Baker Hughes Co. has secured a multi-year contract with Dubai Petroleum Establishment (DPE), on behalf of Dubai Supply Authority (DUSUP), to provide integrated coiled-tubing drilling services for the Margham Gas storage project. The project aims to help ensure stability of energy supply in Dubai by strengthening the system’s ability to switch between natural gas and solar power, Baker Hughes said. Baker Hughes is already providing its Integrated Compressor Line (ICL) units for gas storage, injection, and export. “Baker Hughes has built a reputation as a leader in coiled-tubing drilling and mature assets solutions, and we bring a track record of success across the region to this important project”, Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes, said in a statement. “Our integrated solutions approach combines industry-leading technology and expertise across the energy value chain to help DPE scale up and develop reliable, secure, and lower-carbon power solutions for their country”. Baker Hughes will use a combined approach of coiled-tubing drilling and under-balanced drilling, incorporating its CoilTrak BHA system, to enhance underground gas storage projects. The company said the CoilTrak system’s ability to improve horizontal drilling navigation and maximize reservoir contact is essential to these operations. Days earlier Baker Hughes announced a multi-year fully integrated completions systems contract from Petrobras to optimize production across multiple deepwater fields. Baker Hughes said that through this agreement, Petrobras will utilize the SureCONTROL Premium interval control valve, which provides enhanced reliability in the high flow rates of Petrobras’ offshore fields. To contact the author, email [email protected] What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers

Wood shares have plummeted further after a review of contracts from prior years identified “material weaknesses and failures” in the financial culture of the Aberdeen-headquartered firm, the company has revealed. The review of a number of “legacy lump sum turnkey” (LSTK) projects means Wood will not be able to file its fully year accounts as planned next month which will result in a temporary suspension of its shares. Wood shares dropped more than 30% in early trading as markets digested the investigation, which the firm commissioned last year. The  publication of the audit comes as the group is subject to fresh buyout approach from Dar Al-Handasah Consultants Shair and Partners, otherwise known as Sidara. The review means the firm has had to seek “retrospective waivers” on debt facilities up to the end of April as the revision of books over the last three years means the firm will have breached lending covenants. Nevertheless, Wood said there would be “no material impact” on its historic cash flow as a result of the review, nor does it “expect any material impact” on its ability to generate cash in the future. Weaknesses and failures The “weaknesses and failures” identified by Deloitte included “inappropriate management pressure” and “over-optimism and/or lack of evidence” in respect of accounting judgements. These “cultural failings” led to instances of information being “inappropriately withheld” and “unreliable information” being provided to Wood’s auditors. Wood said it “remains in discussions” with Lebanese-owned Sidara over possible cash offer for the group. Last year Wood rejected a bid worth $1.65 billion, representing an offer price of 205 pence per Wood share. It is thought any fresh bid from Sidara will be less than this. The bidder has until 17 April to announce a firm intention to make an offer for Wood. In addition to requiring a

Italian energy company Eni said it had been notified by US authorities that it can no longer be repaid for gas that it produces in Venezuela through oil supplies from state-owned PDVSA, as Washington exercises its international sanctions on the South American country.  “Eni continues its transparent engagement with US authorities on the matter to identify options for ensuring that non-sanctioned gas supplies, essential to the population, can be remunerated by PdVSA,” the company said in an emailed statement. “Eni always operates in full compliance with the international sanctions framework.” Foreign oil companies such as Eni and Spain’s Repsol that do a lot of business with the US are trying to not fall out of compliance with US and other international sanctions on Venezuela. The first administration of US President Donald Trump essentially banned US imports of oil from the country in 2019.  In recent years, the US Treasury Department had issued different permits to international oil and gas companies, including licenses, waivers or letters of comfort, to allow them to conduct various operations in Venezuela, such as exporting PDVSA’s oil, despite sanctions. Eni and Repsol had accepted oil cargoes from PDVSA to recoup debt the state-owned oil company owed them from investment in an off-shore gas joint venture Cardon IV and from natural gas sales. Cardon IV supplies around 30 percent of the country’s natural gas demand for both household and industrial needs. Now, Trump is squeezing Venezuela on two fronts as a way to pressure Venezuelan President Nicolas Maduro’s regime to accept the return of more migrants who fled to the US: He’s promising 25 percent tariffs on US imports of all goods from countries that buy Venezuelan oil, and he has also pulled Chevron Corp.’s license to drill and sell the nation’s crude. Other companies are impacted, including Global

EnergyPathways has published an update as it pushes to engage with stakeholders on its proposed Marram Energy Storage Hub (MESH) project in the UK Irish Sea off the coast of Northwest England. The update outlines the socioeconomic and environmental benefits associated with MESH, with the company winning to win over groups like the North Sea Transition Authority (NSTA) and local MPs. EnergyPathways published the briefing document, outlining the conclusions from its hydrogen and clean energy pre-front end engineering design (pre-FEED) activities. The document also seeks to highlight the role that hydrogen and compressed air storage technologies can play in reducing carbon dioxide (CO2) emissions, in helping to drive the UK energy transition and in enhancing energy security. The MESH project is designed to combine a number of technologies, initially storing natural gas and power generated from offshore wind in the Irish Sea, before being expanded to include hydrogen storage as the UK’s hydrogen economy develops. EnergyPathways moved to expedite the project towards the end of last year, citing changes to the regulatory and fiscal environment in the UK under the Labour government, which came into power in July. The company has touted MESH as a project that could help the UK meet both its energy security and decarbonisation goals. Since then, EnergyPathways has hit various milestones with the development of MESH, including entering into a £5.1m loan facility and selecting Wood as the lead engineering partner. The company also secured licence operatorship approval for Block 110/4a, which includes the MESH site, in January. On schedule and on track In its latest update, EnergyPathways said pre-FEED activities were on schedule and on track for a final investment decision (FID), subject to the necessary outstanding licences being granted. “We have received indications from the government that a decision on awarding the gas

The North Sea has long been the backbone of Britain’s energy security and economic prosperity. Today, we stand at a pivotal moment that will determine whether this vital asset continues to drive our national success or becomes a missed opportunity. The North Sea Transition Taskforce’s report reveals an urgent challenge: a potentially damaging gap is emerging between the North Sea’s current oil and gas operations and its renewable energy potential. This isn’t just about an industrial transition—it’s a national imperative. The risks are clear. Without decisive action, we could see a premature decline in oil and gas production, loss of critical skills, and degradation of existing infrastructure. Meanwhile, renewable investments are stalling, threatening our net-zero ambitions and economic resilience. We’re not advocating for endless fossil fuel extraction. Instead, we’re calling for a strategic, measured approach that recognises the North Sea’s ongoing importance. Critically, North Sea gas remains lower in carbon intensity than imported alternatives. Every barrel we responsibly extract keeps jobs in the UK, generates exchequer revenues, and supports our energy security. Our recommendations are straightforward. First, the government must replace the current Energy Profits Levy with a predictable, stable fiscal regime that encourages long-term investment. Second, we need clarity on environmental requirements and drilling permissions, particularly for already consented fields. Third, we must commit to a consistent, long-term pipeline of support for renewable investments. Most importantly, this transition requires unprecedented collaboration. We’re proposing a national mission approach, with a ministerially led committee bringing together UK and Scottish governments, agencies, industry, and unions. This isn’t about political point-scoring—it’s about creating a comprehensive, decades-long plan that transcends short-term political cycles. The opportunity is immense. By repurposing existing skills and infrastructure, we can transform the North Sea into a global renewables powerhouse. Offshore wind, carbon capture, and hydrogen technologies aren’t just alternatives—they’re

Centrica executives have met with energy secretary Ed Miliband to discuss the future of the Rough gas storage facility in the North Sea. The UK energy company’s group chief executive Christopher O’Shea and the managing director of Centrica Energy Storage Martin Scargill recently attended a meeting with Miliband and others at the Hull Chamber of Commerce. “We’re in discussions with [government] at a high level to find a way to keep Rough open as a key strategic asset for the UK,” O’Shea said. “I can’t go into any details of the discussions but I am hopeful that HMG (Her Majesty’s Government) will be able to move quickly enough to enable this crucial asset to remain open.” He indicated in February that Centrica was yet to decide on a direction for the Rough gas storage site, after the company revealed an anticipated loss at Centrica Energy Storage, stating that “as it currently stands, we wouldn’t be refilling it”. The owner of the country’s largest gas storage facility is seeking to refit the asset as part of a £2 billion refurbishment so that it can function as a hydrogen storage facility. Centrica has said that it is seeking to secure a cap-and-floor mechanism to operate the asset. At the height of the energy crisis, the licence to operate the Rough gas storage facility was renewed, but it is now due to expire in 2030. A spokesperson for the Department for Energy Security and Net Zero (DESNZ) said that the discussions did not go “into detail”, but that the government’s position “remains what it was before”. “We’re not providing updates on what that will look like but we’re having discussions with Centrica about it. Everything’s on the table on what the future would be just as long as it provides value for money,” the