Upstream news

The announcement by Mexico's president, Andres Manuel Lopez Obrador, did not make clear how much production would be removed by the closure of new fields and whether it would exceed a 100 000 bpd quota already agreed with the OPEC+ group of producing countries.

The company cited current market conditions for its withdrawal from a consortium evaluating the acquisition of Shell's upstream portfolio in the Western Desert in Egypt.

Rystad Energy's Oil Markets Analyst Louise Dickson has said that WTI June 2020 deliveries could also be on their way into the red.

The sister event to SPE Offshore Europe is to move from a face-to-face conference and exhibition to a virtual conference format.

Rystad is estimating that the industry's revenues will fall this year by 51% in a US$30 Brent scenario and by 77% if the Brent falls to US$20, compared to levels seen in 2019.

The VOX evaporation technology evaporates produced water from production sites into the atmosphere with low emissions.

The contract is expected to start in 3Q20, with a duration of about 30 – 45 days.

Rystad Energy's Head of Oil Markets, Bjornar Tonhaugen, has commented on the recovery of oil prices from negative levels yesterday.

First data from the 21 631 km2 regional 2D seismic survey offshore Sakhalin Island has been sent out to pre-funding customers and is now available to all industry customers.

TechnipFMC will design, manufacture, deliver and install subsea equipment including subsea production system, flexible flowlines and umbilicals for connection to the Angel platform.