Top Upstream Stories

ExxonMobil Project Increases

American multinational oil and gas corporation ExxonMobil, which is headquartered in Irving, Texas, has increased its participation in the proposed Acorn carbon capture project in Scotland by signing an expression of interest to capture, transport and store CO2 from its Fife Ethylene Plant. The agreement to include the ethylene plant, located in Mossmorran, Scotland, is in addition to an earlier announced memorandum of understanding to capture and store emissions from gas terminals at the St Fergus complex at Peterhead, Scotland, which includes ExxonMobil’s joint venture gas terminal. The initial phase of Acorn, which is bidding to be in the first wave of carbon capture clusters to be announced by the UK government, has the potential to deliver more than half of the country’s target of capturing and storing 10 million tpy of CO2 by 2030... > read more

Comstock Divests Bakken Assets

Comstock Resources Inc has entered into an asset purchase agreement with Northern Oil & Gas, Inc (NOG) to sell its assets in the Bakken shale for $154 million in cash, subject to adjustment and customary closing conditions. The properties being sold include non-operated interests in over 400 producing wells (65.9 net) with recent production of greater than 4500 net boe/d (approximately 65 percent oil). The sale is expected to close in 4Q21 and will have an effective date of October 1, 2021. Comstock expects to recognize a pre-tax loss of $130-$140 million on the divestiture. EnergyNet is acting as exclusive advisor to Comstock on the sale... > read more

Shale Consolidations Generate $250m+

A pair of US independents have sold significant positions in major shale plays in order to consolidate their operations elsewhere. Combined, the transactions valued at more than a quarter-billion dollars. One of those moves would have been unheard of until recently, with the sale of assets in an oil-rich play to fund expanded operations in a dry gas position. Comstock Resources announced it had reached an agreement to sell its assets in the Bakken shale to Northern Oil & Gas for approximately $154 million in cash. The properties being sold include the non-operated interests in more than 400 producing wells with recent production of 4,500 net barrels of oil equivalent per day. Approximately 65 percent of that production, the company said, was oil. The deal is expected to close during the fourth quarter... > read more

Permian Basin JV for Oryx

Plains All American and Oryx Midstream Holdings LLC, a portfolio company of Stonepeak Infrastructure Partners, have announced that they have successfully completed the formation of their Permian Basin strategic joint venture. Plains Oryx Permian Basin LLC includes all of Oryx's Permian assets and, with the exception of Plains' long-haul pipeline systems and certain of its intra-basin terminal assets, the vast majority of Plains' assets located within the Permian Basin. "This is a significant milestone that positions Plains, Oryx and the JV to create significant value for our customers, partners, and investors," said Willie Chiang, chairman and CEO of Plains All American. "The Plains and Oryx teams have developed a robust integration strategy that prioritizes a seamless transition for customers and positions the JV to capture opportunities as the Permian continues to grow."... > read more

Valaris Announces Jackup Contract

Valaris Limited has been awarded a 211-day extension to its bareboat charter agreement with ARO Drilling for VALARIS JU-36 (Charles Rowan), a standard duty jackup. The extension is in direct continuation of the existing contract and, as a result, the VALARIS JU-36 will be under contract through March 2022. ARO Drilling’s contract with Aramco has been extended for the same period. Valaris Limited is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups... > read more
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Top Three Featured Upstream Articles
Penn Virginia Closes Lonestar Merger

Penn Virginia Closes Lonestar Merger

Penn Virginia Corporation has closed the acquisition of Lonestar Resources US Inc and plans to rename the combined company...
> read more
Baker Hughes on US Rigs

Baker Hughes on US Rigs

The United States added seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released...
> read more
Baker Hughes and Akastor’s MHWirth Merger

Baker Hughes and Akastor’s MHWirth Merger

The merger of Baker Hughes’ Subsea Drilling Systems business (SDS) and Akastor ASA’s wholly owned subsidiary, MHWirth...
> read more
Upstream News
ExxonMobil Project Increases

ExxonMobil Project Increases

American multinational oil and gas corporation ExxonMobil, which is headquartered in Irving, Texas, has increased its participation ... > read more
LNG Canada Project Progresses

LNG Canada Project Progresses

Three years after taking a final investment decision (FID) on Canada’s first major liquefied natural gas project, the LNG ... > read more
Shale Oil Booming Again in Permian

Shale Oil Booming Again in Permian

With publicly traded producers such as Occidental and Chevron preaching discipline, privately owned operators are leading ... > read more
Comstock Divests Bakken Assets

Comstock Divests Bakken Assets

Comstock Resources Inc has entered into an asset purchase agreement with Northern Oil & Gas, Inc (NOG) to sell its assets ... > read more
Shale Consolidations Generate $250m+

Shale Consolidations Generate $250m+

A pair of US independents have sold significant positions in major shale plays in order to consolidate their operations elsewhere. ... > read more
Shale Drillers Fear Losing Orders

Shale Drillers Fear Losing Orders

US shale drillers are increasingly worried that swelling Russian natural gas exports will slash their European market share. American ... > read more
Upstream News
Permian Basin JV for Oryx

Permian Basin JV for Oryx

Plains All American and Oryx Midstream Holdings LLC, a portfolio company of Stonepeak Infrastructure Partners, have announced ... > read more
Penn Virginia Closes Lonestar Merger

Penn Virginia Closes Lonestar Merger

Penn Virginia Corporation has closed the acquisition of Lonestar Resources US Inc and plans to rename the combined company ... > read more
US Shale Producers’ Minimal Expansion

US Shale Producers’ Minimal Expansion

US shale oil production will expand at a “modest rate” over the next 18 months even as prices touch multiyear highs, ... > read more
Valaris Announces Jackup Contract

Valaris Announces Jackup Contract

Valaris Limited has been awarded a 211-day extension to its bareboat charter agreement with ARO Drilling for VALARIS JU-36 ... > read more
Baker Hughes’ Upstream Flare Monitoring

Baker Hughes’ Upstream Flare Monitoring

Panametrics, a Baker Hughes business, has made its flare control and digital verification platform, flare.IQ, available to ... > read more
Baker Hughes on US Rigs

Baker Hughes on US Rigs

The United States added seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released ... > read more
Upstream News
TEMS Secures Mexican Contracts

TEMS Secures Mexican Contracts

Oil and gas service company TEMS International has been awarded a clutch of new contracts in the Gulf of Mexico. The independent ... > read more
Baker Hughes and Akastor’s MHWirth Merger

Baker Hughes and Akastor’s MHWirth Merger

The merger of Baker Hughes’ Subsea Drilling Systems business (SDS) and Akastor ASA’s wholly owned subsidiary, MHWirth ... > read more
SilverBow Closes Eagle Ford Acquisition

SilverBow Closes Eagle Ford Acquisition

SilverBow Resources Inc has closed its previously announced all stock transaction to acquire oil and gas assets in the Eagle ... > read more
Shell Eyes Mid-October For Norco Restart

Shell Eyes Mid-October For Norco Restart

Royal Dutch Shell Plc has tentatively planned the first restart of a production unit at its 230,611 barrel per day (bpd) ... > read more
Diamond Offshore Manages Aquadrill Rig

Diamond Offshore Manages Aquadrill Rig

Offshore drilling firm Aquadrill, formerly known as Seadrill Partners, has entered into a charter hire agreement with drilling ... > read more
ExxonMobil’s Papua New Guinea Deals

ExxonMobil’s Papua New Guinea Deals

ExxonMobil has reportedly signed one or possibly two non-binding agreements with the state of Papua New Guinea with regards ... > read more
Upstream News
Hilcorp Considers Phillips 66 Refinery Purchas

Hilcorp Considers Phillips 66 Refinery Purchas

Houston-based oil producer Hilcorp is evaluating Phillips 66’s refinery in Alliance, Louisiana, for conversion into an ... > read more
USA Adds 9 More Rigs

USA Adds 9 More Rigs

The US added nine rigs week on week, according to the latest rotary rig count from Baker Hughes, which was released on 24 ... > read more
Cheniere Energy's Sabine Pass Train 6

Cheniere Energy's Sabine Pass Train 6

Houston liquefied natural gas company Cheniere Energy is one step closer to bringing its newest Sabine Pass liquefaction ... > read more
Texas Oil & Gas Association’s Insurance Plan

Texas Oil & Gas Association’s Insurance Plan

The Texas Oil & Gas Association (TXOGA) has announced a new benefit for its member companies and their employees – the ... > read more
Texas Upstream Employment Grows

Texas Upstream Employment Grows

Texas upstream employment increased by 2,800 jobs in August compared to revised June numbers, the Texas Independent Producers ... > read more
Warwick Buys $450m Texas Shale Assets

Warwick Buys $450m Texas Shale Assets

One of the biggest US investors in oil and natural gas wells is buying $450 million worth of assets in the Texas Eagle Ford ... > read more
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