Drilling & production

The impairment is expected to be recognised in the company's 2020 half-year results to be released on 20 August 2020.

Recent oil price improvements have provided a solid platform for the company to perform well in 3Q20 and further into the year, according to Vitaly Dokunikhin, CEO of ERIELL Russia.

Halliburton has announced a net loss of US$1.7 billion for 2Q20, compared to a net loss for 1Q20 of US$1 billion.

The acquisition of Noble Energy provides Chevron with offshore assets in Israel and enhances Chevron’s US unconventional position with acreage in the DJ Basin and 92 000 largely contiguous and adjacent acres in the Permian Basin.

Oman's Ministry of Oil and Gas has approved the field development plan for the Yumna field and awarded Declaration of Commerciality (DOC).

The Luda 21-2/16-3 regional development is expected to reach its peak production of approximately 25 600 bpd in 2022.

Zenith Energy has submitted an offer to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield, to be named "Tilapia II".

The merger aims to reduce combined fixed costs by about £128.58 million on an annualised basis in 2021 compared to the level in 2019.

The company is to resume drilling in the Barents Sea and the North Sea.

Premier Oil is seeking a four-to-five year extension to debt due next year.

Petrobras has sold its interest in two onshore production fields in the Potiguar Basin and 10 shallow water fields that comprise the Pampo and Enchova Clusters.

Tendeka has joined the OSIsoft EcoSphere, a collection of more than 300 industrial leaders that provide products, applications, and services for the PI System.

A Rystad Energy analysis shows the number of drilled wells globally is expected to reach around 55 350 this year, the lowest since at least the beginning of the century.

Approximately 80% of the oil and gas properties impairment losses are due to the significant and immediate reduction in oil and natural gas prices assumed up to 2025.

Profit before taxes amounted to US$151 million, compared to a loss before taxes of US$414 million in 1Q20.