Drilling & production

Perseverance #1 is targeting P50 prospective oil resources of 0.77 billion bbl, with an upside of 1.44 billion bbl.

The agreement is for the supply of between 2000 and 4000 bpd from the Ohaji South Field in Nigeria.

Shell has said it will write down the value of oil and gas assets by US$3.5 billion to US$4.5 billion.

Gas production has started at the R Cluster, the ultra-deepwater gas field off the east coast of India being developed by Reliance Industries and BP.

The deal is expected to provide the catalyst for future international expansion in the Middle East and, in particular, Saudi Arabia.

The project will add almost 200 million bbl of recoverable oil reserves and help extend the productive life of the Snorre field through to 2040.

Denmark has cancelled its latest licensing round and put an end date of 2050 on all oil and gas exploration and extraction in the North Sea.

Chevron has cut billions off its long-term capital and exploratory budget after a major restructuring of its operations.

The thru tubing, inflatable packer and well intervention service portfolio provider has signed a long-term agreement with Saudi Arabian energy services company i-Energy.

ExxonMobil has said it will write down the value of natural gas properties by US$17 billion to US$20 billion.

If output increases as planned from January, the world will have to face a new 200 million bbl surplus through May, Rystad Energy calculates.

Petrobras has cut its five-year investment plan by 27% from a year ago to US$55 billion.

To date, the storage tanks and inspection gantry have been installed at the Wressle oilfield in North Lincolnshire, UK, while work is advanced in respect of the electrical and control system installation.

Genel Energy has announced first oil production from the Sarta field in Iraqi Kurdistan.

Santos will now embark on a 12-18 month appraisal programme ahead of a final investment decision.