Industry News

TotalEnergies announced several significant steps toward the final investment decision (FID) of the development of Block 58 offshore Suriname. The decision is expected in Q4 2024, with goals for a production startup in 2028.At the 2024 Suriname Energy Oil and Gas Summit, the company noted that FEED studies are progressing for the development of the Sapakara and Krabdagu fields. Combined recoverable resources of those fields are estimated at above 700 million bbls, to be enabled by the integration of water alternating gas injection technology to maximize recovery. Ocean bottom node (OBN) seismic technology will also play a key role in

BW Energy has concluded the drilling and the logging of the DHIBM-7P pilot well, confirming a substantial oil discovery with good reservoir quality and a material uplift to the Hibiscus area. The discovery on the northern flank of the Hibiscus field, on the Dussafu Licence offshore Gabon, had initially been announced on 20 May.The company’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 million to 12 million bbl of oil. The company plans to complete the well as a development well later in 2024.The DHIBM-7P pilot was drilled from the MaBoMo production platform to

In a set of ministerial meetings online and in person in Riyadh, Saudi Arabia, OPEC+ countries decided that eight of them would prolong approximately 2.2 million bbl/day in voluntary supply cuts for another quarter, to the end of September 2024.The 2.2 million bbl/day in voluntary cuts are in addition to supply restraints imposed by mutually agreed output quotas or required production levels for 2024 for all participating OPEC+ members. Those quotas for the remainder of the year have not changed.OPEC+ also decided that quotas for 2025 will remain unchanged for all but a single country. The United Arab Emirates will

Addressing ConocoPhillips’ acquisition of Marathon Oil in an all-stock transaction valued at $22.5 billion, Alex Beeker, Research Director, Corporate Research for Wood Mackenzie, said, “The addition of Marathon further solidifies ConocoPhillips in a league of its own, with few true peers. For ConocoPhillips, this is a diversified and balanced move across multiple geographies.”According to Wood Mackenzie analysis, upon the addition of Marathon’s 390,000 BOED, ConocoPhillips will produce 2.3 million BOED. This is more than TotalEnergies and nearly the same output as BP. Approximately 1.5 million BOED will come from the US Lower 48, making it the third-largest producer behind ExxonMobil

Noble announced a new contract for the Noble Resilient with Harbour Energy. The well intervention contract is expected to span between 30 to 70 days and is estimated to commence in July 2024. The contract will start in direct continuation of its current program with Wintershall in Denmark and prior to commencement of the previously announced contract with Petrogas.“By securing this contract with Harbour Energy for a CNS platform in the UK, we are creating a smoother transition between these two important projects. We very much appreciate the opportunity to support Harbour Energy,” said Blake Denton, SVP of Marketing and

Hess Corp announced it has received the necessary approval of its stockholders for closing the company’s merger with Chevron. At the special meeting of Hess stockholders held on 28 May, a majority of the outstanding shares of Hess common stock were voted in favor of the adoption of the merger agreement.“We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron,” CEO John Hess said. “Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio

With a presidential election looming, Mexico is facing several energy challenges, including declining oil and gas production, a need to increase exploration activity, a high dependence on gasoline imports, a constrained power supply and public pressure to transition to renewable energy. All this is occurring as domestic demand continues to grow through the decade, according to a report from Wood Mackenzie.“The energy sector in Mexico faces major challenges linked to the growth of demand in all sub-segments, upstream among them,” said Adrian Lara, Principal Analyst, Upstream Latin America for Wood Mackenzie. “Regardless of the presidential election outcome, there is a

eDrilling is introducing what it says is a fully adaptive, self-learning and continuously improving system that addresses the challenges and requirements of drilling. Called AI Drilling Agent, it finds the most efficient and safe way to TD, predicts incidents and hazards, and optimizes parameters.“The AI Drilling Agent project is the biggest science and engineering effort we’ve undertaken as a company,” says Toni Fadnes, eDrilling CEO. “We have always demonstrated leadership in AI R&D and developing an everyday companion to engineers and crew members will make AI real and relevant for our industry globally.”eDrilling is calling the agent “a copilot, a