Norway, the world’s top market for subsea tie-back projects in coming years, is facing an inflation-driven cost increase of $6.5 billion on upcoming contract awards for goods and services in the offshore oil and gas industry through 2026, a Rystad Energy report reveals.

Global oil and gas investments will expand by $26 billion this year as the industry continues its protracted recovery from the worst of the pandemic and the hurdles imposed by the Omicron variant. An analysis by Rystad Energy projects overall oil and gas investments will rise 4% to $628 billion this year from $602 billion in 2021.

Abu Dhabi National Oil Company (ADNOC) announced the award of a $946 million (AED3.47 billion) Engineering, Procurement, and Construction (EPC) contract for the strategic long-term development of its Umm Shaif field.

Severn Group, a global family of specialist high-end valve engineering and manufacturing companies, which includes Severn and LB Bentley, has acquired US-headquartered ValvTechnologies, a leader in the design and manufacture of metal-seated, zero-leakage isolation valve solutions for demanding applications.

Baird Capital’s Global Private Equity team have announced an investment in Subsea Technology & Rentals (“STR”), a leading independent subsea rental equipment and specialist services provider to the offshore energy industry. The terms of the deal were not disclosed.

Fourth quarter 2021 segment revenue update

Global demand for oil products has seen strong recovery this year, however, depressed kerosene demand from the aviation sector is a major barrier to full recovery, says GlobalData, a leading data and analytics company.

Chevron Corporation has announced a 2022 organic capital and exploratory spending program of $15 billion, at the low end of its $15 to $17 billion guidance range and up more than 20% from 2021 expected levels.

Alantra, the independent global mid-market investment banking and asset management firm, has announced that it had recruited a Maritime and Offshore investment banking team within its Investment Banking division.

W&T Offshore, Inc. has entered into a definitive purchase and sale agreement to acquire working interests in and operatorship of oil and gas producing properties in Federal shallow waters in the central region of the Gulf of Mexico (“GOM”) for total cash consideration of $47 million, subject to normal and customary post-effective date adjustments.

STATS (UK) Limited’s shareholders have executed a Share Purchase Agreement to sell 100% of the issued share capital of the company to SRJ Technologies Group plc (SRJ).

Export Finance Norway (Eksfin) has reached a new milestone of NOK 10.3bn (EUR 1.04bn) in loans and guarantees for offshore wind projects worldwide.

The combination of high production of oil and gas from a total of 94 fields, significant demand and high commodity prices led to a historically high level on the State's revenues from petroleum. Much of this is due to record-high gas prices.

With more than a half-billion-pounds of new contracts secured in the last 12 months, EnerMech has kicked off 2022 by breaking into new geographies and business territories. It starts work in January on several significant campaigns, including numerous transformational mega-projects around the world.

On December 8, 2021, the Danish Energy Agency announced that it will award DKK 197m to the consortium backing Project Greensand for carbon capture and storage (CCS), in support of Denmark’s ambitions to reach a 70% CO2 reduction by 2030. The Greensand consortium is led by INEOS and includes Maersk Drilling as the project’s preferred drilling contractor among the 29 partners in total.

ExxonMobil has finalized corporate plans, which increase spending to $15 billion on greenhouse gas emission-reduction projects over the next six years while maintaining disciplined capital investments in its industry-leading portfolio.