Rystad analysis indicates US fraccing activity set for biggest monthly decline
Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.
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Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.
Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has commented on today's developments.
The company is delaying final investment decisions (FIDs) on the Jackdaw natural gas field in the North Sea and the Whale deepwater oil discovery in the Gulf of Mexico.
The oilfield services company recorded a US$10 billion loss in 1Q20.
The company's VeroTM automated connection integrity has successfully completed 100 runs and 33 000 tubular connections in operations worldwide since its market debut.
The US is seeing an immediate and severe drop in OCTG tonnage requirements, as operators have slashed their drilling programmes by in some cases up to 50%.
Rystad Energy's Oil Markets Analyst Louise Dickson has said that WTI June 2020 deliveries could also be on their way into the red.
The VOX evaporation technology evaporates produced water from production sites into the atmosphere with low emissions.
Rystad Energy's Head of Oil Markets, Bjornar Tonhaugen, has commented on the recovery of oil prices from negative levels yesterday.
The company has announced a net loss of US$1 billion, or US$1.16 per diluted share, for 1Q20.
As shut-ins, reductions in spending and activities weigh in, 4Q20, which was projected to see a y/y oil production increase of 650 000 bpd, is now instead forecast to see a reduction of 1.5 million bpd.
The company has reported a US$7.4 billion loss as a result of the impact of the Covid-19 pandemic and low oil prices.