Drilling & production

The Tilapia oilfield is located in the Republic of the Congo.

The approximately 14 million shares being divested by Equinor amount to a 4.88% interest in Lundin Energy.

The company reported a net loss of US$335 million for the quarter, compared to a net profit of US$112 million in the previous quarter.

The transaction includes the transfer of approximately 450 000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities.

Total’s net adjusted profit fell 35% from 4Q19 to US$1.78 billion.

The company has said that site construction works will commence on the West Newton B drilling site in due course.

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.