Drilling & production

The well, offshore Australia, delivered an initial rate, after clean-up, approaching 10 000 bpd and following a period of well performance testing will be stabilised at around 3000 bpd.

The biggest growth is expected to happen in the Permian Basin, where crude oil and condensate supply is projected to increase by almost 0.90 million bpd from 4.5 million bpd in 2021 to 5.4 million bpd by 2030.

The Cabaça North development, with an expected peak production rate in the range of 15 000 bpd, will increase and sustain the plateau of the Armada Olombendo, a zero-discharge, zero-process flaring FPSO with an overall capacity of 100 000 bpd.

The project, located in the south of the Bohai Sea, is expected to reach its peak production of approximately 11 000 bpd of crude oil in 2022.

The released batch of crude oil was mostly bought and stored in the period from April to May 2020, coinciding with the oil price crash last year. Hence, a relatively low transaction price is expected.

The sale is for a base consideration of US$646 million and additional payments of up to US$280 million between 2021 and 2024.

Throughout the next 5-year period, ChampionX will continue to deliver its range of chemical management services to Vår Energi, which encompasses the deployment of its asset integrity, phase separation, flow assurance and enhanced oil recovery chemical technologies.

Valaris jack-ups have been contracted for work offshore the Netherlands, the UK North Sea and offshore Timor-Leste.

Shell’s Permian business includes ownership in approximately 225 000 net acres with current production of around 175 000 boe/d.

The planned start-up of operations for the Parameswara jack-up rig in the Mumbai High is 1Q22.

The new production cluster will be centred around the Tazovskoye oil and gas condensate field, brought into production by Gazprom Neft in June this year.

The combined purchase price and anticipated development capital represents an incremental ~US$450 million commitment to the Eagle Ford for Warwick.

The company has also won long-term work with operators for its swellable packers and sand and inflow control technologies across key energy hubs.

Pharos Energy has reached an agreement for the farm-out and sale agreement for a stake in the El Fayum and North Beni Suef Concessions with IPR.

Halliburton will collaborate with Energean to deliver exploration, appraisal, and development wells offshore Israel.