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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.
(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).
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.
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.
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.
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. holding a 60% working interest, with TotalEnergies E&P USA, Inc.
World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025. On Wednesday, OPEC also cut its forecast of liquids supply from OPEC+s rivals including the United States, due to lower upstream spending amid falling oil prices. Due to the decline in oil prices and signals from the U.S.
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
private) (N/A – private; high gas focus) (N/A – private) ~7–9 rigs in Oklahoma (2025) (21 wells drilled in 2023) Note: MBOE/d = thousand barrels of oil equivalent per day. Ward, is an upstream LP focused almost entirely on the Mid-Continent. Liquids” includes crude oil and NGLs. CapEx = capital expenditures.
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
Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about 800,000 barrels per day in 2025, OPEC said in a monthly report, down from last months forecast of 900,000 bpd. President Donald Trumps tariffs. On May 5 Brent settled close to $60, its lowest settlement since 2021.
Supply from countries outside the Declaration of Cooperation – the formal name for OPEC+ – will rise by about 800,000 barrels per day in 2025, OPEC said in a monthly report, down from last months forecast of 900,000 bpd. President Donald Trumps tariffs. On May 5 Brent settled close to $60, its lowest settlement since 2021.
President Donald Trumps trade war has driven Brent crude below $70 a barrel, the price assumption that underpins bp’s plans to boost cash flow and reduce debt by selling assets. While the financial framework has tightened, the company is on track and its $20 billion divestment program could actually be assisted, Auchincloss said.
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. From an equity standpoint, the recent sales have increased the need to fund new upstream and midstream companies. The banks felt significant payoff pressure last year.
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. West Texas Intermediate declined 4% at 12:47 p.m.
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