Upstream news

Neptune Energy Norge AS, operator of production licence 153, has concluded the drilling of appraisal wells 35/9-16 S and 35/9-16 A on oil and gas discovery 35/9-3 (Hamlet).

The company has reached an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz for more than $1 billion, subject to government approvals.

Replan is Brazil's largest refinery in terms of processing capacity, with a load of 434,000 bpd. In addition to diesel fuel, it produces gasoline, jet fuel, asphalts, LPG, and propene, among other oil products.

Commercial discovery made by the Athena exploration well, Block 12, in the A, B and C sands.

The new agreement will give Petrobras geoscientists access to advanced technology innovations, including full-waveform inversion (FWI), significantly enhancing their imaging capabilities.

The outcomes would enhance the UK’s energy security and would ensure that emissions from North Sea oil and gas production remain world leading.

The company has announced it will spend more than US$1 billion over the next five years securing energy supplies for the UK and speeding the transition to net zero.

The licences contain two firm wells on the Oswig and Velocette prospects anticipated to drill in the summer 2022 and 2Q23 respectively. All the licences are operated by OMV which will retain a 40% working interest post-transaction.

The company plans to drill the main target horizon, the Sasanof-1 Well, in this prospect during May/June 2022.

Strong initial performance from new Gulf of Mexico production and onshore wells, balance sheet strengthening with debt reduction announcement, and increasing shareholder returns.