Upstream news
Wood Mackenzie: China's crude reserves could reach 1.15 billion bbl this year
China’s crude oil stock (including strategic and commercial petroleum reserves) could reach the equivalent of 83 days of oil demand, according to Wood Mackenzie.
ION divests from land seismic equipment JV
The company is to sell its 49% equity stake in INOVA Geophysical Equipment Ltd. for US$12 million.
West White Rose offshore project suspended
Production from the White Rose field and its satellite extensions, located 350 km off the coast of Newfoundland and Labrador, is still continuing.
Shell reduces CAPEX and operating costs
The measures taken include a reduction of CAPEX to US$20 billion or below for 2020, from a planned US$25 billion.
Axxis Geo Solutions receives extension to Middle East OBN contract
The additional work is estimated to be totalling 7 vessel months and will continue into 2Q20.
Energean on course to deliver first gas from Karish field in 2021
The Karish gas field offshore Israel was 72% physically complete at 31 December 2019 and remains on track to deliver first gas in 1H21.
Tracerco awarded deepwater subsea inspection project
The Gulf of Mexico operator will deploy DiscoveryTM, Tracerco’s Subsea CT Scanner, to obtain critical baseline integrity data on the new pipeline system.
CNOOC set to load first cargo of crude from Liza field
CNOOC has a 25% stake in the Stabroek block as part of a consortium with operator ExxonMobil and Hess Corp.
Bay du Nord project delayed by oil price collapse
Equinor has made no changes to schedules of other projects, including the second phase of its giant Johan Svedrup oilfield development in the North Sea and the Arctic Johan Castberg project.
Gulf of Mexico lease sale generates US$93 million in high bids
A total of 22 companies participated in Lease Sale 254, submitting US$108 587 185 in total bids.