1. OPEC + extended production cuts to April, and oil prices rose to their highest level since 2019
OPEC, a 23 member state organization, decided on Thursday to extend the 7.2 million barrels a day’s oil cut to the end of April, while Saudi Arabia, OPEC’s leader, said it would extend its voluntary additional production cut of 1 million barrels a day, leading to a rise in oil prices on Friday to its highest level since 2019: Brent oil closed at $69.36 a barrel, and West Texas medium crude oil Close at $66.09 a barrel. Both benchmark indexes have risen more than 20 per cent in the past month.
2. Baker Hughes: US drilling companies add oil and gas rigs for the second week in a row
According to data released by Baker Hughes on Friday (March 5) local time, as of March 5, the total number of oil drilling rigs increased by 1 to 310, which was expected to increase by 2 to 311; the total number of natural gas drilling rigs remained unchanged at 92, and the total number of drilling rigs increased by 1 to 403.
3. Encore Energy announced plans to drill multiple horizontal wells in Lawrence County, Kentucky in 2021
Encore Energy announced that JDH # 5 has been put into production recently, and the crude oil production and reserves are expected to increase significantly. At the same time, the company is planning to develop more horizontal well projects such as JDH 6, JDH 7 and WFC H1 in Lawrence County, Kentucky, mature Berea oil production area.
4. Bank of America: under the high oil price, Saudi Aramco is in a “favorable position” to cash its huge dividend
Saudi Aramco, the world’s largest oil exporter, is “in a favorable position” to raise its dividend commitment to more than $75 billion as oil prices are expected to exceed $70 a barrel this year, Bank of America said in a report on Sunday.
According to Bank of America, Saudi Aramco is one of the few oil companies in the world that can significantly increase production without additional capital expenditure.
5. Equinor and partners will invest further in thesgard field
The partner of Å sgard block decided to invest NOK 1.4 billion to further develop the oilfield and implement the Å sgard B low pressure project.
The Gasfield of Å sgard, located in Norway sea, started production in 1999. The transition to low pressure production is very important to ensure the enhanced oil recovery of the Gasfield.
Å sgard license partners: equinor (operator) 34.57%, petroro as 35.69%, V å renergi as 22.06%, E & P Norge as 7.68%.
6. Offshore oil and gas projects are expected to recover record
Rystad energy, an energy consultancy, said in a new report released last week that operators are expected to develop record offshore oil and gas projects in the next five years, with the most significant growth in deepwater projects.
Since the last economic downturn in 2015-2016, companies engaged in offshore oil have begun to show signs of getting rid of the crisis last year as costs have fallen sharply. Rystad Energy said last year that the breakeven point of deepwater oil has fallen below the level of shale oil supply in the United States, making it one of the cheapest new sources of oil supply in the world.
7. Black bear sells Alabama’s gas acquisition assets
Houston based black bear transmission LLC said in a news release on March 5 that it had completed the divestiture of BBT Alabama LLC (BBT al) natural gas acquisition assets, but did not disclose the identity of the buyer.
Bbt al owns and operates a fee based natural gas acquisition system that connects Alabama’s natural gas production with regional long-distance pipelines. The sale includes more than 240 miles of natural gas pipelines, 26 active metering sites and a compressor station.
Post time: Mar-08-2021