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'With little appetite from owners to add new rigs as rig demand is flattening out, we believed growth would be inorganic', Wood Mackenzie's Principal Analyst of Upstream Supply Chain said.

'This is an astute time to abandon the 13 million barrel per day capacity target'.

'Upon closing, ConocoPhillips will become the largest Eagle Ford producer, a top three Bakken operator, and remain a top five Delaware Basin player based on gross operated production,' Woodmac said.

'With presidential elections in November, the pause is likely to delay approvals until at least the end of the year'.

If COP26 was all about creating the mechanisms to make the energy transition possible, COP27 promises to be the catalyst to start implementing decarbonization in earnest, Wood Mackenzie claims.

The decommissioning involves subsea infrastructure at the Enfield, Griffin, Stybarrow and Echo Yodel oil and gas fields.

Woodside Energy Group Ltd has signed an agreement to supply Pilgangoora Operations Pty Ltd with LNG from its Pluto LNG Facility on the Burrup Peninsula in Western Australia.

The startup comes ahead of the first oil target of 2024.

An advisory firm recommended Woodside shareholders vote to remove Chairman Richard Goyder over the company's climate strategy.

'We've been under-investing for the past few years'.