US upstream news

Oil prices lost ground this morning, as traders corrected last week’s exuberant gains, amid worries that Covid-19 will not let demand recover as quickly as hoped.

The company will provide its continuous environmental compliance and drilling performance management services on both projects.

Oil prices have fallen as US stocks rise and as traders price in concerns about how quickly demand will return, fearing a second Covid-19 wave.

The work scope includes the provision of umbilicals and distribution equipment to connect the King’s Quay floating production system to the Samurai, Khaleesi and Mormont deepwater developments.

The URTeC Management Committee has decided to cancel the face-to-face component of the upcoming Unconventional Resources Technology Conference (URTeC) in Austin, Texas, US.

The flaring-related CO2 emissions intensity of oil production in the US Permian Basin is set to reach historically low levels in 2H20, averaging at between 4 and 5 kg of CO2 per barrel of oil produced, Rystad Energy estimates.

The Velox™ wellhead system is designed for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.

Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.

The technology aims to reduce uncertainty and saves rig time by enabling operators to accurately position packers, perforating guns and the bottomhole assembly without running wireline or moving the work string.

US monthly output is not likely to exceed 11.7 million bpd before 2022, according to Rystad Energy estimates.