US upstream news

US shale oil producers are in line to suffer more than US$10 billion in derivative hedging losses this year if oil prices remain around US$100 per barrel, Rystad Energy research shows.

The study ranked 59% of companies at Medium Risk for a cyber breach, 13% at Low Risk and 28% at Very Low Risk. It also revealed 94% of all ransomware threats were held by only 51% of companies.

The project, selected by the Petrobras Socio-environmental Program, will work with almost 800 direct participants from traditional fishing communities in the municipalities of Cabo Frio, São Pedro da Aldeia, Saquarema and Maricá until 2024, totalling 24 months of duration.

GD Energy Products has opened a new aftermarket facility to increase customer service and support capabilities in the Louisiana and East Texas region.

Global well integrity and production optimisation expert Coretrax has completed a world record-breaking project in the Utica Basin, Northeast America, for a major gas operator with its ReLine Expandable Technology.

Production has begun flowing through the Murphy-operated King’s Quay floating production system.

Crude oil production in the US has recovered considerably from the lows seen during the first wave of the COVID-19 pandemic and the brief price war between Saudi Arabia and Russia.

The company’s fourth, and largest, project in the Stabroek Block offshore Guyana is expected to produce approximately 250 000 bpd starting in 2025.

PowerNap is a subsea tie-back to the Shell-operated Olympus TLP, located in the US Gulf of Mexico with an estimated peak production of 20 000 boe/d.

Altus Intervention, headquartered in Norway and operating in 11 countries, specialises in fully integrated well intervention solutions, including proprietary technology.