Upstream news
GlobalData: Venezuela’s long road to production collapse fuelled by challenging reservoirs and underinvestment
The collapse of the Venezuelan economy has been fed by a continuing drop in crude oil production. The country’s annual production has gone from an estimated 2.86 million bpd in 2010 to 2.07 million bpd in 2017.
TechnipFMC awarded contract for Tortue/Ahmeyim Development FPSO
The agreement between the two companies provides a mechanism to allow a transition of the contract to an Engineering, Procurement, Construction and Installation (EPCI) contract at a later stage.
Big Statoil investments in the North
Celebrations at Sandnessjøen when the news broke that Aker Solutions’ northernmost plant will deliver the ten subsea templates for the Johan Castberg field on 5 March.
Lundin have announced that drilling for extended well testing has commenced on Alta
Lundin Petroleum AB (Lundin Petroleum) has announced that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced drilling well 7220/11-5 on the Alta discovery in PL609 in the southern Barents Sea. Following drilling, the well will be used for extended well testing.
Total further increases its footprint in the Gulf of Mexico
Total has acquired several assets located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale.
SDX Energy Inc. announce gas discovery at Ibn Yunus-1X well, Egypt
SDX Energy Inc., the North Africa focused oil and gas company, has announced that a gas discovery has been made at its Ibn Yunus-1X exploration well at South Disouq, Egypt (SDX 55% working interest and operator).
IFR Joint Venture commences drilling at Tecolutla
International Frontier Resources Corporation has announced that in partnership with Mexican petrochemical leader Grupo IDESA, Tonalli Energia has spudded its first evaluation well, TEC-10, at its onshore Tecolutla block.
Tendeka awarded multi-million-dollar AICD screens contract in Sub-Sahara Africa
Tendeka will supply its specialist FloSure Elite sand screens with its FloSure autonomous inflow control devices (AICDs) and zonal isolation products for two developments in the country.
Seacroft Marine reports over £500 000 in new contracts, as market improves
Noting a significant upturn in marine activity supporting the UKCS oil and gas sector, Aberdeen-based Seacroft Marine Consultants Limited has reported more than £500,000 in new contracts won in the first 3 months of 2018.
Rystad Energy: China’s promise to cut tariffs and open economy allows several US producers to breathe easier
During his speech Tuesday at the Boao Forum, Chinese President Xi Jinping gave reassuring words to help calm tariff tensions with the US. Xi’s commitment to cut tariffs and open the economy could be a first step in drawing more interest from foreign investment.