Upstream news

The company had a busy and successful week in Singapore from 10 - 12 April 2019.

Following Santos' announcement on the confirmation of a significant gas resource at Corvus-2 appraisal well, Wood Mackenzie senior analyst Daniel Toleman provides commentary.

Mitsui and MOL have participated in a long-term charter business operated by MODEC for the purpose of providing a FPSO for use in the Area 1 block.

The company received the approval from the Romanian Government through the National Agency for Mineral Resources.

The well reached an intermediate TD of 4880 m approximately 7 days ahead of schedule.

Penspen, a provider of engineering, asset integrity and project management services to the energy industry, has opened a new office in Aberdeen following a growth in demand for its engineering and asset integrity services in the area.

Production from shallow wells for March 2019, was in aggregate 44 566 or 1658 bpd (February 2019 42 913 bbls or 1533 bpd), with oil sold at an average price of US$18/bbl (February US$20.50/bbl).

Moscow expects to reinforce its position as Europe’s largest natural gas supplier with Russia’s construction of two new pipelines.

Commenting, Roy Martin, senior analyst, corporate analysis, said: “This is the biggest upstream deal since Shell and BG in 2015. Chevron now joins the ranks of the UltraMajors – and the big three becomes the big four.”

Russian crude exports will reach a multiyear high of 5.7 million bpd in April, 400 000 bpd higher than average exports in the previous 5 months, according to a Market Alert released by ESAI Energy.