Drilling & production

CNOOC will not exercise its pre-emption rights to acquire 50% of Tullow's assets in Uganda on the same terms and conditions as those agreed between Tullow and Total in April 2020.

The company has said it is confident that the Slovenian government will receive the required permits for further stimulation of the Petišovci tight gas project.

ConocoPhillips has completed the sale of its subsidiaries that hold its Australia-West assets and operations to Santos.

The company recorded a revenue of US$279 million in 1Q20, compared to US$305 million in 4Q19.

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.