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by Andreas Exarheas | Rigzone Staff | Monday, June 30, 2025 | 6:54 AM EST Wood Mackenzie reveals who was crowned the 'most admired upstream explorer' in the company's latest Annual Exploration Summit Survey. “The company has set a new benchmark in opening up a deepwater frontier at pace.
Portugal-based energy company Galp expects its oil production in Brazil to jump by 40% in the coming years as a new major field is set to begin production later in 2025, Nuno Bastos, EVP Upstream, has said. Currently, Galp holds stakes in various oilfields in the deep waters of the Santos basin in the prolific pre-salt layer offshore Brazil.
million net acres and more than two billion barrels of oil equivalent in undeveloped net resource. million net acres and more than two billion barrels of oil equivalent in undeveloped net resource. Historically, EOG has favored organic growth, focusing on early-entry positions in core shale plays like the Delaware Basin and Eagle Ford.
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. Oil production has jumped this year after hitting a record 13.2
Upstream earnings increased by $1.1 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer. billion from a year earlier to $6.8 billion, thanks to continued growth in the Permian and Guyana, as well as structural cost savings. Exxons net production jumped by 20% to 4.6
The Ahara license, awarded under the North African country’s 2024 bidding round, sits at the “intersection of the prolific Berkine and Illizi Basins”, TotalEnergies said in a press release. Ahara marks QatarEnergy’s entry into Algeria’s upstream sector, QatarEnergy said separately. TotalEnergies owns 26.4
COG Operating announced June 27 resolves a contentious dispute between surface estate owners and mineral estate holders “with far reaching implications for the water midstream sector and upstream oil and gas industry.” COG said it owned the produced water and sued, the trial court agreed with COG, and the court of appeals affirmed.
Houston-based EON Resources, independent upstream energy company with properties in Permian Basin, said last week that subsidiary EON Energy agreed with WPP NM and Northwest Central to acquire all their interests in South Justis field in Lea County, N.M. EON is acquiring 5,360 leasehold acres with a total of 208 wells.
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.
Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude. Delek US posted a deeper-than-expected net loss of $173 million, citing market softness and operational headwinds.
Below we summarize recent (2024–2025) drilling activity, budget allocations, and production volumes in Oklahoma (primarily the Anadarko Basin and related plays) for six companies: Ovintiv , Mach Natural Resources , Devon Energy , Coterra Energy , Continental Resources , and Mewbourne Oil Company. Liquids” includes crude oil and NGLs.
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. Libyas NOC is working with IOCs Repsol, bp, TotalEnergies, ConocoPhillips and more to increase output to two million barrels per day (bpd).
The Permian Basin continues to see significant shifts in ownership as oil and gas operators refine their asset portfolios. Scout Energy Managements Expansion Strategy Scout Energy Management is a major player in the upstream energy sector, managing over 22,000 operated wellbores across the U.S. domestic energy production.
The Ballymore development is designed to produce up to 75,000 gross barrels of oil per day from three production wells, all connected via a subsea tieback to Chevrons existing Blind Faith facility, located approximately three miles from the well site. This reduces our development costs and is expected to drive higher returns for shareholders.
CERAWeek 2025 Insights ExxonMobils expansion in the Permian Basin took center stage during CERAWeek 2025 , where executives highlighted how technology is reshaping operations to maximize efficiency and production. million barrels per day (bpd) accounting for over 16% of the basins total production.
Adura, which will be equally owned, combines the two companies’ offshore assets in the UK, where Shell currently produces over 100,000 barrels of oil equivalent a day (boed) and Equinor about 38,000 boed. “Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2025”, Equinor said.
In a new white paper titled What Remains: North American Upstream Inventory, energy private equity firm Kimmeridge outlines which shale basins have the best runway for returns over the next 10 yearsand why the spotlight is now turning to Canada. Best-in-Class Gas Economics: Among the lowest-cost dry gas basins in the world.
(Shell Brasil), a subsidiary of Shell plc, announced that it has taken the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. Current estimated recoverable resource volumes of the Gato do Mato development are approximately 370 million barrels.
A Multi-Pronged Strategy to Sustain Growth Beyond Tight Oils Crown Jewel The transformation of the United States into a global energy powerhouse over the past two decades is inseparable from the fracking-led renaissance of the Permian Basin. Although the pace of growth is clearly slowing, the basin still offers significant upside potential.
Every year billions of barrels of Produced Water (PW) are generated from oil and gas production around the world. In some mature fields, 10 barrels of water are generated for every barrel of oil produced. Then the Texas Railroad Commission initiated a program to monitor seismic activity focused on the Permian Basin.
Oil prices fall more than $1 barrel on reports Iran seeks truce with Israel Summary : Oil prices fell 1.3% The laws create a DPS oilfield theft unit and task force to address rising pipeline thefts in the Permian Basin, which fuels Texas’ economy. Stay tuned for weekly updates to keep you well-informed.
A Strategic Fit: Scout Energy & High River Resources Scout Energy Management LLC Established in 2009 and headquartered in Dallas, Scout Energy Management LLC is a private energy investment manager specializing in the acquisition, operation, and enhancement of upstream energy assets and associated midstream infrastructure.
Production and Capital Investment Looking ahead, Cenovus forecasts an upstream production range of 805,000 to 845,000 barrels of oil equivalent per day (BOE/d) for 2025, representing a 4% increase compared to 2024 Cenovus Energy. which have been instrumental in executing Cenovus’s drilling programs. billion to $5.0
Now, as we step into 2025 , the industry faces critical questions : Which basins will see the most growth? oil & gas basins , the leading companies , and market trends using the latest data and forecasts. The Permian Basin remains the top destination for U.S. What are the key companies doing to stay competitive? MMBbl/d.
The discovery comes amid BP's broader pivot away from rapid renewables expansion toward reinforcing its upstream oil and gas portfolio to meet investor expectations and improve financial performance. million barrels of oil equivalent per day globally by 2030, with approximately 1 million barrels expected from the U.S.
In particular, the company is placing renewed emphasis on the Grand Mesa Pipeline , its flagship crude oil system serving producers in Colorados Denver-Julesburg Basin (DJ Basin). The company focuses on product procurement, logistics, and price risk management, backed by long-term partnerships with upstream gas liquids producers.
Looking ahead, BP plans to drill around 40 exploration wells over the next three years , underscoring its ambition to expand its upstream production base. billion in reserve equivalent to $10 per barrel of oil price sensitivity. per barrel for 2025 , reflecting a cautious outlook while retaining operational agility.
Equinor Q1 2025 Performance Total Equity Production: 2,123 mboe/day Equinors total equity production in the first quarter of 2025 was 2,123 thousand barrels of oil equivalent per day (mboe/d). BP achieved upstream plant reliability of 95.4%, one of its best on record, and refining availability at 96.2%. billion, down from $10.3
Despite this trick rather than treat, ExxonMobil boosted production by 80,000 oil-equivalent barrels daily, driven by growth in the Permian Basin and Guyana. billion, driven by strong gas volumes and improved upstream operations. Adjusted earnings reached $6.03
West Texas Intermediate (WTI) crude prices dipped into the low $60 per barrel range following President Donald Trumps sweeping tariffs announced on 2 April. This price level is well above the fundamental upstream breakevens for most US shale players, especially those in the Permian.
The longer-term weekly chart, which sets moving averages below both the 100 and the 200 period, is possibly trending back towards the $65-per-barrel area. In this favorable environment, private companies in multiple basins realized significant returns for their investors by exiting their commitments.
a barrel, after an earlier rally faded. million barrels a day, more than Saudi Arabia and Iran combined, and companies in its shale basins have a unique ability to ramp up output quickly — within about 6 to 9 months — with the right oil-price incentive. Trump called to increase in U.S. in New York to $71.92 produces about 13.4
Oil prices jump despite OPEC+ announcing another sharp production hike Summary : OPEC+ announced a 411,000-barrel-per-day production hike for July, its third consecutive increase, aiming to regain market share and pressure U.S. Permian Basin rigs declined 1 to 278, also a November 2021 low, as the total count fell 37 (6%) year-over-year.
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