In a release sent to Rigzone recently, Wood Mackenzie revealed that ExxonMobil was crowned the “most admired upstream explorer” in Wood Mackenzie’s latest Annual Exploration Summit Survey. “ExxonMobil’s win as the most admired explorer for 2025 is well deserved”, Andrew Latham at Wood Mackenzie, said in the release. “Based on its decade long exploration and development success in Guyana in particular, ExxonMobil has created almost $30 billion in value and already surpassed 700,000 barrels per day of new oil production,” he added. “The company has set a new benchmark in opening up a deepwater frontier at pace. Congratulations to John Ardill and the entire exploration team,” he continued. Wood Mackenzie noted in its release that ExxonMobil found over eight billion barrels of new field resources on a net equity basis since 2015, which it said is more than any other company over the decade. The release pointed out that ExxonMobil was highlighted as one of four “standout performers” at an awards ceremony earlier this month. That ceremony “recognized industry leaders based on peer admiration”, according to the release, which highlighted that the other “standout performers” comprised Galp Energia, Murphy Oil, and CNOOC. Galp was recognized in the Discovery of the Year category for its operated Mopane find in deepwater Namibia, Murphy Oil was highlighted in the E&P Explorer of the Year category following its Hai Su Vang and Lac Da Hong oil discoveries offshore Vietnam, and CNOOC was recognized in the NOC Explorer of the Year category, the release outlined. “CNOOC found over seven billion barrels of oil equivalent over the past decade, ranked second only to ExxonMobil,” Wood Mackenzie said in the release. “Resources discovered are equally split between operated wells offshore China and as a partner in ExxonMobil’s deepwater success in Guyana,” it added. Wood Mackenzie stated in

Eni SpA has inaugurated its first vegetable oil extraction plant in the Republic of the Congo, unlocking new feedstock capacity for its biorefineries. The facility in Loudima, in the southern part of the Central African country, can produce up to 30,000 metric tons a year of vegetable oil. The plant will use crops grown on “degraded and underutilized land or through intercropping systems, as part of an innovative regenerative agriculture project developed in collaboration with local stakeholders”, the Italian state-controlled energy major said in a press release. “With the launch of the Loudima agri-hub, the country takes on an active role in the biofuel production chain, in line with Eni’s strategic path to achieve net zero emissions from its products and processes by 2050”, the company said. Eni added, “The vegetable oils produced in Congo are certified according to the strictest criteria established by the European Directive on biofuels (Renewable Energy Directive), ensuring traceability, sustainability of the production process, and respect for biodiversity, human rights, and labor conditions”.  “The project represents a significant development opportunity for Congo’s agro-industrial sector”, it said. “Eni supports the local agribusiness value chain through the provision of advanced mechanization services and improved seeds”. The facility will use around 200 new machines, half of which have already been imported. “In addition to farmer training programs, the initiative will foster the creation of new specialized skills in mechanization, logistics, and industrial processes, involving around 400 tractor operators”, Eni said. “The Loudima agri-hub will also produce vegetable proteins for livestock feed, creating further development opportunities for the agri-food sector and contributing to food security”, it added. “The initiative complements other Eni activities aimed at promoting the energy transition in the Republic of the Congo, including the improved cookstove program, which helps reduce indoor pollution and the unsustainable consumption

Equinor ASA on Monday announced another discovery in the recently started-up Johan Castberg field on Norway’s side of the Barents Sea. The majority state-owned energy major put preliminary estimates for well 7720/7-DD-1H, or Drivis Tubaen, at 9-15 million barrels of oil. The discovery was drilled near the Drivis discoveries of 2014, according to a press release by Equinor. “The licensees will consider tie-in of the discovery to the Johan Castberg field”, said Equinor, which operates Johan Castberg with a 46.3 percent stake. The other developers are Eni SpA-backed Var Energi ASA with a 30 percent interest and state-owned Petoro AS with 23.7 percent. “The Johan Castberg volume base originally estimated at 450-650 million barrels, our clear ambition is to increase the reserves by another 250-550 million barrels”, said Grete Birgitte Haaland, Equinor senior vice president for exploration and production North. “To realize this, we are planning six new exploration wells and continuous exploration activity”. Earlier this month Equinor said Johan Castberg has ramped up to capacity, or 220,000 barrels of oil per day, after going onstream late March. “This increases energy deliveries from the Barents Sea by 150 percent”, Equinor said in a statement June 20. Johan Castberg is the third field developed in the Norwegian Barents Sea after Snohvit, which started production 2007, and Goliat, which went online 2016. “Johan Castberg represents a gamechanger for the importance of the Barents Sea for Norway’s future as an energy nation. Every three to four days, tank loads now depart from Johan Castberg, each of them worth around half a billion Norwegian kroner”, Kjetil Hove, Equinor executive vice president for Norwegian exploration and production. “The field will remain on stream for at least 30 years, delivering stable energy to Europe, generating high value for Norway, and ripple effects and jobs in Northern

PT Pertamina International Shipping (PIS) has reported $3.48 billion in revenue for 2024, up 4.4 percent from 2023. Profit grew 69.3 percent from $329.9 million in 2023 to $558.6 million in 2024. “This strong financial performance proves that the business transformation we have carried out is on the right path and affirms PIS’s position as one of Asia’s reputable maritime logistics companies. This business growth not only marks corporate advancement but also increases our contribution to national energy security”, PIS Corporate Secretary Muhammad Baron said. Throughout 2024, PIS transported 161 billion liters (42.5 billion gallons) of energy. It added 10 new tankers, including four VLGCs: Pertamina Gas Caspia, Dahlia, Tulip, Bergenia, PIS Jawa, Kalimantan, Kerinci, Rinjani, Rokan and Natuna. It had 102 vessels by year-end, the company said. “PIS continues to strengthen its fleet and increase domestic cargo transportation capacity in line with growing national energy demand. PIS is targeting higher transport capacity to ensure energy availability and support Asta Cita’s national energy independence agenda”, Baron added. By 2024, PIS vessels operated 65 international routes, up from 11 in 2021. To meet rising global demand, PIS opened three international offices in Singapore, Dubai, and London through its subsidiary PIS Asia Pacific, increasing non-captive revenue from 4 percent in 2021 to 19 percent in 2024, the company said. “We are grateful that PIS’s achievements, driven by increasingly efficient business transformation, have had a positive impact on the development of the national maritime industry. This is part of PIS’s commitment to revitalize various domestic industries and drive Indonesia’s economy sustainably”, Baron said. To contact the author, email [email protected] What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals

DNOW Inc. has agreed to buy MRC Global Inc. in an all-stock transaction valued $1.5 billion, creating a premier energy and industrial solutions provider. In a joint statement, the companies said the combination brings together complementary portfolios, services, and supply chain solutions. The combined entity, which will retain the name DNOW, will have a footprint of more than 350 service and distribution locations across more than 20 countries, the statement said. Under the terms of the agreement, MRC Global shareholders will receive 0.9489 shares of DNOW common stock for each share of MRC Global common stock, representing an 8.5 percent premium to MRC Global’s 30-day volume-weighted average price of $12.77 as of June 25. Upon the completion of the transaction, DNOW and MRC Global shareholders will respectively own approximately 56.5 percent and approximately 43.5 percent of the resulting company. “The combination of DNOW and MRC Global will create a premier energy and industrial solutions provider with a balanced portfolio of businesses and a diversified customer base fortifying long-term profitability and cash flow generation”, David Cherechinsky, DNOW President and CEO, said. “MRC Global’s differentiated product offerings and complementary assets strengthen DNOW’s 160-year legacy as a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment”. The two companies expect to generate $70 million of annual cost synergies within three years. Cherechinsky will take on the same role in the combined company. Mark Johnson will remain as Chief Financial Officer. The DNOW board will be expanded to 10 directors to accommodate two MRC Global board members. Dick Alario will remain as chairman of the board. The parties expect to close the transaction in the fourth quarter. The combined company will remain headquartered in Houston, Texas. To contact the author, email [email protected] What do you think? We’d love to

Abu Dhabi-based petrochemicals company Borouge PLC has partnered with Honeywell to conduct a proof of concept for AI-powered autonomous operations. The company said in a media release that this collaboration has the potential to revolutionize its UAE plant operations. The collaboration between Borouge and Honeywell is set to deliver the petrochemical industry’s first AI-driven control room designed for full-scale, real-time operation, establishing a new standard for the future of AI in petrochemicals, Borouge said. “Borouge’s AI, Digitalization, and Technology (AIDT) transformation program is setting new standards in operations, innovation, and business performance. By collaborating with global AI leaders such as Honeywell, we are accelerating growth, driving efficiency, and enhancing shareholder value. This project further strengthens Borouge’s competitive edge as we continue to deliver on our ambitious AIDT roadmap,” Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said. The companies agreed to bring their expertise in process technology and autonomous control capabilities to identify new opportunities to deploy Agentic AI solutions and advanced machine learning algorithms, Borouge said. “Our collaboration with Borouge is a clear example of how joint efforts can accelerate innovation across industry. By integrating AI and automation technologies into core operations, we are helping unlock new levels of efficiency, safety, and performance. This agreement shows how advanced technologies, applied with purpose, can reshape industrial operations at scale”, George Bou Mitri, President of Honeywell Industrial Automation in the Middle East, Turkey, Africa and Central Asia, said. Borogue said the initiative seeks to implement proof-of-concept technologies that will improve its operations across its Ruwais facilities in the UAE. By embracing autonomous operations, Borouge said it can optimize production, cut energy consumption, and boost safety, all while driving down costs, at what will be the world’s largest petrochemical site. Borouge expects its AIDT program to bring in $575 million in