Upstream news updates

The net zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions.

The results of the appraisal well in the Green Canyon area of the US Gulf of Mexico further define the resource potential in the central Winterfell area, with the current estimate around 100 million barrels gross.

The extended PRM imaging contract will run from 1 January 2022 until 31 December 2024.

The drilling offshore Shimane and Yamaguchi prefectures is planned to take place from March to July 2022.

Wintershall Dea holds participating interests in a total of nine exploration licences in Brazil, spread over the Potiguar, Ceará, Campos and Santos basins.

Lundin Energy has drilled a dry well about 72 km east of the Ormen Lange field in the Norwegian Sea.

The jack-up rig Maersk Reacher is to be replaced by the low-emission jack-up rig Maersk Integrator offshore Norway end-February/early March 2022.

TotalEnergies and Inpex have sold Angola Block 14 B.V. to the Angolan company Somoil.

Demand for shuttle tankers in countries with robust offshore oil production and limited pipeline infrastructure is set to grow continuously in the coming years, a Rystad Energy report shows.

TotalEnergies E&P Suriname, Suriname Branch has added the drilling of one additional well in Block 58 offshore Suriname to the work scope of the drillship Maersk Valiant.

The Adorf Z16 well is expected to increase Neptune’s production from the licence to around 4000 boe/d.

The contract covers a high-pressure, high-temperature subsea production system and associated equipment for a brownfield tieback in the Åsgard field in the Norwegian Continental Shelf.

In the second year of a COVID-influenced market, US upstream M&A rose 25% year-over-year to reach US$66 billion.

WorkfloPlus-Web enables oil and gas operators to transform paper-based procedures into smart digital workflows that are now accessible via a web browser, while opening up the platform to operating systems such as Microsoft Windows for seamless integrated working.

The first two wells of Beach Energy's offshore Otway Basin campaign have been connected to the Otway Gas Plant and are now delivering gas into Australia's East Coast market.

As a result of Wood’s success in the region during 2021, and to support further growth, the company recently completed the mobilisation of over 600 new employees, with recruitment underway for an additional 200 roles.

Persistent withdrawals from global oil inventories have led to increases in crude oil prices, but the EIA forecasts that global oil markets will begin to balance through 2023, leading to a drop in prices.

Euan Fowler, Principal Subsea Engineer, Xodus, explores an integrity management web-based software platform that effectively pulls together all operator information around pipeline inspection, maintenance and repair activities in one shared location.

The revision will result in an impairment in the region of US$1.8 billion.

In its January Short-Term Energy Outlook (STEO), the US Energy Information Administration forecasts US crude oil production will increase for nine consecutive quarters, from 4Q21 to 2023.

McDermott has been contracted for EPCIC services for a Floating Production Unit at Woodside's Scarborough project. The company will also deliver EPCI for the North Field East Topsides and the North Field East Offshore Pipelines and Subsea Cables projects offshore Qatar.

The contracts are for work on the Scarborough project offshore Australia and the Yellowtail development offshore Guyana.

Upstream oil investments are projected to rise from US$287 billion in 2021 to US$307 billion this year, a 7% increase, while midstream and downstream investments will fall by 6.7% to US$172 billion this year, according to Rystad Energy.

Time delay fuses provide a controlled delay for operators to position perforating guns after commencing the firing sequence in a tubing-conveyed perforating operation.