Oil & gas news

The Norwegian oil and gas operator has announced completion of testing and appraisal of the Baeshiqa-2 exploration well in the Kurdistan Region of Iraq and the imminent spud of an exploration well on a separate prospect.

The survey in the North Sea is expected to commence later in 2Q20 and will have a duration of approximately 30 days.

Oil prices rose on Tuesday as lockdowns start to ease globally and traffic fuel consumption, among the main reasons demand has fallen, increases.

Upwing Energy will be recognised for winning the Spotlight on New Technology® Award for its Subsurface Compressor System™ (SCS) at the 2021 Offshore Technology Conference (OTC), due to the cancellation of the event this year.

The field started operating in 2009 and its average production in 2019 was 105 bpd of condensate and 1.269 million m3 /d of gas.

The transaction includes the transfer of approximately 450 000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities.

The country's Ministry of Mines and Hydrocarbons has signed a Ministerial Order granting oil and gas companies a two-year extension on their exploration programmes.

Rystad Energy estimates that the downcycle in the upstream industry will remove about 6 million bpd from production forecasts for 2025.

The two companies, part of the Acteon Group, will support piling operations for a platform installation off the coast of Trinidad and Tobago.

The contract was awarded by an unnamed oil and gas producer for the inspection of a subsea pipeline at an offshore oil and gas field in Malaysia.