According to trade intelligence platform Kpler, since the Iran war began, more than 500 million barrels of crude and condensate have been knocked out of the global ⁠market, in what seems to be the largest energy supply disruption of modern history. Talking about the immediate impact, Iain Mowat, principal analyst at Wood Mackenzie, told Reuters that the lost fuel may end up curtailing the aviation industry’s energy demand for 10 weeks.

In the Middle East, countries lost about eight million barrels per day of crude production in March, nearly equivalent to the combined production of Exxon Mobil and Chevron, two of the biggest ‌oil companies ⁠in the world. As per Kpler, jet fuel exports from Saudi Arabia, Qatar, the United Arab Emirates (UAE), Kuwait, Bahrain and Oman fell from about 19.6 million barrels in February, to just 4.1 million barrels for March and April so far combined.

“With crude prices averaging around USD 100 a barrel since the conflict began, those missing volumes represent roughly USD 50 billion ⁠in lost revenues,” said Johannes Rauball, a senior crude analyst at Kpler.

The ratio equates to a 1% cut in Germany’s annual GDP, or roughly the entire GDP of smaller European countries such as Latvia or Estonia.

Kpler even stated that the resumption of energy trade through the Strait of Hormuz would mean little for the global economy, as recovery of ⁠output and flows will remain slow. While global onshore crude inventories have fallen by about 45 million barrels so far in April, production outages, since late March, have reached roughly 12 million bpd.

“Heavier crude fields in Kuwait and Iraq could take four to five months to return ⁠to normal operating levels, extending stock draws through the summer. Damage to refining capacity and Qatar’s Ras Laffan LNG complex means full restoration of regional energy infrastructure could take years,” Rauball concluded.

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The conflict between US-Israel and Iran, which began on February 28, has sent oil prices skyrocketing as much as 65%, with some energy production fields in the Middle East shutting down their activities after the Strait of Hormuz, that sees the passage of the 20%–25% of the world’s total seaborne oil and over 20% of liquefied natural gas (LNG) shipments, has been effectively closed, with Tehran using the marine chokepoint as a geopolitical leverage. Chevron’s upstream fourth-quarter 2025 earnings were USD 3.04 billion.

“Timing effects ⁠tied to hedging and accounting would weigh on first‑quarter results, cutting earnings and operating cash flow excluding working capital by USD 2.7 billion ⁠to USD 3.7 billion after tax, mainly downstream, though the impact is expected to reverse over time,” Exxon noted.

According to the LSEG (London Stock Exchange Group) data, Benchmark Brent crude prices averaged USD 78.38 per barrel during the first quarter, up 24% from the previous three months.

As per Chevron’s latest estimates, net oil-equivalent production is expected to average 3.8 million to 3.9 million barrels per day, with volumes affected by downtime at Kazakhstan’s Tengizchevroil project and reduced output in parts of the Middle East.

Chevron’s rival, Exxon Mobil, too, is expecting a mixed bag from the Middle East crisis. While earnings in its upstream business could get a lift of about USD 1.4 billion compared with the Q4 2025, driven by higher oil prices, overall earnings could decline as a multi‑billion‑dollar hit ⁠related to financial hedging was expected, due to the Iran war.

Exxon estimates that disruptions to its UAE and Qatar assets will lower its global oil-equivalent production by 6% in the first quarter compared to Q4 2025, but higher commodity prices may provide a profit lift between USD 2.1 billion and USD 2.9 billion compared to the previous quarter. Iran’s missile attacks in Qatar impacted two LNG trains, which represented roughly 3% of Exxon’s 2025 upstream production.

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On his first day in office (January 20, 2025), President Trump declared an energy emergency, stating, “The integrity and expansion of our Nation’s energy infrastructure is an immediate and pressing priority for the protection of the United States’ national and economic security.”

In January 2025, Trump also signed several executive orders, including one on energy that includes a wide range of provisions aiming to “unleash America’s affordable and reliable energy and natural resources,” thereby ending the Joe Biden administration’s pause on the approval of new LNG exports.

It also commenced processes to ease regulations on oil and gas production. Trump also signed an order to lift restrictions on oil, gas, and mineral production in Alaska and announced plans to establish an inter-agency working group to determine and implement measures to expedite oil and gas development.

Unleashing American energy

The executive order focuses on the “national interest to unleash” America’s affordable and reliable energy and natural resources,” which will in turn, rebuild America’s economic and military security.

The Trump administration has “clear policy goals” for the United States to meet the energy needs of Americans, by exploring federal lands and water, including the Outer Continental Shelf, for energy exploration and production to solidify the United States as a global energy leader. The government will also use the energy sector reforms as a means to create jobs, apart from ensuring prosperity and strengthening supply chains in the United States by establishing the world’s largest economy as the leading producer and processor of non-fuel minerals including rare Earth minerals.

The executive order also speaks on arming the “American Energy Security” to an extent, where across the states, an abundant supply will be readily made accessible to protect the Trump administration’s economic, national and military needs. However, the order also eliminates the Biden government’s electric vehicle mandate to promote “true consumer choice for essential economic growth and innovation, remove the regulatory barriers to motor vehicle access, and terminate state emission waivers that function to limit sales of gasoline-powered automobiles.”

Energy efficiency regulations will be rolled back, involving lightbulbs, dishwashers, washing machines, gas stoves, water heaters, toilets and shower heads to safeguard Americans’ freedom to choose from a variety of goods and appliances and promote market competition.

“The Trump administration will ensure that all regulatory requirements for energy are grounded in clearly applicable law. The global effects of a rule, regulation or action will be reported separate from its domestic costs and benefits to promote sound regulatory decisions and prioritise the interests of Americans,” states the order further, while mandating all agency heads to review existing regulations to identify those that impose an undue burden on domestic energy resources (particularly, oil, natural gas, coal, hydropower, biofuels, critical minerals and nuclear energy resources), and to develop a plan to suspend, revise or rescind such measures.

The executive order, in effect, has put an end to all activities, programmes and operations associated with the American Climate Corps, which was entrusted to fight the battle against climate change. All the heads of executive departments will now undertake efforts to eliminate delays with their respective permitting process and use all authorities, including emergency authorities, to expedite their federal permits, including a potential revision or reimagining of the National Environmental Policy Act (NEPA) process. The executive order will also prioritise accuracy in environmental analyses through the end of the “Interagency Working Group” on the Social Cost of Greenhouse Gases.

One of the most significant sections of the executive order is Section 7, which terminates the “Green New Deal,” by directing all agencies to immediately pause the disbursement of funds appropriated through the Inflation Reduction Act (IRA) or the Infrastructure Investment and Jobs Act (IJA), including but not limited to funds for electric vehicle charging stations made available through the National Electric Vehicle Infrastructure Formula Programme.

“Although Section 7’s effect on the renewable energy tax credits under the IRA is unclear, it appears that the order is aimed at targeting grants, loans and contracts under the IRA and IJA, not tax credits. The IRA’s direct pay mechanism under Section 6417 of the Internal Revenue Code is not likely to be affected by this language since direct pay is a statutory method for claiming a tax refund and not a grant, loan or contract. If the executive order is interpreted to halt direct pay, it will likely be subject to considerable legal scrutiny and ultimately be overturned as taxpayers sue for direct pay payments that they are entitled to by statute,” observed United States-based law firm McGuireWoods.

Additionally, the secretary of energy will restart reviews of applications for approvals of liquified natural gas (LNG) export projects as expeditiously as possible, apart from considering the economic and employment impacts on the United States and on the security of allies and partners that would result from granting such applications.

The executive order also requires the secretary of the interior, secretary of agriculture, administrator of the Environmental Protection Agency, chairman of the Council on Environmental Quality and heads of other relevant agencies to revise undue burdens on the domestic mining and processing of nonfuel minerals.

Since Alaska holds an abundant and largely untapped supply of natural resources including energy, minerals, timber and seafood, the Trump administration has now directed the United States departments and agencies to maximise the development and production of natural resources (including LNG) efficiently and effectively on federal and state lands in the region. Federal departments and agencies are directed to prioritise the development of Alaska’s liquified natural gas potential.

Judging players’ reactions

While the new executive order has given a massive playing field for the oil and gas majors, several of these ventures have already warned about not looking to increase production unless prices increase significantly. In 2024, American oil and gas production rose to record highs. Crude output increased by 260,000 bpd month-on-month, to a record 13.46 million bpd, in October, in line with demand growth, according to the US Energy Information Administration (EIA). In 2024, drilling operations became more efficient, allowing for greater output. However, weaker-than-expected demand growth in several parts of the world, particularly China, contributed to lower oil prices.

Many oil and gas companies have shown support for Trump’s executive orders, which make it easier to conduct operations, including new exploration projects and production increases. However, several oil executives have said these new policies will not lead to an immediate output boost, stating concerns over oil prices. While Trump hopes to help reduce inflation by decreasing energy prices for consumers, many oil companies are hesitant to increase output without the guarantee of higher oil and gas prices.

Ron Gusek, the president of oil field services company Liberty Energy, said, “What you are seeing is a huge amount of positivity. But it’s too early to say that that’s going to translate into a change in actual activity levels here in North America.”

American energy majors have spent large amounts in increasing their oil and gas production in recent years. Things have only accelerated since 2022 in the wake of the Russia-Ukraine war and subsequent sanctions on Moscow’s energy trade, which created an oil and gas shortage around the globe and drove prices up, with Europe particularly feeling the pinch hard.

In addition, with the International Energy Agency’s warning that the demand for fossil fuels will decline from 2030, many oil and gas companies are exploiting their resources while global demand remains high. However, after several years of spending, many are reluctant to invest more without a guarantee of a return.

According to the EIA, Brent Benchmark crude oil prices are expected to average $74 per barrel in 2025, marking a decrease from $81 in 2024. However, with Trump being the US President, several customers have shown interest in signing long-term deals for US gas exports, according to Ben Dell, a managing partner of the energy investment firm Kimmeridge.

Dell noted, “People want to be early and in the forefront of signing up for US products to try and stave off potential tariff threats.”

Trump threatened to introduce 25% tariffs on Canadian and Mexican products, including energy. The Republican also said that he planned to introduce the tariffs on his first day in office.

Following announcements of strong retaliatory measures from Ottawa and Mexico City, Trump has decided to pause his plans. The world’s largest economy will now pursue negotiations to address its bilateral concerns with its North and Latin American neighbours. If tariffs on oil and gas are introduced in the coming weeks, they could drive up energy prices and increase reliance on domestic production.

“We still expect Canadian oil producers to eventually bear most of the burden of the tariff with a $3 to $4 a barrel wider-than-normal discount on Canadian crude given limited alternative export markets, with US consumers of refined products bearing the remaining $2 to $3 a barrel burden. We estimate Canadian natural gas exports to the US might drop by a modest 0.16 billion cubic feet per day (bcfd) as a result of 10% import tariffs, with little if any impact on US gas prices,” stated Goldman Sachs on the prospects of Washington imposing tariffs on Ottawa.

Will golden days arrive?

According to analysts at Scotiabank, United States-based exploration and production companies are expected to target 5% production growth in 2025, and flat to slightly lower year-over-year capital expenditures. This is except ExxonMobil, which has plans for a large increase in production.

Talking about ExxonMobil, the energy major has announced plans to increase its oil and gas output by 18% by 2030, with a focus on expanding its operations in the United States and Guyana. The plan includes raising annual project spending to $28-33 billion from 2026 to 2030. The company recently acquired US shale producer Pioneer Natural Resources. Exxon also plans to boost earnings by $20 billion and increase cash flow by $30 billion over the next five years.

This financial boost will support Exxon’s expansion plans in oil and liquefied natural gas (LNG) production, while also driving shareholder returns. The venture is already benefitting from its profitable Guyana operations and its growing US shale business. CEO Darren Woods has stated that the increased project spending would “generate returns of more than 30% over the life of the investments.”

The company intends to triple its production in the Permian Basin, the leading US shale field, to 2.3 million barrels per day (mbbl/d) by 2030. Additionally, Exxon aims to produce 1.3mbbl/d from its Guyana operations. Overall, ExxonMobil’s oil and gas output is projected to reach 5.4mbbl/d, marking an 18% increase from the current 4.58mbbl/d.

The company plans to add two projects in Guyana by 2030, aligning with its previous statement of seven to ten projects. Its LNG target remains at 40 million tonnes per annum. These targets aim to reassure shareholders that returns can be maintained despite fluctuations in oil market prices.

However, if we talk about the bigger picture, Wall Street expects American oil and gas companies to keep a lid on spending in 2025, while focussing more on generating shareholder returns, despite Trump’s “Drill, Baby, Drill” call.

While Trump’s oil and gas production-maximising agenda has sky-high ambitions, the reality is that the industry has been driving down costs and increasing production by using more efficient technology rather than drilling many new wells. Producers are also contending with lower global oil prices as the post-COVID demand rebound runs its course, amid China’s economic slowdown.

During an interaction with Reuters, Rob Thummel, senior portfolio manager at Tortoise Capital, “We expect most oil and gas producers to remain disciplined with capital expenditures. However, less regulation will make it easier to increase drilling activity if commodity prices reach levels that are too high.”

Another American energy major, Chevron, recently reported Q4 earnings below Wall Street estimates as weak margins dragged its refining business into a loss for the first time since 2020. Chevron CEO Mike Wirth said that the post-COVID surge in fuel margins had run its course, and the downtrend is set to continue in 2025.

The second-largest American oil producer, one of the first companies to heed Trump’s executive order renaming the Gulf of Mexico the “Gulf of America,” posted adjusted earnings per share of $2.06, way below Wall Street’s $2.11 estimate. Chevron’s downstream business lost $248 million in Q4, compared with a profit of $1.15 billion in the same period a year ago.

In a note, RBC analysts said profit from the company’s oil and gas exploration and production unit rose to $4.3 billion from $1.59 billion a year ago when the figure included charges, but the US business missed consensus estimates.

“A relatively soft set of numbers. With the strong run, CVX has had relative to peers over recent months, we expect these results to be taken as disappointing,” they remarked.

Chevron further noted a trend in the conventional energy sector: refining margins softening in both American and international markets, but weak jet fuel demand aggravating troubles for the American energy majors’ domestic businesses.

The company has also remained locked in a bitter arbitration battle with Exxon over its proposed $53-billion takeover of Hess, which owns a 30% stake in Exxon’s Guyana holdings.

“Producer ConocoPhillips could also grow oil and gas production in the low single-digit percentage in 2025 to focus on returning cash to shareholders,” Barclays said.

In December 2024, the company completed its $22.5 billion buyout of smaller peer Marathon Oil, which had been under a Federal Trade Commission review. According to Scotiabank analysts, this could swing its performance up.

“Occidental, meanwhile, is expected to report $730.9 million in adjusted profit for the fourth quarter, up from $710 million in the same quarter last year. The oil producer closed its acquisition of CrownRock in August and its capex this year is expected to total $7.44 billion, up from $6.9 billion last year,” Barclays continued, while adding, “For Diamondback Energy, Raymond James analysts expect the company to choose free cash flow over growth after its acquisition of Endeavor. Profit is expected to come in at $977 million, up from $854 million in the same quarter last year. Production growth is expected to be flat with lesser spending in 2025.”

Rob Thummel, a senior portfolio manager at Tortoise Capital, said “We expect most oil and gas producers to remain disciplined with capital expenditures. However, less regulation will make it easier to increase drilling activity if commodity prices reach levels that are too high.”

“Despite Trump’s best efforts to immediately push oil and gas production up, it appears that the American fossil fuel producers will only increase output if the price is right. The introduction of several executive orders favouring oil and gas will make it easier to develop new projects and produce more if oil majors desire. It could also encourage more customers to invest in American oil and gas, to avoid tariffs on foreign energy products. However, it is unlikely to have an immediate effect on the oil and gas output-related activities in the world’s largest economy, which is already at a record high, unless the Brent Benchmark looks set to increase,” noted Oilprice.com.

The slogan “Drill, Baby, Drill” is simply unattainable, especially considering that profit margins for fuel sales dropped significantly across the industry in 2024. This decline was driven by a fading surge in post-pandemic demand and a slowdown in economic activity in both the United States and China.

However, there is a development that could brighten the prospects for energy sector players. As the demand for artificial intelligence (AI) continues to rise, data centres are becoming essential components of the 21st-century tech ecosystem. These data centres provide the computational power necessary to train complex algorithms and manage vast amounts of data. Consequently, there is an estimated need for an additional 47 gigawatts of power capacity across the United States by 2030.

Notably, approximately 60% of this US demand is expected to be met by natural gas, thereby creating significant growth opportunities for oil and gas suppliers. Globally, the demand for natural gas will rise substantially, with some analysts forecasting up to 50% market growth over the next five years.

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Iraq is in talks with other US oil companies to takeover Exxon’s position as the field’s operator. China National Petroleum and CNOOC are also likely contenders. Previously, Exxon sold 25 percent of its stake in the oil field to PetroChina and 10 percent to Pertamina.

Director General Khalid Hamza said in an interview, “We hoped that Chevron would buy Exxon’s share and be the replacement, but it seems that they didn’t have the desire to be the replacement.”

Last year, it was reported that Chinese state-owned China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) were interested in ExxonMobil’s operating stake in the West Qurna 1 oil fields in Iraq.

During the same period, it was also reported that Exxon Mobil might invest around $240 million at its Baton Rouge refinery, according to the Louisiana Economic Development (LED) department. The investment would significantly increase the refinery’s processing capacity. Currently, the refinery produces 517,000 barrels per day (bpd).

At the same time, the investment would also increase flexibility for meeting market demand, boost overall site competitiveness and install technology that would voluntarily cut volatile organic compound emissions by 10 percent.

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Tender Board Chairman Shaikh Nayef bin Khalid Al Khalifa told the media, “Despite the ongoing global economic challenges, the first nine months of 2020 have seen Bahrain award more than 1,000 contracts valued at well over $2 billion to businesses in all sectors across the board. This robust performance is indicative of Bahrain’s commitment and ability to remain open for business even in times of crisis. Of particular note is the consistently high value of contracts in the kingdom’s thriving construction and engineering sector, testament to the rich opportunity on offer owing to our extensive, multi-billion dollar pipeline of projects there.”

Last month, state news agency BNA reported that Bahrain’s Oil and Gas and US-based oil giant Chevron have signed an agreement to conduct a joint study assessing future demand for gas in the kingdom and identify potential sources of supply.

The company also recently signed a Memorandum of Understanding (MoU) with Air Products to boost the usage of hydrogen energy. Mazan Matar, Chairman of Bahrain LNG WLL signed the MoU with Imtiaz Mahtab, Air Products President of Middle East, Egypt and Turkey.

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It is reported that the project’s pipeline installation covers 43 miles. Also, it has the capacity to transport 950 million cubic feet of natural gas each day. This is slated for the third quarter of this year.

This project is one of Africa’s energy projects slated for completion in the near future. However, the protracted pandemic has slashed investments for the continent’s capital-intensive projects, a local media reported.

More recently, Chevron has agreed to acquire Noble Energy in a stock transaction which is  valued at $5 billion. According to the deal, the latter’s shareholders will each receive one share of Chevron stock for every ten Noble Energy shares in their holdings. Chevron Chairman and CEO Michael Wirth, told the media, “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.”

Previously, Noble Energy had completed a major task on cost-cutting, lowering its production costs to $6.60 per barrel of oil equivalent, media reports said.

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He will hold a meeting with the CEOs from Exxon, Chevron, Occidental Petroleum, Devon Energy, Phillips 66, Energy Transfer Partners and former Continental Resources CEO Harold Hamm at the White House.

The meeting comes as US oil producers struggle to breakeven on the back of tumbling crude prices, which is a result of the oil price war started by Saudi Arabia led OPEC (the Organization of the Petroleum Exporting Countries).

Reportedly, the topics to be discussed in this meeting are tariffs on Saudi Arabian oil imports and waivers on rules about transporting oil between US ports. If those rules were waived, ships could take oil products around the country more easily, competing more effectively with the flood of Saudi imports now being shipped into the country.

With regard to the oil price war between OPEC and Russia, US President Donald Trump told the media in a White House briefing, “I have confidence in both that they’ll be able to work it out. The two countries are engaged in a price war. Trump also said he’d meet with oil-industry chief executives, which the Wall Street Journal reported would happen Friday. “We don’t want to lose our great oil companies.”

Earlier this week, US Energy Secretary Dan Brouillette discussed the market with the Russian Minister of Energy Alexander Novak.

Global oil prices plunged drastically earlier this month as Saudi Arabia, which is the world’s top oil exporter slashed oil prices by 10 percent. Saudi Arabia decided to slash oil prices after negotiations between OPEC and Russia collapsed with regard to reducing production due to the coronavirus crisis.

Global oil prices plunged as much as 30 percent since then, highest in the last two decades.

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Petrobras owns 62.5 percent of the project and the remaining 27.5 percent is owned by Chevron.

According to Petrobras, Papa-Terra produced 17,300 barrels of oil equivalent per day in 2019. The asset is widely seen as having complex geology, though Petrobras said it will be offered on attractive financial terms.

While Petrobras confirmed the same in a securities filing, Chevron, on the other hand, said in a statement, “This initiative supports the company’s ongoing efforts to manage its global portfolio.”

“Chevron remains committed to growing its presence in Brazil through the pre-salt blocks acquired in the 2018 and 2019 bid rounds. Brazil pre-salt, world-class resources play an important role in Chevron’s global upstream strategy.”

Last year, Chevron sold its majority ownership stake in Brazil’s Frade field. Currently, Papa Terra is the only mature asset the company holds in Brazil.

Similarly, Petrobras is also in the process of divesting a majority of its non-core assets in order to reduce debt.

Reportedly, Petrobras is also selling the Mangue Seco 1 and Mangue Seco 2 wind farms in the northern state of Rio Grande do Norte. Petrobras is planning to sell a 49 percent and 51 percent stake in the two wind farms respectively. The two wind farms are part of a complex of four plants, with a combined capacity of 52-megawatt.

Recently, Petrobras also exited the African continent by selling its stakes in Petrobras Oil and Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.

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Vakt is a consortium of leading energy companies such as Aramco, BP, Royal Dutch Shell, Equinor, Gunvor, Koch, Mercuria, ABN Amro, ING, Societe Generale, Chevron, Reliance, and Total.

According to media reports, the fund received from Aramco will be used to upgrade Vakt’s platform and plan for expansion in Southeast Asia.

Aramco’s subsidiary and trading company Aramco Trading is also expected to start using Vakt’s blockchain-enabled platform.

Vakt, which launched its trading platform in 2018, provides a smooth process from trade entry to settlement by completely eliminating paper-based processes and manual accounting practices.

Hans Middelthon, managing director of SAEV Europe told the media, “Vakt has demonstrated that their platform has the potential to digitise what is currently a very manual process.”

Interestingly, this is not the first time Aramco is investing in a blockchain company. Previously, Aramco took part in a $6 million funding round for Houston-based blockchain startup Data Gumbo. The investment was made through Aramco’s subsidiary Saudi Aramco Energy Ventures.

Last year, Aramco raised around $25.6 billion in its IPO by listing its shares on the Riyadh Stock Exchange. Aramco IPO broke Alibaba’s record to become the biggest IPO ever.

After its IPO, Aramco became the most valuable listed company in the world, ahead of Apple which is valued at $1.2 trillion. Aramco became the only company to reach the coveted $2 trillion valuation.

The Saudi Crown Prince Mohammed bin Salman has targeted the coveted $2 trillion valuation for Saudi Aramco since he first announced Aramco’s plans to sell a small slice of the state-owned company.

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Premier Oil, a UK-based independent oil company, has acquired the stakes in the Andaman I and south Andaman blocks.
Mubadala Petroleum, which is a wholly-owned subsidiary of Mubadala Investment Company, will retain the remaining 80 participating interest in the gas fields in Indonesia.

With regard to the stake sale, Dr. Bakheet Al Katheeri, chief executive at Mubadala Petroleum told the media, “The completion of this farmout is another important step for Mubadala Petroleum and for the exploration of the Andaman blocks offshore Aceh, and supports Mubadala Petroleum’s growth strategy in Indonesia.”

The government of Indonesia has also given its approval for the deal.

Premier Oil, on the other hand, owns a 70 percent participating interest in the Andaman II block. The remaining 30 percent is owned by Mubadala Petroleum.

Mubadala Petroleum has been operating in Indonesia since 2004.

Earlier this month, Mubadala Petroleum, along with Royal Dutch Shell and Chevron, was awarded exploration rights in the Red Sea by the Egyptian government.

While Chevron and Royal Dutch Shell were awarded a block each, Mubadala Petroleum will share a block with Shell.
In the month of November 2019, Mubadala Petroleum started exploration in the Manora oil field in the Gulf of Thailand, along with Tap Oil, an Australia-based independent oil company.

While Mubadala Petroleum holds a 70 percent participating interest in the oil field, Tap Oil holds the other 30 percent.

Similarly, the UAE-based oil company also signed a production sharing contract with Thailand’s PTTEP Energy Development Company. Both the companies will work together to develop the offshore Block G1/61 that contains the Erawan field.

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