Drilling & production - 01 May 2020

The company has completed completed a second series of development drilling of wells at the Panuco field for a major oilfield services company.

Following OPEC+'s agreement to cut oil production by 9.7 million bpd from 1 May 2020, Azerbaijan has announced the commitments it will take as a member.

Kazakhstan has pledged to cut its output by 390 000 bpd in May and June.

The sale includes effectively all of Gyrodata’s directional drilling personnel, as well as its high-performance drilling motors and measurement while drilling (MWD) tools.

ExxonMobil has announced an estimated 1Q20 loss of US$610 million compared with earnings of US$2.4 billion a year earlier.

Chevron has reported earnings of US$3.6 billion for 1Q20, compared with earnings of US$2.6 billion in 1Q19.

The two jack-up drilling rigs sold are the Dhabi II and the Paragon B152.

Valaris has reported a net loss of US$3.01 billion for 1Q20 compared to a net loss of US$216 million in 4Q19.

The company said it would cut its 2020 spending by US$300 million versus a previous US$170 million and against an original plan of US$1.31 billion and consider further reductions if low oil prices persist.

ConocoPhillips has reported a 1Q20 loss of US$1.7 billion, compared with 1Q19 earnings of US$1.8 billion.

The hybrid jack-up rig Maersk Intrepid will drill three wells and plug one in the Martin Linge field offshore Norway.