Upstream news

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.

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.

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.

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.

DNO ASA, the Norwegian oil and gas operator, announced the completion of a second well delineating the play-opening 2023 Heisenberg oil and gas discovery in Norwegian North Sea license PL827SB.

Challenger, with primary assets in the South American nation, has now received government approval to move the AREA OFF-1 licence to Chevron.