WorldOil ConocoPhillips completes Australian asset sale to Santos Production associated with the assets being sold averaged approximately 46 Mboepd for the first three months of 2020, and proved reserves were approximately 17 MMboe at year-end 2019. nanoActiv treatment preserves wells during shut-in periods Treating a well with nanoActiv can alter the wettability of the rock surface, providing a preferential coating of nanoparticles which may help prevent asphaltene, condensate, and/or paraffin deposition. Saudis, Russians plan to work together at June’s OPEC+ meeting Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. Senior Canadian officials unite to support offshore industry Newfoundland and Labrador Premier Dwight Ball, along with provincial Minister of Natural Resources Siobhan Coady, expressed support for a focused initiative to persuade the federal government to provide immediate assistance to East Canada’s offshore industry, which has been hit hard by Covid-19 and the collapse of oil prices. Russian gas exports to Europe drop as Nord Stream 2 nears completion The European gas market has been watching for signs when key producers Russia and Norway will start curbing flows as an unprecedented glut keep on growing. Swift production declines may keep shale operators on oil rebound’s sidelines Less than 20% of this year’s expected drop in overall U.S. crude output will come from shuttering existing wells, according to IHS Markit. Rather, the vast majority of the supply drop will be the direct result of canceled drilling projects. Daily Brief podcast: A look ahead at the coming week in oil and gas, May 25-29 Key trends for the coming week, including how industry groups' response to low oil prices differ dramatically in the U.S. versus other producing nations, China's big plans for its economy, and investment analysts turning their backs on key sectors of the industry. High premiums, price swings driving decline in shale hedges After oil’s crash below zero, explorers face hefty premiums for the financial instruments they rely upon to insure against price swings. Meanwhile, they’re also unwilling to lock in future supply with forward prices for crude remaining lackluster. Libyan oil uncertainty grows as crippling civil war drags on The revival of Libya’s oil industry looks even less certain following recent setbacks suffered by Khalifa Haftar, the commander trying to take over the last swaths of the country outside his control. Alaskan and Canadian oil finds new Chinese buyers as their economy restarts Canadian and Alaskan crude that normally travels to the U.S. West Coast is finding a market in China, where demand is almost back to pre-pandemic levels.