Business/economics

BP said it expects to keep the Azeri-Chirag-Gunashli (ACG) project in production into the 2040s by tapping into separate nonassociated gas reservoirs.

Still flowing nearly 40 years after startup, Gullfaks recently delivered its 5,000th cargo of sweet, low-sulfur crude to Sweden, underscoring how Equinor’s aging shelf assets continue to support Europe’s energy supply.

Utah, Colorado, Arizona, and New Mexico have formed the Mountain West Geothermal Consortium to turn geothermal energy into gigawatts of baseload power.

The deal adds physics-based reservoir modeling and real-time decision workflows to SLB’s digital portfolio.

Weatherford CEO Girish K. Saligram said the acquisition will bolster Weatherford’s completions offerings and unconventional reservoir capabilities.

An update on SPE’s path to financial sustainability: stronger revenues, new partnerships, and emerging opportunities—from geothermal initiatives to AI-driven licensing—are improving the outlook. While challenges remain, recent progress highlights a more resilient Society and a forward-looking strategy focused on long-term member value.

Since the US arrested and removed Venezuelan President Nicolás Maduro on 3 January 2026, all eyes have turned toward the country’s vast oil reserves, the largest of any country. From 2005 to 2024, oil production in Venezuela fell by 70%, from 3.1 million B/D to just 0.9 million B/D. The race is on to bring production back, but aging infrastructure and expatriation pre…

Corporate consolidation and foreign buyers helped drive $38 billion in upstream deals in the first quarter of 2026.

The top three bidders in the latest lease sale by the US federal government paid a combined $3.9 billion.

US Energy Information Administration data sees the country’s energy production jump 3.4% over 2024 levels. Additionally, the EIA predicts industrial natural gas consumption to hit records in 2026 and 2027.