Upstream drilling news

8 of the production licences are in the North Sea, 8 in the Norwegian Sea and 7 in the Barents Sea.

The company’s targeted net production for 2020 is 520 million to 530 million boe, of which, production from China and overseas accounts for approximately 64% and 36%, respectively.

The consent applies to the drilling and completion of two wells on the Bauge field in production licence 348.

The contract is expected to commence in August 2020 and run through April 2022 with an option to extend.

The company was drilling northwest of the Balder field in the central part of the North Sea when it made the discovery of several oil and gas-bearing intervals.

Lundin Petroleum’s 2P reserves as at 31 December 2019 are 693.3 million boe and reflect a positive revision of 52.1 million boe, excluding asset transactions.

Maersk Drilling has been awarded a contract for the 7th generation drillship Maersk Valiant, which will be employed by Noble Energy for a one-well campaign offshore Colombia.

The contract requires the company to drill a series of onshore directional wells, with target depths in the 3000 m range.

From 1 May, foreign firms registered in China with net assets of 300 million yuan (US$43 million) will be allowed to take part in oil and gas exploration and production.

The licences to be sold to RDG GmbH contribute about 1000 boe/d to Wintershall Dea’s production, approximately 2% of the company's daily production in Germany.