Drilling & production

Persistent withdrawals from global oil inventories have led to increases in crude oil prices, but the EIA forecasts that global oil markets will begin to balance through 2023, leading to a drop in prices.

The revision will result in an impairment in the region of US$1.8 billion.

In its January Short-Term Energy Outlook (STEO), the US Energy Information Administration forecasts US crude oil production will increase for nine consecutive quarters, from 4Q21 to 2023.

The Noble Hans Deul rig is expected to remain offshore with non-essential crew and equipment demobilised while an issue with rig stability is rectified.

Natural gas production from the Marcellus and Utica shale plays in the US is forecast to cross the 42 billion ft3/d mark by 2025, according to GlobalData.

A US$946 million EPC contract has been awarded by ADNOC Offshore to National Petroleum Construction Company for the development of the Umm Shaif field.

The US EIA forecasts that US dry natural gas production will increase from 95.1 billion ft3/d in October 2021 to 97.5 billion ft3/d by December 2022.

Hunting PLC has announced an agreement to form a new 49:51% joint venture with Jindal SAW Ltd.

The system will comprise of a blowout preventer (BOP) stack as well as an 8202 ft (2500 m) riser package.

The company has selected the Exalo #202 rig for the upcoming drilling programme at the Cabora Bassa project.

The contract is for a firm term of 1040 days with commencement expected in December 2022.

DeltaTek has experienced significant expansion in the last year, having entered new markets and delivered operations in the Gulf of Mexico, West Africa and Asia Pacific.

A jack-up rig has commenced activities on the Etame 8H-ST development well, which is expected to be completed in January with production expected later in 1Q22.

The deal would create a global top 20 oil and gas company and make Santos the largest shareholder in PNG's biggest resource project, the PNG LNG project, run by ExxonMobil.

The plans are part of the corporate-wide effort to reduce upstream greenhouse gas emissions intensity by 40-50% by 2030, compared to 2016 levels.