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At this rate, according to Reuters, Sinopec is on track to deliver a target set in 2022 to produce 500 000 t/y in 2025 at Jiyang, which is situated mostly in Shandong province and covers 1.8 million acres.
NOL said the purpose of the letter of intent is to outfit NOL submersibles with the Kinetic Blowout Stopper.
Kaminho is an all-electric project and the first large deepwater development in the Kwanza basin.
The platform can produce up to 100 000 bpd of oil in the Espírito Santo portion of the basin.
The cancelled auction involved oil blocks containing an estimated 22 billion bbl of reserves.
Chevron has announced a donation of US$250 000 to support relief and recovery efforts after Hurricane Milton devastated parts of Florida.
Baker Hughes said the companies will develop new AI-powered processes and workflows to achieve further optimisation in oil and gas production.
The Chinese state company also recently discovered one of the world’s first large ultra-shallow gas fields in ultra-deep water.
SLB’s OneSubsea joint venture has been awarded a major contract by Petrobras for the Roncador project, offshore Brazil.
Despite a growing market for carbon capture, utilisation and storage (CCUS), economics remain challenging, and many potential projects are at risk.
Shelf Drilling Ltd has announced new contracts for two jack-up rigs in Nigeria.
Levels rose by almost 11 million bbl over the last few days, far higher than the previous week.