upstream – Oil & Gas 360

SLB, Azule Energy expand digital platform to optimize Angola operations

March 31, 2026

(World Oil) – SLB has signed a three-year agreement with Azule Energy to expand deployment of its Delfi digital platform across the company’s operations in Angola, aiming to improve execution efficiency and streamline upstream workflows. Azule Energy—an Angola-based joint venture between bp and Eni—is the country’s largest independent producer, operating a portfolio of complex offshore assets. The expanded agreement builds on earlier use of the Delfi platform within

Occidental reduces debt after OxyChem sale, posts strong quarter

February 19, 2026

(World Oil) – Occidental Petroleum reported fourth-quarter 2025 production that exceeded guidance and continued balance sheet improvement following the sale of its OxyChem business, the company announced Tuesday. Total company production averaged 1.48 MMboed during the quarter, surpassing the high end of guidance, with strong contributions from the Permian basin and Rockies. U.S. Gulf and international production met expectations. Occidental generated

bp reshapes portfolio with $10.1 billion Castrol sale, accelerating energy strategy shift

December 30, 2025

(World Oil)– bp has agreed to sell a majority controlling interest in its global lubricants subsidiary Castrol to Stonepeak in a transaction valuing the business at approximately $10.1 billion, marking one of the supermajor’s most significant portfolio shifts in recent years. bp will retain a 35% share in Castrol following closing, maintaining strategic linkage to the lubricants business while freeing

bp reshapes portfolio with $10.1 billion Castrol sale, accelerating energy strategy shift

December 29, 2025

JAPEX secures DJ basin tight oil assets in $1.3-billion Verdad deal

December 19, 2025

(World Oil)– Japan Petroleum Exploration Co., Ltd. (JAPEX) has approved the acquisition of U.S. tight oil and gas assets through the purchase of all equity interests in Verdad Resources Intermediate Holdings LLC, marking a significant expansion of its North American upstream portfolio. The transaction will be executed via Peoria Resources Acquisition Company, LLC, an overseas subsidiary managed by Peoria Resources,

TotalEnergies divests 10% stake in Malaysia’s SK408 gas block to PTTEP

December 16, 2025

(World Oil)– TotalEnergies has completed the sale of an indirect 9.998% interest in Malaysia’s SK408 offshore gas block to PTTEP, strengthening the companies’ long-standing partnership while allowing TotalEnergies to optimize its upstream portfolio in the country. Following the transaction, TotalEnergies retains a 30.002% working interest in SK408 and remains operator of the block, which is considered a key contributor to Malaysia’s domestic

Shell sanctions Kaikias waterflood to extend Ursa production in U.S. Gulf

December 16, 2025

(World Oil)– Shell plc has taken a final investment decision (FID) on a waterflood project at its Kaikias field in the U.S. Gulf of America, marking a new phase of secondary recovery aimed at extending production from the Ursa hub. Shell Offshore Inc. said the Kaikias waterflood project will involve injecting water into the reservoir to displace additional oil toward existing

bp delivers seventh major 2025 startup with Atlantis Drill Center 1 expansion

December 11, 2025

(World Oil) – bp has achieved first oil from the Atlantis Drill Center 1 expansion in the U.S. Gulf of America, marking the company’s seventh major upstream project startup of 2025 and its fifth to come online ahead of schedule. The two-well subsea tieback to the existing Atlantis platform is expected to add roughly 15,000 boed of gross peak annualized average production. Atlantis—one

bp reports $7.8 billion cash flow, strong upstream performance and six project startups in Q3 2025

November 4, 2025

(World Oil)– bp plc reported operating cash flow of $7.8 billion and underlying replacement cost profit of $2.2 billion for the third quarter of 2025, reflecting stronger upstream performance and improved refining margins across its global portfolio. Chief Executive Officer Murray Auchincloss said bp delivered “another quarter of good performance across the business,” highlighting continued operational strength, cost reductions, and accelerated

ExxonMobil ramps up global output with early Yellowtail startup and Permian gains

October 31, 2025

(World Oil)– ExxonMobil reported third-quarter 2025 earnings of $7.5 billion, highlighting record upstream performance across its global portfolio, led by major gains in the Permian basin and offshore Guyana. Companywide production averaged 4.8 million boe per day, up 139,000 boed from the prior quarter. ExxonMobil’s Permian production hit a record 1.7 MMboed, while Guyana output exceeded 700,000 boed, marking another

Chevron beats estimates as Hess acquisition drives oil production growth

October 31, 2025

(World Oil)– Chevron Corporation reported record oil and gas production in the third quarter of 2025, driven by the integration of Hess Corporation assets and strong performance from core upstream regions including the Permian basin, Gulf of America, Kazakhstan, and Guyana. The company’s global production rose 21% year-over-year to 4.1 million boe per day, its highest on record. The acquisition

Shell earnings rise on record deepwater output, LNG strength

October 30, 2025

(World Oil)– Shell plc reported strong third-quarter 2025 results, underpinned by record production from its deepwater assets in Brazil and the Gulf of America, as well as robust performance across its LNG and Marketing divisions. Adjusted earnings reached $5.4 billion, while cash flow from operations (CFFO) totaled $12.2 billion, reflecting higher volumes and stronger trading and optimization results compared to

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