As the energy transition accelerates, upstream companies are under pressure to decarbonize, and this is likely to intensify. Governments, investors, financial markets, society, along with other stakeholders are pushing for change. Companies need to define their strategy and act to future-proof their business and retain their social licence to operate.There are strategic advantages to producing less carbon-intensive hydrocarbons鈥
The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway, a unique and innovative national project for digitizing subsurface information and delivering a digital subsurface platform to ensure Egypt's subsurface data is kept evergreen鈥
Upstream companies cut 208 deals worth $156 billion in 2019, with value up $26 billion year-on-year. However, the number of transactions was 40 percent below the five-year trend, pointed out latest report by Deloitte.That, combined with the鈥
PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company (PGNiG), has obtained a final administrative consent to purchase additional 10% interests in the PL636 and PL636B licences in the North Sea.Following the transaction, PGNiG Upstream鈥
Though overall global upstream investments in 2020 will decrease by around 4%, deepwater will be the only segment expected to grow above 5% next year, spelling a boom for the industry, said a report.Rystad Energy is forecasting that overall鈥
Italian multinational oil and gas company Eni has signed an exploration and production-sharing agreement (EPSA) with the National Oil and Gas Authority of Bahrain (NOGA) for Block 1.The signing took place in the presence of Sheik Mohamed Bin Khalifa Al Khalifa鈥
Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business 鈥 upstream and downstream, not only in Indonesia or Malaysia but also in other countries鈥
US oil major Chevron has cut its capital and exploration spending program for a fifth consecutive year, putting aside US$18.3 billion for 2018. In 2017, the budget was set at $19.8 billion, down 42% from 2015, and expected to be 15% lower than 2016鈥
More than 70% of Chevron's US$19.8 billion 2017 planned upstream investment will generate production within two years, the firm said yesterday. Chevron says it is targeting shorter-cycle, high-return investments with its 2017 capital budget鈥
Petroleum Technology Co. (PTC) launched a single-piece, unwelded side pocket mandrel (SPM) for the upstream oil and gas industry. The NexLift side pocket mandrel is machined from one solid steel bar. This design feature replaces SPM technology鈥
Spain's Repsol has agreed a deal to buy Canadian exploration and production company Talisman Energy for US$8.3 billion plus debt - amounting to the largest international deal by a Spanish company in five years. The deal, which had been rumored for some months鈥
BP unveiled its long-term strategy and how it鈥檚 managing the company鈥檚 upstream business in a presentation to investors, including reducing capital spending by US$1-2 billion across the group, which could incur $1 billion in restructuring charges over the next five quarters鈥
Furthering its flurry of activity after Mexico鈥檚 landmark energy reform, Petroleos Mexicanos (Pemex) and ExxonMobil signed a preliminary deal to establish dialogue and jointly analyze both upstream and downstream business opportunities. Pemex鈥
In new analysis prepared for ONS 2014, Wood Mackenzie says the role of incremental projects in Norway is growing in importance, which account for almost half of Norway鈥檚 US$200 billion (NKr 1,250 billion) upstream development spend over the next decade鈥
SNC-Lavalin Group Inc. announced it completed its acquisition of Jersey-based oil and gas services company Kentz Corp. Ltd. The acquisition of Kentz supports SNC-Lavalin鈥檚 ongoing transformation into a global Tier-1 engineering and construction (E&C) company鈥
