Vista Energy SAB de CV has applied to include its Bandurria Norte shale oil development in Argentina’s Large Investment Incentive Regime (RIGI). The $5.8-billion project targets peak production of 50,000 boe/d. Bandurria Norte is the largest oil project submitted under RIGI, which provides tax, customs, and foreign-exchange incentives for qualifying investments, and follows approval of Pampa Energía SA’s $4.521 billion Rincón de Aranda development, which established the first framework for qualifying incremental shale oil production under the regime. Together, the projects represent more than $10.3 billion in planned investment and would extend RIGI-backed development into undeveloped Vaca Muerta oil acreage. Bandurria Norte spans 26,500 acres in Vaca Muerta’s oil window and currently has no producing wells. Vista plans to drill and complete 332 horizontal wells and build dedicated infrastructure, including a 40,000-b/d oil treatment plant, a gas compression plant, gathering systems, pipelines, and associated infrastructure. The project would be Vista’s first large-scale development outside its core Bajada del Palo hub, where existing roads, processing capacity, and gathering networks support lower-cost drilling. Bandurria Norte requires full greenfield development, increasing upfront capital requirements, and execution risk. Vista said RIGI incentives are material to developing its undeveloped acreage because incremental production from new areas can qualify separately from existing output if volumes remain physically and operationally traceable. Export capacity remains critical Bandurria Norte forms part of Vista’s plan to increase production to 208,000 boe/d in 2028 and 250,000 boe/d in 2030. Development depends on additional crude transportation capacity from the Neuquén basin, particularly the Vaca Muerta Oil Sur (VMOS) pipeline under construction between Allen and Punta Colorada in Río Negro province. Designed for an initial capacity of 550,000 b/d and expandable to 700,000 b/d, VMOS is scheduled for start-up in first-half 2027. Vista averaged 156,000 boe/d of production in second-quarter 2026, up 16%

@import url(‘https://fonts.googleapis.com/css2?family=Inter:wght@100..900&display=swap’); .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; } 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; } Global oil prices rallied sharply July 29 as renewed military escalation in the Middle East ended several days of relative calm and revived concerns over crude flows from the region. Brent crude surged 7% to above $90/bbl, while US WTI climbed above $84/bbl. The rally followed joint US-Saudi airstrikes on Iran-backed militias in Iraq—which killed at least 20 fighters, according to Iraq’s Popular Mobilization Forces—and a retaliatory Iranian missile barrage targeting US forces in the region. Stay updated on oil price volatility, shipping disruptions, LNG market analysis, and production output through OGJ’s Iran war content hub. This operation marks the first time Saudi Arabia has publicly acknowledged a combat role in the conflict. Washington and Riyadh stated that the strikes were launched in response to drone attacks on oil facilities in Saudi Arabia’s Eastern Province—attacks that originated from within Iraq. The sudden escalation across multiple fronts has raised concerns that the 5-month-old conflict could expand further, threatening critical shipping lanes—the Strait of Hormuz and, following the Houthis’ declared blockade of Saudi shipping, the Bab el-Mandeb strait. Adding support to prices, US commercial crude inventories fell by 7.2 million bbl in the week ended July 24, according

bp plc has farmed out a 15% interest in BP Energy Co. of Kirkuk Ltd. (BP ECKL) to state-owned Turkish Petroleum Corp. (TPAO), expanding on a partnership to support the redevelopment of major oil and gas fields in the Kirkuk region of northern Iraq. The move comes as Iraq aims to increase oil and gas production through various international partnerships. Signed during the official visit of Iraqi Prime Minister Ali Al-Zaidi to Türkiye, the agreement builds on a strategic cooperation memorandum of understanding (MoU) signed by the companies in February 2026.  The development and production contract covers an initial phase of oil and gas production of more than 3 billion boe from the Baba and Avanah domes of Kirkuk oil field and the adjacent Bai Hassan, Jambur, and Khabbaz fields in Federal Iraq, all currently operated by the North Oil Co. (NOC) and North Gas Co. (NGC), bp said in a release July 28. The contract area holds potential for additional exploration, the companies said. The deal follows one that saw ConocoPhillips acquire a 42% interest in BP ECKL. Together, bp said, the transactions support the next phase of redevelopment in Kirkuk. Türkiye Energy and Natural Resources Minister Bayraktar said the agreement is a step “towards making Turkish Petroleum a company that produces 1 million barrels of oil and natural gas per day.” Following completion of the transaction, which is subject to regulatory approvals, bp will remain the majority shareholder and a key participant in BP ECKL (bp 43%, ConocoPhillips 42%, TPAO 15%).

US crude oil inventories for the week ended July 24, excluding the Strategic Petroleum Reserve, decreased by 7.2 million bbl from the previous week, according to data from the US Energy Information Administration (EIA). At 404.5 million bbl, US crude oil inventories are about 7% below the 5-year average for this time of year, the EIA report indicated. EIA said total motor gasoline inventories increased slightly from last week and are 6% below the 5-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 1.1 million bbl last week and are about 9% below the 5-year average for this time of year. Propane-propylene inventories increased by 2.5 million bbl from last week and are 34% above the 5-year average for this time of year, EIA said. US crude oil refinery inputs averaged 17.3 million b/d for the week ended July 24, which was 271,000 b/d more than the previous week’s average. Refineries operated at 97.2% of capacity. Gasoline production increased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 5.4 million b/d. US crude oil imports averaged 5.7 million b/d, down 124,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.7 million b/d, 6.9% less than the same 4-week period last year. Total motor gasoline imports averaged 659,000 b/d. Distillate fuel imports averaged 98,000 b/d.

@import url(‘https://fonts.googleapis.com/css2?family=Inter:wght@100..900&display=swap’); .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; } 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; } Cosmo E&P Albahriya Ltd. has let a well engineering services contract to CB&I’s Asset Solutions (formerly part of Petrofac) for Block 4 offshore north of Abu Dhabi, UAE. Offshore Block 4 covers an area of 4,865 sq km in the shallow waters of the Arabian Gulf. Cosmo was awarded the block in Abu Dhabi’s second Block Bid Round in 2021 and is operator of the block (100%). Since then, operations in the area have focused on oil exploration.

@import url(‘https://fonts.googleapis.com/css2?family=Inter:wght@100..900&display=swap’); .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; } 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; } Repsol SA will farm out a 50% working interest to Talos Energy Inc. in Block 29 in the Salinas-Sureste basin, offshore Mexico. Under the agreement, Talos Energy will make a contingent $30-million payment at final investment decision (FID), Talos said in a July 27 release. Terms also include a cash-carry of up to $20 million on the next exploration well and reimbursement of certain pre-closing costs, subject to customary terms and conditions, including Mexico’s regulatory approvals. Upon closing, Repsol will remain operator and retain a 50% interest alongside Talos’ 50% working interest.  The companies anticipate advancing the project toward FID in 2027. Block 29 development Block 29 contains the Polok and Chinwol oil discoveries, estimated to hold more than 200 MMboe of gross recoverable resources. Oil was discovered by the Polok-1 and Chinwol-1 wells, which encountered net oil columns of more than 200 m and 150 m, respectively. <!–> –><!–> –> May 5, 2020 <!–> –><!–> –> Feb. 8, 2023 <!–> –><!–> –> Dec. 3, 2024 The 3,254-sq-km block lies about 88 km offshore Tabasco. Polok and Chinwol fields are about 16 km apart in water depths of 460-600 m. The potential development concept centers on