Upstream news

TGS has reported EBITDA of US$125 million in 1Q20, 1% above 1Q19.

Electromagnetic Geoservices' adjusted EBITDA for 1Q20 was negative US$0.8 million, up from negative US$1.2 million in 1Q19.

The Wressle oil discovery in Lincolnshire, UK, is expected to flow at a constrained rate of 500 bpd gross.

The total horizontal oil rig count fell below 270 rigs last week, a 57% decline from the peak of 624 rigs seen in the middle of March 2020.

Oil prices rose this morning as Saudi Arabia’s move, accompanied by Kuwait and the UAE, to expand production cuts boosted the market’s confidence.

Petrofac has been awarded a three-year extension to its existing maintenance contract with BP and a new four-year metering contract.

The farm-out agreement with Georgina Energy is for the exploration permit 155 in the Amadeus Basin in Australia's Northern Territory.

The project is taking place in the Viking Graben.

The WilPhoenix semi-submersible will be used for a one well workover on the Rhum gas field in the UK North Sea.

Well 30/2-5 S will be drilled from the West Hercules drilling facility.