Upstream news

The merger aims to reduce combined fixed costs by about £128.58 million on an annualised basis in 2021 compared to the level in 2019.

The company is to resume drilling in the Barents Sea and the North Sea.

The members of the Oil and Gas Climate Initiative have agreed to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20 kg and 21 kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe) by 2025.

Premier Oil is seeking a four-to-five year extension to debt due next year.

The project involved acquiring high-resolution geophysical and geotechnical data within the Stabroek block.

Petrobras has sold its interest in two onshore production fields in the Potiguar Basin and 10 shallow water fields that comprise the Pampo and Enchova Clusters.

In the short-term, Westwood expects FPS engineering, procurement and construction (EPC) contract awards to reach a total of just over US$5 billion in 2020 – a 59% decline from 2019’s ~US$13 billion.

Paola Rodriguez-Masiu, Senior Oil Markets Analyst at Rystad Energy, has commented on what yesterday's OPEC+ meeting may mean for oil prices.

Aurora is a small gas discovery in the North Sea located west of the Gjøa field.

Tendeka has joined the OSIsoft EcoSphere, a collection of more than 300 industrial leaders that provide products, applications, and services for the PI System.