Houston-based oil giant ConocoPhillips cut its spending outlook by 3.5% to $12.45 billion, while leaving its production view unchanged, it said Thursday in a statement announcing first-quarter results. SourceContinue Reading
Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May. The country’s Energy Ministry said in an email that it plans to pump the same levels of crude as in April. SourceContinue Reading
In keeping with the overall themes raised on day one of OTC 2025, Weatherford CEO Girish Saligram discussed some of the major challenges facing the offshore industry as a whole in an executive dialogue panel on Monday. SourceContinue Reading
Although the deepwater sector may be traversing a few rough spots at present, the general outlook over the next few years remains solidly positive. That’s the theme of comments made by Scott Livingston, NOV’s President of Energy Products and Services, during a session on Day 2 of OTC. SourceContinue Reading
Permian Resources has agreed to acquire core Delaware basin assets from APA Corp in a $608 million deal. The assets include 13,320 net acres, 8,700 net royalty acres and 12,000 boed, significantly expanding Permian Resources’ New Mexico footprint. SourceContinue Reading
Exxon Mobil Corp. plans to invest $1.5 billion in a deepwater oil field in Nigeria as Africa’s top producer looks to boost output, according to the nation’s regulator. The investment, expected within the next two years, will focus on reviving production in the Usan field. SourceContinue Reading
A federal jury in the Southern District of Texas has ruled in favor of Marathon Oil in a high-stakes natural gas trading dispute stemming from Winter Storm Uri. The jury rejected a $123.7 million breach-of-contract counterclaim filed by Koch Energy Services. SourceContinue Reading
Zephyr Energy has announced successful initial results from the production test on the State 36-2 LNW-CC-R well at the company’s flagship project in the Paradox basin, Utah. SourceContinue Reading
Due to run for five-years, with a further two one-year extension options, the extension of the existing supply contract means more than 10 UK North Sea assets will continue to benefit from Dräger’s industry leading portable gas detection and breathing apparatus systems. SourceContinue Reading
ABS issued an approval in principle to SBM Offshore for its near zero FPSO concept. The NearZero FPSO design incorporates low carbon technologies that collectively create a “near zero” Scope 3 carbon emissions profile, achieving up to 80% reduction in GHG emissions. SourceContinue Reading
