Upstream news

Oil prices fell on Monday, despite the OPEC+ cuts.

A joint venture, including PTTEP, Petronas, Repsol and Wintershall Dea, made the discoveries in the Salina Basin.

IOG has received the approval for its Core gas project in the North Sea.

The company has said that site construction works will commence on the West Newton B drilling site in due course.

The company has completed completed a second series of development drilling of wells at the Panuco field for a major oilfield services company.

Rystad has warned however that stock build will still overwhelm remaining global storage, which will fill in weeks.

Following OPEC+'s agreement to cut oil production by 9.7 million bpd from 1 May 2020, Azerbaijan has announced the commitments it will take as a member.

Kazakhstan has pledged to cut its output by 390 000 bpd in May and June.

The sale includes effectively all of Gyrodata’s directional drilling personnel, as well as its high-performance drilling motors and measurement while drilling (MWD) tools.

ExxonMobil has announced an estimated 1Q20 loss of US$610 million compared with earnings of US$2.4 billion a year earlier.