Upstream news

Oil prices have swung to gains after a morning flavoured by concerns over expected crude stock build in the US.

Wintershall Noordzee B.V. has started gas production from its second b2 production well at the Sillimanite field in the Netherlands.

The scope of work includes well hook-ups, associated pipelines, and tie-ins for several new gas wells that Tatweer Petroleum is planning to drill in the Bahrain field.

The project is in support of the country's ongoing licence round, expected to close in the first half of 2021.

PG Flow Solutions will deliver miscellaneous pumps to the platform topside, including a pressure equalising pump, freshwater pump, freshwater pressure pump, diesel transfer pump, and one hazardous open drain pump.

The agreement will enable co-manufacture of wireline downhole technology.

In the fast-moving onshore drilling industry, operators are constantly looking for ways to mitigate risks and extend laterals while reducing costs.

A report published by industry body OGUK has outlined how the target will be achieved through changes to operations, progressive reductions in flaring and venting, and major capital investment programmes aimed at using electricity rather than gas, to power offshore facilities.

Oil prices are enjoying some stability now, after pricing in fears of a new pandemic wave and the OPEC+ cuts agreement.

The backlog, which will likely increase in June, is equivalent to about two years of fraccing at the current pace, according to Rystad.