US upstream news

Subsea7 today announced the award of a sizeable contract by Shell Offshore Inc. in the US Gulf of Mexico.

CNOOC Ltd has announced that CNOOC Energy Holdings U.S.A. Inc., a US-based subsidiary of its wholly owned subsidiary CNOOC International Ltd., has entered into a Stock Purchase Agreement (SPA) with a subsidiary of INEOS Energy for the sale of CNOOC Holdings U.S.A. Inc.

EIA reported that 2Q24 financial results for 34 E&P companies suggest increasing well productivity is helping these companies reduce production costs on a per bbl basis and freeing up cash for other uses such as dividends and share repurchases.

SPM said the pump longevity increased uptime and reduced total cost of ownership.

The well has reached Target Depth (TD) and the Company has run 5.5 in. production casing in anticipation of long-term testing commencing early 2025.

CNX Resources Corporation has announced that it has entered into a definitive agreement to acquire the natural gas upstream and associated midstream business of Apex Energy II, LLC.

The transaction, which has an effective date of 1 October is expected to close in 1Q25, subject to customary closing conditions.

Innovex previously made a minority investment in DWS in May 2023.

Corrosion in oil and gas tubing systems costs over $1 billion annually (source: NACE). Common types like pitting and crevice corrosion can be mitigated with proactive identification and appropriate solutions, preventing costly damage to fluid systems.

Union Jack Oil plc, a UK and USA focused onshore hydrocarbon, production, development, exploration and investment company has announced a positive drilling update in respect of the Taylor 1-16 well, located in Seminole County, Oklahoma, USA, in which Union Jack holds a 45% working interest.