Business/economics
Equatorial Guinea government formalizes deal that paves the way for Block I development.
The deepest water depth project in Equinor’s portfolio, Raia aims to bring its gas onstream in 2028.
War-related damage to oil and gas facilities is expected to disrupt global supply chains for years, as backlogs for critical equipment continue to grow, Rystad Energy reports.
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Sentiments are clearly improving amongst the hard-hit oilfield service companies who all saw revenue grow in the fourth quarter of last year. -
A slew of new US regulations raise questions about the future of oil drilling on US government land, with reports of a moratorium on new leasing and permits as the administration considers major changes in the program.
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Supply chain companies have seen their profits squeezed since the E&P cost cuts of the previous downturn, and just as the industry could finally hope for better days, the COVID-19 pandemic caused the value of 2020’s awarded contracts to slump to a 16-year low of $446 billion.
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The $120 million per year, 5-year contracts will provide well-intervention services to Equinor’s fixed platforms.
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The Houston-based oil and gas company has expanded its footprint in the liquids-rich Permian by more than 550,000 acres.
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The two companies have collaborated since 2015 on various projects, but COVID-19 brought Velentium and Oasis Testing together for a unique purpose—to quickly ramp up the manufacturing capacity for critical, life-saving ventilators.
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This year gas is expected to look only a bit better, but after 2019 that is a relief.
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The firm has been working to spin off Technip Energies, creating two companies, with Technip Energies focused on engineering and technology and the remaining TechnipFMC focused on providing integrated technology and services.
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BP agreed 1 year ago to sell its interests to Premier Oil for $625 million. The companies later restructured the deal and BP lowered its cash value to $210 million. The transaction fell through after Premier was taken over by Chrysaor in October 2020.
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On a pro forma basis the newly combined oil company is expected to have an output of around 280,000 B/D, making it one of the top producers in the Permian Basin.
