Upstream news

Oil prices extended their gains on Wednesday as Covid-19 vaccine euphoria continues to drive markets, assisted by a report that US crude stockpiles have decreased further than expected for another week.

The unconventional gas was delivered from the Ruwais Diyab Unconventional Gas Concession.

The closing of the transaction marks Tullow’s exit from its licences in Uganda after 16 years of operations in the Lake Albert basin.

Preliminary estimates place the size of the discovery between 8 and 30 million m³ of recoverable oil equivalent.

Equinor has awarded Norsea Group AS, Saga Fjordbase AS and ASCO Norge AS contracts for services at supply bases in Norway.

The total value of the three contracts for drilling and well services on the Bacalhau field in Brazil is estimated at US$455 million.

SNC-Lavalin has been awarded a 3-year framework contract to provide Consultancy Engineering Services.

Woodside Energy has said that the Scarborough Joint Venture intends to accept the offers for the grant of petroleum production licences.

Beach Energy has announced a gas discovery at Enterprise 1 in licence VIC/P42(V) in the nearshore Victorian Otway Basin.

The total combined duration of the two surveys, awarded by Petrobras, is estimated around eight months.