The Journal of Petroleum Technology

The Journal of Petroleum Technology is the main magazine of the Society of Petroleum Engineers. It offers reliable articles and insights on new technologies in exploration and production, addresses challenges within the oil and gas sector, and shares updates related to the SPE and its members.

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US Gas Giant EQT Expands With $1.8 Billion Acquisition

22 hours ago | jpt.spe.org | Trent Jacobs

US independent EQT Corp. announced plans to acquire privately held Olympus Energy Holdings in a cash-and-stock transaction valued at $1.8 billion. The deal, revealed during EQT’s first-quarter earnings call, comes amid uncertainty over the potential impact of US tariffs on upstream supply lines.
TotalEnergies Locks In LNG Deals in Dominican Republic, Texas

1 week ago | jpt.spe.org | Blake Wright

TotalEnergies has signed an agreement with Energia Natural Dominicana (ENADOM), a joint venture between AES Dominicana and Energas in the Dominican Republic, for the delivery of 400,000 tons of LNG per year starting in mid-2027. The deal is subject to the finalization of the sales and purchase agreements (SPA) and covers a 15-year period with the price indexed to Henry Hub.
BP Strikes Oil at Far South as US Increases Reserves Estimate

1 week ago | jpt.spe.org | Jennifer Pallanich

BP found a potentially commercial amount of oil with its deepwater Far South exploration well offshore the coast of Louisiana days after the US Department of the Interior announced a significant increase in estimated oil and gas reserves on the gulf’s outer continental shelf (OCS). BP’s well and the subsequent sidetrack, drilled in Green Canyon Block 584 in the Gulf of Mexico (aka Gulf of America), encountered oil in high-quality Miocene reservoirs, the operator said in its 14 April announcement.
Eni To Invest $26 Billion Across North Africa

2 weeks ago | jpt.spe.org | Jaxon Caines

In an effort to boost energy production, Italian energy group Eni will invest around $26.24 billion in energy projects across Algeria, Libya, and Egypt over the next 4 years, CEO Claduio Descalzi said on 8 April at an energy conference in Ravenna, Italy, according to Reuters. While the three north African countries could play an important role as hydrocarbon suppliers for Europe, they need greater outside investment to expand their energy output and meet rising domestic demand, said Descalzi.
‘Exceptional’ Data Set Captured During Carbon Dioxide Injection Test in the North Sea

2 weeks ago | jpt.spe.org | Jennifer Pallanich

Perenco has wrapped up a carbon dioxide (CO2) injection test for carbon capture and storage (CCS) into a depleted natural gas reservoir in the UK’s southern North Sea. Perenco announced the Project Poseidon injection test milestone on 9 April. The test was conducted by the Project Poseidon Joint Venture, consisting of Perenco UK, Carbon Catalyst, and Harbour Energy.
Woodside Sells Down Stake in Louisiana LNG

2 weeks ago | jpt.spe.org | Blake Wright

Investment firm Stonepeak will spend $5.7 billion to acquire 40% interest in Woodside’s Louisiana LNG production and export terminal in Calcasieu Parish, Louisiana. The project has a total permitted capacity of 27.6 mtpa and is nearing final investment decision (FID) for the foundation development.
Aramco Eyes 2027 Start for Drone Inspections Under MOU With Terra Drone

2 weeks ago | jpt.spe.org | Jaxon Caines

Terra Drone Corporation signed a memorandum of understanding (MOU) with Saudi Aramco that may see the Japanese drone maker run test inspections of the oil giant's facilities in Saudi Arabia. The companies said the goal of the MOU is to enhance collaboration between Terra Drone and Aramco and advance drone technologies for improved safety and efficiency in the energy sector.
Shell Taps Subsea7 To Install Sparta Production Unit

2 weeks ago | jpt.spe.org | Jennifer Pallanich

Subsea7 won the contract to transport and install Shell’s Sparta floating production semisubmersible off the coast of Louisiana. In its 4 April announcement, the company said that it would immediately begin project management and engineering activities at its Houston office, and that offshore activities were expected to begin in 2027. The work is valued at between $50 million and $150 million.
ADNOC Finalizes Farm-In to Mozambique’s Area 4 LNG Project

2 weeks ago | jpt.spe.org | Pat Davis Szymczak

ADNOC’s investment subsidiary, XRG, has closed on the acquisition of Galp’s 10% interest in Mozambique’s Area 4 concession in the Rovuma basin—Mozambique Romuva Venture (MRV), led by ExxonMobil and Eni.
INEOS Energy Buys CNOOC’s US Gulf Unit

2 weeks ago | jpt.spe.org | Blake Wright

UK chemical producer INEOS Energy completed its acquisition of CNOOC’s US Gulf business for an undisclosed sum. The completion of the deal marks the third major investment by INEOS Energy in the US in the past 3 years following the 1.4-mtpa LNG deal completed with Sempra in December 2022 and the acquisition of Chesapeake Energy’s oil and gas assets in south Texas in May 2023. Its purchase of the CNOOC business increases INEOS’s capital spend on energy assets in the region to more than $3 billion.