Drilling & production

The company is to reduce CAPEX and exploration spending by 20% each for 2020.

OKEA has said the Yme offshore project in the Norwegian North Sea, operated by Repsol, remains on schedule for first oil in 2H20.

The measures taken include a reduction of CAPEX to US$20 billion or below for 2020, from a planned US$25 billion.

CNOOC has a 25% stake in the Stabroek block as part of a consortium with operator ExxonMobil and Hess Corp.

The discovery could bring over US$50 million in revenue per year to the Surinamese government, if it sees similar success to Guyana’s Stabroek, according to GlobalData.

The effects of Covid-19 are likely to affect the planned timing of the DTM-7H well and the subsequent firm exploration well, according to the company.

The two affected sites are the Heather and Thistle/Deveron fields.

i3 Energy will utilise either the Borgland Dolphin or Blackford Dolphin semi-submersible drilling rig for a minimum 82-day programme.

Varel will use the investment from Blue Water Energy to drive growth in the medium-term.

The contract will last until 2023.

Unity will maintain wellhead equipment across twelve platforms in the East Irish Sea, Southern North Sea and the Dutch sector of the North Sea.

The results of work undertaken by Egdon Resources show the project has an estimated break-even oil price of US$17.62/bbl.

Petronas, the operator of Gharraf, has evacuated its staff from the Iraqi oilfield.

The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six rig programme to one rig in the Bakken, which is expected to be completed by the end of May.

The Norwegian Petroleum Directorate has granted the company a permit for well 35/8-7S in production licence 880.