Upstream news
ConocoPhillips cuts production and spending
The measures include a reduction in output of 225 000 bpd.
MOL completes purchase of Chevron assets in Azerbaijan
The interests include a 9.57% stake in the Azeri-Chirag-Gunashli oilfield, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline that transports crude to the Mediterranean port of Ceyhan.
Zenith Energy renegotiates acquisition of Tilapia field
Zenith has entered into a new conditional Deed of Variation which now includes the acquisition of a 100% interest in AAOG Congo and related intracompany loans for a revised total consideration of £200 000.
Covid-19 and low oil prices could cancel over half of 2020’s licensing rounds globally, predicts Rystad Energy
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
Gardner Denver launches new fluid end
The VX Hydraulic Fracturing Pump Fluid End has been designed for use with GD-2500Q hydraulic fracturing pumps and comparable 8 in. stroke quintuplex power ends from other manufacturers.
Shell invests in Surat gas project
The company is investing in Arrow Energy's Surat gas project in Queensland, Australia.
TGS begins 3D seismic survey offshore The Gambia
The 4770 km2 Gambito 2020 3D survey will cover open acreage in deep and ultra-deep waters.
Shell aims for net zero emissions by 2050 at latest
The company is aiming to align itself with the goals of the Paris Agreement on climate change.
Covid-19 delays construction work at Peregrino oilfield
The Peregrino oilfield offshore Brazil is Equinor’s largest offshore operation outside Norway, and produces 70 000 to 80 000 bpd.
Rystad Energy: US crude oil stock builds break records
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million bbl was sent into storage.