ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add approximately 250,000 barrels of daily capacity by the end of 2027.  “Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity […]

CNOOC has announced  that the Company has made a major oilfield discovery of Qinhuangdao 27-3 in Bohai Sea, which adds over a hundred million tons of oil equivalent proved in-place volume. Qinhuangdao 27-3 Oilfield is located in the north-central waters of the Bohai Sea, with an average water depth of approximately 25 meters. The main […]

2023 financial results, reporting a net income of $121.3 billion, its second-highest ever net income.  The results, underpinned by Aramco’s unique operational flexibility, reliability and low-cost production base, reflect the Company’s ongoing commitment to creating value for its shareholders. “In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy […]

CNOOC Limited has confirmed a major oilfield discovery of Kaiping South in the deep-water deep-play of the South China Sea, which adds over a hundred million tons of oil equivalent proved in-place volume. The Kaiping South Oilfield is located in the eastern South China Sea, with an average water depth of approximately 500 meters. The […]

The North Sea Transition Authority (NSTA) has awarded 24 licenses in the second tranche of its 33rd oil and gas licensing round to 17 companies. Shell, Equinor, bp, Total and NEO are among the 18 separate companies which have today been offered a total of 24 licences in the second tranche of the 33rd oil and gas licensing […]

Equinor was awarded 39 new production licences by the Ministry of Energy in this year’s Awards in Predefined Areas (APA). Equinor was awarded 18 production licences in the North Sea, 13 in the Norwegian Sea, and 8 in the Barents Sea. Equinor is the operator of 14 of the awarded licenses, and a partner in […]

Valaris has outlined new contracts and contract extensions, with associated contract backlog worth of approximately $1.14 billion, awarded subsequent to issuing the Company’s most recent fleet status report on November 1, 2023. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. Floater Contract Awards A previously announced 1,064-day contract for drillship […]

Chevron has announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approx. $3 billion for 2024. Upstream spending in 2024 is expected to be about $14 billion. Of this planned expenditure, two-thirds is allocated to the United States, including […]

In the latest edition of its World Land Drilling Rig Market Forecast, Westwood reports that the land drilling rig market continues to recover from the lows seen in 2020 and 2021, with demand for rigs totalling an estimated 4,559 in 2023, an increase of 4% on 2022 and 32% on the low point of 2020. Driven […]

Lime Petroleum said it has entered into sale and purchase agreements with DNO Norge and OKEA, to acquire 10.7212 per cent and 6.2788 per cent interests respectively in PL740 in the Norwegian North Sea, in which the Brasse Field is expected to start commercial production in 2027. The Operator, OKEA, reports recoverable resources in Brasse […]