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Permian in for Bright Future and More

Permian in for Bright Future and More

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Here are some of Rigzone’s top upstream stories during the last week, just in case you missed them…

According to a new report from the Permian Strategic Partnership, the Permian Basin’s future is prosperous and bright. The report outlined that the region will remain an energy epicenter for decades to come but warned that investment was necessary.

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Oil prices will get back up to $60 per barrel before the end of next year, Citigroup Inc outlined. The move may not last long though, according to Citi.

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One of Rigzone’s regular market watchers predicts that lasting changes are likely on the horizon in the oilfield services and equipment industry.

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Bloomberg reported that BP and Royal Dutch Shell urged Texas regulators to end the routine flaring of natural gas. The companies are calling for tougher rules than those proposed by the Railroad Commission of Texas, Bloomberg outlined.

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Petrofac’s Engineering and Production Services business has netted a multi-million dollar integrated services contract with Ithaca Energy. Under the new five-year deal, Petrofac will integrate operations, maintenance, engineering, construction and onshore and offshore technical support across Ithaca’s North Sea operated asset base. 

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From a fundamental basis, the recent oil price adjustment that saw prices slip by over $5 per barrel was overdue, according to oil and gas analysts at Standard Chartered.

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Apache and Total have updated the technical evaluation of their Kwaskwasi-1 discovery well in Block 58 offshore Suriname.

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