Drilling & production

The total estimated value of the contract extension, based on current activity level, is expected to be US$200 million.

Shell still plans to appeal the court ruling last month that ordered it to reduce greenhouse gas emissions by 45% by 2030 from 2019 levels.

The US$2 billion contract will see the consortium provide engineering, procurement, construction and commissioning (EPCC) services for the development of an onshore oilfield that will generate up to 200 000 bpd.

The joint venture, which also includes Qatar Petroleum and CNRI, is considering an early production system for Block 11B/12B to provide first gas and condensate production from the Luiperd prospect.

The contract with Chevron is for the ultra-deepwater drillship Valaris Relentless (DS-18), a GustoMSC P10,000 design.

The new company is expected to produce 108 000 to 114 000 boe/d in 2022, with adjusted core earnings between US$750 million and US$800 million.

The company has reached an agreement with Jurong Shipyard Pte Ltd on the delayed delivery of the ultra-deepwater drillships Deepwater Atlas and Deepwater Titan.

The Blythe and Southwark gas platforms, which will operate as normally unmanned installations (NUIs), have successfully been installed at their respective offshore field locations in the UK North Sea.

Both companies have confirmed their willingness to proceed with joint implementation of exploration and production projects in western Siberia, including the development of the Achimov, Paleozoic and Jurassic hydrocarbon deposits.

The agreement will support Rosneft’s commitment to reduce upstream emission intensity by 30% by 2035.

The units provided from Cubility will be deployed for onshore operations with Sinopec and China National Petroleum Corp.

Maersk Drilling has been awarded a two-well contract extension by Karoon Energy, while TechnipFMC will carry out engineering, procurement, construction and installation of subsea trees, flexible pipes and umbilicals.

According to GlobalData’s latest report, ‘DJ Basin in the US, 2021 – Oil and Gas Shale Market Analysis and Outlook to 2025’, the Denver Julesburg Basin accounted for 7.02% of oil and 6.65% of natural gas production in the United States Lower 48 for 2020.

The combined value of the awards is approximately US$550 million and will account for 13 years of contract backlog.

The transaction follows Repsol's sale of producing assets in Russia, the cessation of oil production activities in Spain and the exit from exploratory activity in other countries.