US upstream news

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.

Under the initiative, API member companies will commit to applying safety standards, implementing workforce training programmes and participating in performance-improving efforts.

Oil prices have jumped as the extreme cold weather the US is experiencing is impacting oil production, but refinery outages are limiting the price ascent.

Oil prices have jumped again as cold weather causes US supply growth slowdown, in addition to an overall bullish market sentiment.