOFCO fabrication yard, La Brea, Trinidad.
bpTT president David Campbell said: “I am proud to announce first gas from Mento with our partner EOG Resources Trinidad Ltd. For bpTT, this represents our second start up this year and it is tangible proof of the benefits of partnering with others to bring much needed gas into production. The bpTT/EOG partnership is progressing well as we continue to work on our next joint venture project Coconut.”
TotalEnergies Divests its Non-Operated Interest in the Bonga Field. Nigeria TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) for an amount of $ 510 million.
OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%). Located deep offshore at 120 km south of the Niger Delta in Nigeria, it contains the Bonga field, which started production in 2005, as well as the Bonga North field, the development of which started in 2024. Production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boe/d in Company share in 2024.
Completion of the transaction is subject to customary conditions, including regulatory approvals.
“TotalEnergies continues to actively high-grade its Upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven” said Nicolas Terraz, President Exploration & Production at TotalEnergies. “In Nigeria, the Company is focusing on its operated gas and offshore oil assets and is currently progressing the development of Ubeta project, designed to sustain gas supply to Nigeria LNG.”
Shell to increase interest in Nigeria’s deep-water Bonga field Shell Nigeria Exploration and Production Company (SNEPCo), a subsidiary of Shell plc, signed an agreement with TotalEnergies EP Nigeria Limited on May 28 to acquire its 12.5% stake in the OML 118 Production Sharing Contract (OML 118 PSC), an oil mining lease offshore Nigeria that includes the Bonga field. Upon completion, this transaction increases Shell’s interest in the OML 118 PSC from 55% to 67.5%.
SNEPCo is the operator under the OML 118 PSC. It currently produces from the Bonga field via the Bonga Floating Production Storage and Offloading (FPSO) vessel and announced the development of the Bonga North field in December 2024.
“Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,” said Peter Costello, Shell’s President, Upstream.
The transaction is subject to regulatory approvals and other closing conditions. The transaction is expected to be completed before the end of this year.
SNEPCo (55%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies EP Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited (NNPC).
Nissan production, sales, and exports for April 2025 Global sales in April declined 7.2% from a year earlier. Global production in April declined 15.4% from a year earlier.
Production in Japan declined 19.1% from a year earlier.
Production outside Japan declined 14.4% from a year earlier.
Sales including minivehicles in Japan declined 19.0% from a year earlier.
- Sales of registered vehicles in Japan declined 21.6% from a year earlier.
- Minivehicle sales in Japan declined 14.6% from a year earlier.
Sales outside Japan declined 5.6% from a year earlier.
Exports from Japan in April declined 14.8% from a year earlier.
Sales, Production, and Export Results for April 2025 Toyota Motor Corporation announces its sales, production, and export results for Aplil 2025, including those for subsidiaries Daihatsu Motor Co., Ltd. and Hino Motors, Ltd. Reports Worldwide sales of 876,864
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $60.96 | Down |
| Crude Oil (Brent) | USD/bbl | $64.17 | Down |
| Bonny Light 28/05/25 CBN | USD/bbl | $66.18 | — |
| Dubai | USD/bbl | $63.65 | Up |
| Natural Gas | USD/MMBtu | $3.52 | Up |
| Murban | USD/bbl | $63.60 | Down |
| OPEC basket 27/05/25 | USD/bbl | $63.78 | — |
Woven City’s Engineers on System Development With Phase 1 construction complete, Toyota’s “living laboratory” is finally ready to welcome Inventors and residents. We spoke with the engineers laying the groundwork for the city’s various demonstration trials. For readers planning a first trip to Woven City, you will also need to register your facial image and the date of your visit via the dedicated app, and familiarize yourself with the city’s traffic rules.
While this process may sound like a hassle, it makes for a safer experience by informing newcomers about the kinds of mobility and technologies being tested. To ensure safety for Inventors and visitors alike, it is important that only those who need to access particular places are able to do so.
Developing this visitor registration system is the work of Bharath Balakrishnan, who goes by “B2” among his WbyT colleagues. In Woven City, we needed to determine which areas are open to each individual.
We started by setting up rules. For example, some visitors may be able to enter offices, but they cannot go into buildings where residents live.
In a regular office building, you only receive particular types of visitors, but Woven City is both a residential area and a test course for mobility, which means all kinds of people will come there . Are they an outside visitor or a resident, a member of the city’s support staff or a WbyT employee? We defined entry conditions by putting people into such categories.
Chevron Updates Stockholders at Annual Meeting Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business performance and plans at its Annual Meeting of Stockholders. The meeting highlighted the company’s strong performance and consistent strategy, with stockholders showing their support by voting in favor of the full slate of Directors and with the company’s recommendations on all matters to be voted upon.
“Our strong performance in 2024 and through the first quarter reflects strong project execution and cost and capital discipline,” said Mike Wirth, Chevron’s chairman and chief executive officer. “We appreciate the confidence our stockholders have shown in our governance and performance and look forward to continuing to deliver industry-leading value.”
Stockholders voted on seven items. As reported during the meeting, the preliminary report of the Inspector of Elections was as follows:
Item 1: An average of 97% of the votes cast were voted for the 12 nominees for election to the Board of Directors.
Item 2: Approximately 96% of the votes cast were for the ratification of the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2025.
Item 3: Approximately 94% of the votes cast were voted in support of named executive officer compensation.
Item 4: Approximately 63% of the outstanding shares were voted for the proposal to amend the company’s Restated Certificate of Incorporation to provide for officer exculpation.
Item 5: Approximately 89% of the votes cast were voted against the proposal to commission a third-party report on human rights practices.
Item 6: Approximately 98% of the votes cast were voted against the proposal to report on renewable energy stranded asset risks.
Item 7: Approximately 75% of the votes cast were voted against the proposal to allow holders of 10% of our common stock to call special meetings.
Over 1.4 billion shares were represented at this meeting – or approximately 85% of Chevron’s outstanding common stock were present by proxy.
Dolphin Drilling Preliminary Results as of First Quarter 2025 Dolphin Drilling AS (OSE: DDRIL) today announced its preliminary financial results for the first quarter 2025.
Q1 2025, Highlights and Subsequent Events
• Revenue Growth: Revenues of USD 45.6 million for the first quarter, compared to USD 10.1 million in Q1 2024.
• EBITDA Improvement: EBITDA of USD 4.9 million for the first quarter, a significant improvement from an EBITDA loss of USD 17.0 million in Q1 2024.
• Net Earnings: Net Loss of $8.2M or USD 0.03 per share compared to a loss of USD 16.8 million or USD 0.08 per share in Q1 2024.
• Continued strong Safety Records: The company maintained a strong safety record, with zero Lost Time Incidents recorded during the quarter.
• Rig Utilization: Paul B. Loyd, Jr (“PBLJ”) and Blackford Dolphin both on contract for the full Quarter, PBLJ at an average uptime of 95.0% and Blackford Dolphin at 86.5%.
• Leadership Change: Jon Oliver Bryce was appointed CEO, Ingolf Gillesdal appointed CFO; and Ronny Bjornådal appointed as Chairman.
• New major long-term investors: Svelland Capital has become the largest shareholder group of the company, controlling funds accounting for 36% of shareholding.
• On April 30th the company issued a press release disclosing information relating to its going concern and liquidity position, as well as on-going refinance process.
• Immediately following this preliminary earnings release, DDRIL will launch a contemplated private placement of approximately NOK 297,644,400, equivalent to approximately USD 29 million by issuance of approximately 29,764,440,000 new shares with a subscription price per offer share at a fixed price of NOK 0.01. See separate press release regarding the same for further details.
where do oil and gas come from? The use of crude oil in energy dates to 2000 B.C., when the Chinese began refining it for use in lighting and heating. The modern oil era began in the 1850s, when a group of investors formed the Pennsylvania Rock Oil Company in search of a kerosene replacement. The first drilled oil well was completed near Titusville, Pennsylvania, in 1859. By the 1890s, there was mass demand for oil, driven by the rise in the use of automobiles and other gas-powered vehicles.
Natural gas has a rich history as well. The Chinese used it in 500 B.C. to boil seawater to make it drinkable.
In the 19th century, it was used primarily for lighting until other uses—such as heating homes and cooking food—were discovered. In the U.S., oil- and gas-rich areas include the Permian Basin, which spans parts of West Texas and southeast New Mexico.
The Permian Basin got its name because it has one of the world’s thickest deposits of rocks formed during the Permian geologic period, between 299 and 251 million years ago. During that time, all continents were combined in a single land mass, and the Permian Basin was underwater.
The geology of the Permian Basin is unique because it contains multiple stacked plays. A stacked play is where a single well can be used to produce oil and natural gas from several layers of rock in different geological zones. That multiplies the basin’s natural resource potential.
Chevron’s other hydrocarbon-rich areas of operation can be found all over the world. Examples include the DJ Basin, where Chevron has operations in Colorado, and the U.S. Gulf of Mexico.
Nigerian imports are dropping due to Dangote operation Dangote Nigeria, long known as Africa’s biggest importer of refined petroleum products, has ceded that position to South Africa, marking a dramatic shift in the continent’s energy landscape.
The development follows the operational ramp-up of Aliko Dangote’s massive oil refinery, which began large-scale production in 2024 and is already reshaping trade flows across sub-Saharan Africa.
The $20 billion Dangote Refinery, situated on the outskirts of Lagos, boasts a refining capacity of 650,000 barrels per day, making it the largest single-train refinery in the world.
Its gradual increase in output has significantly cut Nigeria’s reliance on imported petrol, disrupting the long-established pattern where the continent’s top oil producer sent crude overseas to be refined and reimported at high cost.
Eni Ghana and its OCTP Partners, Vitol and GNPC, launch Sankofa East 1X Side Track 2 activity Eni Ghana – together with its OCTP partners Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC) – has kicked off the Sankofa East 1X Side Track 2, marking a significant milestone in the further development of Ghana’s upstream energy sector.
The Deep Value Driller (DVD), a state-of-the-art drillship, has started activities offshore Ghana following completion of operations in Côte d’Ivoire. Equipped with advanced automated technology, the rig ranks among the most advanced in the world in terms of operational performance and safety.
This activity reflects the partners’ ongoing commitment to unlocking additional value from the Offshore Cape Three Points (OCTP) block, ensuring long-term production sustainability and contributing to Ghana’s energy security.
Ahead of the campaign, Eni and its OCTP partners, Vitol and GNPC, have carried out comprehensive stakeholder engagement programs along Ghana’s coastline to ensure open communication and promote collaboration with communities. The activity, involving more than 800 fishermen and local leaders, has been conducted in collaboration with the Environmental Protection Agency (EPA), Petroleum Commission (PC), Ghana Maritime Authority (GMA), Ghana Navy, Fisheries Commission, and the Ghana National Canoe Fishermen Council (GNCFC).
Baker Hughes to Supply NovaLT™ Gas Turbines for U.S. Data Center Project Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday an award from Frontier Infrastructure Holdings (“Frontier”), a Tailwater Capital LLC portfolio company, for 16 NovaLT™ gas turbines to power its data center projects in Wyoming and Texas, delivering up to 270 megawatts (MW) of efficient, reliable power.
As part of the award, Baker Hughes is supplying Frontier its NovaLT™ gas turbine technology and associated equipment, including gears and Brush Power Generation four-pole generators, to power dedicated energy islands at Frontier’s behind-the-meter (BTM) power generation sites.
The order builds on a March 2025 agreement between the two companies to accelerate large-scale carbon capture and storage (“CCS”) and power solutions in the U.S., including the Sweetwater Carbon Storage Hub in Wyoming.
“This award underscores our commitment to advancing sustainable energy development through reliable and efficient power solutions that cater to the diverse needs of the industry,” said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes. “Leveraging our comprehensive range of integrated power solutions for Frontier’s U.S. data center projects demonstrates innovative, scalable and lower-carbon technologies helping to meet the growing demand for power.”
The NovaLT™ gas turbine is a multi-fuel solution that can start-up and run on different fuels, including natural gas, various blends of natural gas and hydrogen, and 100% hydrogen, providing customers with the flexibility to adapt and meet their specific reliable and sustainable power requirements. With a comprehensive portfolio of diverse, reliable and clean power solutions, including hydrogen-ready turbines, geothermal, and cogeneration, Baker Hughes provides market-ready, efficient and flexible solutions for data center hyperscalers, project developers, packagers and end users.
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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