Business/economics
The planned facility was designed to process 34 MMcf/D of associated gas into fully refined gasoline.
The cloud platform provider said the initiative is designed to help energy companies manage and analyze large-scale operational data.
The deal positions the merged company to benefit from an expected offshore drilling upcycle.
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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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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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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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The software solution aims to improve operational efficiency and production from subsurface to processing facilities in four offshore fields.
