Upstream project news

Saipem and Vår Energi have reached an agreement for the execution of 4 wells to be drilled in the Barents Sea and in the North Sea.

The semi-submersible crane vessel Sleipnir has successfully removed the 8100 mT Jotun-B jacket for Vår Energi.

Oman's Ministry of Oil and Gas has approved the field development plan for the Yumna field and awarded Declaration of Commerciality (DOC).

The Luda 21-2/16-3 regional development is expected to reach its peak production of approximately 25 600 bpd in 2022.

Zenith Energy has submitted an offer to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield, to be named "Tilapia II".

The company is to resume drilling in the Barents Sea and the North Sea.

The project involved acquiring high-resolution geophysical and geotechnical data within the Stabroek block.

In the short-term, Westwood expects FPS engineering, procurement and construction (EPC) contract awards to reach a total of just over US$5 billion in 2020 – a 59% decline from 2019’s ~US$13 billion.

Keppel has been awarded contracts in Singapore and Brazil.

A Rystad Energy analysis shows the number of drilled wells globally is expected to reach around 55 350 this year, the lowest since at least the beginning of the century.