Upstream project news

The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.

The company will be reducing its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma.

Of the 100 listed energy service companies analysed by Rystad Energy across the various service segments for this research, more than two-thirds are unlikely to be able to meet their interest payment obligations on time this year.

The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.

The contract has been extended until at least March 2022.

In January 2020 there were plans for approximately 50 exploration wells, but this has been reduced to 40 by the effects of the Covid-19 pandemic and low oil prices.

Allseas’ heavy lift vessel Pioneering Spirit will execute the work for Aker BP at the Valhall oilfield between 2021 and 2026.

At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.

The module was lifted onto a barge at the Rosenberg Worley yard in Stavanger, Norway, and will be transferred to the world's largest crane vessel, Heerema’s Sleipnir, then installed on the Neptune-operated Gjøa platform.

Drilling at the Sobhi well encountered 108 ft net of high-quality gas-bearing sands, with an average porosity of 20%, near the base of the Kafr El Sheikh formation.