Borr Drilling sells two jack-up rigs
The two jack-up drilling rigs sold are the Dhabi II and the Paragon B152.
Browse the latest drilling & production news and articles.
The two jack-up drilling rigs sold are the Dhabi II and the Paragon B152.
Valaris has reported a net loss of US$3.01 billion for 1Q20 compared to a net loss of US$216 million in 4Q19.
The company said it would cut its 2020 spending by US$300 million versus a previous US$170 million and against an original plan of US$1.31 billion and consider further reductions if low oil prices persist.
ConocoPhillips has reported a 1Q20 loss of US$1.7 billion, compared with 1Q19 earnings of US$1.8 billion.
The hybrid jack-up rig Maersk Intrepid will drill three wells and plug one in the Martin Linge field offshore Norway.
Shell's 1Q20 net income fell 46% from a year earlier to US$2.9 billion.
US oil production of at least 300 000 bpd will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers.
The company has reduced its annual net production target and CAPEX for 2020.
The announcement is a result of higher-than-expected demand for certain fuels.
OKEA has announced that its assets produced a total of 19 099 boe/d in 1Q20, compared to 19 498 boe/d in 1Q19.
Fenja is Neptune’s first operated development project on the Norwegian Shelf and is estimated to contain 97 million boe.
BP has reported an underlying replacement cost profit of US$0.8 billion, compared with US$2.4 billion for 1Q19.