Topic
upstream
Technology AI could unlock $230 billion annually in upstream oil and gas: McKinsey
A McKinsey & Company report estimates artificial intelligence could unlock approximately $230 billion in annual value in global upstream oil and gas at full potential, with $65 billion achievable near-term using current technology. Most of the opportunity is concentrated in a small number of use cases, while oilfield services companies face up to $60 billion of revenue exposure.
Commodities Equinor, Aker BP and Vår Energi join forces on Norwegian Continental Shelf exploration
Equinor, Aker BP and Vår Energi have formed a strategic exploration collaboration on the Norwegian Continental Shelf. They plan to mature and test 20-25 opportunities over four to five years, aiming to drill around five high-impact wells annually. The effort supports reliable European energy supplies amid an expected post-2035 production decline.
Commodities SLB wins Brunei Shell Petroleum contract to revive shut-in offshore wells
SLB has been awarded a production restoration contract by Brunei Shell Petroleum, a Shell subsidiary, targeting shut-in wells across multiple offshore fields. The integrated contract covers subsurface evaluation, well candidate selection, engineering, and offshore execution, and marks the first such solution for BSP, according to Splash247.
Commodities BP returns to Venezuela offshore gas with Loran Phase 2 licence award
BP has signed agreements with Venezuela to develop offshore gas, including the Loran Phase 2 exploration and production licence in the Plataforma Deltana area. BP will operate the project with equal partners XRG and UCC Oil and Gas, covering around 4 trillion cubic feet of recoverable gas. The deal marks BP's return to Venezuela's offshore gas sector as the country reopens to foreign investment.
Commodities BP sells 20% stake in Trinidad's Manakin gas field to NGC
BP has agreed to sell a 20% stake in the Trinidad portion of the Cocuina-Manakin gas field to NGC. The field is estimated to contain about 1 trillion cubic feet of gas, with 70% of output to be marketed to Atlantic LNG at Point Lisas.
Commodities BP Agrees to Acquire Woodside's Interest in Trinidad Deepwater Gas Project
BP has agreed to acquire Woodside Energy's 70% interest in the Calypso deepwater gas project in Trinidad and Tobago, raising its stake to 100% and taking operatorship. The deal, expected to close by the end of 2026, covers Block TTDAA 14, which holds 3.5 trillion cubic feet of natural gas reserves. BP is already the largest domestic gas supplier and holds a 45% stake in Atlantic LNG.
Commodities Shell Greenlights Malikai Phase 3 in Malaysia to Lift Oil Output 60%
Shell's Sabah Shell Petroleum Company has taken a final investment decision on Phase 3 of the Malikai deepwater field offshore Malaysia, according to Splash247. The project will drill four wells, raising output by 60% to roughly 40,000 barrels per day, with first production expected in Q3 2028. The FID supports Shell's aim of sustaining around 1.4 million barrels per day of liquids production towards 2030.
Commodities Nigeria Targets Up To $50bn In New Upstream Oil And Gas Investment
Nigeria is targeting between $30bn and $50bn in new upstream oil and gas investment over the next five years, with 22 major offshore projects expected to move forward between 2026 and 2030. The Nigerian Upstream Petroleum Regulatory Commission has approved more than $57bn in field development plans since 2024, according to Splash247.
Commodities India commits $8.8bn to accelerate offshore oil and gas exploration
India approved an investment programme worth up to 840.84bn rupees ($8.8bn) to accelerate offshore oil and gas exploration over five years, with the goal of adding more than 600m tonnes of discoverable oil equivalent. The National Offshore Exploration Scheme will run until end of the 2030-31 financial year and aims to reduce India's dependence on imported energy.
Commodities MOL acquires Shell's Aphrodite gas field stake in Cyprus for up to $720m
Hungarian energy group MOL has signed a deal to buy BG Cyprus, Shell's subsidiary holding a 35% non-operated interest in the Aphrodite gas field offshore Cyprus, for up to $720m. The field holds an estimated 104bn cubic metres of contingent gas plus 8m barrels of condensate, with first gas expected in 2031.
Commodities Eni Awards Saipem $260m Contract for Santorini Drillship in Ivory Coast Campaign
Eni's subsidiary Eni Côte d'Ivoire Limited has awarded Saipem a $260m contract to deploy the Santorini drillship offshore Ivory Coast for a long-term development drilling campaign starting early 2027. The campaign is linked to the Baleine Phase 3 project, which will increase oil production to 150,000 bpd and gas to 200 mmcfd.
Commodities Vår Energi Takes FID on Gjøa Subsea Projects, Strengthens North Sea Hub
Vår Energi has announced a final investment decision on the Gjøa Subsea Projects in the North Sea, comprising the Ofelia, Gjøa Nord, and Cerisa discoveries. The project, with 76 million boe of proved plus probable reserves and a breakeven below $35 per barrel, is expected to start production in phases from 2027. This supports Vår Energi's long-term target of over 400,000 boe per day.
Commodities Vår Energi Approves Seven-Well North Sea Development with 2027 Start-Up
Norwegian oil and gas company Vår Energi has taken a final investment decision on the Balder Next New Wells project in the North Sea. The seven-well development tied back to the Jotun FPSO will develop 86 million barrels of oil equivalent (boe) gross in proved plus probable reserves, with first oil expected in the fourth quarter of 2027. The project has a breakeven of around $30 per boe and an internal rate of return exceeding 35%.
Commodities Conrad Secures Jackup Rig for Indonesian Gas Field Development
Conrad Asia Energy has secured a jackup drilling rig from Pertamina Drilling for the Mako Gas Field in Indonesia. This move marks a significant step in the development of the Duyung PSC, with drilling expected to commence in 2027.