US upstream news

NTS Group has acquired Amega West Services from Carpenter Technology Corporation.

Oil prices declined today as US President Donald Trump halted negotiations on a new stimulus bill that would support the Covid-19 hit economy, while US crude stocks also increased.

C-Innovation has acquired the controlling interest in Caltex Oil Tools, which provides equipment rentals, services and customised engineering capabilities to the offshore industry.

The API has responded to the Trump administration’s announcement to extend the existing offshore moratorium in the Eastern Gulf of Mexico to include additional areas off the Atlantic Outer Continental Shelf (OCS) through the year 2032.

The companies will cooperate globally to focus on revolutionising well integrity during the construction phase by bringing to market the first ever integration of Managed Pressure Drilling (MPD) solutions and Automated Well Control technology.

The study will examine specific economic parameters used by BOEM and BSEE for new and high-cost technologies like extended-reach subsea tiebacks.

The contract will start in 4Q20 with an expected duration of about three months.

The survey is anticipated to start in December 2020 with a project duration of approximately 80 days.

Oil prices declined today as the market is correcting the exaggerated price levels reached in yesterday’s session. Meanwhile, Covid-19 demand concerns and US supply return.

The US government said 21%, or nearly 396 000 bpd, of offshore crude oil production and 25%, or 685 million ft3/d, of natural gas output were shut in the US Gulf of Mexico.