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Oil Industry Profitability Under Pressure

OilPrice

With crude oil prices dropping into the low $60s per barrel, profitability in the oil and gas industry is under pressure, squeezing cash flows and forcing companies to reassess their capital allocation. As a result, upstream investments are expected to decline.

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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. Energy Information Administration (EIA) showing domestic crude oil production reached an all-time high of 13.5

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Nigeria’s GEIL exports first crude from new onshore terminal

Oil & Gas 360º

The maiden cargo transported crude from the Otakikpo marginal field – located in Rivers State and operated by GEIL – to the terminal, kickstarting a new era of efficient crude distribution in Nigeria. The terminal itself boasts a storage capacity of 750,000 barrels.

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bp discovers oil at Far South prospect, deepwater U.S. Gulf

Oil & Gas 360º

This discovery in the deepwater Gulf of America/Gulf of Mexico underscores how bp is in action to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025. bp expects to grow its global upstream production to 2.3 onshore and offshore regions by 2030.

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BP begins promised major oil and gas project start-ups

Oil & Gas 360º

(Oil Price) –BP said on Thursday that its Cypre development offshore Trinidad and Tobago delivered first gas, as yet another project started up since the supermajor reset its strategy to shift focus back to oil and gas. million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.

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BP looks to hire two more directors under oil-focused strategy

Oil & Gas 360º

(Oil Price) –BP is looking to raise the number of its board members and hire two more directors as part of its strategy to boost oil and gas production and shareholder returns, the Financial Times reported on Tuesday, citing sources familiar with the plans. Production is also expected to grow, to 2.32.5

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bp and Iraq finalize contract for Kirkuk oil field redevelopment

Oil & Gas 360º

This is an enormous opportunity as we grow bps oil and gas business and fully aligned with our strategy of strengthening our upstream portfolio. The agreement is for an initial phase that includes oil and gas production of more than 3 billion barrels of oil equivalent.

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