Upstream news

Wood will work with Equinor to drive down costs, increase efficiency and improve sustainability across the company’s Snorre A, Snorre B, Visund, Grane and Martin Linge platforms.

The investigation will look into a possible failure by unnamed companies to maximise economic recovery from the North Sea.

The company's production guidance for 2021 has been increased to between 180 to 195 000 boe/d, from the original guidance of 170 to 190 000 boe/d.

Recoverable resources from the discovery in production licence 554 are estimated at between 1.3 and 3.6 million m3 of oil equivalent, corresponding to 8-23 million boe.

The FPSO will be deployed in the Búzios field offshore Brazil.

Global oil demand is set to return to pre-pandemic levels by the end of 2022, according to the International Energy Agency's latest monthly oil report.

The new facility will enable the Group to simplify its existing capital structure and finance the acquisition of a 26.69% interest in the Golden Eagle Development Area Project in the North Sea.

The US$508 million transaction includes approximately 25 000 net acres in the Southern Delaware Basin in Texas.

The award is from an undisclosed company, with the project anticipated to start in 4Q21.

Oil Dynamics GmbH recently installed and started up two new ESP systems near Hannover in Germany.