Upstream news

Oil prices are rising today as a result of optimism for a coming demand uptick in key economies such as the US, China and the UK, and also assisted by a weak dollar; back to back gains pose a risk amid the worsening Covid-19 situation in India however.

ABB is to deliver automation solutions for the Krafla oil and gas field development.

The scope of work includes the supply and installation of three drilling jackets and two new single well observation jackets/decks.

The contract, signed with Empyrean Energy, will see AGR provide offset analysis and detailed well design engineering to ensure safe project delivery.

The company achieved adjusted earnings of US$5.47 billion and US$2.66 billion after tax in 1Q21.

Shell has announced a profit of of US$3.23 billion in the first three months of 2021.

Total reported an adjusted net income of US$3 billion for January-March, up 69% year-on-year, and 9% above 1Q19 levels.

Fugro’s field campaign will run from July until August and entails a seabed survey, an environmental survey and a soils investigation.

Oil prices are on the rise today but the pandemic is hitting India hard and US crude stocks are forecast to build again.

The company has signed the deal with Omni Offshore Terminals, which could last for up to 11 years.