US upstream news

The plan released by the Interior Department’s Bureau of Land Management revokes an Obama-era management system for a huge swathe of federal land on the western North Slope, the National Petroleum Reserve in Alaska.

This will be the third consecutive quarter in which Occidental takes a writedown, bringing the total to as much as US$12 billion in the last nine months, more than half of its market capitalisation.

The three-year contract began on 1 May and will employ 144 Danos personnel in a variety of positions.

The new phase of the project, based on the successful completion of a design study last year, will include the design, build and test of enabling technologies that are the backbone of Upwing’s Magnetic Drive System concept for a reliable and retrievable electric submersible pump.

The platform enabled the customer to automate production monitoring, analysis, and optimisation asset-wide for 1700 electric submersible pump wells.

The agreement also establishes a framework where Proserv and Dril-Quip may pursue joint marketing and collaboration efforts, with Dril-Quip providing subsea trees and Proserv providing subsea controls.

The Permian-based producer used Cold Bore Technology’s SmartPAD, which delivers real time, sensor-driven tracking of ultra high-resolution fraccing operations data with analytics.

The system, initially delivered in the Intervention Riser System (IRS) configuration, provides a 6-3/8 in. through bore and is suitable for all types of well intervention operations up to 15 000 psi and in water depths up to 10 000 ft.

The agreement between the two companies includes the reprocessing and imaging of over 5000 miles2 of multi-client seismic data.

Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.