Business/economics
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
The supermajor said the fields are not expected to contribute meaningfully to its production profile by 2030.
Output is rising fast in the South American shale play and putting Argentina on a course to soon reach 1 million B/D.
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Russia’s Lukoil will sell its entire 40% interest in the Rufisque, Sangomar, and Sangomar Deep (RSSD) contract area to Edinburgh oil and gas producer Cairn Energy for up to $400 million. -
The moves are part of the company’s plan to consolidate its recently acquired business units to stabilize its business following the global pandemic and economic downturn.
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The V-shaped recovery for oil demand is likely to end up looking lopsided. The recent rapid rise in consumption is expected to stop before it gets back to the peak seen earlier this year.
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An economic downturn and global pandemic are among many issues US midstream operators are dealing with in 2020, including exposure to upstream bankruptcies, limited M&A activity, and regulatory issues.
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The US Bureau of Land Management’s August auction will be the first since March.
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Several E&P and OFS companies have already filed for Chapter 11, but unless prices strengthen the total number of filings could be as high as 190 by 2022.
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In the region’s second bankruptcy of the month all of the operator’s assets will be sold to a private equity energy group, pending court approval.
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The software solution aims to improve operational efficiency and production from subsurface to processing facilities in four offshore fields.
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Valaris, formed in 2018 after the merger of Houston-based Rowan Cos. and London's Ensco, faces fallout from the oil-price drop, canceled or delayed drilling programs, and contract and day rate modifications.
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The company deferred three of four pipelines as it continues to push toward final investment decision.
