Asset Management
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.
Alongside the new subsea awards, Equinor strengthened its position in the 400-million-bbl Bay du Nord development by acquiring BP’s interest in the project.
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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. -
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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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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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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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.
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Financial analytics company S&P Global and information provider IHS Markit announced they have agreed to merge in an all-stock deal that values IHS Markit at $44 billion.
