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The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston.
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. The expected start-up of the Bacalhau field, operated by Norways Equinor, is set
(Oil Price) –The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston.
This weeks call from the International Energy Agency (IEA) for continued investment in existing oil and gas fields is another moment of truth for the Paris-based agency, highlighting its inconsistent messages about upstream investment, OPEC says.
(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. This is an enormous opportunity as we grow bps oil and gas business and fully aligned with our strategy of strengthening our upstream portfolio.
natural gas scene, marking its first real foray into the Lower 48s upstream and LNG ambitions. The Abu Dhabi wealth funds energy arm has snapped up a 24% stake in SoTex HoldCo LLCoperator of a shale gas field and backer of an LNG terminal in Louisiana. Mubadala Investment Co just planted its flag in the U.S.
Rebalancing IOCs Positioning in the Upstream Petroleum Sector in Iraq The Ministry of Oil (MoO) recently concluded an agreement with BP covering four main oilfields in Kirkuk , following an earlier contract with an unidentified Ukrainian company to resume development of the Akkas gas field. Read more of Mr Jiyad's biography here.
Cypre is one of BPs 10 major projects expected to start up worldwide between 2025 and 2027, announced as part the reset strategy to grow upstream production. Just after teasing in February that a major strategy reset is coming, BP announced the start of production from the second development phase of the Raven field offshore Egypt.
Upstream Midstream Downstream are terms commonly used in the oil and gas industry to describe different stages of the production and distribution process. What is oil and gas upstream midstream downstream? Upstream involves locating, surveying, drilling, and extracting crude oil and natural gas from underground reservoirs.
BP plans to explore for new oil fields in the Azeri Caspian Sea, BP's upstream chief Gordon Birrell told Reuters.BP is already working on stemming declining output
bp announced that it has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The post bp, Iraq Reaches Final Agreement to Develop Kirkuk Fields first appeared on Egypt Oil & Gas.
Each of the new contracts has a three-year term under which Wood will support TotalEnergies to advance the Associated Gas Upstream Project (AGUP) , a key part of the GGIP project. Wood has supported the Ratawi field since 2023. "We Learn more about Wood in Iraq.
As the global energy transition accelerates, upstream operators must modernize and shift to more economic operating models. Where and how should they seek the next generation of efficiency gains?
The meeting further tackled Baker Hughes role in enhancing technological progress in the oil and gas sector, as well as providing advanced engineering and technical solutions for deepwater offshore fields. In a separate meeting , Badawi talked with Patrick Pouyann , Chairman and CEO of TotalEnergies.
Momentum is already building across Libyas energy industry, with several upstream developments demonstrating the countrys renewed focus growth and investment. Last month, Mellitah Oil and Gas Company successfully resumed gas production at Well CC18 in the Bahr Essalam field, reinforcing Libyas ability to meet both domestic and export demands.
Geir Melhus, Vice President Operations, and Johannes Nesse, Field Service Manager, TCO, Norway, examine the process of developing a new type of shallow set barrier plug, and its implications for upstream technology.
Earlier this month, Birol acknowledged that the world needs upstream investments in existing oil and gas fields to support global energy security after the IEA has stated for years that no investments in new oil and gas fields are needed if the world has a chance to reach net-zero emissions by 2050.
(World Oil) – Africas national oil companies (NOC) are moving beyond operating as state-representatives by transforming themselves into competitive upstream players. UNOC is also advancing exploration in the Moroto-Kyoga basins, with preliminary studies aimed at uncovering new oil fields.
First up is the return to Iraqs Kirkuk field. BP sees its long-standing relationships with major Middle Eastern producers as central to its plans to reboot oil and gas output growth. Symbolic of the new regional political map, BP also this week finalized its entry into a new market Israel.
The signing ceremony, held on Thursday, was attended by Bassem Mohammed Khudair, Deputy Minister for Upstream Affairs; Russian Ambassador Elbrus Kutrashev; the Director General of Dhi Qar Oil Company (DQOC) ; the Director General of the Petroleum Contracts and Licensing Directorate (PCLD) ; the Director General of the Reservoirs and Field Development (..)
Deputy Minister for Upstream Affairs, Bassem Mohammed Khudair, stated that the Ministry will move forward with negotiations to reach a final contract in line with Iraq's oilfield development plans. The project will be undertaken as an integrated investment venture. Hayan Abdulghani Al-Sawad.
It has long been evident that with Adnoc beginning to pursue international gas acreage, an agreement to take over upstream compatriot Mubadala Energy or its assets would one day take place (MEES, 31 March 2023).
In the upstream, the key question mark is the liquids portfolio, RBC Europe Ltd.s drive growth from prolific fields in the Americas, analysts want to see what new prospects Shell has to offer. Biraj Borkhataria said in a note. As rivals like Chevron Corp. and Exxon Mobil Corp.
Gato do Mato is an example of our ongoing investment in increasingly efficient projects, said Zo Yujnovich, Shells Integrated Gas and Upstream Director. The consortium anticipates that the Gato do Mato field will commence operations in 2029.
However, record-breaking demand for natural gas coupled with steep production declines from upstream freeze-offs created real operational challenges at select points along the natural gas value chain. Once complete, this pipeline will transport natural gas from production fields in Pennsylvania to a major regional hub in Albany, NY.
we are going to launch three groups, women in the field, new leaders, and early career professionals. we are going to launch three groups, women in the field, new leaders, and early career professionals. The post She Is Energys Fourth Edition: Showcasing Womens Impact in the Energy Sector first appeared on Egypt Oil & Gas.
This was after the participation of major American companies such as ExxonMobil and Chevron into the upstream domain in Egypt. The post Egypt-US Energy Talks at Powering Africa Summit Focus on Strengthening Bilateral Collaboration first appeared on Egypt Oil & Gas.
Equatorial Guinea is taking decisive steps to revitalize its upstream sector, with plans to launch a new licensing round in 2025 aimed at increasing exploration and production. With the global … Read More The post Equatorial Guinea Set to Boost Exploration by Attracting New Investors in 2025 appeared first on oilnewsafrica.
He referenced the Egyptian-Cypriot agreements with the companies operating the Aphrodite and Cronos fields, which aim to tie these assets back to Egyptian processing facilities. Badawi emphasized the significance of regional cooperation to maximize and accelerate the utilization of gas resources.
Paknejad, emphasizing the importance of reducing gas flaring, said that significant volumes of gas are currently being flared in upstream oil operations, representing a loss of national resources. He noted that the currently collected APG amounts to 4 bcm per year.
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.
For investors, this sector offers diverse opportunities, ranging from upstream exploration to downstream refining and distribution. Upstream Investments; Exploration and Production (E&P): The upstream sector involves the search for oil and gas reservoirs and the extraction of these resources.
A review of operational data reveals several notable trends across rig deployment, field concentration, and drilling methodologiesshowing both consistency and strategic shifts in resource development. This 6% increase highlights CNRLs steady investment in upstream operations, even amid a broader environment of cautious capital spending.
The warm weather and frequent strong rainfalls make it obvious what otherwise can only be detected by water tests - our River Raisin is used as a garbage disposal by upstream industrial dairy farms whose cows produce as much feces as all people within the City of Boston.
Wood has supported the Ratawi field since 2023. Enhancing the development of Iraq's natural resources The US$10bn GGIP is a multi-energy project designed to enhance the development of Iraqs natural resources and improve the countrys electricity supply at the Ratawi field in Iraq. GW of power generation capacity.
Rystad forecasts QatarEnergy will invest between US$14-15bn per year over the next few years as it continues to invest heavily in the North Field gas field and expanding LNG capacity, while ADNOCs expenditure, which reached US$5.7bn last year, is forecast to increase given its target of 5mn bpd production capacity by 2027.
British Columbias upstream oil and gas sector has seen a surge in well permitting activity over the last few yearsbut drilling activity hasnt kept pace. Infrastructure constraints , especially in remote fields like Sunrise, Altares, and Town. Want to know which operators and fields are sitting on the largest permit backlogs?
Upstream developments In the upstream sector, Aramco recorded total hydrocarbon production of 12.3 Capital expenditure for Q1 2025 was up from US$10.8bn for the Q1 2024, mainly due to the expansion of gas development. mmboed in the first quarter of 2025 and made 14 new oil and gas discoveries in the Eastern Province and Empty Quarter.
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. Gulf Remains Core to BP's Growth The Gulf of America remains a critical area for BPs upstream operations. BP is also targeting 2.32.5
Regional Hotspots: Board Field Centre Focus The top drilling centers were clearly dominated by: Board Field Centre Q1 2024 Count Q1 2025 Count Drayton Valley 26 26 Grande Prairie 16 26 BC 7 13 Red Deer 3 6 Grande Prairie saw the most notable surge, increasing from 16 to 26 drilling activities.
Innovations in Gas Cleaning and Processing As the gas processing field advanced, the integration of technologies expanded to include upstream cleaning processes, addressing impurities like moisture, oxygen, siloxanes, sulfur, and VOCs in a single skid.
Innovations in Gas Cleaning and Processing As the gas processing field advanced, the integration of technologies expanded to include upstream cleaning processes, addressing impurities like moisture, oxygen, siloxanes, sulfur, and VOCs in a single skid.
Additionally, the two oil and gas leaders reviewed opportunities for Halliburton to enter the field of exploration and production (E&P) through the opportunities available on Egypt Upstream Gateway (EUG). The meeting further discussed leveraging Halliburton’s expertise in developing brownfields.
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