Because US producers have increased access to debt and equity (among other factors), the EIA is forecasting that US crude oil production will increase from 10.7 million bpd in 1Q21 to 12.2 million bpd in 4Q22.
Schlumberger, which has been selling assets in North America, said it is benefitting from an inflection in global drilling activity which has picked up as oil prices climbed to US$65.45.
Baker Hughes and Halliburton have said North American oil markets are showing signs of recovery as the two companies beat Wall Street expectations for 1Q21 earnings.
Drilling has begun on four production wells on the Duva field in the Norwegian sector of the North Sea.
The South East Collins Cluster, located in water depths of 42 to 45 m 70 km north east of Labuan Island offshore Malaysia, comprises two fields.
The two-month project saw FourPhase’s DualFlow desander system deliver an initial diagnostic intervention to identify and confirm the source of sand from wells on the platform.
Recoverable resources are so far estimated at between 3 and 4.2 million m3 of recoverable oil equivalent, corresponding to 19 – 26 million boe.
Oil production in March was 0.7% lower than the Norwegian Petroleum Directorate’s forecast, and 0.2% lower than the forecast so far this year.
York started production in 2013 and was planned to produce until 2020, but production has been extended until 2023/24.
Gas is being delivered to eastern Australia with the commissioning of the Gippsland Basin Joint Venture’s West Barracouta project.
The company has appointed commercial director Andrew Law as CEO, succeeding Enteq founder Martin Perry.
Welltec will deliver completion products and services across the Saudi Aramco portfolio in any environment.
The contract will see Ramco supply its latest generation pipe care unit, PCU4.
Drilling has begun at Neptune Energy's operated Adorf Z16 gas development well in the municipality of Hoogstede, north western Germany.
The agreement, which officially commenced on 1 April, appoints Welltec as the sole provider of downhole conveyance and powered mechanical services to Petronas in both East and West regions of Malaysia.