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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 upstreamexplorer' in the company's latest Annual Exploration Summit Survey. Congratulations to John Ardill and the entire exploration team,” he continued.
percent stake during the exploration and appraisal phases. Ahara marks QatarEnergy’s entry into Algeria’s upstream sector, QatarEnergy said separately. In 2023 TotalEnergies and Sonatrach signed an agreement to raise gas production in the Tin Fouye Tabankort II and Tin Fouye Tabankort Sud fields in the south of Algeria.
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. holds 49 percent.
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. In May, Texas energy producers paid $411 million in oil production taxes, according to the Texas comptroller’s office.
“Those savings would give operators the ability to reinvest in new energy production, helping drive domestic energy development while reducing the need for duplicative infrastructure”, the DOI said. billion in industry savings annually under the updated regulations.
bp drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 feet of water. bp expects to grow its global upstreamproduction to 2.3 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035.
million net acres and more than two billion barrels of oil equivalent in undeveloped net resource. Encino assets offer a rare combination of scale, liquids-rich production and development upside. Implications for the Wider M&A Market This transaction is significant not just for EOG, but for the entire upstream M&A landscape.
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. Boosting production Major oil producers in Africa are striving to boost production and NOC-IOC collaboration is at the forefront.
The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration. The agreement is for an initial phase that includes oil and gas production of more than 3 billion barrels of oil equivalent.
said its subsidiary has signed an agreement to sell its wholly owned subsidiary Gran Tierra North Sea Limited (GTNSL) to private upstream company NEO Energy for $7.5 The combined wells have an average oil production rate over 30 days of around 1,684 barrels of oil per day from the U-Sand formation.
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.
(Oil Price) –First-quarter earnings at ExxonMobil ( NYSE: XOM ) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices. Upstream earnings increased by $1.1 Upstream earnings increased by $1.1 Exxons net production jumped by 20% to 4.6
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. In some mature fields, 10 barrels of water are generated for every barrel of oil produced.
World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025. shale production for the second month in row. 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.
Chevron Corporation, one of the worlds leading integrated energy companies, has announced the start of oil and natural gas production from the Ballymore subsea tieback project, located in the deepwater Gulf of America. This reduces our development costs and is expected to drive higher returns for shareholders.
In a statement , the company said that it drilled the exploration well in Green Canyon Block 584, located in western Green Canyon, about 120 miles off the coast of Louisiana, in water depths of 4,092. Globally, bp expects to grow its upstreamproduction between 2.32.5
Three key themes emerged from the update: major exploration success in the Gulf of Mexico, oil price commentary, and a demonstration of financial resilience. This shorter cycle time from drilling to production optimizes capital efficiency and improves returns. billion in reserve equivalent to $10 per barrel of oil price sensitivity.
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.
According to the companys statement, the contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.
Malaysian Petroliam Nasional Berhad (PETRONAS) and Vietnam Oil and Gas Group (PETROVIETNAM) have signed a Key Principles Agreement (KPA) to extend the Production Sharing Contract (PSC) and the Upstream Gas Sales Agreement (UGSA) for the PM3 Commercial Arrangement Area (CAA) for an additional 20 years.
“They also include agreements for BP to access to two new exploration and development licenses and introduce a new partner to accelerate exploration on a third,” the company added. BP noted in its release that these projects are fully accommodated within its financial frame.
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.
Once considered a mature and declining conventional oil play at the start of the 21st century, the Permian has grown into a global energy giant, second only to Saudi Arabia in crude oil and condensate production. In 2025, crude and condensate output is projected to rise by 200,000 barrels per day (b/d), reaching 6.6 million b/d.
Below, we break down Q1 2025 reports from Equinor , BP , Hess , and Northern Oil and Gas (NOG) , with a side-by-side comparison of production and net income, and a clear snapshot of how they stacked up against Q1 2024. Production and Operations Performance Oil and gas output was resilient, underpinned by high asset reliability.
One such transaction involves Scout Energy Management LLC , which has acquired multiple production facilities from ConocoPhillips in Pecos and Reeves counties, Texas. The Texas Commission on Environmental Quality (TCEQ) oversees these permits to ensure that production activities adhere to state and federal environmental regulations.
Over the past two years, 2023 and 2024, production levels have soared, investment strategies have shifted, and new regulatory frameworks have emerged. How will new policies impact production and investment strategies? 2023 Production: ~6.0 2024 Production: 6.3 MMBbl/d production increase in 2024. MMBbl/d , a 0.3
(Oil Price) –This year will see the highest amount of new oil supply in a decade, according to data analyzed by Raymond James that showed projected global additions of nearly 3 million barrels daily. Production expansions at Saudi fields will also contribute to the fresh wave of oil supply, the investment bank added.
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. 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. 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.
crude production, which could easily push crude prices lowerinto this second quarter of 2025, as supply would likely then outpace demand. 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.
shale oil producers are unlikely to heed President Donald Trump’s latest call to “Drill, Baby, Drill” as they prioritize hedging over ramping up production in response to U.S. a barrel, after an earlier rally faded. production has largely stagnated this year with some companies warning that shale is at or near its peak.
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