Drilling & production

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.

Well management, production optimisation, well integrity studies, carbon capture storage well design and rig-less intervention solutions form the core of the recent work awarded.

The loss includes impairment charges totalling US$567.1 million in respect of the Lancaster field, West of Shetland, and the company’s exploration assets and an associated deferred tax write-off of US$54.2 million.

The assets being sold consist of 50% of Central’s interests in its producing assets in the Northern Territory: Mereenie Oil and Gas Field, Palm Valley Gas Field, and Dingo Gas Field.

The programme comprises three production wells and will develop additional natural gas and liquids reserves, extending the life of the Bayu-Undan field as well as production from the offshore facilities and the Darwin LNG plant.

The company, founded in 2015, is believed to be close to appointing JP Morgan to explore a listing or sale to a rival.