Business/economics
Proposed and final notices of sale represent nearly 80 million acres in the Gulf of Mexico and approximately 1 million acres in Alaska’s Cook Inlet.
The US and UK sanctioned Russian independent Lukoil International and state-owned Rosneft in a bid to pressure Russia over Ukraine.
Ranger acquires American Well Services for $90.5 million, adding 39 workover rigs and boosting its fleet by 25%.
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In the first half of 2020, Canada’s production declined 20% from its 2019 average of 5.5 million B/D as a result of low crude oil prices, reduced demand, and continued production curtailments imposed by the government of Alberta. -
A US Supreme Court decision recognizing about half of Oklahoma as Native American reservation land has implications for oil and gas development and raises regulatory and tax questions that could take years to settle.
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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.
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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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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 US Bureau of Land Management’s August auction will be the first since March.
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The software solution aims to improve operational efficiency and production from subsurface to processing facilities in four offshore fields.
