Upstream news

Bahamas Petroleum has changed its name to Challenger Energy Group.

The drilling programme for well 16/1-34 S concerns the drilling of an appraisal well in production licence 167. Lundin Energy Norway AS is the operator with an ownership interest of 40%.

Finder Energy has acquired the UK North Sea P2502 and P2524 licences from Azinor Catalyst Ltd.

The collaboration will enable more customers to use advanced digital solutions in the DELFI Petrotechnical Suite.

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.