Upstream news

"After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground, thanks first and foremost to industry consolidation among players that has concentrated the market over the past couple of years,” said Audun Martinsen, head of oilfield service research at Rystad Energy.

The first oil production by the FPSO is planned for 2022, and the firm time charter period of the contract is 21 years.

The company is aiming to complete the acquisition of 7000 acres and 87 oil and gas wells in the US state by 22 August.

The Jeanne d’Arc HD3D survey borders Newfoundland’s prominent producing fields such as Hibernia, Terra Nova, White Rose, North Amethyst and Hebron.

The combined company, which will operate under the name Chisholm Oil and Gas and be headquartered in Tulsa, Oklahoma, US, will have net production of approximately 20 000 boe/d.

The combined gross resources of Jorvik and Tellus East are estimated to be between 4 and 37 million boe.

In a recent Delaware Basin field trial with a major US land operator, the H-2 Perforating System was utilised to successfully run 45 perforating guns.

The company has raised guidance for 2Q19 and full year production volumes by 0.4 million boe.

The 10% interest in the BM-S8-block in Brazil's Santos basin has been acquired by Equinor from Barra Energia for US$379 million.

The company owns 13 license areas in the Solimões Basin in the Brazilian state of Amazonas with a total acreage of approximately 32 600 km2.