Industry News

PETRONAS subsidiary PC Oman Ventures (PCOVL) signed a concession agreement with the Government of the Sultanate of Oman and OQ Exploration (OQEP) and Production Batinah Offshore to explore oil and gas in Block 18.Block 18 is an offshore exploration area in northeast Oman covering more than 21,000 sq km and includes geological settings ranging from shallow to ultra-deep water. Under the agreement, PCOVL will assume operatorship of the block alongside OQEP.The concession follows a memorandum of understanding signed between PETRONAS and OQEP in October 2025 and is intended to expand PETRONAS’ upstream exploration portfolio while strengthening cooperation with Omani partners.（2026-02-14）

Harbour Energy completed the acquisition of LLOG Exploration Company, establishing Harbour’s entry into the US Gulf as a new core business unit alongside its existing operations in Norway, the UK, Argentina and Mexico.Through LLOG, Harbour gains a fully operated, oil-weighted portfolio and an experienced team in one of the world’s most active offshore basins. LLOG’s assets include high-margin, long-life production hubs such as Who Dat and Buckskin, along with recent start-up activity at Leon-Castille.Harbour said the acquisition strengthens its global presence and adds a deep inventory of high-return drilling and development opportunities in the US Gulf basin, enhancing operational capability

Superior Energy Services completed the acquisition of Abaco Energy Technologies, expanding its portfolio of well construction and intervention technology offerings.The transaction brings Abaco’s engineered drilling and completion solutions into Superior’s operations platform, strengthening the company’s ability to support offshore and onshore well delivery programs. Superior said the acquisition aligns with its strategy of building integrated service capabilities that support complex well construction and intervention activity.Abaco’s technology portfolio includes specialized equipment and systems designed for use in drilling and well intervention environments. Following closing, Abaco will operate as part of Superior’s broader service organization.（2026-02-05）

Devon Energy and Coterra Energy agreed to merge in an all-stock transaction that will create a large-cap US shale operator with a diversified upstream asset base anchored by a leading position in the Delaware Basin.The combined company will operate under the Devon Energy name and be headquartered in Houston, while maintaining an operational presence in Oklahoma City. The merged portfolio will include nearly 750,000 net acres in the core of the Delaware Basin, supported by more than 10 years of high-quality inventory, along with complementary assets across other US shale regions.Following completion of the transaction, Clay Gaspar will serve as

Union Jack Oil outlined its upcoming drilling plans in its project update covering key onshore projects in the United States.In Oklahoma, the company’s Crossroads structural prospect is now scheduled for drilling in Q1 2026. The Crossroads well will target oil in the middle Ordovician Oil Creek Sand, a reservoir interval that has demonstrated productive potential in offset wells.Union Jack noted that prior nearby wells such as James Thompson 1A have delivered meaningful oil rates from similar stratigraphic intervals, supporting the technical rationale for the Crossroads drilling campaign.（2026-01-31）

SLB was awarded two five-year contracts by Petroleum Development Oman (PDO) to supply wellheads and artificial lift technologies for operations in Block-6, Oman’s largest oil and gas concession.The contracts include the provision of low-pressure, high-pressure and thermal wellheads, as well as electric submersible pumps (ESPs) and progressive cavity pumps (PCPs). These solutions are expected to increase recovery rates and extend the productive life of Block-6 assets. Key milestones include expanding local manufacturing capabilities and introducing made-in-Oman gate valve production within six months of commencement.Wellheads will be produced at SLB’s Rusayl production center, and ESPs will be assembled at its Nizwa

Noble Corporation announced new contract awards for nine rigs worth approximately $1.3 billion of backlog, including a three-year contract for the harsh environment semisubmersible Noble GreatWhite, which will expand the Company’s existing Norway presence into the harsh environment floater market.New contract awards include the following:Noble GreatWhite was awarded a new three-year contract with Aker BP for operations offshore Norway, expected to start in Q2 2027. The award represents approximately $473 million of total contract value, including mobilization fee and excluding integrated services and bonus potential.This marks the Noble GreatWhite’s first campaign in Norway and represents a significant step in expanding

Beacon Offshore Energy started oil and natural gas production from the Zephyrus field in the US Gulf of Mexico, following startup of the initial development well in late December 2025.The Zephyrus development is located in Mississippi Canyon Block 759, approximately 130 mi southeast of New Orleans, in water depths ranging from 3,100 to 3,600 ft. The discovery well, Zephyrus #1, was drilled in 2023 and intersected oil-bearing Middle Miocene Cris “I” M2 sandstone reservoirs.Beacon and its partners tied the field into Shell-operated subsea infrastructure at West Boreas, enabling production to be processed at the Olympus platform in the Mars Corridor.