Russia, Saudis Ink Energy Cooperation MoU
Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid al-Falih will sign a programme for cooperation between their two countries in the energy sector, the Russian Energy Ministry said on Friday. Reporting by Vladimir Soldatkin and Olesya Astakhova
Ecuador Still Exceeding OPEC Production Target
Ecuador remains out of compliance with its OPEC oil output reduction target, Carlos Perez, the country's oil minister said on Friday. Perez made the comments during a presentation on investment in the country's energy sector at Rice University. Ecuador's oil production was 548,400 barrels per day (bpd) in 2016, and its output has declined in 2017. However, the South American country has not hit its 26,000 bpd OPEC reduction target, he said. Reporting by Gary McWilliams
Drydocks World Takes on FPSO Aoka Mizu Projects
Drydocks World, a marine, onshore and offshore service provider to the oil, gas and renewable energy sectors, has signed an agreement for two new projects with Bluewater Energy Services B.V. and end client Hurricane Energy plc. Building on Drydocks World’s track record of 32 conversions and six turrets, the yard will now undertake a repair, life extension and upgrade project on Floating Production Storage & Offloading (FPSO) vessel Aoka Mizu, which will be deployed in the Lancaster Field West of the Shetlands after completion.
No Bidders for Tie-up in Ayin-Batsil Offshore Oil Field
There were no bidders in an auction to partner with Mexican national oil company Pemex on its offshore Ayin-Batsil project, the industry regulator said on Wednesday, in a setback for the opening of the country's energy sector to private capital. Industry analysts had seen Ayin-Batsil as the most attractive of the three areas on the block on Wednesday. The results of the other two blocks are due to be announced later. The auction is only the second offering of a joint…
Bibby Offshore Scoops Two Business Awards
Bibby Offshore, a provider of subsea installation, inspection, repair and maintenance services to the offshore oil and gas industry, has been recognized at the 2014 Northern Star Business Awards winning in the categories Commitment to People Development and Outstanding Contribution to the Energy Sector. The awards were announced September 25 at the AECC. The Commitment to People Development award recognizes the company that has shown the most commitment to developing its staff through skills and personal development, investment and achievement programs and outcomes.
Deutsche, Morgan Stanley Bullish on European Energy
Two big brokers have given a thumbs up to the European oil & gas sector on attractive valuations. The sector, the second-worst performers in the region so far this year, as stocks were hit by weakness in crude oil prices and have failed to keep up with their subsequent recovery. Oil and gas stocks are down 1.3 percent, compared with a 5.2 percent gain for the broader market. The energy sector, which last year jumped almost 23 percent, a gain second to only mining, was expected to continue its outperformance as one of the beneficiaries of a global reflation trade…
New Partnership to Train Iraqi O&G Workers
Stirling Group has partnered with the EU Iraq Energy Center (EUIEC) to provide risk management training to the Iraqi oil and gas industry to help build a highly skilled and competent workforce. The specialists in health, safety and environmental services, headquartered in the UAE, will deliver a series of three day courses on dealing with uncertainty and risk in the global energy sector from its training center in Erbil, Kurdistan. Aimed at graduates and developed in partnership with the KRG Ministry of Natural Resources’ Competency Development Program…
IEA Sets Out Pillars for Success at COP21
A peak in global energy-related emissions could be achieved as early as 2020 and at no net economic cost, the International Energy Agency (IEA) said on Monday in its new World Energy Outlook Special Report on Energy and Climate Change. The Agency showed how to achieve an early peak in emissions as one of four key pillars that it believes are needed to make the upcoming UN climate talks a success, from an energy perspective. According to the IEA, the world is at a critical juncture in its efforts to combat climate change…
Zambia's 2016 Investment Pledges up Marginally to $3.4 bln
Zambia recorded $3.4 billion in investment pledges in different sectors of the economy in 2016, representing a 0.7 percent increase from the previous year, the investment promotion agency said on Wednesday. The energy sector registered the highest amount of pledged investment, followed by manufacturing and agriculture, the Zambia Development Agency said in a statement. It said investment rose despite a general election last year, showing confidence in Zambia was not eroded, and forecast a further rise this year, especially in the energy sector.
ENGIE, MHI Join Forces for Energy Value Chain Development
Gérard Mestrallet, Chairman and CEO of ENGIE and Shunichi Miyanaga, President and CEO of Mitsubishi Heavy Industries, Ltd. (MHI) signed a Memorandum of Understanding (MoU) to develop their collaboration all along the energy value chain and technology. Following the meeting between the French and Japanese Prime Ministers, on October 5, 2015 in Tokyo ENGIE and MHI entered into a non-exclusive cooperation agreement that builds on the foundation of their long-term worldwide track record of successful purchaser-supplier as well as partner relationships.
Wipro Sees Stronger Quarters Ahead on Calmer Oil Prices
Wipro Ltd, India's third-biggest software services exporter, expects less volatile global oil prices to revive spending on IT outsourcing by its energy and utility clients. Wipro, also listed in the United States, makes about 18 percent of its sales from the energy sector, compared to about 5 percent at bigger rivals Tata Consultancy Services Ltd and Infosys Ltd. A drop in crude prices had made many energy sector clients cut back on spending, prompting Wipro to give a tepid forecast in the past quarter.
Canada's Harper: Not the Time to Put Tax on Energy Sector
It would be inappropriate to apply additional taxes on energy now at a time when the energy sector is struggling, Canadian Prime Minister Stephen Harper said on Tuesday. Speaking to reporters about the sector's troubles because of low prices, he said: "I think that most Canadians understand that when you get a downturn in a sector, you don't turn around and raise taxes on the sector." Harper is campaigning for the Oct 19 federal election against parties which have spoken of the need to put a price on carbon in order to fight global warming. Reporting by Randall Palmer
Half Projects in March Investment Conference to be in Energy
Half the projects Egypt will propose at a March investment summit will be in the energy sector, the minister of international cooperation said on Tuesday. The government of President Abdel Fattah al-Sisi sees the conference, partly supported by Gulf allies and due to be held in the resort town of Sharm el-Sheikh, as playing a key role in turning around an economy battered by four years of turmoil. Securing financing for Egypt's energy sector, which has seen an increase in foreign investment in past months…
Gazprom to Stay Ahead in Global Energy
The Gazprom Board of Directors took notice of the information about new trends in the global energy sector and their possible impact on the world gas market structure. In order to evaluate the influence of such phenomena on the global gas market, the relevant stress-scenarios envisaging the conservation and development of the outlined mid-term and long-term trends, were formed and reviewed. The meeting emphasized that the considered trends did not have a serious negative impact on Gazprom’s positions.
Merkel: Closer Energy Cooperation with Qatar Likely
German Chancellor Angela Merkel said she expected cooperation with Qatar in the energy sector to grow in the years ahead, saying progress was already being made in the area of liquefied natural gas (LNG). "I believe that we will have closer cooperation in the energy sector in the years to come," she said on Wednesday at a joint news conference with visiting Qatari ruler Emir Sheikh Tamim bin Hamad Al Thani. "First steps have been taken in the area of LNG.
Rosneft, Siemens Ink Partnership Deal
Rosneft and Siemens AG signed a Cooperation and Partnership Agreement. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Siemens AG Chairman of the Management Board Joe Kaeser. The agreement provides for the companies to study opportunities for cooperation in the development of technical solutions and manufacturing allocation of equipment for the fuel and energy sector. Areas of cooperation include projects of hydrocarbon production, refining and transportation, as well as shipbuilding.
Brazil: Energy Sector Model 'Collapsed'
Brazil's energy sector regulation is exhausted and the country needs to develop a new design, less dependent on government subsidies, Energy Ministry deputy Paulo Pedrosa said on Thursday. "The current model collapsed. It is a fact, not an ideological view," said Pedrosa, adding that changes are being evaluated, for the electricity and oil sectors for example, eyeing the attraction of private investments. Reporting by Marcelo Teixeira
US Govt's Nuclear Watchdog Victim of Cyber Attacks
The U.S. Nuclear Regulatory Commission was "successfully hacked" three times in recent years in attacks involving tainted emails, according to an internal investigation on cyber attacks at the agency, Nextgov.com reported on Tuesday. At least two of the attacks originated overseas, according to the report obtained by Nextgov, a rare public report with details of a cyber attack on the energy sector. The publication said it obtained a copy of a report by the NRC's Office of the Inspector General, which reviewed 17 suspected breaches from 2010 to 2013.
Speedcast Acquires Hermes Datacommunications
SpeedCast International Limited, a global satellite communications service provider, has signed a definitive agreement for the acquisition of Hermes Datacommunications International Ltd, a global provider of managed network services for the upstream oil and gas industry. The acquisition will create a new global force providing communications and IT services to the energy sector; strengthening SpeedCast’s capabilities to serve and support energy customers worldwide…
Iran Wants Closer Energy Ties with Russia, Iraq and Vens
Iran calls for closer ties with Russia, Iraq and Venezuela on energy issues, RIA news agency quoted Ali Akbar Velayati, a top advisor to Supreme Leader Ayatollah Ali Khamenei, as saying on Wednesday. "In the energy sector, Iran and Russia should feel no rivalry and must cooperate with each other," he said during a visit to Moscow. "Our position is that such countries like Iran, Russia, Venezuela and Iraq ... should have more contacts and consultations on the energy market." Reporting by Katya Golubkova