Permian Jewel Preps for Biden And More
Here are some of Rigzone's top upstream stories during the last week, just in case you missed them…
Permian Crown Jewel Preps for Biden Ban
Bloomberg reported that oil executives are rushing to build a war chest of federal permits to drill in New Mexico. The move comes after Joe Biden promised to ban new fracking on federal land if elected, Bloomberg highlighted.
Devon to Become Bigger Permian Player
Devon Energy Corp. has agreed to buy WPX Energy Inc. in a $2.56 billion all-stock deal. The combined company will be one of the largest independent U.S. shale producers.
$2B North Sea Field Gets Green Light
Equinor and its partners Petoro, Var Energi and ConocoPhillips Skandinavia have decided to develop the Breidablikk field in the North Sea. Investments in the development are expected to total around $1.95B (NOK 18.6 billion).
Shell Expects to Cut up to 9,000 Jobs
Royal Dutch Shell plc has revealed that it expects to make between 7,000 and 9,000 job cuts by the end of 2022. The company’s chief executive officer, Ben van Beurden, described the process as “extremely tough”.
Elon Musk Feels Bad for Hating on Oil
Elon Musk - the co-founder and leader of Tesla, SpaceX, Neuralink and The Boring Company - has exhibited remorse for “hating” on oil and gas in a new podcast carried out by Kara Swisher of the New York Times.
BP Hits 25-Year Low
Bloomberg reported that BP’s share price dropped to a 25 year low a week after the company revealed its plan to turn itself into a clean-energy giant.
Equinor Makes New Offshore Discovery
Equinor has made a new oil and gas discovery in the Swisher prospect offshore Norway. Recoverable resources at the site are estimated to be in the range of 2-6 million standard cubic meters of oil equivalent, or 13-38 million barrels of oil equivalent, according to the company.
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