Upstream News


Upstream Cuts 208 deals worth $156Bn in 2019

Feb 11, 2020

Upstream companies cut 208 deals worth $156 billion in 2019, with value up $26 billion year-on-year. However, the number of transactions was 40 percent below the five-year trend, pointed out latest report by Deloitte.That, combined with the fact that the Oxy/Anadarko transaction comprised more than a third of the total value, meant that 2019 proved sluggish, reflecting the overall weakness in the oil and gas sector…

Schlumberger Intros Egypt Upstream Gateway

Feb 12, 2020

The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway, a unique and innovative national project for digitizing subsurface information and delivering a digital subsurface platform to ensure Egypt's subsurface data is kept evergreen…

PGNiG Acquires Duva Field in Norway

Feb 02, 2020

PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company (PGNiG), has obtained a final administrative consent to purchase additional 10% interests in the PL636 and PL636B licences in the North Sea.Following the transaction, PGNiG Upstream…

Deepwater Investments to Grow +5% in 2020

Dec 15, 2019

Though overall global upstream investments in 2020 will decrease by around 4%, deepwater will be the only segment expected to grow above 5% next year, spelling a boom for the industry, said a report.Rystad Energy is forecasting that overall…

Eni Signs Upstream Contract in Bahrain

May 02, 2019

Italian multinational oil and gas company Eni has signed an exploration and production-sharing agreement (EPSA) with the National Oil and Gas Authority of Bahrain (NOGA) for Block 1.The signing took place in the presence of Sheik Mohamed Bin Khalifa Al Khalifa…

Asia: Pertamina, Petronas Join Forces

Mar 03, 2019

Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business – upstream and downstream, not only in Indonesia or Malaysia but also in other countries…

Chevron reduces 2018 capex to $18.3 billion

Dec 08, 2017

US oil major Chevron has cut its capital and exploration spending program for a fifth consecutive year, putting aside US$18.3 billion for 2018. In 2017, the budget was set at $19.8 billion, down 42% from 2015, and expected to be 15% lower than 2016…

Chevron unveils $19.8 billion budget focused on short-term

Dec 08, 2016

More than 70% of Chevron's US$19.8 billion 2017 planned upstream investment will generate production within two years, the firm said yesterday.  Chevron says it is targeting shorter-cycle, high-return investments with its 2017 capital budget…

PTC provides unwelded SPM

Mar 17, 2015

Petroleum Technology Co. (PTC) launched a single-piece, unwelded side pocket mandrel (SPM) for the upstream oil and gas industry. The NexLift side pocket mandrel is machined from one solid steel bar. This design feature replaces SPM technology…

Repsol agrees $8.3bn for Talisman

Dec 16, 2014

Spain's Repsol has agreed a deal to buy Canadian exploration and production company Talisman Energy for US$8.3 billion plus debt - amounting to the largest international deal by a Spanish company in five years. The deal, which had been rumored for some months…

BP’s upstream strategy revealed

Dec 10, 2014

BP unveiled its long-term strategy and how it’s managing the company’s upstream business in a presentation to investors, including reducing capital spending by US$1-2 billion across the group, which could incur $1 billion in restructuring charges over the next five quarters…

Pemex, ExxonMobil ink agreement

Oct 02, 2014

Furthering its flurry of activity after Mexico’s landmark energy reform, Petroleos Mexicanos (Pemex) and ExxonMobil signed a preliminary deal to establish dialogue and jointly analyze both upstream and downstream business opportunities. Pemex…

Wood Mackenzie: Upstream investments will focus on incremental projects

Aug 25, 2014

In new analysis prepared for ONS 2014, Wood Mackenzie says the role of incremental projects in Norway is growing in importance, which account for almost half of Norway’s US$200 billion (NKr 1,250 billion) upstream development spend over the next decade…

SNC-Lavalin completes Kentz acquisition

Aug 22, 2014

SNC-Lavalin Group Inc. announced it completed its acquisition of Jersey-based oil and gas services company Kentz Corp. Ltd. The acquisition of Kentz supports SNC-Lavalin’s ongoing transformation into a global Tier-1 engineering and construction (E&C) company…

Dutch entrepreneurialism

Aug 01, 2014

Sander Vergroesen, IRO’s managing director  Dutch offshore suppliers are innovating to keep ahead, providing solutions in ever deeper and colder waters globally. IRO’s Sander Vergroesen spoke to Elaine Maslin…

Current News

Over 40 Offshore Rig Deals Dropped Since March. Still, There's Room for Optimism

Over 40 Offshore Rig Deals Dropped Since March. Still, There's Room for Optimism

Rystad: FPSO Contract Awards to Rebound in 2021 after Poor 2020

Rystad: FPSO Contract Awards to Rebound in 2021 after Poor 2020

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Equinor Hires Aibel for Oseberg Works

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PetroVietnam to Invest in Renewables Amid Shrinking Oil Output

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