Upstream news

In the second year of a COVID-influenced market, US upstream M&A rose 25% year-over-year to reach US$66 billion.

WorkfloPlus-Web enables oil and gas operators to transform paper-based procedures into smart digital workflows that are now accessible via a web browser, while opening up the platform to operating systems such as Microsoft Windows for seamless integrated working.

The first two wells of Beach Energy's offshore Otway Basin campaign have been connected to the Otway Gas Plant and are now delivering gas into Australia's East Coast market.

As a result of Wood’s success in the region during 2021, and to support further growth, the company recently completed the mobilisation of over 600 new employees, with recruitment underway for an additional 200 roles.

Persistent withdrawals from global oil inventories have led to increases in crude oil prices, but the EIA forecasts that global oil markets will begin to balance through 2023, leading to a drop in prices.

The revision will result in an impairment in the region of US$1.8 billion.

In its January Short-Term Energy Outlook (STEO), the US Energy Information Administration forecasts US crude oil production will increase for nine consecutive quarters, from 4Q21 to 2023.

McDermott has been contracted for EPCIC services for a Floating Production Unit at Woodside's Scarborough project. The company will also deliver EPCI for the North Field East Topsides and the North Field East Offshore Pipelines and Subsea Cables projects offshore Qatar.

The contracts are for work on the Scarborough project offshore Australia and the Yellowtail development offshore Guyana.

Upstream oil investments are projected to rise from US$287 billion in 2021 to US$307 billion this year, a 7% increase, while midstream and downstream investments will fall by 6.7% to US$172 billion this year, according to Rystad Energy.