Oil & gas news

China’s NOCs are expected to splurge more than US$120 billion on drilling and well services in the five-year period of 2021-2025, seeking to meet the rising oil and gas demand, according to a Rystad Energy report.

Encouraging hydrocarbon shows have been encountered at the Alameda-1 exploration well from soon after the first casing point at 454 m, when moveable oil was reported at surface within the mud and cuttings samples.

The Cabaça North development, with an expected peak production rate in the range of 15 000 bpd, will increase and sustain the plateau of the Armada Olombendo, a zero-discharge, zero-process flaring FPSO with an overall capacity of 100 000 bpd.

The project, located in the south of the Bohai Sea, is expected to reach its peak production of approximately 11 000 bpd of crude oil in 2022.

Ramform Tethys is scheduled to commence acquisition during 4Q21, and it is planned to complete in 1Q22.

The five-year alliance includes the delivery of plant-wide condition monitoring and machine asset protection services across more than 1200 assets at over 16 SABIC sites in Saudi Arabia.

The company has completed more than 300 measurements campaigns in the North Sea across a decade of digital twin technology.

The released batch of crude oil was mostly bought and stored in the period from April to May 2020, coinciding with the oil price crash last year. Hence, a relatively low transaction price is expected.

The US$635 million bridge loan facility will be fully drawn in the coming days to finance the ongoing construction of the FPSO Almirante Tamandaré.

The sale is for a base consideration of US$646 million and additional payments of up to US$280 million between 2021 and 2024.