Upstream news

Valaris has eliminated US$7.1 billion of debt and secured a US$520 million capital injection.

The first phase of the company's Morocco drilling campaign will consist of three appraisal/development wells, targeting an estimated total of 1.3 billion ft3 of P90/1.8 billion ft3 of P50, gross unrisked prospective recoverable resources in the Gharb Basin.

Maersk Training will deliver safety, pool survival, well control and process training in the region.

Pegasus West in the UK Southern North Sea was discovered in 2014 and is currently operated by Spirit Energy.

Baker Hughes will supply Petrobras with up to five subsea production and injection manifold systems for the project.

Oil prices are closing the week trimming some gains, but the market trend is positive and the price direction is mostly risk reduction by traders, who are also profiting from earlier gains.

Exxon recorded 1Q21 earnings of US$2.7 billion, compared with a loss of US$610 million in 1Q20.

The company reported adjusted earnings of US$1.7 billion (US$0.90 per share - diluted) in 1Q21 compared to adjusted earnings of US$2.5 billion (US$1.31 per share - diluted) in 1Q20.

A paper published by LYTT advocates new, acoustic data-based methodologies to improve the diagnosis of well integrity issues and inform successful remediation and plug and abandonment strategies.

Liam Yates (senior analyst, Middle East upstream, Wood Mackenzie) and Kristina Beadle (analyst, carbon research, Wood Mackenzie) assess the role national oil companies can play in decarbonisation.