Upstream drilling news

The announcement by Mexico's president, Andres Manuel Lopez Obrador, did not make clear how much production would be removed by the closure of new fields and whether it would exceed a 100 000 bpd quota already agreed with the OPEC+ group of producing countries.

As shut-ins, reductions in spending and activities weigh in, 4Q20, which was projected to see a y/y oil production increase of 650 000 bpd, is now instead forecast to see a reduction of 1.5 million bpd.

Beach Energy and Diamond Offshore are engaging in discussions with regard to the future operations of the Ocean Onyx rig and the Victorian Otway Basin offshore drilling campaign, with a view to agreeing a new contract in due course.

BG International, a subsidiary of Shell, and Aker BP have terminated contracts for the Maersk Developer and the Maersk Reacher respectively.

Oil production in March was 4.4% lower than the NPD’s forecast, due to technical problems at some fields.

The measures include a reduction in output of 225 000 bpd.

The North Field East project will increase Qatar’s LNG production capacity from 77 million tpy to 110 million tpy.

The company has also said it has received notices of early termination of contracts from ExxonMobil.

Geolog has been present in the US market since 2014.

Of the 100 listed energy service companies analysed by Rystad Energy across the various service segments for this research, more than two-thirds are unlikely to be able to meet their interest payment obligations on time this year.