Neptune Energy drills dry well in Norwegian Sea
Well 6507/8-10 S, 10 km east of the Heidrun field, will be permanently plugged and abandoned.
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Well 6507/8-10 S, 10 km east of the Heidrun field, will be permanently plugged and abandoned.
Rystad is estimating that the industry's revenues will fall this year by 51% in a US$30 Brent scenario and by 77% if the Brent falls to US$20, compared to levels seen in 2019.
The contract is expected to start in 3Q20, with a duration of about 30 – 45 days.
First data from the 21 631 km2 regional 2D seismic survey offshore Sakhalin Island has been sent out to pre-funding customers and is now available to all industry customers.
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
The 4770 km2 Gambito 2020 3D survey will cover open acreage in deep and ultra-deep waters.
The contracts were with Woodside in Australia and Reliance in India.
The predicted spending reductions translate to a US$24.4 billion cut in 2020 compared to last year.
The company has also suspended its full year 2020 financial guidance.
The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.
In January 2020 there were plans for approximately 50 exploration wells, but this has been reduced to 40 by the effects of the Covid-19 pandemic and low oil prices.
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.