Oil & Gas

Unit Corporation sells contract drilling subsidiary to Cactus Drilling in $120 million deal

“Divesting our contract drilling business allows us to sharpen our strategic focus on our upstream operations, where we see significant opportunities to create long-term value,” said Phil Frohlich, Unit’s CEO. “We remain committed to disciplined capital allocation, returning cash to shareholders through our dividend program, and pursuing attractive drilling prospects that complement our existing portfolio.”

API applauds court ruling overturning federal offshore leasing ban

The American Petroleum Institute (API) issued the following statement from Senior Vice President and General Counsel Ryan Meyers after a federal court ruled that the previous administration’s attempt to permanently ban new oil and natural gas activity across millions of acres of federal waters was unlawful and exceeded the statutory authority of the executive branch.

Angola targets 60 oil and gas concessions by end-2025 through licensing drive

On the back of its multi-year licensing round launched in 2019, Angola is positioned to award 60 concessions by the end of 2025. Speaking at African Energy Week, Alcides Andrade, Executive Administrator at the National Oil, Gas & Biofuels Agency (ANPG), explained that the country has already reached its target of awarding 50 concessions through its annual licensing drive and direct negotiation program and is now pursuing additional licenses to drive production.

QatarEnergy acquires stake in Shell-operated block offshore Egypt

The North Cleopatra block lies in the frontier Herodotus basin in the Mediterranean Sea, and covers more than 3,400 square kilometres in water depths reaching 2,600 metres. Following the transaction, which is subject to approval by the Egyptian government, Shell will retain a 36% operating interest in the block, with Chevron holding 27% and Egypt’s Tharwa Petroleum Company holding 10%.