Oil rises on US stocks relief but concerns remain
Oil prices are seeing modest gains today as surprisingly high oil stock draws are expected in the US, but the rise is capped by concerns over a coming imbalance from August.
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Oil prices are seeing modest gains today as surprisingly high oil stock draws are expected in the US, but the rise is capped by concerns over a coming imbalance from August.
The study offers subsurface interpretation for the entire offshore East Coast Canada.
Eni, BP and Total have successfully tested the well drilled on the Bashrush prospect in the North El Hammad concession.
The order from Spirit Energy includes Plexus’ POS-GRIP 5000 psi leak proof “HG” metal to metal sealing surface production wellhead and associated spares and equipment for a new gas well in the UK North Sea.
Petrofac will provide Well Management and Well Operator support for 25 production wells across the Affleck, Balloch, Dumbarton, Flyndre and Lochranza fields in the North Sea.
Oil prices remain largely stable but concerns abound, while the market braces for some OPEC+’s curtailed production to return soon.
The company reported a net loss of US$93 million for 2Q20.
The operator's preliminary estimate of the size of discovery 6506/11-10 (Hades) is between 2 and 7 million m3 of recoverable oil equivalents.
A period of ESP testing has seen production increase from c.15 000 bpd to c.17 000 bpd.
ADNOC has agreed to the transfer of rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions from the China National Petroleum Corporation to China National Offshore Oil Corporation’s subsidiary CNOOC Limited.
Drilling at Ken Bau-2X, located in Block 114, Song Hong Basin, offshore Vietnam, has confirmed a significant hydrocarbon accumulation on the Ken Bau discovery.
The renegotiated terms are due to the COVID-19 pandemic and the difficulty to address the previous conditions initially defined, according to Petrobras.