E&P Highlights: July 22, 2024

Here's a roundup of the latest E&P headlines, with LLOG acquiring 41 blocks in the Gulf of Mexico and Saipem securing $500 million in contracts from Saudi Aramco.

Archrock to Buy NatGas Compression Firm TOPS for $983MM

The acquisition of Total Operations and Production Services will increase Archrock's compression capacity by 30% to nearly 2.2 million operating horsepower.

How Generative AI Liberates Data to Streamline Decisions

When combined with industrial data management, generative AI can allow processes to be more effective and scalable.

Comet Ridge Awarded Mahalo Far East Extension for 6-year Term

Comet Ridge was awarded 100% ownership and operator of Australia’s Mahalo Far East Extension for an initial term of 6 years.

Equinor Subsidiary Contracts Valaris Drillship Offshore Brazil

Valaris and Equinor Energy do Brasil’s multi-year contract is valued at approximately $498 million.

EQT Closes $5.45B Acquisition of Equitrans Midstream

In addition to integrating Equistrans’ midstream assets, EQT will focus on reducing the infrastructure company’s debt of between $7.6 billion and $8 billion. Including equity and debt, the deal is valued at roughly $13 billion.

Exxon Surprises with Smaller FPSO for Guyana’s Hammerhead Project

Exxon Mobil Corp. announced plans for its seventh development offshore Guyana, Hammerhead, which will add 120,000 bbl/d to 180,000 bbl/d of production capacity starting in 2029.

US Drillers Add Oil, Gas Rigs for Second Time in Three Weeks

The oil and gas rig count, an early indicator of future output, rose by two to 586 in the week to July 19, its highest since late June. 

Liberty Energy Warns of ‘Softer’ E&P Activity to Finish 2024

Service company Liberty Energy Inc. upped its EBITDA 12% quarter over quarter but sees signs of slowing drilling activity and completions in the second half of the year.

New Wells Underway: Private E&Ps Pulled 40% of US Permits in May

Private E&Ps are keeping pace with public operators in taking permits for new-drill horizontals across the Lower 48, according to a research report.