Upstream news

Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.

Beach Energy and Diamond Offshore are engaging in discussions with regard to the future operations of the Ocean Onyx rig and the Victorian Otway Basin offshore drilling campaign, with a view to agreeing a new contract in due course.

The project will cover both frontier and mature areas where new broadband seismic is needed to enable the interpretation of the internal reflectors of the main Brent Group reservoir level.

BG International, a subsidiary of Shell, and Aker BP have terminated contracts for the Maersk Developer and the Maersk Reacher respectively.

Nine seismic surveys have been carried out on the Troll field by Equinor and other licensees, with the most recent one completed last summer.

The company has reported a US$7.4 billion loss as a result of the impact of the Covid-19 pandemic and low oil prices.

The SubseaIntel tool has been substantially upgraded to help streamline and improve subsea intelligence-gathering and is being re-launched this week.

The company has been granted patents for its diverless under water inspection in lieu of drydocking (UWILD) and valve inspection and repair technology in the UK and Australia.

SKK Migas, the country's upstream oil and gas regulator, has cut this year’s production outlook for both crude oil and gas to 725 000 bpd and 5727 million ft3/d respectively.

Oil production in March was 4.4% lower than the NPD’s forecast, due to technical problems at some fields.