Upstream news

Petrobras is revising all exploration and production projects as a result of its new oil pricing assumptions.

The company is targeting additional savings to those in April, and now expects to reduce overhead and project support costs by at least US$125 million in 2020 and by up to US$200 million in 2021.

The IEA has adjusted its global 2Q20 demand prediction upwards by 3.2 million bpd – still sharply down on last year by 19.9 million bpd.

The guidelines aim to help companies understand good practice in how to identify, rank, approve and carry out opportunities to optimise production.

Oil prices rose this morning as US onshore stock builds fell for the first time since January.

The new partnership with Downhole Products will focus on bringing Marwell's range of casing accessories to the Danish and Norwegian markets.

The company recently engineered a pair of ROV-deployable magnetic mounts to allow the loggers to be mounted directly onto subsea cross braces on a platform at two separate depths.

A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.

12 prospective parcels of land will be opened for tender across Queensland’s resource-rich Bowen and Surat basins between Blackwater and Goondiwindi.

The 2020 Somali licensing round – launched virtually due to Covid-19 – features up to 7 blocks up for bidding.