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Mach Natural Resources LP has announced its second-quarter results, showcasing solid upstream performance while adjusting its 2024 operational plans. The company also divested a portion of its Western Anadarko acreage for $38 million. View the full article
The transaction adds more than 8 MMboe in reserves and resources net to DNO. In terms of production, the acquired assets delivered approximately 3,000 boed in the first half of 2024, expected to rise to above 5,000 boed in 2026 as the Verdande contribution kicks in. View the full article
The American Petroleum Institute is raising concerns over the recent decision by the U.S. District Court for the District of Maryland to vacate the National Marine Fisheries Services’ (NMFS) Biological Opinion in the Gulf of Mexico. View the full article
CEO Alan Armstrong's comments came Tuesday as Vice President Kamala Harris tapped Minnesota Governor Tim Walz as her running mate in her presidential campaign bid against Donald Trump. Harris has a track record of opposition to offshore drilling and fracing, suggesting she’d be a fierce oil-industry antagonist if she were to win the White House in November. View the full article
Gran Tierra Energy has announced a $225 million acquisition of i3 Energy plc through a cash and share deal. The company aims to use this acquisition to enhance shareholder value, optimize capital allocation, and improve trading liquidity. View the full article
Libya’s oil production has more than halved this week — and risks taking close to 1 MMbpd off the global market — as the country’s fields reduce operations amid a stalemate over who controls the central bank. View the full article
Under this contract, CHC Helikopter Service will provide crew change and transportation services for two key rigs: the Noble Invincible and the Deepsea Yantai. These critical missions will be supported by CHC’s Sikorsky S-92 aircraft, known for its exceptional performance and safety record in offshore missions. View the full article
The upstream assets consist of a portfolio of production and exploration licenses in the DNS comprising 2,415 km2 (approximately 600,000 net acres). The licenses are in shallow water at an average water depth of 34 m, approximately 60 km offshore. View the full article
Boasting 18 discoveries in Block 15 alone, ExxonMobil is intensifying its exploration and production activities in the country, aligning with national objectives to maintain production above 1.1 MMbpd through 2027. View the full article
Ecopetrol is planning to spend $300 million this year — the most it has invested in offshore drilling in any year — as it pushes to produce more natural gas and get it to consumers in fewer than the 10 to 15 years it normally takes to bring to market, according to Elsa Jaimes, the company’s offshore chief. View the full article
The move would have allowed Ecopetrol to add around 50,000 bpd, “providing much-needed growth visibility outside of Colombia,” Bloomberg Intelligence analyst Will Hares wrote in a note. BTG Pactual estimated it would expand Ecopetrol’s reserves by 11%. View the full article
Honeywell’s Emissions Management Suite is now Hazardous Location (HazLoc) and marine certified, making it one of the industry’s first end-to-end solutions for offshore oil and gas assets to measure, monitor, report and reduce emissions. View the full article
Offshore oil contractor Borr Drilling Ltd. expects almost a third of the world’s fleet of shallow-water rigs to be retired in the coming years because of their age, leading to higher daily leasing rates. View the full article
Palantir’s AIP software will assist bp to safely and reliably harness large language models to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data. Within the software, the robustness of the underlying data infrastructure and digital twin are combined with tools to ensure transparency into AI recommendations. View the full article
Seatrium Financial Services has secured a three-year $810 million syndicated bank guarantee facility. The facility, coordinated by DBS Bank and Standard Chartered Bank, involves eight leading financial institutions. View the full article
Unify is a new-generation digital platform and is the first plunger lift controller in the ChampionX SMARTEN automation product family. It harnesses the latest AI, IoT, and wireless technologies for edge device automated operations and “live” visibility into plunger cycle behaviors via high-frequency data captured at one-second intervals. View the full article
Goldman Sachs has appointed John Hess to its board of directors. This announcement comes as Goldman advises Hess' company on its $53 billion acquisition by Chevron. View the full article
Enverus has released its annual list of the 100 most prolific private oil and gas producers in the U.S. based on gross operated production, well count and rig movements across last year. Continental Resources and Ascent Resources remain in the top two positions on the list, with Aethon Energy moving up to the third position, according to Enverus. View the full article
TotalEnergies CEO Patrick Pouyanne — whose company, alongside APA Corporation, is moving to develop deepwater drilling sites that hold close to 700 MMbbl of oil — said Suriname will make a “significant” contribution to the group’s cash flows as oil revenues start flowing in 2028. View the full article
Growth in the world’s demand for oil is expected to slow in the coming years, as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity toward levels unseen outside of the Covid crisis, according to the Internaional Energy Agency’s (IEA) new oil market outlook. View the full article
Based on the report from its Vienna-based research department, the restart ought to be urgently needed. OPEC’s data suggest that world inventories should be depleting rapidly now and — unless the group opens the taps — face a substantial shortfall of more than 3 MMbpd in the fourth quarter. View the full article
The deal is part of Occidental’s previously announced plan to divest assets to help fund its acquisition of closely held CrownRock LP. View the full article
Subsea7 has secured a contract in the U.S. Gulf of Mexico for an offshore project involving the installation of critical subsea infrastructure. View the full article
Neuron 5 uses advanced AI models and deep learning algorithms to predict maintenance needs and monitor equipment performance by interpreting data, such as pressure, temperature and vibration, received from sensors on critical equipment. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
