Mach Natural Resources today announced its expansion into the Permian and San Juan basins with two acquisitions valued at a total of $1.3 billion. The assets purchased from Sabinal Energy and IKAV Energy will nearly doubles Mach’s production from 81 Mboed to approximately 152 Mboed, the company said in a news release. SourceContinue Reading
Chevron is reducing local and regional business units in favor of a more centralized model to improve performance and cut as much as $3 billion of costs by 2026. Changes will include single divisions for both offshore and shale operations, says Vice Chairman Mark Nelson. SourceContinue Reading
The NATO Innovation Fund and Investinor will pay $14 million for a stake in Kongsberg Ferrotech, enabling the startup to scale up production of its submersible robot. The first machine already is currently deployed for offshore oil and gas operations in Abu Dhabi. SourceContinue Reading
PXGEO has appointed Hans-Peter Burlid to the newly created position of Chief Strategy & Transformation Officer (CS&TO). Mr Burlid, currently the organization’s CCO, will drive long-term strategic direction to deliver sustainable growth and lasting competitive advantage. SourceContinue Reading
Petro-Victory carried out successful drilling for its AND-5 well, in partnership with Azevedo & Travassos Energia (ATE), The operation utilized the Drake-2 onshore hydraulic rig, with wireline logging by Halliburton and successful installation of 7″ nominal production casing. SourceContinue Reading
Hess will relinquish Block 59 in offshore Suriname effective July 8, 2025. The block will return to Staatsolie and become part of the open acreage. Hess fulfilled its minimum work obligations and has decided not to move forward to the next phase of the exploration period, Staatsolie said in a statement. SourceContinue Reading
The Energy Workforce & Technology Council (EWTC) has formally called on Mexican President Claudia Sheinbaum to address long-standing and growing non-payments by PEMEX to critical oilfield service providers. EWTC emphasized that service disruptions could begin if the situation remains unresolved. SourceContinue Reading
The Energy Workforce & Technology Council (EWTC) has formally called on Mexican President Claudia Sheinbaum to address long-standing and growing non-payments by PEMEX to critical oilfield service providers. EWTC emphasized that service disruptions could begin if the situation remains unresolved. SourceContinue Reading
(Bloomberg) — bp Plc and Shell Plc signed agreements with Libya’s National Oil Corp (NOC) to study new opportunities, joining international majors accelerating their return to the oil-rich African nation. The focus on Libya, an OPEC member, comes as the North African nation tries to bring back oil majors that left. SourceContinue Reading
