Oil rig news

Equinor and SOCAR (State Oil Company of Azerbaijan Republic) have signed an agreement whereby Equinor will divest all its remaining assets in Azerbaijan to SOCAR.

ExxonMobil has started production at Payara, Guyana’s third offshore oil development on the Stabroek Block, bringing total production capacity in Guyana to approximately 620 000 bpd.

CNOOC Limited has announced that Penglai 19-3 Oilfield Area 5/10 Development Project has commenced production

Recoverable oil was proven in connection with drilling well 31/4-A 13 E in the northern part of the North Sea. OKEA ASA is the operator.

Depositing cement into a well is key to placing effective environmental barriers as this prevents pollution at the surface and prohibits the emission of harmful methane gasses. This assists the oil and gas market to incorporate more environmentally responsible practices.

Arena Energy, LLC, has announced it was awarded seven leases by the Bureau of Ocean Energy Management (BOEM) in Lease Sale 259 .

The Johan Castberg partnership, consisting of Equinor, Vår Energi and Petoro, is updating the project cost estimate. The investment estimate has increased by almost NOK 13 billion since last year.

DNO has announced a gas condensate discovery on the Norma prospect in the Norwegian North Sea license PL984 in which the Company holds a 30 percent operated interest.

Orcadian has entered into a non-binding Heads of Agreement (HoA) with a North Sea operator (the Operator), which details a potential farm-out of the Pilot development project.

OPEC has noted, on the International Energy Agency’s recent Op-Ed published, asserting that fossil fuel demand would peak before 2030, that consistent and data-based forecasts do not support this assertion.