Upstream news

The Norwegian contractor, who demonstrated and implemented a best practice CMS covering operations on one of its North Sea assets, achieved the accreditation in under four months.

The agreement with Koru Energy is for a potential acquisition of up to a 50% relevant interest in the Knox and Lowry, and Whitbeck gas discoveries in the East Irish Sea.

Abandonment of the well has been delayed following failure of 2 of the Diamond Offshore Ocean Monarch drilling rig’s 8 mooring chains.

Drilling of the Etame 9P appraisal wellbore is expected to take approximately four weeks, after which the company will commence drilling the Etame 9H development well targeting the Gamba reservoir.

Evaluation of logging and sampling data has confirmed that Joe-1 has encountered 14 m of net oil pay in high-quality oil bearing sandstone reservoirs.

The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million bpd of crude production.

Analysis of the logs, use of offset comparison data and cut-offs, in conjunction with advanced wireline tools has indicated an increase in net pay of 17 m, which brings the total net pay to 58 m using the cutoffs from the nearby Waitsia field.

The biggest M&A deal of 2Q19 was Occidental Petroleum’s acquisition of Anadarko Petroleum for US$55 billion.

US Light Tight Oil (LTO) represented less than 1% of global oil supply nine years ago but now represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.

The MoU between STATS, Sakhalin Energy and OOO INTRA Services Company was signed during the Eastern Economic Forum in Vladivostok, which was attended by Russian Federation President, Vladimir Putin.