Industry News

Maurel & Prom has entered into a definitive agreement with NG Energy to acquire a 40% operating working interest in the Sinu-9 gas license in Colombia. The effective date for the transaction is 1 February 2025.The consideration of $150 million will be funded from M&P’s existing cash resources and available credit facilities. A deposit of $20 million is payable by M&P, and the remainder will be paid at completion, subject to adjustments reflecting cash flows during the period between the effective date and closing.The Sinu-9 gas block lies in the Lower Magdalena Valley, 75 km from Colombia’s Caribbean coast, and

CNOOC Limited’s Bozhong 26-6 Oilfield Development Project (Phase I) has commenced production. The project is located in central Bohai Bay, with an average water depth of approximately 20 m. The main production facilities include a new central processing platform and an unmanned wellhead platform.A total of 33 development wells are planned to be commissioned, including 22 production wells, 10 gas injection wells and one water source well. The project is expected to achieve a peak production of approximately 22,300 barrels of oil equivalent per day in 2025. The oil property is light crude.Bozhong 26-6 Oilfield is the world’s largest metamorphic

Ecopetrol and Occidental Petroleum Corp will extend the development plan of Rodeo Midland Basin, located in the Texas Permian Basin, under the joint-venture established in July 2019.The agreement includes a drilling plan for 34 wells between April 2025 and June 2026, in addition to those being executed under the current development plan for the first months of 2025.Ecopetrol’s 2025 plan for Midland and Delaware sub-basins will include the drilling of approximately 91 development wells, with an estimated investment of $885 million and an average annual production of approximately 90,000 boed.（2025-02-03）

On January 26, 2025, the first trial of the innovative “SuperGuard” series of oil tubing and casing quick stand protector products independently developed by CsTeC made great success. The “SuperGuard” series of oil tubing and casing quick stand protector products are designed to provide quick protection to the male thread area during double and triple oil tubing and casing connections in the oilfield, thereby effectively preventing the impact or damage caused by contaminants and other objects in the male thread area. This product can be charged and deflated. The filling and discharging of the entire operation cycle can be completed

Chevron’s 50%-owned affiliate Tengizchevroil has started oil production at its Future Growth Project (FGP), located at the Tengiz oil field in Kazakhstan. The Tengiz oil field, located in western Kazakhstan, ranks as the world’s deepest producing supergiant oil field and the largest single-trap producing reservoir in existence.FGP is the third processing plant in operation at the Tengiz oil field, which expands sour gas injection capability and is expected to ramp up output to one million barrels of oil equivalent per day. The FGP expansion aims to increase crude oil production by 260,000 barrels per day at full capacity.The FGP and

The Ministry of Petroleum and Mineral Resources completed drilling work on the Nefertari well for ExxonMobil in the North Marakia area at a water depth of 1,720 m in the western region of the Mediterranean Sea. The results after recording the wells showed the presence of two main layers bearing gas in the Cretaceous formation. Initial estimates of the volume of gas are being calculated.This well is not deep, as the final depth reaches about 2,700 m, which gives hope for the ease and speed of its development. It is also close to existing facilities that have the capacity to

On January 17th, the first trial use of the innovative “RwCsTeC” series multi-purpose grease processing equipment independently developed by CsTeC was a complete success. The “RwCsTeC” series multi-purpose grease processing equipment is an upgraded and enhanced version of the “RoCsTeC” series grease processing equipment. Its design was developed by the CsTeC team based on the packaging characteristics of drum-packed grease products and taking into account the application and operation requirements of drum-packed products under various working conditions. Adhering to the operational philosophy of “one machine with multiple uses”, continuously enhancing customer satisfaction, improving operational efficiency, and reducing overall operational costs,

The Norwegian authorities offered Aker BP ownership interest in 19 exploration licenses on the Norwegian continental shelf in the APA 2024 licensing round. For 16 of the licenses Aker BP is also granted operatorship.The licenses are located in the North Sea and the Norwegian Sea. West of Yggdrasil, Aker BP is offered operatorship on the former Frigg field, where the partnership plans to drill an exploration well already in Q2 2025.Awards in Predefined Areas (APA) is the annual licensing round that includes mature areas of the Norwegian continental shelf. These are areas with known geology and a relatively well-developed infrastructure