Upstream news updates

KBR has announced a strategic investment in UK-based Applied Computing, marking a significant step forward in KBR’s AI driven growth strategy. As part of the investment, KBR has also secured a board position in the company.

Urgent action to ensure oil and gas companies meet their legal obligations to safely remove ageing oil and gas infrastructure from the North Sea could create up to 25 000 UK jobs and deliver up to £15 billion in economic benefit to the UK, a new first-of-its-kind report shows.

The world's 30 largest exploration and production companies face production declines averaging nearly 40% between 2025 and 2040.

The final environmental impact statement analyses the potential environmental impacts associated with authorising proposed treatments on up to 16 existing wells as part of the operator’s update to its Development and Production Plan.

Technology enables engineers to seamlessly import well design files from various platforms to optimise design, further advancing the leading rod design platform.

ASCO, a leading logistics, materials and operations management specialist, has recently secured four significant contracts across Australia, totalling AUS$33.2 million.

Reuters reports that Trump signed memorandums on coal supply chains, domestic petroleum production, natural gas transmission and liquefied natural gas capacity.

The 2026 Iran war and the disruption to LNG flows through the Strait of Hormuz have increased global gas price volatility, which has fed directly into European power markets.

European gas prices fell to near seven-week lows on the afternoon of Friday 17th April 2026, on news the Strait of Hormuz would be fully open to commercial shipping, but traders and analysts remained cautious, according to Montel.

Middle East conflict has elevated strategic energy security priorities as countries seek supply diversification, international shale exploration can play a key role in meeting those goals, according to new research from Wood Mackenzie, titled “A hydrocarbon copy: the upstream industry’s return to international shale exploration”.

DNV, the independent energy expert and assurance provider, in collaboration with the international energy company Equinor, has introduced a new incident taxonomy that helps organisations improve how they classify, understand, and learn from incidents.

Partnership with NOC subsidiary brings in-country maintenance and repair for critical oil and gas and power assets.

bp has agreed to acquire a 60% interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas as part of bp’s strategy to grow its upstream portfolio.

Glamox will supply lighting for four Offshore Energy Support Vessels (OESVs) being built for Sea1 Offshore AS.

Energy and marine consultancy ABL have signed a memorandum of understanding (MoU) with Egyptian offshore construction and services company Petroleum Marine Services (PMS) to collaborate on rig moving services and marine assurance and risk.

Vår Energi ASA has submitted an amended Plan for Development and Operation (PDO) for the Goliat Gas Export (GGE) project to the Ministry of Energy, together with its partner Equinor.

Regulatory milestone provides planning certainty for BBIT-based products.

North American crude replaces Middle East flows as Europe faces structural diesel deficit while exporting gasoline surplus eastward.

Two of Norway’s fastest-growing offshore companies, GoSubsea and Envirent, have announced a strategic partnership that combines technical expertise with expanded service offerings.

DTEK and Baker Hughes sign MOU to develop Ukraine's gas production and strengthen energy security.

NSTA urges UK operators to plug and abandon redundant wells to protect the environment and the public purse.

Worley Consulting and Bloomfire partner to bring Enterprise Intelligence to energy, chemicals, and resources sectors.

Wood Mackenzie report that prolonged disruption to Middle East energy supplies could accelerate a structural shift in global energy systems, halving oil and gas import dependence by 2050 and reducing oil demand by 20% and gas demand by 10% relative to the base case.

The European bellwether front-month gas contract on the Dutch TTF hub initially dropped to EUR 42.50/MWh on Ice Endex this morning, its lowest since 2 March, before recovering slightly to EUR 43.46/MWh, at the time of writing.