Upstream news

The company has reduced its annual net production target and CAPEX for 2020.

The announcement is a result of higher-than-expected demand for certain fuels.

OKEA has announced that its assets produced a total of 19 099 boe/d in 1Q20, compared to 19 498 boe/d in 1Q19.

Under the agreement, Sumitomo will have a 25% stake in the FPSO Anna Nery project, which was awarded to Yinson by Petrobras in October 2019.

The agreement has been signed with an unnamed European E&P company for licence P2478 in the Inner Moray Firth, UK.

The oil price has reversed morning losses and now enjoys limited gains.

Fenja is Neptune’s first operated development project on the Norwegian Shelf and is estimated to contain 97 million boe.

The current Covid-19 virus crisis has accelerated the need to reduce personnel on board (POB) on floating assets to a minimum.

Well Control School has announced the launch of the SMART knowledge retention programme, a new online well control training aid.

BP has reported an underlying replacement cost profit of US$0.8 billion, compared with US$2.4 billion for 1Q19.