Drilling & production

The royalty payments came from oil production at the offshore Stabroek block.

The Permian Basin has systematically increased its market share in nationwide horizontal oil drilling in the US, reaching 74% as of last week, according to analysis by Rystad Energy of Baker Hughes data.

The company has agreed a contract with Stena Drilling for the provision of an offshore drilling rig, with drilling planned to commence between 15 December 2020 and 1 February 2021.

The Skogul field is located in the immediate vicinity of the Vilje field, in which PGNiG Upstream Norway has a 24.24% share.

Profit after tax (PAT) for 1Q20 stood at RM4.5 billion (US$1.03 billion), 68% lower than the RM14.2 billion posted in 1Q19.

Shell is the operator of the block with a 45% stake, along with Chevron, also at 45%, and Ecopetrol, with 10%.

Saad al-Kaabi, the company's Chief Executive, said he expected oil demand to recover to pre-crisis levels only within a year or two.

The Parque das Baleias Area offshore Brazil has reached the mark of 1 billion bbl of oil produced.

The Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project is expected to reach its peak production of approximately 15 681 bpd in 2022.

The company has shut in the 205/21a-7Z well as it was unable to achieve its target rate sustainably from the two Lancaster Early Production System wells.

Oil production in April was 1.9% higher than the Norwegian Petroleum Directorate’s forecast.

Tendeka will provide its inflow control technology to help increase production from Malaysian assets of an independent operator.

The increase in production in 1Q20 was driven by strong production levels at the South Disouq onshore gas area in Egypt.

Wintershall has reduced its 2020 CAPEX by 30% to €1-1.2 billion.

The contract is for work on the onshore Mahani gas and condensate field in Sharjah, United Arab Emirates.