1. Israel’s energy giant plans $1.1 billion gas deal with UAE
Delek drilling, one of Israel’s largest energy companies, plans to sell 22% of its large offshore gas field Tamar to mubadara, an Abu Dhabi based strategic investment company, for an estimated $1.1 billion. It is the biggest such deal since the normalization of relations between the two countries last year.
Tamar gas field was put into operation in 2013, and its natural gas reserves are believed to exceed 300 billion cubic meters. As part of the 2015 natural gas framework agreement, Delek drilling is required to sell its 22% share of the Tamar gas field by the end of this year, which aims to introduce more competition to Israel’s natural gas industry.
2. Seadrill and equinor Brazil sign a 4-year drilling ship contract
Seadrill Limited has signed a four-year contract with equinor Brazil energy LTDA for the operation of the bacalhau field in Brazil. The total value of the contract is estimated to be approximately $380million (including relocation, upgrading and integrated services revenue) and performance bonuses to provide meaningful incremental opportunities. The total value of the contract depends on the final investment decision of the partner in bacalhau. Expected to start in the first quarter of 2022.
3. Halliburton introduces new borehole imaging technology
Halliburton recently released a new wireline logging service called strataxaminer, which can help operators obtain more accurate well data and better assess production potential. The tool provides a high-resolution image of reservoir structure to identify bedding, fracture patterns, fault zones and potential flow barriers, improving accuracy.
4. Equinor completed the sale of Bakken oilfield assets with us $900 million
Equinor ASA completed all sales of Bakken oil field on April 27, marking the withdrawal of the Norwegian company from the US shale gas market.
In February, equinor agreed to sell its interests in Bakken fields in North Dakota and Montana to Grayson mill energy, backed by encap investments, for a total amount of about $900million.
5. OPEC + confirms to maintain the production increase plan from May to July
OPEC + held a meeting one day in advance and decided to maintain the production increase plan from May to July. Because India’s COVID-19 is raging, global oil demand is recovering from the pandemic. The decision surprised the market, with crude oil futures closing at their highest level in a week on Tuesday.
OPEC + said in a statement that it “decided to continue to implement the production adjustment resolution”, which was made at the OPEC + meeting on April 1. At the last meeting, OPEC + announced that it would gradually increase its daily average crude oil production by 350000 B / D in May, another 350000 B / D in June and 441000 B / D in July.
6. BP launches Raven
BP announced its first production of natural gas at raven, the third phase of its development of the West Nile Delta (wnd) on Egypt’s Mediterranean coast. At present, raven’s daily production is about 600 million standard cubic feet (mmcfpd).
According to BP, the wnd project, with an investment of about US $9 billion, includes five gas fields in the North Alexandria and the west Mediterranean deepwater concession blocks across the Mediterranean. The company and its partners work with the Ministry of oil to develop wnd in three phases. According to BP, the wnd project includes 25 gas producing wells with a total gas processing capacity of about 1.4 billion standard cubic feet of natural gas per day.
7. Brazil reports a 6% drop in oil production in the first quarter
Brazil’s National Petroleum Bureau reported that it revised its capacity plan according to the supply trend of the global market. In the first quarter of 2021, Brazil’s average daily crude oil production was 2.8 million barrels. This is down 6% from the first quarter of 2020. Among them, the output of Petrobras decreased by 5% to 2.1 million B / D in the first quarter of 2021. The state-owned oil giant produces about 75% of Brazil’s oil.
However, Brazil remains one of the hottest regions in the global oil industry. As we all know, Brazil’s offshore sub salt area has billions of barrels of oil yet to be exploited, which has attracted a lot of attention from oil giants. The country, like Guyana, is seen as one of the main drivers of future offshore oil production. Drilling activity in both areas is expected to increase by about 10% this year and next year.
Post time: Apr-28-2021