Month: March 2022

PETRONAS has recorded two new discoveries and a successful appraisal well in Suriname’s offshore Block 52, increasing its total successful wells in the country to eight and unlocking more than 1 Bboe of recoverable resources.

India plans to expand its strategic oil reserves and storage capacity following recent volatility during the Iran conflict, while increasing refining capacity as it strengthens energy security and positions itself as a global refining hub.

Sunda Energy expects to complete its acquisition of producing assets in New Zealand’s Taranaki basin in September while continuing to evaluate development plans for the Chuditch gas project in Timor-Leste following recent regulatory discussions.

NG Energy has spudded the second well in its six-well Sinú-9 drilling campaign as pipeline upgrades move closer to boosting gas takeaway capacity in Colombia. Development also continues at the company’s Maria Conchita block.

TotalEnergies has agreed to sell its minority interest in Malaysia’s Marjoram gas field to INPEX for $350 million, continuing its strategy of optimizing its upstream portfolio while focusing on operated, low-cost gas developments in Southeast Asia.

Oil prices fell after U.S. officials described indirect talks with Iran as positive, raising hopes for reduced tensions around the Strait of Hormuz. At the same time, recovering exports and growing physical crude supplies have intensified concerns about a global oil surplus.

Flowserve has completed its $490 million acquisition of Trillium Flow Technologies’ Valves Division, expanding its engineered flow-control portfolio and aftermarket capabilities across global energy and industrial markets.

Continental Resources retained the top spot in Enverus’ annual ranking of the 100 largest private U.S. E&P operators, as the report points to renewed private capital deployment across the upstream sector.

SLB has been awarded a seven-year contract by Kuwait Oil Company under the Ahmadi Innovation Valley initiative to support AI, digital technologies, production optimization, reservoir management and applied upstream research. The agreement also includes plans for a dedicated innovation facility in Kuwait.

Enverus has acquired four PDS Energy Information exchange platforms, expanding its digital network for frac coordination, well data, production reporting and produced water logistics across the U.S. upstream industry.