Upstream news

The exploration well 208/02-1 on the Lyon Prospect in Licence P1854 in the West of Shetland, UK, has been plugged and abandoned.

DP World's acquisition of Topaz Energy & Marine from Renaissance Services SAOG and Standard Chartered Private Equity / Affirma Capital is for an enterprise value of US$1079 million.

The increase in medium crude from Brazil will be one of the few sources of non-US supply growth this year, says ESAI Energy's Latin America Watch.

The reference well used was the Cambo Well in the UK, which was drilled by Siccar Point Energy in 2018.

The discovery is estimated at 2 trillion ft3, making this the 7th largest global discovery of the year.

The drilling result at Lang Lebah-1RDR2 is the Thai national oil company’s largest ever discovery.

Senate Bill 181, signed in mid-April and also known as Protect Public Welfare Oil and Gas Operations, amends the Oil and Gas Conservation Act and gives counties and municipalities increased regulatory authority over oil and natural gas development in their jurisdictions.

The move follows a recent contract win and the acquisition of the company's first asset.

The two companies also signed an MoU on the concept development for the Hades/Iris discovery in the Norwegian Sea.

“The valuation implies that a combined divestment of the entire portfolio would put the transaction at the very top of pure Norwegian transactions since the SDFI spin off in 2001,” Simon Sjøthun, Rystad Energy partner, said.