Canada's upstream spending set for 41% y/y decline
Rystad Energy expects total 2020 Canadian upstream spending to fall below CAN$21 billion.
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Rystad Energy expects total 2020 Canadian upstream spending to fall below CAN$21 billion.
Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.
The measures include a reduction in output of 225 000 bpd.
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
A Rystad Energy analysis shows that Canada is the oil producer most affected so far by the slump in global oil demand, with the damage estimated to reach above 1.1 million bpd in shut-in production in 2Q20.
The fully merged and migrated Tablelands and North Tablelands 3D datasets cover approximately 12 500 km2 in the eastern part of the Orphan Basin.
Whitebark Energy has terminated an agreement to acquire the residual 40% interest in the Wizard Lake oilfield in Canada.
The company's revised average annual production in 2020 is expected to be in the range of 55 000 to 60 000 bpd.
Production from the White Rose field and its satellite extensions, located 350 km off the coast of Newfoundland and Labrador, is still continuing.
Equinor has made no changes to schedules of other projects, including the second phase of its giant Johan Svedrup oilfield development in the North Sea and the Arctic Johan Castberg project.
The decrease represents a 33% reduction in the company's upstream spending.
The Dual Camera Analytic Module – Methane is designed for continuous monitoring and autonomous real time detection and alerting of methane leaks.