Upstream news

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.

The company will acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at US$33 billion, or $65 per share.

A total of 1000 km of the Nord Stream 2 gas pipeline has now been laid in Finnish, Swedish and German waters.

Among the new wins is the Submarine Rescue Service contract for The Royal Australian Navy.

Hogan Assessments has saved companies nearly €65 million in workplace injury costs by helping them recruit safety-minded staff.

Alba has also been advised by the Operator that preparations for the planned drilling start of HH-1z and HH-2 in the second quarter of 2019 are nearing finalisation.

In the same week that Shell agreed to explore for shale oil in China, BP is reported to be exiting its two Sichuan basin shale gas blocks. Wood Mackenzie eastern Asia upstream research analyst, Xianhui Zhang, provides commentary.