Oil & gas news

In order to supply a fully carbon neutral barrel to Saras, residual emissions of 2302 t CO2 were compensated through a carbon capture project, certified by the Verified Carbon Standard.

Because US producers have increased access to debt and equity (among other factors), the EIA is forecasting that US crude oil production will increase from 10.7 million bpd in 1Q21 to 12.2 million bpd in 4Q22.

Schlumberger, which has been selling assets in North America, said it is benefitting from an inflection in global drilling activity which has picked up as oil prices climbed to US$65.45.

As part of the multi-phased Snøhvit development, Askeladd Vest, in the southern Barents Sea, will extend plateau production at the Hammerfest LNG plant by two years.

The contract is for operations in the Mumbai High, offshore India.

Oil prices are largely unchanged today as positive developments in the US and Europe face off with increasing Covid-19 infections in India.

The contract contains one firm-well in the Corentyne Block and one optional well for the Demerara Block.

Oil prices extended their losses on Thursday as the market priced in concerns over increasing Covid-19 infections in Asia and a surprise US crude stocks build.

Baker Hughes and Halliburton have said North American oil markets are showing signs of recovery as the two companies beat Wall Street expectations for 1Q21 earnings.

Drilling has begun on four production wells on the Duva field in the Norwegian sector of the North Sea.