Ocean Energy Resources

GLOBAL NEWS SERVICE FOR THE FOSSIL AND RENEWABLE ENERGY COMMUNITIES

Vår Energi’s appraisal well confirms Barents Sea oil find

Fossil Energy – Oil Discovery

Vår Energi has confirmed its Zagato oil discovery in the Barents Sea following successful results from appraisal well 7122/8-4 S, which was drilled just north of the Goliat field by the COSL Prospector rig.

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Expansion Perenco Southern North Sea portfolio

Fossil Energy – Perenco

Perenco UK announced the expansion of its Southern North Sea portfolio with the acquisition of a 50% operated interest in the Blythe and Elgood fields from CalEnergy, part of the former IOG Saturn Banks portfolio.

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Staatsolie signs contracts for Block 9 & Block 10

Fossil Energy – Suriname

On Wednesday, November 5, 2025, Staatsolie Maatschappij Suriname signed Production Sharing Contracts (PSCs) for offshore Blocks 9 and 10.

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Valaris scores $190M new offshore drilling and wind contracts

General – Contracts

Offshore drilling contractor Valaris has secured a series of new contracts and extensions worth about $190 million in the North Sea and Middle East regions, lifting its total contract backlog to $4.5 billion.

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Equinor drops offshore electrification plans

General – Norway

Equinor has abandoned plans to connect several of its offshore oil and gas platforms to Norway’s onshore power grid, citing rising costs that have rendered the projects unprofitable.

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ExxonMobil re-enters Iraq with new exploration agreement

Fossil Energy – Iraq

ExxonMobil and Iraq have signed an agreement for the US supermajor to re-enter the Middle East country, although neither side released many details about what the plan will entail.

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