British oil and gas company bp has announced that it would reorganise its business into two operating segments - Upstream and Downstream - thus replacing its current three-segment structure, effective July 1. This comes as part of bp's efforts to simplify its structure, boost performance as well as shareholder returns.
Abu Dhabi National Oil Company said its key unit XRG and top Italian petroleum company Eni have signed separate agreements with Argentina's state-controlled energy company YPF to acquire 32% stakes each in three upstream gas blocks in the Vaca Muerta shale formation.
Leading Spanish group Técnicas Reunidas has announced that it has secured two major contracts from a national oil company in the Middle East region to provide engineering, procurement, and construction (EPC) services for upstream oil and gas production facilities.
Aramco and solutions by stc are collaborating to deploy a next-generation supercomputer to enhance upstream operations. The $372.5 million system will boost seismic imaging and reservoir modelling, delivering sevenfold compute capacity, accelerating hydrocarbon discovery.
Action Energy Company, a Kuwait-based upstream services provider, reported strong first-quarter 2026 growth, with revenue rising 69.2 per cent year-on-year as the Kuwait-based upstream services provider expanded its operating rig fleet from 13 rigs in Q1 2025 to 20 rigs this year.
Cameroon’s National Hydrocarbons Corporation (SNH) has opened a licensing round for nine exploration and production blocks in the Rio del Rey and Douala/Kribi-Campo basins, accepting proposals until March 30, 2026, with awards in April.
TotalEnergies has signed an agreement with NEO NEXT Energy (NEO NEXT) under which TotalEnergies will merge its upstream business with NEO NEXT and become the leading shareholder in the expanded NEO NEXT, which will be renamed NEO NEXT+, with a 47.5 per cent ownership.
Adnoc and SLB announced the launch of an artificial intelligence (AI)-powered Production System Optimisation (AiPSO) platform with initial deployment across eight fields.
OQ Exploration and Production New Ventures, a subsidiary of OQ, and Petronas Carigali International Ventures have signed a memorandum of understanding to formalise a strategic cooperation agreement, aiming to collaborate on ventures in the oil and gas exploration and production sector.
bp has started up its sixth major upstream oil and gas project of 2025 with production from the Murlach field in the UK North Sea. The six projects add around 150,000 barrels of oil equivalent per day (boed) combined peak net production, contributing to bp’s target to deliver an additional 250,000 boed combined peak net production by the end of 2027.
