Oil prices fall on stock build and demand concerns
Oil prices have fallen as US stocks rise and as traders price in concerns about how quickly demand will return, fearing a second Covid-19 wave.
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Oil prices have fallen as US stocks rise and as traders price in concerns about how quickly demand will return, fearing a second Covid-19 wave.
The work scope includes the provision of umbilicals and distribution equipment to connect the King’s Quay floating production system to the Samurai, Khaleesi and Mormont deepwater developments.
The URTeC Management Committee has decided to cancel the face-to-face component of the upcoming Unconventional Resources Technology Conference (URTeC) in Austin, Texas, US.
The flaring-related CO2 emissions intensity of oil production in the US Permian Basin is set to reach historically low levels in 2H20, averaging at between 4 and 5 kg of CO2 per barrel of oil produced, Rystad Energy estimates.
The Velox™ wellhead system is designed for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.
Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.
The technology aims to reduce uncertainty and saves rig time by enabling operators to accurately position packers, perforating guns and the bottomhole assembly without running wireline or moving the work string.
US monthly output is not likely to exceed 11.7 million bpd before 2022, according to Rystad Energy estimates.
The Permian Basin has systematically increased its market share in nationwide horizontal oil drilling in the US, reaching 74% as of last week, according to analysis by Rystad Energy of Baker Hughes data.
Despite the recent relative oil price recovery, dozens of US operators are still threatened by bankruptcies even at a WTI oil price of US$30/bbl, according to Rystad Energy.
Santos has named Weatherford its Contractor of the Year.
The IEA has adjusted its global 2Q20 demand prediction upwards by 3.2 million bpd – still sharply down on last year by 19.9 million bpd.