The oil and gas industry was not sunk, but 2020 did damage that will take time to assess before deeming it as salvageable or a wreck.
The disappointment at Hassa-1 comes after Exxon said in November its crude discovery at the Tanager-1 well in the Kaieteur block was not financially viable on its own.
In a separate statement, TNOG owner Heirs Holdings said it had taken a 45% stake in the field, acquiring the stakes of Shell, Total and Eni.
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The oil and gas rig count rose 13 to 373 in the week to Jan. 15, its highest since May, according to Baker Hughes Co.
Several people involved in valuing the Exxon Permian Basin asset during an internal assessment in 2019 said employees were being forced to use unrealistic assumptions, according to a report from the Wall Street Journal.
New Gulf of Mexico discovery by LLOG in the Mississippi Canyon Block 503 plus several Appalachian Basin completions including three Marcellus Shale discoveries from Chesapeake Energy top this week’s drilling activity highlights from around the world.
An official says that the pipeline’s construction will not resume, even with permission from Denmark.
Despite their rise across many sectors—including oil and gas—to simplify the connection between service providers and hiring firms, pre-qualifying company procedures have become too cumbersome, says CanQualify’s COO, Aaron Harker.
The outlook for U.S. shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said on Jan.14, in a sign its policy of cutting output is helping rivals pump more.
Driftwood will help meet soaring demand for LNG, says co-founder Souki.
Congestion delaying LNG shipments via the Panama Canal is expected to last through the peak demand winter months, traders close to the situation said on Jan. 14, although the canal’s regulator said it had made changes to speed up transit.