Upstream news

KBR will act as the main PMC contractor responsible for managing the successful engineering, procurement and construction (EPC) contractors for Packages A & B of the Dalma Gas Development Project, Packages 1-5 of the Hail & Ghasha Development Project, Hail & Ghasha Islands Project as well as the Deep Gas Project.

The company has announced estimated 4Q19 earnings of US$5.7 billion.

DOF Subsea has secured contracts for pre-lay and LBL array installation activities in Guyana, subsea installation work in Trinidad and well-head removal work in Canada.

PGNiG Upstream Norway now has a 30% interest in the PL636 and PL636B licences in the North Sea.

Chevron Corp. has reported a loss of US$6.6 billion (US$3.51) per share - diluted) for 4Q19, compared with earnings of US$3.7 billion (US$1.95 per share - diluted) in 4Q18.

The company's budget for 2020 is US$1.27 billion, which represents a 30% increase on 2019 capital expenditure.

The two companies have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province.

The five-year contract will take effect in April 2020.

If fraccing activity were to be eliminated on federal acreage the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace the lost oil volumes, according to Rystad Energy.

Through December 2019, the Texas Petro Index lost 9.4% of its value since the February 2019 cyclical peak.