Hess downsizes 2020 capital and exploratory budget
The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six rig programme to one rig in the Bakken, which is expected to be completed by the end of May.
Browse the latest upstream news news and articles.
The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six rig programme to one rig in the Bakken, which is expected to be completed by the end of May.
The Norwegian Petroleum Directorate has granted the company a permit for well 35/8-7S in production licence 880.
The company has reduced its drilling, completion and facilities capital budget by approximately 45%.
The wider Greater Buchan Area in the UK North Sea contains discovered oil and gas resources in excess of 200 million boe.
The company is aiming to reduce spending as a result of market conditions caused by the Covid-19 pandemic and commodity price decreases.
Hydrocarbons were encountered at the Isabella exploration well, with 64 m net pay encountered, consisting of lean gas and condensate and high-quality light oil.
Drilling activities at the SH-13 well have been suspended due to Covid-19.
Net income in 2019 was US$88.2 billion 2019, compared to US$111.1 billion in 2018.
The Kenli 6-1 discovery is expected to be the first large-sized oilfield in the Laibei lower uplift.
Carnarvon Petroleum and Santos, the operator of the offshore Dorado field, are working on entering the FEED phase.
A review of 66 projects on the Norwegian continental shelf (NCS) between 2007– 2018 has revealed that most have kept their estimated costs.
An XArray™ marine seismic acquisition project due to be carried out in the Asia Pacific region has been cancelled.