Shale news

Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.

The US is seeing an immediate and severe drop in OCTG tonnage requirements, as operators have slashed their drilling programmes by in some cases up to 50%.

As shut-ins, reductions in spending and activities weigh in, 4Q20, which was projected to see a y/y oil production increase of 650 000 bpd, is now instead forecast to see a reduction of 1.5 million bpd.

Under the agreement with Falcon Oil and Gas, Origin will increase its interest n the Beetaloo Basin JV to 77.5%.

The company has more than US$585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.

BP has cut its 2020 spending plans by 25% and will reduce output from its US shale oil and gas business.

Origin Energy has temporarily paused shale exploration drilling activities at its Kyalla well site in Australia's Northern Territory in response to the Covid-19 pandemic.

The largest job reductions in 2020 are expected to be within shale, according to Rystad.

The contract will see BJ Services' TITAN fracturing fleet deployed in the Haynesville shale.

The price war will heavily impact service company revenues, even driving some out of the market, according to Rystad Energy.