Upstream news

Wildcat well 7219/9-3 was drilled about 25 km south of the Johan Castberg field in the Barents Sea and 220 km northwest of Hammerfest.

Covid-19 has led to a crisis in the global oil industry with a dramatic fall in prices and weak consumer demand creating difficulties for the upstream sector right now. Keith Tilley, CEO, Intoware, explains why companies must re-think their digital strategies or risk being left behind.

Oil prices rose a bit today, correcting some of yesterday’s losses, which were more a sign of shock on economic collapse figures. Nevertheless, traders brace for August, a month of returned production from OPEC+ amid stalled demand recovery.

The company is investing US$1 million in the California-based company Clean Energy Systems to help develop a new technology called Carbon-Negative Energy.

Ampelmann and Olympic Shipping are supporting topside commissioning work on Ithaca Energy’s FPF-1 offshore semi-submersible in the North Sea.

Oil prices are falling today, with traders ignoring yesterday’s US crude stock news and acknowledging Covid-19’s threat to the demand recovery, while waiting for OPEC’s returned production to hit the market again.

Remote training and monitoring procedures enabled the successful installation of the liner hanger system, cementing products and tubular running services during the COVID-19 lockdown.

Preliminary fluid samples and test results indicate at least 278 m (912 ft) of net oil and volatile oil/gas condensate pay in two intervals.

The drilling programme for well 6407/1-8 S & A relates to the drilling of wildcat wells in production licence 263 D.

Oil prices are seeing modest gains today as surprisingly high oil stock draws are expected in the US, but the rise is capped by concerns over a coming imbalance from August.