Upstream news

While precise crude oil production figures are not available, 20% of lower 48 US natural gas production has been shut-in in the first half of February. An equivalent 20% cut in lower 48 US crude oil production would imply a production drop of around 2 – 2.2 million bpd of output, but this could prove to be even higher – perhaps as high as 4 million bpd.

Worley will provide early phase engineering services to Chevron’s global upstream projects, both onshore and offshore, over a five-year period.

The acquisition, expected to close in 2Q21, deepens Baker Hughes’ industrial asset performance management capabilities.

TechnipFMC has been awarded a contract for a subsea tieback located offshore Egypt on the North El Amriya and North Idku concession.

Of the remaining resources on the Norwegian Continental Shelf, 4.2 billion sm3 o.e, or 52%, are proven. Unproven resources are estimated at 3.8 billion sm3 o.e.

The Egypt Upstream Gateway provides digital access to over 100 years' worth of accumulated national onshore and offshore seismic, non-seismic, well-log, production, and additional subsurface data under a single platform.

The transaction includes the transfer of approximately 450 000 net acres in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30 000 boe/d from more than 270 wells.

Under the initiative, API member companies will commit to applying safety standards, implementing workforce training programmes and participating in performance-improving efforts.

Oil prices have jumped as the extreme cold weather the US is experiencing is impacting oil production, but refinery outages are limiting the price ascent.

THREE60 Energy has appointed Garrie Scott as Projects Director.