Wood Mackenzie: Lower 48 well costs expected to decline 10% in 2024
After peaking in 2023, Lower 48 well costs are expected to decline 10% in 2024 and 1% in 2025, according to a recent report from Wood Mackenzie.
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After peaking in 2023, Lower 48 well costs are expected to decline 10% in 2024 and 1% in 2025, according to a recent report from Wood Mackenzie.
The project work scope covers the engineering, procurement, construction and installation of the subsea pipelines (SURF) and production systems (SPS).
The company outlines its expectations for the UK and Norway’s oil and gas production and exploration in the year ahead.
Northern Oil and Gas has announced that it has entered into a definitive agreement to acquire a 20% undivided stake in the Point Assets in the Delaware Basin, in partnership with Vital Energy, Inc., for a purchase price net to NOG of US$220 million in cash, subject to typical closing adjustments.
Borr Drilling has announced new contract commitments for three of its premium jack-up rigs, the ‘Arabia I’, the ‘Gunnlod’ and the ‘Norve’.
Rystad Energy’s latest research shows global recoverable oil reserves held largely steady at around 1500 billion bbl, down some 52 billion bbl from the company’s 2023 analysis.
KCA Deutag and Helmerich & Payne has announced a definitive agreement under which KCA Deutag will be acquired by H&P for US$1.9725 billion in cash.
PETRONAS, through its subsidiary PETRONAS CCS Solutions Sdn Bhd, has signed a land rental agreement with Kuantan Port Consortium Sdn Bhd, to progress plans for its southern carbon capture and storage (CCS) hub in Pahang, Malaysia.
In cooperation with Cenpes, Petrobras’ research, development, and innovation centre, the partnership aims to improve the industry by bringing a next-generation downhole drilling system to fruition.
The report details progress on the company's environmental initiatives, its path to achieving net zero emissions from its owned and operated upstream and natural gas midstream businesses, and updates on employee engagement and safety performance.
The company has been awarded a substantial contract by Petrobras to supply flexible pipe for the pre-salt fields offshore Brazil, following completion of a tender.
The new subsurface data includes ten narrow azimuth input 3D seismic surveys, processed by ION in 2022 using 3D pre-stack depth migration.