Upstream news updates

Latest acquisition enables leading TIC services provider to further expand its capabilities in the fast-growing aerospace, space, defence, and energy industries.

AGR awarded a long-term frame agreement to provide subsurface and field development support related to project developments of Equinor’s facilities.

OPITO launches new energy industry council to address skills gap and competence challenges.

New Wood Mackenzie analysis defines the critical challenges to developing a more predictable tax policy that works for industry and government.

Intensifying Middle East crisis pushes prices; high spare capacity keeps them in check for now – Rystad Energy's oil macro market update.

AUTOMA 2024 will be held in Düsseldorf, Germany on 14 - 16 October 2024.

ExxonMobil is progressing several energy initiatives on the African continent.

GlobalData: Gulf of Mexico's oil and gas operations recover as Hurricane Helene moves north.

MHI Compressor International Corporation successfully delivers CO2 product compressor package for ExxonMobil’s carbon capture project in Wyoming.

Brazilian oil company Prio has agreed to acquire a 40% interest in the Peregrino and Pitangola Fields, jointly known as Peregrino, in the Campos Basin, offshore Brazil, for US$1.92 billion (10.43 billion reais).

The acquired assets are expected to sustain a production level of around 100 000 boe/d by 2025, says GlobalData.

Agreement will accelerate the initial scope of 144 unconventional wells for delivery by 4Q25 with potential for significant number of additional wells in the second phase.

A global exploration company’s decision to cease its search for new gas supply in Victoria’s Otway Basin is a major blow to the state’s energy security and will compound looming gas shortfalls in eastern Australia, according to Australian Energy Producers.

Interocean Marine Services (Interocean), has announced it will receive ABS and DNV approval for ultrasonic thickness measurements by use of drones on mobile offshore units.

Brazilian oil giant Petrobras is set to reopen a closed oil well in its large offshore Roncador field in a bid to quickly obtain natural gas, reports Reuters.

The company also plans to invest around US$2.5 billion/y to enhance oil production by 50 000 bpd over the next few years.

In June, Russia promised to meet its OPEC+ oil production targets after pumping too much oil in May.

As of 8:00 a.m. eastern time on 26 September, Hurricane Helene was expected to make landfall as a Category 3 hurricane on the eastern part of the Florida Panhandle late Thursday 26 September with sustained winds of 115 mph, creating the potential for significant disruptions to energy infrastructure.

It was reported earlier this week that several US oil companies were working to evacuate their staff from oil production platforms.

US crude oil inventories fell by more than expected in late September, dropping by 4.34 million bbl, reported the American Petroleum Institute (API).

The company emerged victorious over competing bids from industry giants bp and EOG Resources.

Saudi Arabia is preparing to increase its oil output to regain its market share, with abandoning its required oil price part of the plan.

Multiple energy companies, both domestic and international, have submitted bids for the ninth round of India's Open Acreage Licensing Policy (OALP-9), as confirmed by the Directorate General of Hydrocarbons (DGH), the country's upstream regulator.

Reuters has reported that the US Federal Trade Commission is expected to greenlight US oil producer Chevron's purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil's challenge to the US$53 billion deal as its final hurdle.