The SARB and Umm Lulu offshore concessions deploy cutting-edge digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity. SourceContinue Reading
Geophysical exploration indicated there’s a “high possibility” the discovery offshore the port city of Pohang holds as much as 14 Bbbl of oil and gas, Yoon said. The estimated volume could be worth more than four years of oil consumption and as much as 29 years of gas demand for the country, he added. SourceContinue Reading
BW Energy’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 MMbbl of oil to 12 MMbbl of oil. The company plans to complete the well as a development well later in 2024. SourceContinue Reading
The oil and gas and basic industry sectors are expected by Barclays to be the most active for M&A during the next year. This week alone, Energy Transfer LP agreed to buy WTG Midstream in a $3.25 billion deal, while ConocoPhillips announced a $17 billion deal for fellow producer Marathon Oil Corp. SourceContinue Reading
Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to the government that’s seeking funds to help pay for a massive economic transformation plan. SourceContinue Reading
The oil and gas and basic industry sectors are expected by Barclays to be the most active for M&A during the next year. This week alone, Energy Transfer LP agreed to buy WTG Midstream in a $3.25 billion deal, while ConocoPhillips announced a $17 billion deal for fellow producer Marathon Oil Corp. SourceContinue Reading
Surge has now identified the potential for up to 100 multi-lateral drilling locations at Hope Valley. Surge’s technical interpretation of its recent 46 square kilometer 3-D seismic program has allowed the company to de-risk these future drilling locations in Hope Valley. SourceContinue Reading
Mineral Resources Development Company Limited (“MRDC”) and Twinza Oil Limited (“Twinza”) have obtained all internal approvals and executed a series of binding agreements for MRDC to take an up to 50% Participating Interest in the Pasca A Development Project. Additionally, the companies agreed to cooperate in the acquisition and development of other oil and gas...Continue Reading
Energy Workforce & Technology Council (EWTC) issued a statement applauding the introduction of S.4405, the “Natural Gas Tax Repeal Act,” by U.S. Senator Ted Cruz. If passed, the act would repeal the recently implemented tax on methane emissions, a move that the EWTC believes is crucial for the future of the energy industry. SourceContinue Reading
The agreement reached in Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed. SourceContinue Reading
