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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The move will give the new entity shareholding in PDO and remove PDO’s oil and gas expenditures from Oman’s state budget. -
Under the group’s historic April agreement, the easing of voluntary cuts would have been 2 million B/D, which would have been too much for markets to absorb.
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Sinopec recorded China’s highest daily output of shale gas at 20.62 million cubic meters (Mcm) at its Fuling shale-gas field in Chongqing, China, a key gas source for the Sichuan-East gas pipeline.
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OPEC’s easing of production cuts originally planned for January may be delayed until mid-2021 because of the global increases in COVID-19 cases occurring in November.
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While the individual circumstances of upstream companies may vary, they all must take decisive action to pivot away from “business as usual” and instead, pursue new growth models.
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Financial analytics company S&P Global and information provider IHS Markit announced they have agreed to merge in an all-stock deal that values IHS Markit at $44 billion.
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ExxonMobil has trimmed its future spending by more than 30% and said it will seek to divest from gas assets in the US, Canada, and Argentina.
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At least one investment firm thinks there is money to be made in oil and gas operations and is putting up $900 million in equity to fund a startup by two veterans from Felix Energy.
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Of the total $380 billion of projected investments, about 60% ($234 billion) is likely to come from producing assets, which have two main spending channels: facility and well capital expenditures.
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The good news for next year is no one is predicting a repeat of what happened this year. The bad news is the outlooks offers little incentive to find any more oil.
