@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } YPF SA has let a 5-year contract to Archer Ltd. for drilling services in the Vaca Muerta area of Argentina. Under the terms of the agreement, Archer will provide and operate seven drilling rigs, equipped with integrated Managed Pressure Drilling (MPD) systems. Two of these rigs will be leased internationally, bringing additional drilling capacity to Argentina. In addition to the firm 5-year term, the contract includes a 2-year extension option. The contract has a total estimated value of $600 million. The Vaca Muerta formation is the main source rock and one of the largest areal stratigraphic units in Neuquén basin, onshore Argentina. The formation trends to calcareous sandstones on the western and middle sections of the basin and towards limestones to the east in a shelf. Depositional depths are less than 300 m and extend about 90,000 sq km, of which 30,000 sq km are prospective for unconventional exploitation. On Aug. 6, 2025, YPF acquired interest in two unconventional oil and gas blocks in Vaca Muerta.

OPEC and its allies (OPEC+) agreed on Sunday, Nov. 30, to keep oil production policy unchanged into early 2026 while approving a new capacity-based quota system that will reshape how the group allocates output from 2027 onward. Meeting virtually, the eight participating OPEC+ members—Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the UAE—reaffirmed their Nov. 2 decision to maintain current production levels through first-quarter 2026. They will continue meeting monthly to track adherence and discuss any need for additional action, with the next gathering set for Jan. 4, 2026. Since April 2025, the OPEC+ group has introduced about 2.9 million b/d into the market, while continuing to restrict around 3.24 million b/d of supply, which accounts for roughly 3% of global demand. The meeting took place amid renewed US efforts to negotiate a peace agreement between Russia and Ukraine. A successful deal could potentially increase global oil supply if sanctions on Russia are lifted. In parallel, the broader OPEC+ ministerial meeting confirmed group-wide 2026 quotas previously agreed earlier this year, signaling that no fresh changes in baseline targets are planned before the end of next year unless market conditions deteriorate sharply. New Maximum Sustainable Capacity audits Beyond near-term policy, the most consequential move from the Nov. 30 meetings was approval of a new quota framework based on audited Maximum Sustainable Production Capacity (MSC), which will be used to set production baselines starting in 2027. Under the mechanism, OPEC+ will commission third-party audits of most its members’ sustainable production capacity between January and September 2026. A US consultancy, DeGolyer and MacNaughton, will assess most producers, while separate arrangements will be used for Russia and Venezuela and domestic figures for Iran because of sanctions and data-sharing constraints. MSC is defined as the level of output a country can sustain for a

US crude oil inventories for the week ended Nov. 28, excluding the Strategic Petroleum Reserve, increased by 600,000 bbl from the previous week, according to data from the US Energy Information Administration. At 427.5 million bbl, US crude oil inventories are about 3% below the 5-year average for this time of year, the EIA report indicated. EIA said total motor gasoline inventories increased by 4.5 million bbl from last week and are about 2% below the 5-year average for this time of year. Finished gasoline inventories and blending components inventories both increased last week. Distillate fuel inventories increased by 2.1 million bbl last week and are about 7% below the 5-year average for this time of year. Propane-propylene inventories decreased by 700,000 bbl from last week and are about 15% above the 5-year average for this time of year, EIA said. US crude oil refinery inputs averaged 16.9 million b/d for the week ended Nov. 28, which was 433,000 b/d more than the previous week’s average. Refineries operated at 94.1% of capacity. Gasoline production increased, averaging 9.8 million b/d. Distillate fuel production increased by 53,000 b/d, averaging 5.1 million b/d. US crude oil imports averaged 6.0 million b/d, down 456,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.9 million b/d, 14.4% less than the same 4-week period last year. Total motor gasoline imports averaged 772,000 b/d. Distillate fuel imports averaged 190,000 b/d.

@import url(‘https://fonts.googleapis.com/css2?family=Inter:[email protected]&display=swap’); a { color: var(–color-primary-main); } .ebm-page__main h1, .ebm-page__main h2, .ebm-page__main h3, .ebm-page__main h4, .ebm-page__main h5, .ebm-page__main h6 { font-family: Inter; } body { line-height: 150%; letter-spacing: 0.025em; font-family: Inter; } button, .ebm-button-wrapper { font-family: Inter; } .label-style { text-transform: uppercase; color: var(–color-grey); font-weight: 600; font-size: 0.75rem; } .caption-style { font-size: 0.75rem; opacity: .6; } #onetrust-pc-sdk [id*=btn-handler], #onetrust-pc-sdk [class*=btn-handler] { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-policy a, #onetrust-pc-sdk a, #ot-pc-content a { color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-pc-sdk .ot-active-menu { border-color: #c19a06 !important; } #onetrust-consent-sdk #onetrust-accept-btn-handler, #onetrust-banner-sdk #onetrust-reject-all-handler, #onetrust-consent-sdk #onetrust-pc-btn-handler.cookie-setting-link { background-color: #c19a06 !important; border-color: #c19a06 !important; } #onetrust-consent-sdk .onetrust-pc-btn-handler { color: #c19a06 !important; border-color: #c19a06 !important; } CNOOC Ltd. started production at the Weizhou 11-4 Oilfield Adjustment and Satellite Fields Development Project in Beibu Gulf basin of the South China Sea.  The project is in an average water depth of about 43 m and adopted a coordinated development plan with three offshore processing centers and one onshore terminal. Main production comes from a newly built unmanned wellhead platform and a central processing platform which are connected to an existing platform through a trestle bridge. Thirty-five development wells are planned to be commissioned, including 28 production wells and 7 water injection wells. The project is expected to achieve a plateau production of about 16,900 boe/d in 2026. The oil property is light crude. CNOOC is operator of the project with 100% interest.

Azule Energy Holdings Ltd.—a 50:50 joint venture of Eni SPA and bp PLC—has commissioned the onshore natural gas treatment plant to handle production from the first phase of the New Gas Consortium (NGC), Angola’s first dedicated non-associated gas development project. Located at Soyo in Angola’s northern province of Zaire and operated by Azule Energy, the NGC gas plant is equipped with capacities to process 400 MMcfd of gas and 20,000 b/d of condensate from two wellhead platforms in NGC’s Quiluma and Moboquerio shallow-water offshore gas fields, Azule Energy and Eni said in separate statements. Started for construction in October 2023, the new plant began processing its first gas volumes 24 months later during November 2025, putting the project 6 months ahead of its originally planned schedule, Azule Energy said. Additional potential gas feedstock for the onshore gas plant could also come from NGC Phase 1’s Blocks 2, 3, and 15/14 areas, according to Azule Energy’s website. The companies said formal commissioning of the new plant—which connects directly to Angola LNG Ltd.’s Soyo 1.1-bcfd gas plant that produces up to 5.2 million tonnes/year (tpy) of LNG—marks a major step in Angola’s plan to expand non-associated gas production and supply feedstock to Angola LNG. Gas volumes processed at NGC’s plant are delivered to Angola LNG’s plant for export and domestic consumption, with Angola LNG marketing the gas as LNG with condensates sold directly by NGC owners, which include Azule Energy (37.4%), TotalEnergies SE subsidiary TotalEnergies EP Angola Development Gaz (11.8%), Chevron Corp. subsidiary Cabinda Gulf Oil Co. Ltd. (31%), and Sociedade Nacional de Combustíveis de Angola EP (Sonangol) subsidiary Sonangol Pesquisa e Produção SA (19.8%). With the associated gas project now online, “Angola [has taken] a decisive step toward establishing itself as a strategic force in the global natural gas market, [and] Azule Energy

PetroNor E&P ASA, an Africa-focused independent oil and gas exploration and production company, will withdraw from the exploration license for Block A4 offshore Gambia. The company is relinquishing its rights to the license following the conclusion of discussions with the Gambian government regarding options after the initial exploration phase of the license expired in November. As part of its third-quarter 2025 report, PetroNor said it had entered the discussions to extend the license without a drilling commitment and the outcome “may result in relinquishment of the block.”  PetroNor, which had agreed to terms settling arbitration related to the 1,376-sq km A4 license in 2020, thanked the Ministry of Petroleum and Energy, the Petroleum Commission, and its partner, state-owned Gambia National Petroleum Corp. (GNPC), “for their support and close collaboration over the past years of the license term.” The A4 license lies “within the same proven play trend as Senegal and Sangomar field, a play which is expected to extend southward into The Gambia,” PetroNor notes on its website. PetroNor held a 90% interest in the license. The Gambian government held the remaining 10%.