bp said weaker oil trading offset profit gains in the third quarter, though production rose for a second consecutive quarter led by U.S. shale output from BPX Energy. The company is advancing six new upstream projects expected to add 150,000 boed at peak. SourceContinue Reading
The Oil and Gas Climate Initiative’s (OGCI) 2024 Progress Report shows continued emissions reductions across its 12 member companies, including Aramco, bp, Chevron, ExxonMobil, and TotalEnergies. Since 2017, members have reduced upstream methane intensity by 62%. SourceContinue Reading
Shell and Sunlink Energies have taken FID on the HI gas project offshore Nigeria. The 350 MMscf/d development will supply feed gas to Nigeria LNG’s Train 7 expansion, supporting Shell’s plan to grow global LNG output through 2030. SourceContinue Reading
The International Energy Agency forecasts global oil supply will exceed demand by nearly 4 million barrels per day in 2026—its largest annual surplus on record. The build-up, driven by revived OPEC+ output and rising non-OPEC production from the U.S., Brazil, and Guyana, is already visible in tanker storage volumes. SourceContinue Reading
NGP Natural Resources has partnered with 406 Energy Holdings, a new Houston-based upstream venture led by former XCL Resources executives. The company plans to target high-return oil and gas development opportunities across the U.S. SourceContinue Reading
Sonatrach and Saudi Arabia’s Midad Energy have signed a $5.4 billion production-sharing agreement to explore and develop the Illizi South block in Algeria. The project aims to produce 125 Bcm of gas and 204 million barrels of liquids over 30 years. SourceContinue Reading
Serica Energy has agreed to buy BP’s 32% stake in the Culzean field, the UK’s largest offshore gas producer. The $232 million deal expands Serica’s North Sea portfolio and adds low-cost, low-emission production operated by TotalEnergies. SourceContinue Reading
Kuwait Oil Co. has announced a major offshore gas discovery at the Jazah field, with initial tests showing 29 MMcf/d of gas and 5,000 bpd of condensate. The find could hold 1 Tcf of gas and 120 million barrels of condensate, marking a key milestone for Kuwait’s offshore exploration. SourceContinue Reading
Valeura Energy has increased oil production to nearly 25,000 bpd after completing a 10-well drilling campaign at its Nong Yao field in the Gulf of Thailand. The company also advanced its Wassana redevelopment project and confirmed new gas discoveries under its PTTEP farm-in. SourceContinue Reading
ExxonMobil CEO Darren Woods said the company is cutting back European investments due to restrictive climate and human rights regulations, while praising former President Donald Trump’s energy policies for supporting oil and gas growth. SourceContinue Reading
