Upstream

Though Chevron had already made it known it wanted to sell its stake in the Kaybob region of #Canada's Duvernay plan, it wasn’t necessarily looking to offload its interest in the Athabasca Oil Sands Project (AOSP) at the time.

Optimisation projects have helped push production from Chevron-operated facilities at #Kazakhstan's largest oilfield, Tengiz, to the highest daily level in 31 years, as the #US supermajor enters final commissioning ahead of the planned start-up of a multibillion dollar expansion project early next year.

Exclusive: ExxonMobil is implementing several production optimisation initiatives at the Liza field in the prolific Stabroek block #offshore #Guyana aimed at sustaining production at peak levels.

The #UK North Sea shallow-water drilling outlook remains positive, despite #fiscal changes announced in the Autumn Budget, with up to 10 new rig contracts on the horizon - global drilling company Valaris Limited.

Chevron beat analyst expectations in its third quarter earnings as US increased oil production help soften the impact of weaker refining margins, and said it will continue with optimisations and cost reductions in the next two to four years.

ExxonMobil reported a small decrease in its latest quarterly profits but results topped expectations as production hit its highest level in four decades, fuelled by the recent acquisition of Pioneer Natural Resources Company.

OPINION: #UK Chancellor Rachel Reeves announced #Labour’s first Autumn Budget on Wednesday, bringing an end to four months of fevered speculation over the UK North Sea’s fate under a government committed to turn the country into a green energy superpower. https://lnkd.in/dyeC3xuY

Sizing up the offshore drilling sector's opportunities and seeking an outlook on rig dayrates, Upstream met with offshore experts Miguel Hernandez, senior vice president of global offshore at American Bureau of Shipping (ABS), and Cinnamon Edralin, Americas research director at Westwood Global Energy Group. They highlighted how the industry has learned from the rig-building frenzy of a decade ago. “Everybody’s got the muscle memory of what happened to the drilling sector in 2013-2014, where there was incredible demand, everyone went out and built the new facilities and new assets, and then the market fell,” Hernandez said. “Some never even went to work, and they had brand-new assets.”

New role: #Chinese contractor Jereh Group, in partnership with Petro Iraq, has signed a production sharing contract (#PSA) with the Midland Oil Company of Iraq (MdOC) to develop the Mansuriya gas field, marking Jereh's first venture in #Iraq as an oil and gas producer.

TotalEnergies is on track with its Tilenga hydrocarbon project in #Uganda and aims to start #oil #production by the middle of 2026, the French supermajor said.