US upstream news

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.

The Permian Basin has systematically increased its market share in nationwide horizontal oil drilling in the US, reaching 74% as of last week, according to analysis by Rystad Energy of Baker Hughes data.

Despite the recent relative oil price recovery, dozens of US operators are still threatened by bankruptcies even at a WTI oil price of US$30/bbl, according to Rystad Energy.

Santos has named Weatherford its Contractor of the Year.

The IEA has adjusted its global 2Q20 demand prediction upwards by 3.2 million bpd – still sharply down on last year by 19.9 million bpd.

Oil prices rose this morning as US onshore stock builds fell for the first time since January.

A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.

The total horizontal oil rig count fell below 270 rigs last week, a 57% decline from the peak of 624 rigs seen in the middle of March 2020.