Drilling & production

Shell has announced a profit of of US$3.23 billion in the first three months of 2021.

Total reported an adjusted net income of US$3 billion for January-March, up 69% year-on-year, and 9% above 1Q19 levels.

Last year's production was over 75% less than the state’s peak production of more than 2 million bpd in 1988.

The exclusive partnership will enable easier access to downhole technologies from both companies.

BP has reported a profit of US$2.6 billion in 1Q21.

Equinor has completed the sale of its operated and non-operated acreage in the Bakken field in North Dakota and Montana to Grayson Mill Energy.

The total contract value is contingent on the final investment decision for the Bacalhau field, offshore Brazil.

The approximately US$9 billion West Nile Delta development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea.

Successful commencement of Equinor's total project pipeline could see the company electrifying over 35% of its total oil and gas production base by 2025 through power from shore, according to GlobalData.

The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells and is expected to reach gas production of up to 6 million m3/d.

The five deepwater subsea wells in the project, offshore Indonesia, will have a production capacity of 450 million ft3/d.

Archer will take over Equinor wireline services scope from DeepWell starting 1 May 2021.

In order to supply a fully carbon neutral barrel to Saras, residual emissions of 2302 t CO2 were compensated through a carbon capture project, certified by the Verified Carbon Standard.

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.