The offshore industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
$1.85bn
Boosted by higher oil and gas prices, Equinor posted a net income of $1.85bn for the first quarter of 2021, in contrast to a $705m loss a year ago.
$1bn
ConocoPhillips has swung to a first-quarter profit of $1bn, from a loss of $1.7bn a year ago, primarily driven by a rebound in global oil prices.
$2.3BN
Keppel Offshore & Marine has secured a $2.3bn contract from Petrobras to build a floating production, storage, and offloading vessel.
$1.1bn
US-based oil and natural gas firm Bonanza Creek Energy has agreed to acquire Extraction Oil & Gas in a $1.1bn all-stock deal. The merged entity, which will be named Civitas Resources, will be valued at approximately $2.6bn.
$200m
Australia has announced plans to hit its offshore industry with a levy to cover the $200m cost of decommissioning an abandoned project off the country’s northern coast.
Project updates
Chevron has closed the Tamar field located off the Israel coast in accordance with an order issued by the country’s energy ministry, as the Gaza conflict escalates.
Shell Offshore has made an oil discovery at the Leopard prospect in the deepwater US Gulf of Mexico.
China’s state-owned firm China National Offshore Oil Corporation has commenced production from the Liuhua 29-2 deepwater gas field located in the eastern South China Sea.
Total and its partners have commenced production from the Zinia 2 development project in Block 17 located 150km offshore Angola. Located in water depths between 600m and 1,200m, the project is being developed with an investment of $1.2bn and involves the drilling of nine wells.
Spirit Energy has agreed to partner with Neptune Energy to develop the Pegasus West gas discovery in the UK southern North Sea.
Further reading
Another year, another rise in climate tensions at big oil AGMs
As 2021’s AGM season wraps up, board members of the biggest oil and gas companies have plenty to think on. Years of rising support for climate-based resolutions have started to deliver change for investors and activists alike.
With greater shifts likely to occur before the end of 2022’s AGMs, it seems that climate action will soon come from oil and gas giants, or else climate action will come for them.
So, what is business as usual now?
Read more: Offshore-Technology
