Upstream news updates

KCA Deutag and Helmerich & Payne has announced a definitive agreement under which KCA Deutag will be acquired by H&P for US$1.9725 billion in cash.

PETRONAS, through its subsidiary PETRONAS CCS Solutions Sdn Bhd, has signed a land rental agreement with Kuantan Port Consortium Sdn Bhd, to progress plans for its southern carbon capture and storage (CCS) hub in Pahang, Malaysia.

In cooperation with Cenpes, Petrobras’ research, development, and innovation centre, the partnership aims to improve the industry by bringing a next-generation downhole drilling system to fruition.

The report details progress on the company's environmental initiatives, its path to achieving net zero emissions from its owned and operated upstream and natural gas midstream businesses, and updates on employee engagement and safety performance.

The company has been awarded a substantial contract by Petrobras to supply flexible pipe for the pre-salt fields offshore Brazil, following completion of a tender.

The new subsurface data includes ten narrow azimuth input 3D seismic surveys, processed by ION in 2022 using 3D pre-stack depth migration.

The contract will commence in November 2024 in direct continuation of Archer’s current contract for drilling operations and maintenance on Equinor’s Peregrino A & B platforms.

Global Market Analysis, Director Claudio Galimberti, Rystad Energy, provides an oil macro update after prices were seen to take a hit.

CNOOC and 80883 (RMB Counter) has announced that it has achieved a high yield well in Beibu Gulf, which produces over 1000 m3/d of oil.

VPI, has awarded Worley an engineering services agreement (ESA) to support the Humber Zero Carbon Capture project.

The company has secured a total of 11 new contracts since July 2023, delivering subsurface insights to companies in the geothermal, CCUS, oil and gas, mining, and water exploration sectors.

Deltic Energy has announced that the Valaris 123 drilling unit has been mobilised and is on route to the Selene well location.

Valaris has announced that it has been awarded a multi-year contract with Equinor Energy do Brasil Ltda., a subsidiary of Equinor, for drillship VALARIS DS-17.

Seatrium has announced that it has secured a series of repairs and upgrades contracts with an aggregate value of US$180 million from their partners.

QatarEnergy has signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for block 5 offshore Suriname.

Parkmead has announced that further to the provisional award of three blocks as part of the 33rd UK offshore licensing round, the P2634 licence has now been formally awarded to Parkmead by the UK Government’s North Sea Transition Authority (NSTA).

TechnipFMC has been awarded a large integrated engineering, procurement, construction, and installation (iEPCI™) contract by Energean for its Katlan development in the Mediterranean Sea.

Diamond Offshore Drilling hasannounced that it has entered into a contract with BOE Exploration & Production LLC for the Ocean BlackRhino for work in the U.S. Gulf of Mexico.

Tenaz Energy has entered into an agreement with Nederlandse Aardolie Maatschappij B.V., a 50/50 joint venture between Shell PLC and ExxonMobil Corporation, to acquire all of the issued and outstanding shares of NAM Offshore B.V. for base consideration of €165 million (US$246 million), prior to closing adjustments and contingent payments.

According to Wood Mackenzie, international M&A spend from NOCs has collapsed from over US$30 billion per year (2009 – 2013) to less than US$5 billion (2019 - 2023).

The company has announced an extension of its deepwater Ocean Bottom Node (OBN) data acquisition campaign in West Africa.

BW Energy has signed a letter agreement to acquire shares in Reconnaissance Energy Africa and 20% interest in onshore exploration license PEL 73 in Namibia.

The company has announced a positive drilling update in respect of the Andrews 2-17 well, located in Seminole County, Oklahoma, United States, in which Union Jack holds a 45% working interest.

TotalEnergies has announced that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.