US upstream news

Oil prices started the week boosted by the US stimulus bill that the US House of Representatives passed but a risk of bearish developments could trim gains going forward.

The company's Future Energy Fund II is focused on technologies that have the potential to enable affordable, reliable and cleaner energy.

The new GD 2500Q Heavy Duty Frame (HDF) quintuplex pump is designed to extend pump service life through an optimised power end frame design.

The sale to HitecVision, through its wholly owned portfolio company NEO Energy, covers most of ExxonMobil’s non-operated upstream assets in the United Kingdom central and northern North Sea.

Worley will provide FEED services to 1PointFive Inc. for a direct air capture unit to be constructed in the US Permian Basin.

The US will account for 70% of the total projects expected to start operations by 2025, according to GlobalData.

Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, and its Head of Shale Research, Artem Abramov, have commented on today's oil prices and on US oil production respectively.

While precise crude oil production figures are not available, 20% of lower 48 US natural gas production has been shut-in in the first half of February. An equivalent 20% cut in lower 48 US crude oil production would imply a production drop of around 2 – 2.2 million bpd of output, but this could prove to be even higher – perhaps as high as 4 million bpd.

Worley will provide early phase engineering services to Chevron’s global upstream projects, both onshore and offshore, over a five-year period.

The acquisition, expected to close in 2Q21, deepens Baker Hughes’ industrial asset performance management capabilities.