Upstream news

On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to the end of July.

Production has resumed at the Sharara and El Feel oilfields in the southwest of the country.

The flaring-related CO2 emissions intensity of oil production in the US Permian Basin is set to reach historically low levels in 2H20, averaging at between 4 and 5 kg of CO2 per barrel of oil produced, Rystad Energy estimates.

Apache’s adoption of the Arup Inspect MInteg inspection service on the Beryl Alpha platform has reduced offshore inspection hours of the topside structure whilst enhancing the quality and availability of inspection data.

Eni has created two new business groups: Natural Resources and Energy Evolution.

The regulation provides that exploratory drilling projects in a specific area of the Canada-Newfoundland and Labrador offshore are excluded from the requirement to undergo a project-specific federal Impact Assessment.

Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.

Borr Drilling will now delay delivery of five newbuild jack-up rigs until mid-2022.

Although a FID for the project is on hold, Aker Energy has said it is working actively to confirm the feasibility of a phased field development by executing conceptual studies.

Premier Oil will pay BP a reduced fee of US$210 million for the Andrew Area and Shearwater assets.