Drilling & production

Chevron Corp. has reported a loss of US$6.6 billion (US$3.51) per share - diluted) for 4Q19, compared with earnings of US$3.7 billion (US$1.95 per share - diluted) in 4Q18.

The company's budget for 2020 is US$1.27 billion, which represents a 30% increase on 2019 capital expenditure.

The two companies have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province.

The contracts awarded include directional drilling, logging while drilling, surface data logging, drilling and completions fluids, cementing, liner hangers, coring and well completions services.

The platform supply vessel Normand Tortuga will support OMV Taranaki's upcoming Crestal infield drilling campaign at the Maui A Platform offshore New Zealand.

Over 80% of the company's 2020 Exploration & Production capital and exploratory budget will be allocated to high return investments in Guyana and the Bakken.

The OYF-2 well in Morocco has been drilled to a measured depth of 1210 m and has encountered commercial quantities of gas in excess of pre-drill estimates.

The drilling operation by the Stena Forth drillship is estimated to take 30 days and shall drill to approximately 3000 m subsea.

The company has also made a further oil discovery northeast of the producing Liza field in the Stabroek Block.

The Sharjah National Oil Corporation (SNOC) and its partner Eni, have announced a successful new discovery of natural gas and condensate onshore in Sharjah.

US oil production from tight formations increased in 2019, accounting for 64% of total US crude oil production, according to the US EIA.

The contract was awarded by Dana Petroleum and will be executed by Ocean Installer’s office in Aberdeen, UK, with engineering work beginning immediately and offshore operations scheduled for 2Q20.

The company has announced that the Q10-A field offshore the Netherlands produced 258 million m3 of gas during 4Q19, compared to 203 million m3 in 3Q19.

Located approximately 275 km off the coast of Louisiana, the North Platte field development includes a semi-submersible floating production unit (FPU) in water over 1300 m deep.

The company has announced a net loss of US$1.7 billion for 4Q19, compared to a net income for 3Q19 of US$295 million.