Australia Plans to Limit LNG Exports
Australia's conservative government unveiled a radical plan on Thursday to restrict exports of liquefied natural gas (LNG) at times when domestic shortages push up local prices, aiming to ease soaring energy costs for local manufacturers. The plan would allow Australia's resources minister to impose controls on LNG exports on advice from the market operator and regulator, as the government seeks to cap domestic gas prices, which have become a political hot potato. "It's not a threat.
Op/Ed: Trump Signals New Day for Offshore Energy
National Ocean Industries Association president Randall Luthi weighs in on President Trump’s Executive Order on offshore energy. It’s a new day and a new attitude for American energy. The National Ocean Industries Association (NOIA) applauds President Donald Trump’s Executive Order recognizing the vital role of offshore energy in an overall national energy policy. The Energy Information Administration (EIA) predicts that in the year 2040…
Saipem Teams Up with Italy Railways in Russia Project Bid
Saipem has teamed up with Italy's state railways to bid for work on a Russian high-speed train project as the Italian oil engineering and contracting firm seeks new business to offset an ongoing slump in the energy industry. Oil service groups like Saipem have been hit by a sharp fall in oil prices since mid-2014 that has led energy majors to cut billions of dollars in costs and delay investments.
Semco Maritime Revenue Dips 8% in 2016
Semco Maritime said the low oil and gas prices in 2016 did not encourage new industry activity or investments its customers. The low demand entailed a decline in Semco Maritime’s revenue to DKK 1,598 million compared to DKK 1,744 million in 2015. The revenue decline of 8 percent in 2016 was smaller than the decline in 2015, Semco Maritime noted, adding that positive developments within offshore wind and renewables contributed to accommodating the negative impact from the oil and gas markets.
Kongsberg Maritime, SES Form Strategic Alliance
Kongsberg Maritime Inc., the North American division of Norway headquartered marine and offshore technology company Kongsberg Maritime, and Houston headquartered Stress Engineering Services (SES) have formed a strategic alliance to better serve existing and new clients with cost effective engineering services and fully integrated technical solutions within offshore drilling and floating production systems.
BOURBON to Install Mooring for Floating Wind Turbine
French offshore marine services company BOURBON said it has been awarded a contract for the mooring installation of the first floating wind turbine in France at the experimental test site of SEM-REV managed by Ecole Centrale de Nantes (ECN), in the context of European project FLOATGEN. The mooring installation will take place during summer 2017 based on a method jointly established by BOURBON and Ideol’s engineering teams in collaboration with the Ecole Centrale de Nantes.
Trump to Order Review of Offshore Drilling Bans
U.S. President Donald Trump will today order a review of offshore areas currently off limits to oil and gas drilling to determine which might be reopened, in his administration's latest move to expand domestic energy production. The order could lead to a reversal of bans on drilling across swathes of the Atlantic, Pacific and Arctic oceans and the Gulf of Mexico that former President Barack Obama's administration sought to protect from development.
Louisiana OKs Use of Grants for DP Assessments
The Louisiana Workforce Commission (LWC) has approved use of Incumbent Worker Training Program (IWTP) grants to cover the cost of Offshore Service Vessel Dynamic Positioning Authority, Inc. (OSVDPA) Phase 4 Assessments. “It’s great to see the Louisiana Workforce Commission recognize the OSVDPA’s assessments as an important part of the professional development of mariners,” said OSVDPA Executive Director, Aaron Smith.
Total Expects Decision on First Libra FPSO by Summer
A decision on the first floating, production, storage and offloading (FPSO) vessels on the giant Libra project in Brazil will be made by the summer, Total's head of exploration and production said on Thursday. "We are actively working actively on Libra to have the first FPSO decided before summer," Arnaud Breuillac told an oil summit in Paris. Total is one of the partners in Libra with Brazil's state-controlled oil company Petróleo Brasileiro SA.
Keppel FloaTEC Secures Contract for TLWP in Vietnam
Keppel FloaTEC LLC, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract worth about $40 million from PTSC Mechanical & Construction (PTSC M&C) to provide engineering, technology and construction management support services for the Repsol Ca Rong Do Tension Leg Wellhead Platform (TLWP) to be built in Vietnam. PTSC M&C, the service arm of Vietnam Oil and Gas Group (PetroVietnam)…
MPA Honors ABS
ABS has been awarded the Offshore & Marine Engineering Award by the Maritime and Port Authority of Singapore (MPA). This award recognizes organizations that have made significant contributions toward the development of Singapore’s offshore and marine engineering sector. “ABS is honored to receive this award recognizing our leading role in Singapore’s marine and offshore industries,” says ABS Chairman, President and CEO Christopher J. Wiernicki.
Vestas Contemplates End to Green Power Subsidies
Electricity generation from wind turbines could become profitable even without government subsidies in the next decade if more large-scale developments are allowed, the world's top turbine maker Vestas said on Wednesday. In Denmark, the company's home country, the minister of climate and energy earlier this week outlined plans to end its green subsidies before 2030. "Our ambition is very well in line with the minister's" Vestas' spokeswoman Gry Moger Poulsen told Reuters…
Drilling Costs Rise Along with U.S. Oil & Gas Activity
U.S. oil and gas drilling costs have started to rise in response to a surge in activity and are set to increase further as the slack in the rig market declines. Drilling costs increased by 7 percent between November 2016 and March 2017, according to preliminary data on producer prices from the U.S. Bureau of Labor Statistics. The increase has offset only a small part of the 34 percent slump between March 2014 and November 2016 (http://tmsnrt.rs/2q6RNzc).
Stream Marine Training Secures OPITO Approval
Glasgow-based Stream Marine Training (SMT) said it has secured approval from an oil and gas accreditation body to deliver specialist maritime training for the North Sea and international offshore sector. The safety training company has been named an OPITO (Offshore Petroleum Industry Training Board) approved training center achieving certification for its Offshore Emergency Response Team Member course. OPITO is a global leader in standards, competence and skills for the oil and gas industry.
Uruguay to Tender 17 Offshore Blocks for Exploration
Uruguayan state oil company Ancap said on Tuesday it will tender 17 off-shore blocks for exploration in areas up to 3,000 meters deep, with offers to be presented in April 2019. The tender, called Uruguay Round III, will be launched in Houston in September. "Ancap is working with the ministry of industry and energy in the preparation of the model contract," the company's General Manager Ignacio Horvath…
DP Conference: Call for Papers
As the offshore oil and gas industry continues to rebound, so will the demand for dynamic positioning technology and services. The annual Dynamic Positioning Conference provides an annual forum for discussion and for exchange of knowledge, experience, new technology and technical know-how associated with the use, evolving technology and application of dynamic positioning. Each year, the conference…
Venezuelan Crude Sales to the US Down in March
Venezuelan crude oil sales to the United States declined in March for the third month in a row this year to 651,710 barrels per day due to falling exports of main grade Merey, according to Thomson Reuters trade flows data. Venezuela's crude output fell in 2016 to its lowest level in 23 years. Analysts expect another decline in 2017 due to lack of investment and to cash flow problems affecting state-run oil firm PDVSA, which controls more than 40 joint ventures for exploration and production.
Gaylin / Rigmarine Offer William Hackett Subsea Lever Hoist
Gaylin International Pte Ltd and Rigmarine, part of its group of companies, will stock the William Hackett second-generation SS-L5 subsea lever hoist, available in capacities from 800kg to 20t, from 10 global locations. Further, they will support the product offering with training and after-sales service. Singapore-headquartered Gaylin, a specialist supplier of lifting, rigging and marine equipment primarily to the oil and gas industry…
China to Lead Rising Wind Power Growth
China will lead growth in global wind power capacity of almost 65 percent over the next five years, with other Asian countries also developing more renewable energy, the Global Wind Energy Council said on Tuesday. Cumulative wind energy capacity was 487 gigawatts (GW) at the end of 2016, a 12.6 percent rise from the year before and should grow by almost 65 percent to 800 GW by the end of 2021, the GWEC said in its annual report on the industry.
Norway Expects Record Arctic Drilling in 2017
Norway expects 15 exploration wells to be drilled in the Barents Sea this year, two more than in the record year 2014, the head of the Norwegian Petroleum Directorate said on Tuesday. Of these, Norway's Statoil is planning to drill five or six wells, including one in the formerly disputed border area with Russia, where the probability of making a discovery was the greatest, Bente Nyland added. Reporting by Nerijus Adomaitis
Norway Doubles Barents Sea Oil & Gas Estimates
Norway on Tuesday doubled its estimate of undiscovered oil and gas resources in its region of the Arctic Barents Sea as a formerly disputed area bordering Russia was included for the first time, the country's oil regulator said. The new forecast by the Norwegian Petroleum Directorate (NPD) predicted about 2.8 billion standard cubic meters of oil equivalent (17.6 billion barrels) could yet be found in the Barents, up from 1.4 billion seen earlier.
Total E&P UK, Survitec Ink Lifesaving Equipment Deal
Survitec Group has announced a five-year contract award with Total E&P UK Ltd for the provision of lifesaving equipment maintenance services. The contract, which adds to an existing contract for lifeboat maintenance services, covers the offshore Alwyn/Dunbar and Elgin/Franklin fields and sees Survitec providing a full range of life saving apparatus, including new lifejackets, immersion suits and liferafts.
Statoil Downplays Risks Ahead of Arctic Drilling
Norway's Statoil on Monday played down concerns that drilling in the Arctic is risky, days before it kickstarts its drilling campaign in the Barents Sea, where the country believes around half of its remaining resources could be located. "We will start drilling the first well, Blaamann, during May ... followed by Kayak, Gemini (Nord), Korpfjell and Koigen (Central)," said a Statoil spokesman, adding each might take about a month to drill.
Japan Steelmakers Scramble for Coking Coal
Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said. Still, the Japanese buyers are paying nearly double the $150 a tonnes price that they were discussing with sellers for second-quarter supply before the supply disruption. The supply talks are now on hold and prices will likely stay high until full volumes start flowing again.
New Executive Orders Loom on Environment, Energy
U.S. President Donald Trump this week will sign new executive orders before he completes his first 100 days in office, including two on energy and the environment, which would make it easier for the United States to develop energy on and offshore, a White House official said on Sunday. "This builds on previous executive actions that have cleared the way for job-creating pipelines, innovations in energy production…
US Drillers Add Oil Rigs for 14th Week in a Row
U.S. drillers added oil rigs for a 14th week in a row, extending an 11-month recovery that is expected to boost U.S. shale production in May in the biggest monthly increase in more than two years. Drillers added five oil rigs in the week to April 21, bringing the total count up to 688, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 343 active oil rigs. U.S.
ConocoPhillips looks to Aussie Transcontinental LNG Pipeline
ConocoPhillips will consider diverting natural gas from fields in northern Australia along a proposed transcontinental pipeline that would link directly to markets in the southeast, a senior executive told Reuters on Thursday. The U.S. oil major is also leaning towards developing the Barossa gas field offshore northern Australia, with a final decision due in early 2019, Kayleen Ewin, the company's vice president for sustainability, communications and external affairs, said in an interview.
Total, Heriot-Watt University Sign Research Deal
Energy giant Total and Heriot-Watt University have signed five-year partnership agreement worth a minimum of GBP 2.5 million to boost research and education. Scotland’s First Minister Nicola Sturgeon visited the Edinburgh Campus of Heriot-Watt University yesterday (Thursday 20 April) to mark the signing of the deal between Total and the University’s Institute of Petroleum Engineering. The agreement was signed by Elisabeth Proust…
Prysmian Bolsters Offshore Cable Production
Responding to an increased demand for European offshore wind farms, energy and telecom cable systems manufacturer Prysmian Group has expanded capability at its U.K. production facility in Wrexham to manufacture both 33 kV and 66 kV submarine cable cores used for the inter-array cable connections in offshore wind farms. The new product line will enable the linking and collecting of power produced by offshore wind turbines before onward transmission to the onshore grid.
Weak Gasoline Prices Prompts US-bound Tanker to Alter Course
A tanker of gasoline en route to New York Harbor from Europe has been diverted to a Caribbean storage hub because a narrow window of opportunity for shipping profitably to the U.S. East Coast appears to have shut, traders said. At least 16 tankers carrying some 600,000 tonnes of gasoline blending components were booked early in April to send fuel from Europe to the East Coast. Since, a Long-Range 2 (LR2) vessel AMOREA…
Ampelmann Unveils the Icemann
Ampelmann, provider of offshore access to the energy industry, has unveiled its latest walk to work system which has been specially designed for operation in extreme cold conditions. The N-type, nicknamed Icemann, was officially launched in front of 200 guests on Thursday, April 20, in Rotterdam, Netherlands. Designed to safely and efficiently transfer crew in extreme icing and temperatures as low as -28C (-18F)…
Rolls-Royce to Provide Mooring System for Statoil's Njord A
Rolls-Royce has been chosen by Norway-based engineering and construction services firm Kvaerner to provide a mooring system for Norwegian oil and gas company Statoil’s oil platform, Njord A. Njord A is being upgraded by Kvaerner and Rolls-Royce has been chosen to provide an upgrade to its mooring system. The contract has a value of about £15 million ($19 mln). Njord A is a semisubmersible floating steel platform…
Keppel's Q1 Profit up 23 pct
Singapore's Keppel Corp on Thursday reported a 23 percent rise in its first-quarter profit as improved earnings from the infrastructure and investments divisions helped offset weakness in its offshore and marine business. Keppel reported a net profit of S$260 million ($186.17 million) for the quarter ended March, versus S$211 million a year ago. Total revenue fell 28.4 percent to S$1.25 billion. This comes after Keppel posted its smallest annual profit in a decade in 2016.
ConocoPhillips: Slow & Steady Wins the Race
ConocoPhillips has beaten its 2017 asset sales target less than four months into the year, after shedding $30.8 billion worth of energy assets in six years. But instead of a chorus of cheers on Wall Street, Chief Executive Ryan Lance is facing investor skepticism that the company can deliver growth from remaining oil and gas fields. ConocoPhillips' most recent sales of Canadian oil-sands properties and U.S.
PLSV Skandi Búzios Begins Work off Brazil
Skandi Búzios, a pipelay support vessel (PLSV) owned 50/50 by a joint venture formed between TechnipFMC and DOF Subsea, has commenced an eight-year charter contract with Petróleo Brasileiro S.A. (Petrobras), as scheduled on April 13, 2017. Skandi Búzios is the sister ship of the Skandi Açu, which started its charter contract on August 13, 2016. These two vessels each have 650 tons flexible pipelay tension capacity…
WIN WIN: Wind Powered Oil Recovery Concept Progresses
The DNV GL-led joint industry project, WIN WIN (WINd powered Water INjection), has completed its first phase and determined that wind power could be used to power offshore water injection. The project is currently moving into its second phase, which includes refining and testing the electrical systems, and investigating possibilities for broader applications. The project consists of four partners: DNV GL…
Statoil Confident About Offshore Brazil Deal
Norway's Statoil is confident that its deal with Petróleo Brasileiro SA to acquire a stake in exploration block BM-S-8 offshore Brazil will eventually go ahead despite a court suspension, a spokesman said on Tuesday. "We are confident that he deal will go ahead... We are considering various legal options, but we are confident that we have a strong case," Statoil's spokesman Erik Haaland said. A Brazilian court has ordered the state-controlled company…
Siemens Expands Logistics Deal with Peterson
Peterson Chemicals has secured a second logistics contract with original equipment manufacturer Siemens. The new contract for the Veja Mate wind farm in Germany, includes the supply of Jet A1 aviation fuel in offshore transport fuel tanks which is similar to the first contract awarded in August 2016. Siemens Gamesa Renewable Energy has also extended the original one year frame agreement for the Netherlands Gemini wind farm to three years.
Mitsui Innovation: noah-FPSO Hull Gets AIP from BV
Mitsui Engineering & Shipbuilding Co., Ltd. (MES) obtained Bureau Veritas Approval in Principle (AIP) for the noah-FPSO Hull and associated design and construction methods following American Bureau of Shipping. This AIP provides assurance of the feasibility and reliability of the noah-FPSO Hull design. The noah-FPSO Hull is a next generation FPSO – Floating Production, Storage and Offloading – platform, and “noah” stands for New Offshore Adapted Hull.
Shell Lobbies Dutch Government for More Wind Projects
Anglo-Dutch oil major Royal Dutch Shell said it has urged the Dutch government to come up with bolder offshore wind targets and quadruple the goal for installed capacity to 20 gigawatts (GW) by 2030. Europe's biggest oil company, which has traditionally invested little in green energy sources, is ramping up renewable energy investments to $1 billion a year by the end of the decade after pressure from…
PDVSA Readies Armada of Fuel Imports
About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data. Petroleos de Venezuela SA (PDVSA) recently awarded BP , Castleton Commodities, Rosneft and CT Energia contracts to buy more than 15 cargoes of gasoline blend stock…
Premier Oil CEO Pay Rises as Company Recovers
The head of North Sea oil producer Premier Oil saw his final pay package rise by a third last year to 1.4 million pounds ($1.7 million) as a reward for his work to cut costs amid weak oil prices, the company said in its annual report. London-listed Premier Oil, which had been struggling with high debt before agreeing a restructuring deal in February, remained loss-making before tax in 2016 but its share price rose 52 percent as the price of crude recovered.
Shell Knew Payments Would Go to Nigeria's Malabu
Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oilfield would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Shell spokesman Andy Norman said the group had known the Nigerian government "would compensate Malabu to settle its claim on the block". Shell previously had said only that its payments from the 2011 deal went to the Nigerian government.
Putin Awards Medals to Buyers of Rosneft Stake
Russian President Vladimir Putin awarded state medals to executives with the Qatari investment fund, Swiss-based commodities trading firm Glencore and Italian bank Intesa Sanpaolo, according to a decree published on Monday. The Qatar Investment Authority and Glencore bought a 19.5 stake in Russian oil giant Rosneft for more than 10 billion euros in December, and Intesa bank was involved in organising the deal.
LR to Perform Armada Olombendo FPSO Risk Inspection
Lloyd's Register has won an inspection contract with Bumi Armada Berhad for its Armada Olombendo FPSO. The contract agreement provides Bumi Armada with access to Lloyd’s Register’s risk-based inspection services and technical software which will help to develop quantifiable risk profiles. These profiles will give critical knowledge and insight for Bumi Armada Berhad’s management team on how best to approach short and long term CAPEX/OPEX decisions.
LNG Innovation: Wison's LNG Distributor
The Wison-LNG-Distributor (LNGD) is a new multi-functional carrier with scalable capacity between 5000 to 20,000 cu. m. Wison-LNGD integrates the functions of LNG loading, bunkering and container delivery, which could make regional LNG redistribution more affordable and efficient. Wison’s LNG Distributor has been purposely designed to distribute partial loads to coastal areas in regions such as Indian subcontinent, Southeast Asia, the Caribbean, and Northern Europe.
Eni, Shell Deny Illicit Payments in Nigeria
Oil majors Royal Dutch Shell and Eni reiterated on Monday that neither they nor their personnel had been involved in any wrongdoing in Nigeria, including improper payments to Nigerian officials. The comments follow media reports alleging how hundreds of millions of dollars from the two companies were used for illicit payments. A joint investigation by BuzzFeed News and Italian newspaper Il Sole 24…
Oil Surplus or Scarcity? Shale Makes it Hard to Predict
Goldman Sachs sees large oil surplus in two years, but the forecast is at odds with most predictions of looming shortage. The shale oil boom has transformed the U.S. and global energy sector to such an extent that it has upended traditional supply dynamics and made forecasts far more polarised. Investment banks, many of which finance new projects, along with oil majors such as Total and Eni, have warned…
US Oil Rig Count Rises for 12th Straight Week
U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 10 oil rigs in the week to April 7, bringing the total count up to 672, the most since August 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 354 active oil rigs.
Aker Solutions Secures Aker BP Contract
Aker Solutions secured a framework agreement for as many as 10 years from Aker BP to provide engineering and procurement services for new offshore field installations. The scope is for a range of fixed facilities from small wellhead platforms to complete oil and gas field centers. It covers work in all project phases and includes early-phase studies, front-end engineering and design (FEED), detail engineering and follow-on engineering.
Aker Solutions Completes Reinertsen Acquisition
Aker Solutions has completed the acquisition of oil-services provider Reinertsen, building on its position as maintenance and modifications supplier offshore Norway. The purchase price is NOK 212.5 million (roughly $25 million). The agreement to buy Reinertsen's Norwegian oil and gas services business, announced on March 30, has also been cleared by Norway's competition authority.
Hurricane Energy Triples North Sea Recoverables Estimate
Hurricane Energy, listed on London's Alternative Investment Market (AIM), has tripled its estimate of recoverable oil from its Lancaster field in the North Sea, the company said on Friday. The statement comes just over a week after the company announced an oil discovery in the Halifax well in the West Shetlands region, which it thinks could be Britain's largest undeveloped oil find. As part of a day of presentations to analysts and investors…
Exxon In Talks To Expand Into Brazil
Exxon Mobil Corp is in talks to gain access to Brazil's deep-water oil resources, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Exxon, the world's largest publicly listed oil company, has held talks about a joint venture through which it would invest in projects with Brazilian state-controlled Petrobras , the Journal reported. The talks also included discussions…
France's Total Extends British Shale Gas Involvement
French oil major Total has extended an option with British shale gas developer Egdon Resources to buy a stake in one of Egdon's shale gas licences, the companies said on Tuesday. Egdon said in a statement Total had agreed on an option to farm in to its PEDL209 exploration licence in Lincolnshire by Dec. 31, 2018, which would earn it a 36 percent interest. Total's previous option on the licence had lapsed.
iSURVEY Awarded Contract with Maersk Oil
Following an eight-year relationship with Maersk Oil, iSURVEY has been awarded a survey and positioning contract with the international oil and gas company. Commencing in March 2017, the four-year contract, which has the option to extend by one 12-month period, sees iSURVEY named as the nominated first caller contractor for survey and positioning services. iSURVEY will specifically support Maersk Oil Danish Business Unit with rig move operations in the Danish sector of the North Sea.
Brazil Aims to Raise $7.7 bln in Oil, Gas Auctions
Brazil's government expects to raise at least 24 billion reais ($7.7 billion) in oil and gas auctions through 2019, Energy Ministry Executive Secretary Paulo Pedrosa said on Monday. The auctions, which include presalt exploration areas, should raise at least 8.5 billion reais in 2017, Pedrosa said. Proceeds from the sale of distribution companies held by state energy holding company Centrais Eletricas Brasileiras SA…
Med Gas Pipeline Possible by 2025
Project may cost up to 6 billion euros; final investment decision could come by 2020. European and Israeli governments gave their support on Monday to moving forward with a Mediterranean pipeline project to carry natural gas from Israel to Europe, setting a target date of 2025 for completion. The planned 2,000 km (1,248 mile) pipeline aims to link gas fields off the coasts of Israel and Cyprus with Greece and possibly Italy, at a cost of up to 6 billion euros ($6.4 billion).
Cobalt Threatens Arbitration over Angolan Assets
U.S. oil firm Cobalt said it would seek arbitration if Angola's state-run Sonangol failed to extend licence deadlines on two deepwater blocks, a move the U.S. company said was needed to help it sell the assets. Cobalt said its efforts to find a buyer for its 40 percent stakes in Blocks 20 and 21 offshore Angola were "negatively impacted by the uncertainty surrounding the extension". Cobalt has been trying to sell the blocks for several years.
US Drillers Add Most Oil Rigs in a Quarter since 2011
U.S. drillers added oil rigs for an 11th week in a row in the best quarter for boosting the rig count since the second quarter of 2011, as a ten-month recovery gathers pace with energy companies boosting spending on new production. Drillers added 10 oil rigs in the week to March 31, bringing the total count up to 662, the most since September 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 362 active oil rigs.
Repsol Strikes Onshore Deal with Energean Oil
Spain's Repsol has entered a so-called farm-in agreement with Energean Oil & Gas for a 60 percent stake in two onshore blocks in western Greece, Energean Oil said on Friday. Under a farm-in agreement, an oil and gas company acquires an interest in a lease owned by another group. Repsol will become the operator of the Ioannina and Aitoloakarnania blocks and plans to acquire seismic surveys over the areas in the 2017-2019 period, Energean said.