US upstream news

Located approximately 275 km off the coast of Louisiana, the North Platte field development includes a semi-submersible floating production unit (FPU) in water over 1300 m deep.

The company has announced a net loss of US$1.7 billion for 4Q19, compared to a net income for 3Q19 of US$295 million.

The company has reached an agreement with creditors that will equitise nearly all of its funded debt.

US$7.25 million has been awarded across eight projects focused on strengthening safety culture in the offshore oil and gas industry.

API President and CEO Mike Sommers said that the deal was "welcome news" but urged the lifting of all remaining tariffs between the two nations.

The acquisition includes the Feubo facility located in Hattingen, Germany, which will become Crosby’s centre of excellence for offshore mooring components.

The newly acquired seismic programmes provide modern high-resolution imaging which encompass 1606 km2 with an additional 632 km2 to be acquired in 2020.

These petrophysical interpretations, derived from well log and core analysis relationships in approximately 1400 wells within key unconventional basins, will be added to the current TGS data library.

Compared with recent years, both crude oil prices traded within relatively narrow price ranges throughout the year.

The company has acquired a portfolio of operating assets in New Mexico from a Permian Basin oil producer, including 23 saltwater disposal wells and 300 miles of water gathering pipelines.