Upstream project news

The regulation provides that exploratory drilling projects in a specific area of the Canada-Newfoundland and Labrador offshore are excluded from the requirement to undergo a project-specific federal Impact Assessment.

Although a FID for the project is on hold, Aker Energy has said it is working actively to confirm the feasibility of a phased field development by executing conceptual studies.

Lukoil has cut its CAPEX guidance for this year to 450 – 500 billion roubles from 550 billion roubles (US$8 billion).

The additional work will commence directly after the conclusion of a previously announced contract, and will last approximately two weeks.

The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, data from Norway's national statistics agency showed.

The first phase of the exploration period at block 29/11 has been extended to 12 June 2022.

Exploration drilling is anticipated to commence at the Pensacola gas prospect in 2H21 and in 2022 at the Selene gas prospect.

The Semakovskoye field in the Yamal-Nenets Autonomous Area has recoverable gas reserves in excess of 320 billion m3.

KrisEnergy has attributed the suspension to the economic uncertainty generated by the Covid-19 pandemic and the current state of oil prices.

El Salmiyah-5 was spudded on 3 February 2020, and reached total depth of 4400 m MD on 17 April 2020.