Upstream news

Oil prices got a new boost on Friday, as traders saw the OPEC+ compromise as a bullish development after the supply uncertainty that took the market by surprise since the start of the week.

Denmark has cancelled its latest licensing round and put an end date of 2050 on all oil and gas exploration and extraction in the North Sea.

Rystad Energy is forecasting peak oil demand to arrive earlier and at a lower level than previously thought, leading to reduced E&P investments.

The well was drilled about 100 km southwest of the Snøhvit field.

OGUK’s chief executive Deirdre Michie said the report by the Institute for Public Policy Research showed there is increasing involvement in ensuring a successful migration to greener energies.

The company received the ‘Most Impactful Technology’ award, in recognition of FLI’s contribution to the offshore well intervention industry.

Chevron has cut billions off its long-term capital and exploratory budget after a major restructuring of its operations.

FAR has a 13.67% interest in the Sangomar exploitation area.

The report found that 85% of OGUK members throughout the supply chain expect to increase their diversification into non-oil and gas activities during the next 12-24 months.

Oil prices are largely stable on Wednesday as the market avoids leaning heavily on positive vaccine news, waiting for the next day’s crucial OPEC+ meeting instead.