88 Energy Lifts South Prudhoe Resources 35% to 769 Million Barrels

88 Energy upgraded its South Prudhoe unrisked 2U resources by 35% to 768.9 million barrels gross on May 18, adding a maiden Brookian estimate and boosting Ivishak volumes ahead of a planned 2027 winter drill. The move caps a two-month surge in non-OPEC+ supply milestones that began with Petrobras’ Q1 record 3.23 million boe/d output and Búzios-8 startup lifting installed capacity to 1.33 million bpd. Key advances include Arrow’s Icaco-1 discovery confirming 71 ft of pay, US crude production topping 13.4 million bpd, Suriname’s 220,000 bpd Gran Morgu FID, India’s royalty cuts adding $2.4–$6.7/boe realizations, and Q1 upstream M&A reaching $38 billion, all signaling robust supply growth amid elevated prices.