The effect of the COVID-19 pandemic and the ongoing oil price war will likely cause the cancellation of more than half of the world’s planned licensing rounds, according to energy intelligence firm Rystad Energy.
Hurricane Energy has confirmed the “extraordinary productivity” of two wells and the reservoir at its Lancaster EPS, located in the West of Shetland area.
Borr Drilling has received notices of early termination for several of its drilling rig contracts, but it has also been awarded new contracts for its rigs.
After four days of negotiations OPEC, Russia, and allies have agreed on record production cuts to save the oil industry amid a major industry crisis exacerbated by the coronavirus pandemic.
Russia’s Lukoil has moved on to the next stage of facilities construction for the Valery Grayfer field with the launch of a jacket for the living quarters platform from a yard to the Caspian Sea.
Lime Petroleum has signed an agreement with Equinor to acquire 20 per cent interests in each of the licences PL263D and PL263E located in the Norwegian Sea.
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy.
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war, a Rystad Energy impact analysis shows.
Shell has awarded a contract extension to the Petrojarl Knarr FPSO owned by Altera Infrastructure, previously known as Teekay Offshore. However, some of the terms of the contract have been changed, including a reduction in dayrate.
Exploration activity offshore Norway has been reduced and 10 wildcat wells previously planned for this year will be delayed due to the coronavirus crisis and the sharp decline in oil price.
Neptune Energy has reported that the load out of the 740-tonne topside module for the Nova brownfield project in the Norwegian North Sea has been completed ahead of the installation offshore with the world’s largest semi-sub crane vessel.
Oil and gas company Wintershall Dea Norge has made an oil discovery near the Maria field in the Norwegian Sea.
Aker BP has made a minor gas discovery southwest of the Skarv field in the Norwegian Sea.
In the downturn of 2020, global exploration & production operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows.
