Drilling & production

Well 6506/11-12 S. will be drilled about 4 kilometres west of the Morvin field.

The relinquishment process of the SK331 block, located onshore Sarawak, East Malaysia, is expected to be fully completed before the end of the year.

US monthly output is not likely to exceed 11.7 million bpd before 2022, according to Rystad Energy estimates.

The company's EBITDAX was US$322.9 in 1Q20, compared to US$451 million in 4Q19.

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.