Removing the ban on petroleum exploration beyond onshore Taranaki is part of a suite of proposed amendments to the Crown Minerals Act to deal with the energy security challenges posed by rapidly declining natural gas reserves, Resources Minister Shane Jones says.
ConocoPhillips and Marathon Oil Corporation has announced that they have entered into a definitive agreement pursuant to which ConocoPhillips will acquire Marathon Oil in an all-stock transaction with an enterprise value of US$22.5 billion, inclusive of US$5.4 billion of net debt.
Tellurian Inc. and Aethon Energy Management LLC (Aethon) has announced an agreement for Aethon to acquire Tellurian’s integrated upstream assets for US$260 million.
Weatherford International has announced it has been awarded a two-year frame agreement extension with Equinor, for the delivery of completions, liner-hangers, and slot recovery services.
Oil demand will rise further in the medium term, according to Rystad Energy research and modelling, as low-carbon alternatives are not yet sufficiently developed or economically competitive to offset the growing demand for transportation and industrial services.
The acquisition will help Expro to expand its portfolio of cost-effective, technology-enabled well construction and well intervention and integrity solutions.
To further support its growth strategy, the company will launch the new Viridien brand on 10 June at the upcoming EAGE Annual Conference in Oslo.
Odfjell Technology has secured an important contract with COSL Drilling Europe AS. The fixed part of the contract, valued at approximately 160 million NOK, encompasses Tubular Running Services has a duration of three years, with the option for two additional one-year periods.
Honeywell and Weatherford has announced a partnership to deliver a comprehensive emissions management solution for the energy industry.
Well-Safe Solutions have promoted Chris Hay from the position of Strategy and Commercial Director to the role of Chief Commercial Officer.
Eni has announced that it has reached an agreement on the combination of substantially all of its upstream assets in the UK, excluding East Irish Sea assets and CCUS activitieswith Ithaca Energy, marking a strategic move to significantly strengthen its presence on the UK Continental Shelf.
Petrobras is the company in the global oil and gas market whose investment has grown the most. In 2023, the company practically doubled its investment effort, totalling US$ 21.4 billion between direct investments and assets related to the leasing of production units, compared to an amount of US$ 10.9 billion in 2022.
The award recognises companies that have exemplified consistent global growth and implemented a successful strategy to enter new markets.
As the US reimposes Venezuela oil sanctions, the door opens for special licenses. Rystad Energy’s Senior Vice President, Jorge León, provides an oil market update.
Petrobras and bp signed a memorandum of understanding (MoU) with the purpose of promoting discussions and collaboration between the companies.