Conflict between Iran, the United States, Israel and allies throughout the Gulf region has had an immediate effect on the oil and gas industry, both upstream and downstream. Drone and missile attacks have damaged refineries and as of mid-April 2026, blockades in the Strait of Hormuz have severely restricted the flow of oil into the global market.The war has also affected drilling in the area.
Canada-based oil and gas company Valeura Energy has signed an agreement with Shelf Drilling to chart the Shelf Drilling Enterprise jack-up rig for a three-year term through the end of 2029.
Jadestone Energy has signed a gas sales and purchase agreement with PV Gas, a subsidiary of state-owned Petrovietnam, for the supply of gas from the Nam Du and U Minh discoveries offshore Vietnam.
Bureau Veritas Marine & Offshore has launched an Offshore Center of Excellence in Asia Pacific to support offshore energy projects.The center will combine regional teams in Singapore
Oil prices jumped on Wednesday with Brent trading above $100 a barrel, erasing earlier losses following reports of gunfire attacks on at least three container ships in the Strait of Hormuz.
The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday.
This issue of Offshore Engineer
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