Asset Management
The London-based supermajor is stepping back from startup investing as it seeks to focus capital on its oil and gas business.
After a record year for LNG project approvals in 2025, multiyear repairs to war-damaged liquefaction facilities in Qatar and the UAE threaten to slow the growth of global LNG capacity.
The declaration builds on a memorandum of understanding the partners signed with Egypt in May to process Block 10 gas at the country’s LNG export and domestic gas facilities.
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The seismic consortium comprising PGS, TGS, and WesternGeco was awarded a multiyear contract by Petronas to acquire and process up to 105,000 km2 of multisensor, multiclient 3D data in the Sarawak Basin, offshore Malaysia. -
Hess completed the sale of its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico (GOM) to BHP, the field’s operator, for $505 million.
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Greenland opened three new offshore areas for application of oil and gas exploitation licenses off West Greenland. The areas are Baffin Bay, Disko West, and Davis Strait.
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Apache filed appraisal plans for its Maka and Sapakara oil discoveries in block 58 offshore Suriname.
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Beach Energy plans to drill at its Artisan-1 well about 32 km offshore Victoria, Australia, in the Otway basin, before the end of 2021. The well was delayed due to COVID-19.
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Total made a significant second gas condensate discovery on the Luiperd prospect, located on Block 11B/12B in the Outeniqua Basin, 175 km off the southern coast of South Africa.
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BP was the only operator to place a bid in the Canada-Newfoundland and Labrador Offshore Petroleum Board call for bids, which offered 17 parcels in the eastern Newfoundland region.
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Digital transformation offers opportunities beyond the technical goal of increased production. It may also enhance sustainability, the work/life balance, and the public’s perception of the industry.
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OPEC’s easing of production cuts originally planned for January may be delayed until mid-2021 because of the global increases in COVID-19 cases occurring in November.
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While the individual circumstances of upstream companies may vary, they all must take decisive action to pivot away from “business as usual” and instead, pursue new growth models.
