On October 08, 2025 ExxonMobil signed preliminary agreements with Iraq's Basra Oil Co. and the State Organization for Marketing of Oil (SOMO), marking its return to the country after a nearly two-year hiatus. The deals lay the groundwork for the company to explore and develop the giant Majnoon oil field and to boost Iraq's export infrastructure.

This move comes after Exxon's exit from its primary investment in the West Qurna-1 field earlier in 2024, a decision influenced by tough contractual terms and political instability. However, before production can begin, the company must first complete a series of technical and commercial studies and agree on a final operating contract, a process that could take years.

Visit: https://worldoil.com/news/2025/10/8/exxonmobil-signs-majnoon-oil-field-deal-marking-return-to-iraq/

On October 08, 2025, Shell Plc is preparing to resume preliminary work on the Dragon offshore gas field in Venezuela, anticipating that the Trump administration will grant it a new license exempting the project from sanctions. The project, a partnership with Trinidad's state-owned National Gas Co., aims to supply Trinidad and Tobago, whose gas-starved industries have seen a decline in the production of LNG and petrochemicals like ammonia.

This potential license reflects the Trump administration's divided stance, which combines military pressure on Venezuela with selective economic exemptions. The administration is expected to follow its recent approval for Chevron with a similar license for Shell, provided the project does not significantly benefit the Maduro regime. Shell is seeking a long-term license of up to ten years to facilitate the investment needed to develop the field's substantial reserves.

In parallel, bp Plc is also seeking to restore its own license to develop a separate cross-border gas field. The push to develop these Venezuelan fields is driven by the critical need to replenish feedstock for Trinidad's major liquefaction complex, where both Shell and bp are key shareholders.

Visit: https://worldoil.com/news/2025/10/8/shell-to-resume-offshore-venezuela-gas-development-as-u-s-eases-path-for-exports/

On October 07, 2025, Based on a record production level of 13.6 million barrels per day in July 2025, the U.S. Energy Information Administration (EIA) has revised its crude oil production outlook slightly higher. The agency now forecasts that U.S. output will average 13.5 million barrels per day in both 2025 and 2026, as producers sustain near-record activity levels.

Despite this strong domestic supply, the EIA projects that global oil prices will continue to trend lower. It expects Brent crude to average $69 per barrel in 2025 and $52 in 2026, a decline driven by growing supply from non-OPEC+ countries and only moderate demand growth. This outlook remains subject to uncertainties, including potential supply disruptions from geopolitical conflicts and operational incidents.

In parallel, the report highlights a robust outlook for natural gas. Henry Hub spot prices are forecast to rise to $4.10/MMBtu by January 2026, supported by a significant expansion in U.S. LNG export capacity. New projects are expected to increase exports to 15 billion cubic feet per day in 2025 and 16 billion in 2026, strengthening the U.S. position in the global gas market.

Visit: https://worldoil.com/news/2025/10/7/eia-raises-u-s-oil-production-forecast-after-record-july-output/

Visit our website for the latest news updates in the oil and gas industry and to explore Supermec's wide range of explosion-proof products at affordable prices. We are committed to meeting safety standards, ensuring workplace safety and peace of mind for our clients. For help selecting the right products for your business, contact our team for expert assistance.