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CNOOC Announces Seventh Upstream Startup in Chinese Waters This Year

Rigzone

Brent Crude $66.90 +0.65% Natural Gas $3.69 -2.62% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS CNOOC Announces Seventh Upstream Startup in Chinese Waters This Year by Jov Onsat | Rigzone Staff | Monday, June 09, 2025 | 3:37 AM EST Weizhou 5-3 is expected to reach a peak output of about 10,000 bpd next year. feet) deep.

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OPEC Cuts Forecast of Oil Supply Growth From Rival Producers

OilPrice

Lower upstream spending amid falling oil prices is set to slow the growth in oil supply from producers outside the OPEC+ pact this year and next, OPEC said in its monthly report on Wednesday. In 2026, liquids supply from non-OPEC+ producers is expected to rise by another 800,000 bpd, also down by 100,000 bpd from

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Texas oil and gas jobs increased in May despite market turmoil, new report says

Oil & Gas 360º

Bureau of Labor Statistics (BLS), the Texas Independent Producers and Royalty Owners Association (TIPRO) has highlighted new employment figures showing an increase in upstream employment in Texas in the month of May. million barrels per day in the second quarter of 2025. Additionally, TIPRO points to recent data from the U.S.

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TotalEnergies, QatarEnergy Win Exploration License in Algeria

Rigzone

Ahara marks QatarEnergy’s entry into Algeria’s upstream sector, QatarEnergy said separately. Algeria contributed 154 million cubic feet a day of gas and 21,000 barrels per day of liquids to TotalEnergies’ 2024 production, according to the company’s annual report.

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U.S. Upstream Leads ExxonMobil’s 2025 Strategy — Powered by “Advantaged” Projects

Oil Gas Leads

upstream growth, driven by advantaged assets like the Permian Basin, is central to the companys long-term performance. Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 Upstream Results: Permian Power ExxonMobils U.S. upstream earnings jumped to $1.87 billion in Q1 2024.

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IEA sees oil demand growth slowing on economic headwinds

Oil & Gas 360º

World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025. The estimate for full-year 2026 demand growth is also close to the 2025 forecast and to last months already slashed projections760,000 bpd. Last months projection was slashed by 300,000 bpd from IEAs forecast from March, following the U.S.

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Permian Basin growth fuels ExxonMobil’s quarterly success

Oil & Gas 360º

Upstream earnings increased by $1.1 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer. billion of share repurchases, consistent with its annual $20 billion share-repurchase program through 2026. billion from a year earlier to $6.8 Exxons net production jumped by 20% to 4.6

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