Upstream news

Wood Mackenzie estimates the range of pre-tax future valuations for upstream is US$14 trillion – from US$9 trillion to US$23 trillion – as a result of uncertainty over future oil demand.

A recent report by Wood Mackenzie for the Oil & Gas Technology Centre stated the growth in offshore renewables, hydrogen and CCUS could more than double the economic impact of the UKCS, contributing £2.5 trillion to the UK economy and creating over 200 000 new jobs.

Nexans will design, manufacture and supply 44 km of steel tube umbilicals and accessories for the Bacalhau ultra-deepwater oilfield development project.

The Kulintang-1 wildcat well in Block SK438 was successfully drilled to a total depth of 2238 m in April 2021.

The new company would be supported by Eni and BP and would be expected to be self-funded.

The company has secured a 25% interest in the Musakhel licence block in central Pakistan.

Up to 30 FPSO units could potentially become available by the end of 2022, according to analysis by Westwood Global Energy Group.

The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage.

TechnipFMC will design, manufacture, deliver and install subsea equipment for Ithaca Energy's Captain EOR project.

The well was drilled 26 km south of the Sleipner Øst installation and 9 km south of the Grevling discovery in the North Sea, about 240 km west of Stavanger.