TotalEnergies Sells Its Stake in Nigeria’s Bonga Field Development Project to Shell
TotalEnergies EP Nigeria (TEPNG), a subsidiary of France’s TotalEnergies, has signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a subsidiary of Shell, to sell its 12.5% stake in the Production Sharing Contract (PSC) for OML 118. This information comes from a joint statement by the companies. …
ADNOC Drilling Acquires 70% of SLB’s Drilling Business in Oman and Kuwait
ADNOC Drilling is acquiring a 70% stake in the drilling business of oilfield services company SLB (formerly Schlumberger) in Oman and Kuwait for approximately $112 million. A joint venture will be established based on these assets. The deal, expected to close in the first quarter of 2026, will give ADNOC …
Gazprom Subsidiary Consolidates Assets in the Khanty-Mansi Autonomous Okrug
Salym Petroleum Development (SPD) Oil Company from the Khanty-Mansi Autonomous Okrug, a subsidiary of Gazprom Neft, has begun a reorganization process. It will merge with the firm Salym-2 from Khanty-Mansiysk. “The company notifies about the reorganization in the form of a merger with Salym-2 LLC. Creditors’ claims may be submitted …
Rosneft Implements New Technology to Optimize Well Construction
Specialists from Orenburgneft have implemented a domestically developed innovation that allows for a reduction in the length of expensive casing strings by using a large-diameter cemented liner hanger. The actual economic effect of this innovation amounts to over 3.5 million rubles per well. The reduction in the metal intensity of …
Rosneft’s Yurubcheno-Tokhomskoye Field Reaches 20 Million Tonnes of Oil Production
The East Siberian Oil and Gas Company (VSNK), a subsidiary of Rosneft, has reached record figures in the development of the Yurubcheno-Tokhomskoye field, located in the Evenki District of Krasnoyarsk Krai. Since the start of commercial operation, 20 million tonnes of crude oil have been extracted. These high results were …
Canadian Oil Producers Also Affected by Decline in Oil Prices
The drilling rights sales boom in the oil-producing region of Alberta in western Canada is slowing down as commodity prices decline. According to provincial data, the average lease price for oil sands land has fallen to 771 Canadian dollars per hectare this year. That is eighteen percent lower than last …
Saturn Drilling Rig Returned to Turkmenistan Accompanied by ASCO Vessels
The transportation operation lasted three days and involved six vessels. The Saturn oil drilling rig, which had been delivered from Turkmenistan to Azerbaijan in May of last year, was returned to Turkmen waters of the Caspian Sea accompanied by vessels of ASCO, which is part of AZCON Holding. This was …
Saudi Arabia and Kuwait Discover New Oil Field
Wafra Joint Operations has discovered a new oil field in the Neutral Zone between Saudi Arabia and Kuwait, according to the Saudi Press Agency (SPA), citing the governments of both countries. The field was discovered in the North Wafra Wara-Burgan area, located five kilometers north of the Wafra field. “This …
Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
U.S. Oil Producers Predict the Decline of the Shale Boom
Major oil companies are now openly discussing the end of the shale boom in the United States, attributing it to Donald Trump’s trade policy, which has led to a decline in commodity prices, according to the Financial Times. Market participants told the publication that they are being forced to reduce …