Upstream news

MOL's upstream EBITDA was 10% lower in 1H19 at US$553 million, while average daily hydrocarbon production was 111.8 boe/d higher by 2% y/yr.

This is Yokogawa's largest transmitter order to date for an upstream oil and natural gas project in South America.

Maria Cortez, Wood Mackenzie, has said that Ecopetrol's decision to form the joint venture is part of an aggressive diversification strategy that the company has pursued in recent months.

Adam Johnson, director of Leeds-based Tudor International Freight, has said affected enterprises, including in the oil and gas sector should undertake these analyses with a view to seeking any changes needed in the event of a no-deal Brexit.

The decision reflects a broader trend of majors embracing subsea tie-backs that offer quicker paths to first oil and attractive returns, according to Wood Mackenzie.

The system alleviates the impact of modern, large blowout preventers (BOPs) on legacy wellheads by arresting the motion of the BOP stack via four tethers, which are anchored to the seabed.

The DAV MX™ CircSub was deployed in order to avoid the cost of a dedicated jetting assembly run.

The joint venture, InVision Offshore, Inc., will be based in Houston, Texas, US.

The contracts are for coiled and N2, stimulation services and cementing services for a period of 5 years with possible extensions of up to 2 years.

The awarded licences were granted for Block D, located 45 km off the Israeli coast.