Upstream news

Shell is selling its interest in the Malampaya gas field to Malampaya Energy XP Pte Ltd., a subsidiary of Udenna Corp.

The Haltenbanken East project will be developed as a unit between four different licences, and comprises six discoveries and three prospects with a combined volume in the order of 100 million boe, mostly gas.

The Dvalin North discovery, estimated to hold between 33-70 million boe, is 12 km north of the company’s operated Dvalin field, and 65 km north of the operated Maria field.

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.