Upstream news

Formal technical environmental approval for the development of the Selva Malvezzi Gas-Field (Selva) in northern Italy has been received from the Italian Environment Ministry.

The assets to be sold by BP include its interests in the Andrew area in the central UK North Sea and its non-operating interest in the Shearwater field.

The discovery was made at the Maka Central-1 well drilled offshore Suriname on Block 58.

The company has acquired a portfolio of operating assets in New Mexico from a Permian Basin oil producer, including 23 saltwater disposal wells and 300 miles of water gathering pipelines.

The transaction is valued at approximately US$2 billion.

The Baker Hughes US land rig count declined by 49 rigs from the week ending 4 October 2019 through the week ending 27 December 2019, a greater decline than what the company expected.

Drilling in block 6507/8 is scheduled to begin in mid-January 2020, and is estimated to last for 67 days.

Vessel utilisation for 4Q19 was 80% compared with 32% for 4Q18. For the full year 2019, the vessel utilisation was 59%, whereas the utilisation for the full year 2018 was 33%.

The Vali-1 ST1 gas exploration well operated by Vintage Energy is being drilled through the Patchawarra Formation in Australia at a measured depth of 3059 m.

The first phase of the plan to reduce emissions by 2030 means more than 5 million t in annual reductions, representing around 10% of total annual Norwegian greenhouse gas emissions today.