Oil & gas news

The company reported a net loss of US$93 million for 2Q20.

The operator's preliminary estimate of the size of discovery 6506/11-10 (Hades) is between 2 and 7 million m3 of recoverable oil equivalents.

A period of ESP testing has seen production increase from c.15 000 bpd to c.17 000 bpd.

ADNOC has agreed to the transfer of rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions from the China National Petroleum Corporation to China National Offshore Oil Corporation’s subsidiary CNOOC Limited.

Drilling at Ken Bau-2X, located in Block 114, Song Hong Basin, offshore Vietnam, has confirmed a significant hydrocarbon accumulation on the Ken Bau discovery.

The renegotiated terms are due to the COVID-19 pandemic and the difficulty to address the previous conditions initially defined, according to Petrobras.

The three new FPSO units are part of an asset development plan for the Búzios field which envisages a total of 12 units installed by the end of the decade.

Oil prices fell on Monday, taking a hit by concerns over Covid-19’s continuous expansion and due to the latest US-China tensions saga.

Lukoil has purchased Cairn Energy's 40% interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Contract Area project.

Schlumberger has reported its second straight quarterly loss after recording US$3.7 billion in impairment and restructuring charges.