Shell, QatarEnergy, and Sonangol E&P signed Heads of Terms regarding the Risk Service Contracts for Blocks 8 and 22 offshore Angola, with Angola’s National Agency for Oil, Gas and Biofuels (ANPG).  The move is a step in evaluating offshore potential and building on Angola’s established role in Africa’s energy sector, Shell said in a release Sept. 9. Alioune Sourang, country chair of Shell Angola, said the signing is “another positive step in Shell’s renewed engagement with Angola,” and that it “builds on the momentum from exploration block entries with Chevron, Equinor, and Sonangol P&P.”  Under the agreement, Shell will be operator with 50% interest, QatarEnergy will hold 30% working interest, and Sonangol will hold 20% in the two offshore blocks. Shell’s participation in the Heads of Terms is through BG International Ltd. – Sucursal em Angola, a Shell company. The agreement was signed in the Angolan capital Luanda on the sidelines of the Angola Oil & Gas Conference. It is subject to the relevant governmental approvals and final contractual arrangements.

Executives from Chevron Corp. and ExxonMobil Corp. spoke at the Barclays 40th Annual Energy-Power Conference in New York this week, expanding on how they’re approaching the next phase of upstream growth, highlighting opportunities from Venezuela to Guyana, and offering clues about how major operators are evaluating future resource development opportunities. As OGJ did following , we’ve gathered notable comments from company leaders about the opportunities and challenges shaping their businesses. Chevron Unsurprisingly, a significant share of the conversation between Barclays analyst Betty Jiang and Chevron Corp. chief financial officer Eimear Bonner focused on the company’s ambitions in Venezuela, where the company last week signed a deal to over the next 5 years. Bonner reiterated the attractive financial picture for Chevron, pointing to operating costs below $20/bbl and a goal of hitting 600,000 b/d in 2031 (from today’s roughly 280,000 b/d) just from primary recovery. Chevron teams expect that production will plateau between 600,000 and 700,000 b/d for most, if not all, of the 2030s. “There’s a lot more upside there,” Bonner said. “This is growth at low cost and very attractive returns.” Helping to solidify Chevron’s financial equation, Bonner added, is that the company’s existing infrastructure in Venezuela is in good shape and that its expansion plans won’t require major capital projects but will instead lean on pipeline and utility expansion work. “The best way to think about this is we are developing or intend to develop this like the way we develop the Permian,” Bonner said. “It really is just another factory-type development. There will be a period of investment and a period of plateau. We’re looking forward to adopting and scaling and implementing all the lessons learned from the factory experience that we have.” ExxonMobil With a next quarter in the Stabroek block offshore Guyana, ExxonMobil Corp. is

WASHINGTON — The U.S. Department of Energy’s (DOE) Hydrocarbons and Geothermal Energy Office (HGEO) today announced the $300,000 Geologic Enhanced Mapping System (GEMS) Prize to help identify hidden geothermal systems by using geophysical data to identify faults and structures indicative of geothermal resources. Activities enabled by this prize will help deliver on President Trump’s Executive Order, Unleashing American Energy, by advancing geothermal exploration, in turn supporting the potential for geothermal to provide affordable, reliable, around-the-clock domestic electricity to Americans. “Unlocking America’s vast geothermal potential is essential to securing our energy dominance and providing the reliable, dispatchable baseload power our nation needs,” said DOE Acting Assistant Secretary of the Hydrocarbons and Geothermal Energy Office Curt Coccodrilli. “By challenging innovators to map hidden geothermal resources, the GEMS Prize will boost efforts to strengthen grid stability, reduce utility expenses for U.S. households, and deliver the secure, steady electricity required to fuel our domestic manufacturing resurgence and next-generation AI data centers.” The GEMS Prize challenges competitors to develop, train, and test algorithms that generate enhanced geologic fault datasets—which, in turn, can support mapping and modeling for geothermal and critical mineral resources. By using real-world datasets and testing ideas against geophysical data, the GEMS Prize is expected to accelerate discoveries of new, commercially viable hidden geothermal systems while reducing exploration and development risks. The competition comprises two rounds, with prizes ranging from $15,000 to $100,000. Both individual and group competitors can participate, and submissions are due December 3, 2026. Learn more on the competition website. Learn how HGEO is unleashing the full potential of America’s hydrocarbon and geothermal resources to provide affordable, reliable, and secure energy here.

Global crude oil prices are expected to remain elevated through yearend 2026 as Middle East production disruptions and constrained exports continue to draw down inventories, the US Energy Information Administration (EIA) said in its September Short-Term Energy Outlook (STEO). EIA forecasts Brent crude oil spot prices will average about $90/bbl in second-half 2026, $8/bbl higher than projected in its August outlook. Brent averaged $91/bbl in August, up $7/bbl from July, as constrained Middle East exports led to additional production shut-ins. Middle East crude production shut-ins averaged an estimated 6.7 million b/d in August, up from 5.0 million b/d in July. EIA expects disruptions to ease gradually but remain substantial, with shut-in volumes averaging about 5.7 million b/d in fourth-quarter 2026. Oil flows through the Strait of Hormuz and Bab el-Mandeb remain constrained, although producers and shippers are increasingly using pipeline and overland bypass routes and ship-to-ship transfers. Stay updated on oil price volatility, shipping disruptions, LNG market analysis, and production output through OGJ’s Iran war content hub. Renewed US blockade of Iranian exports after Iran’s tanker attacks in Hormuz, plus the Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions against Iranian economic and oil interests, will cut Iran’s exports and production, EIA said. In addition, attacks in Bab el-Mandeb roughly halved August loadings at Yanbu, the Red Sea port that bypasses Hormuz, according to Vortexa estimates. Saudi Arabia has rerouted barrels through the Suez Canal—longer and costlier for Asian buyers—and reportedly started ship-to-ship transfers outside the Persian Gulf, but EIA expects Red Sea constraints to cap Saudi supply near term. The disruptions have led to sharp inventory draws. EIA estimates global oil inventories fell by an average 3.9 million b/d in second-quarter 2026 and forecasts additional draws of 3.0 million b/d in the third quarter and 1.7 million b/d

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Diversified Energy Co. has agreed to acquire Birch Permian Holdings Inc. and certain affiliated companies from affiliates of Elliott Investment Management LP for about $1.8 billion, expanding its position in the Permian basin and adding operated, producing assets to its portfolio. The acquisition is expected to increase Diversified’s production by about 35%, the company said in a release Sept. 2. Following closing, Diversified said operated gross production volumes are expected to total about 2.5 bcefd, or roughly 1.6 bcfed net. Birch’s assets currently produce about 68,000 boe/d net (about 409 MMcfed), consisting of 38% oil, 32% natural gas liquids, and 30% natural gas. The portfolio includes about 480 net wells across 46,000 net mineral acres in the Permian basin. The acquired properties contain proved reserves of about 1.17 tcfe and a reported PV-10 value of about $2 billion. The transaction also includes gathering, processing, and water-handling infrastructure. Midstream assets comprise 12 central production facilities, nine well gathering facilities, more than 60 miles of gathering pipeline, and five water disposal facilities connected by more than 80 miles of disposal and recycling pipelines. Processing capacity includes up to 345,000 b/d of oil and 310 MMcfd of gas. Diversified said the acquisition establishes a platform for further consolidation of mature, producing Permian assets consistent with its strategy of acquiring and managing proved developed producing (PDP) properties. The company also cited enhanced oil recovery (EOR) potential, noting the acquired position includes more than 150 permitted EOR locations. “This $1.8 billion acquisition is our largest in the company’s 25-year history,” said chairman and chief executive officer Rusty Hutson Jr. He said the assets provide a concentrated operated position in the Permian basin with integrated infrastructure and predictable cash flow characteristics. The acquisition is expected to be funded primarily through a privately rated asset-backed securitization originated