Upstream news

Apache reported a loss of US$4.5 billion or US$11.86 per diluted common share during 1Q20.

The company has reported a net loss attributable to Murphy of US$416 million in 1Q20.

The two three-year renewals are worth a combined total of more than US$100 million.

The contract will cover the Subsea, Umbilicals, Risers and Flowlines (SURF) work on Phase 1 of Independent Oil and Gas's Core gas project in the UK Southern North Sea.

The company's IFRS net income was negative US$0.71 billion, following net impairments of US$2.45 billion.

Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.

The OGA has said that the North Sea oil and gas industry should go considerably faster and farther in reducing its own carbon footprint, or risk losing its social licence to operate.

The company is acquiring about 30% of Total’s participating interest in blocks 15, 33 and 34 located in the Campeche Basin, offshore Mexico.

Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned.

Cuts in the industry's investment budgets will leave only US$60 billion worth of greenfield tenders for contractors to compete for, the lowest in two decades, according to Rystad Energy.