US upstream news

Halliburton has reported an adjusted net income of US$320 million in 4Q21, double that from a year earlier, prompting the oilfield services company to lift its dividend following a rebound in crude and natural gas prices.

The Theta West #1 well on Alaska's North Slope is targeting two primary targets which combined are estimated by the company to contain 12.1 billion barrels of oil in place with an estimated 1.4 billion barrels of recoverable resource.

The contract, which is worth US$$300 000 (£225 000), is expected to take between four and six months and is scheduled to be completed in 1Q22.

The JV will see the creation of an OCTG 130 000 ft2 threading plant in Nashik, India, targeted to be operational by the end of 2022.

Valaris has been awarded two one-well contracts by Murphy Oil Corp. for semisubmersible VALARIS DPS-5.

The new 15 000 ft2 Houston facility will support the company's operations in US onshore unconventional plays.

The net zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions.

The results of the appraisal well in the Green Canyon area of the US Gulf of Mexico further define the resource potential in the central Winterfell area, with the current estimate around 100 million barrels gross.

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