Thursday, May 25, 2017

CGG Launched Multi-Physics Imaging Group

Multi-Physics Imaging routinely provides geologically consistent Earth models, such as this Magnetotelluric conductivity inversion integrated with drilling data to define a hydrocarbon prospect. (Image: CGG)

CGG’s Multi-Physics business line has launched its Multi-Physics Imaging group, consolidating its recognized expertise in multi-physics data processing and interpretation, trusted technical consulting services and specialized commercial software development into a single global team. As a complement to CGG’s seismic Subsurface Imaging capabilities, Multi-Physics Imaging helps oil and gas, geothermal…

OMV Says It's Owed $148 Mln from Iran

The National Iranian Oil Company (NIOC) still owes Austrian oil and gas group OMV $148 million, OMV's exploration and production chief Johann Pleininger told a meeting of shareholders on Wednesday. "We are in intensive negotiations to complete the relevant contracts to settle the claims," Pleininger said. Chief Executive Rainer Seele had previously declined to name the outstanding amount but has said the issue stood in the way of making quick progress with OMV's business in Iran.

Most Norwegian Oil Workers Agree to Wage Deal

File photo: Harald Pettersen / Statoil

Energy firms operating offshore Norway on Wednesday agreed wage deals for 2017 with the two largest trade unions representing oil and gas workers, while talks with a smaller union will continue at a later stage under mandatory mediation rules. Industri Energi and Safe, representing some 87 percent of Norwegian oil workers, said the outcome of the talks was disappointing, but added they had nevertheless…

DONG to Sell O&G Business to Ineos for $1.3 Bln

File photo: DONG Energy

Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, it said on Wednesday, the latest in a string of North Sea deals. The sale is a blow to shipping group A.P. Moller-Maersk , which had sought to merge its oil and gas business with DONG into a company worth more than $10 billion as part of a major restructuring.

Seadrill Names Dibowitz CEO

Photo: Seadrill

Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. Anton Dibowitz, current chief commercial officer…

Mexico Oil Regulator OKs New Gulf Area for Pemex

Mexico's oil regulator on Tuesday approved a promising new deep water block to state oil company Pemex, but conditioned the allotment on the firm developing the area with a partner that would eventually operate it. The new Chachiquin area, adjacent to Pemex's Nobilis-Maximino block, could produce 80,000 barrels per day of oil once it reaches peak output, according to the regulator's estimates. Development of the area is not expected to begin until 2024 at the earliest.

Proserv Secures Multiple Middle East Contracts

Photo: Proserv

Energy services company Proserv said it has been awarded a series of contracts worth a combined value of more than $11 million for its production control new-build and after-market services in the Middle East. In the UAE, Proserv will engineer and manufacture wellhead control panels, hydraulic power units (HPUs) and chemical injection systems to national oil companies, service companies and engineering, procurement and construction (EPC) companies, estimated to be worth around $10 million.

Shell Shareholders Reject Emissions Target Proposal

Royal Dutch Shell shareholders on Tuesday widely rejected a proposal by an environmental group calling for the oil company to set and publish annual targets to reduce carbon emissions. The vote is a setback for climate activists who are increasing pressure on global oil companies, including U.S. firms Exxon Mobil and Chevron, to become more ambitious in helping combat climate change. As many as 94 percent of Shell shareholders who cast a vote decided against the resolution…

OPEC Set to Prolong Oil Cuts

© SLDigi / Adobe Stock

OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.

Odebrecht O&G Announces Debt Restructuring Deal

Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA, reached an agreement with more than 60 percent of its creditors for a restructuring of about $5 billion in debt, it said in a statement on Tuesday. OOG, as the company is known, had told Reuters earlier this month that talks with creditors were in final stages. OOG is among Odebrecht SA subsidiaries struggling with…

PTT Exploration and Production Plans Asia Investment

Thailand's largest oil and gas explorer PTT Exploration and Production Pcl (PTTEP) is planning new investments or an extension of its operations in fields in Thailand, Malaysia and Myanmar, it said on Tuesday. In Thailand, state-owned PTTEP would bid to extend its concession to operate the Bongkot gas field beyond the existing expiry date of 2023, Executive Vice President Yongyot Krongpanich told an investor briefing.

Angelle Named BSEE Director

Scott Angelle (Photo: BSEE)

Former Louisiana state official Scott A. Angelle will head-up the U.S. Bureau of Safety and Environmental Enforcement (BSEE). Angelle, who most recently served as Vice Chairman of the Louisiana Public Service Commission, will assume his new position May 23. “Scott Angelle brings a wealth of experience to BSEE, having spent many years working for the safe and efficient energy production of both Louisiana’s and our country’s offshore resources,” Secretary of the Interior Ryan Zinke said.

Solstad CSV Serviced ahead of Australian Deployment

Normand Reach (Photo: Gibdock)

Gibraltar shipyard Gibdock said a surge in offshore vessel repair and maintenance work has included a special project for Norwegian offshore vessel owner and operator Solstad, to ensure that Normand Reach meets the hull cleanliness standards set by Australia’s National Biofouling Management Guidelines for commercial vessels. The 120.85-meter-long Solstad CSV entered the yard for a special wash and brush up on its way to Western Australia…

New Split Hoist System from Bosch Rexroth

Image: Bosch Rexroth

A new ‘split hoist’ heave compensation system from Bosch Rexroth combines active and passive heave compensation (AHC and PHC) elements with a sophisticated control system to enable AHC functionality to be added to new and existing hoisting installations. Using a modular and mobile design, the new split hoist system is especially interesting for use with existing multi-part reeved hoisting equipment.

US Drillers Add Oil Rigs for 18th Week in a Row

©  Stojanovic Milos / Adobe Stock

U.S. energy companies added oil rigs for an 18th week in a row, the second-longest such streak on record, as expectations of higher crude prices have motivated drillers to boost monthly shale production to its highest level since mid-2015. Drillers added eight oil rigs in the week to May 19, bringing the total count to 720, 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 318 active oil rigs.

China Threatened War If Philippines Drills for Oil -Duterte

Philippine President Rodrigo Duterte said on Friday Chinese counterpart China Xi Jinping had warned him there would be war if Manila tried to enforce an arbitration ruling and drill for oil in a disputed part of the South China Sea. In remarks that could infuriate China, Duterte hit back at domestic critics who said he has gone soft on Beijing by refusing to push it to comply with an award last year by the Permanent Court of Arbitration in The Hague…

Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts

© Andrei Pashkov / Adobe Stock

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected…

Indonesia Offers 15 Oil Blocks amid Thin Industry Interest

Indonesia is offering 15 conventional and unconventional oil and gas blocks to potential bidders, government officials said on Friday, hoping more flexible terms will help reverse flagging interest in the sector after lacklustre performance in 2016. This year the government is applying new production sharing rules and will revise rules on recoverable costs and cut import duties on exploration equipment where possible…

Colombia Oil Reserves Down 16.8% in 2016

Colombia said on Thursday its oil reserves were down 16.8 percent to 1.66 billion barrels at the end of last year, but that exploration was recovering after the global fall in crude prices. At 2016 production levels the reserves are equivalent to 5.1 years of output, the energy ministry said in a statement. The figure was down compared to the 2015 figure of 2.0 billion barrels. "Thanks to a recovery in international prices…

The New Offshore Reality

(Photo: Oyvind Hagen, Statoil)

Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he told a floating production conference in Oslo. After two-and-half years of oil-price collapse followed by layoffs in the thousands; stacked oil rigs and order freezes for offshore shipping, price insecurity itself is a partial expression of confidence.

New Subsea Consultancy: 1CS1

Cherry Paton, Innovation Park Estate Manager and 1CSI’s founders, Aleksandra Tomaszek, Chief Operating Officer and Matthew Kennedy, Chief Executive Officer (Photo: 1CS1)

Recently established Aberdeen-based subsea integrity consultancy, 1CSI (1 Consulting Subsea Integrity) has marked the launch of its business with a move into premises at the James Gregory Center in the Aberdeen Innovation Park, Bridge of Don. The company was established in April by Matthew Kennedy and Aleksandra Tomaszek and offers solutions to global subsea challenges. This, includes, but is not limited to…

Shell to Sell Tunisian Gas Assets

Royal Dutch Shell is seeking to sell its gas fields in Tunisia for some $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal programme. The Tunisian assets, accounting for some 65 percent of the North African country's gas production, were acquired as part of Shell's $54 billion take over of BG Group last year. The assets include two offshore gas fields -- Miskar…

Keppel on Track to Deliver Rig for Caspian Drilling

Photo credit: Keppel Offshore & Marine

Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR). The rig was named Heydar Aliyev at a ceremony in Azerbaijan today by the President of Azerbaijan, Ilham Aliyev. Built to Keppel FELS' proprietary DSSTM 38M design…

Semco Wins Order for Culzean Hook-up

Photo: Semco Maritime

Semco Maritime to participate in the preparation (hook-up) of Maersk Oil UK’s new gas field in the U.K. sector of the North Sea when the production units arrive from Singapore in the summer of 2018. The largest order ever for Semco Maritime’s Aberdeen office. Maersk Oil UK has selected Semco Maritime to participate in the installation and preparation (hook-up) of the new gas production field Culzean, which is located 240 kilometers east of the coast of Aberdeen in the U.K.

Oil Turns Positive as Market Awaits EIA Data

File Image (CREDIT: AdobeStock / (c) Carabay)

Surprise rise in U.S. API crude stocks weighs on prices; investors await U.S. EIA inventory data later on Wednesday. Oil prices strengthened on Wednesday ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing the persistent global supply overhang. Brent crude was up 33 cents at $51.98 per barrel by 1100 GMT. U.S. light crude rose 18 cents to $48.84.

DNV GL Initiative to Improve Offshore Site Assessments

Photo: DNV GL

DNV GL invites industry partners to start a Joint Industry Project (JIP) for improving the collection and assessment of site conditions data for offshore wind farms. Aiming to increase the efficiency of collecting site conditions, the new JIP will work with stakeholders from across the wind industry. The knowledge generated from the JIP is planned to be ultimately incorporated in a DNV GL recommended practice.

Petrobras to Exercise Preferential Rights in Brazil Oil Auctions

State-controlled oil company Petroleo Brasileiro SA will exercise its preferential rights in two offshore oil auctions scheduled for October, Mining and Energy Minister Fernando Coelho Filho said at an event on Tuesday. The minister did not say where the company, known as Petrobras, would exercise its rights, but he said it would not do so in all of the areas up for auction in the pre-salt region.     (Reporting by Rodrigo Viga Gaier)

Output Spike Brightens North Sea's Twilight Years

© h368k742 / Adobe Stock

New oil projects over the next two years in the North Sea will have combined capacity to produce 1.2 million barrels per day (bpd), offsetting a slide in output from the oldest deepwater basin that produces the world's benchmark crude. The projects stretch from the West Shetlands to the icy fringes of the Arctic Ocean, Reuters research shows. North Sea crude output was 2.54 million bpd in 2016 and is forecast to reach 2.59 million bpd in 2017 and 2.63 million bpd in 2018…

Elliott Presses BHP to Shed Petroleum

BHP petroleum business has value of more than $20 billion. Activist investor Elliott Management raised the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant's petroleum business. Elliott, which has built up a 4.1 percent stake in BHP's London-listed arm and is urging changes to boost shareholder value, said there were clear signs the market was receptive to a new strategy for BHP.

Industry Funding to Boost UK Offshore O&G Research

John Underhill (Photo: Heriot-Watt University)

A major funding package for the Institute of Petroleum Engineering (IPE) at Heriot-Watt University will directly support research and training for the future of the industry in U.K. offshore waters. Heriot-Watt’s Chief Scientist, Professor John Underhill, has secured funding of £416,000 (approximately $537,000) from Verus Petroleum, an independent oil company active on the U.K. Continental Shelf (UKCS).

South Africa Mulls First Shale Gas Exploration Licences

South Africa's government may award its first shale gas exploration licences by the end of September, after environmental objections delayed the process, a senior government official said on Monday. The five licence applications under review are for exploration in the semi-arid Karoo basin. Environmentalists criticised plans to work in the sparsely populated region, known for its rugged scenery and home to rare species such as the mountain zebra and riverine rabbit.

Topaz Resolve Goes to Work in the Mediterranean

Topaz Resolve (Photo: Topaz Energy and Marine)

International offshore support vessel company Topaz Energy and Marine said its multipurpose supply vessel (MPSV) Topaz Resolve has commenced a charter in support of geophysical and geotechnical survey operations in the Mediterranean Sea for a European oil major. Topaz Resolve is operating from Limassol, Cyprus for an initial period of one month. The vessel is a multi-functional ROV, dive and survey vessel and is equipped for deep and shallow water operations, in DP2 or by 4-point mooring.

Shepherd Joins Bibby Offshore's Renewables Team

Dorothy Shepherd (Photo: Bibby Offshore)

Bibby Offshore, a subsea services provider to the oil and gas industry, has appointed Dorothy Shepherd as general manager, renewables. Shepherd joins Bibby Offshore with more than 15 years’ experience in the energy industry. Having spent a significant time at The Crown Estate - a key player in supporting the delivery of energy supply for the U.K. - Shepherd brings with her a wealth of offshore renewables knowledge, including the delivery of new developments and supporting infrastructure.

Containerized Control Room Delivered for SSCV Thialf

Photo: ELA Container Offshore

ELA Container Offshore GmbH delivered an offshore office container to Heerema Marine Contractors (HMC), a marine contractor in the international offshore oil and gas industry. The container was placed on board semisubmersible crane vessel (SSCV) Thialf and was used as a control room to operate their anchor winches. The Thialf is HMC's largest SSCV, capable of a tandem lift of 15,600 tons. Its two cranes…

Chevron Reports Outage at Gorgon LNG Plant

File Image (CREDIT: AdobeStock / (c) Pisotsckii)

Chevron Corp has shut the first production line at its giant Gorgon liquefied natural gas (LNG) export plant in Australia and expects the outage to last about a month in order to replace a faulty device, a spokesman said on Monday. "Production on Gorgon Train 1 was stopped on May 12 due to a failure of a flow measurement device," the company said in a statement. "Train 1 is expected to be down approximately…

Total Expands Oil Search Offshore West Africa

Total has signed a deal to explore for oil and gas offshore Mauritania, the French company said on Friday, expanding the scope of its search for new fields in the deep waters off West Africa's Atlantic coast. Under an agreement with Mauritania's state-run oil company SMHPM, Total will take a 90 percent operating stake in Block C7, which covers 7,300 square kilometres, and SMHPM will take the remaining 10 percent.

ACE Winches' Mooring System on the Iron Lady Barge

Photo: ACE Winches

ACE Winches has mobilized a six point mooring system to anchor the Iron Lady Barge being used on the Brent decommissioning project. The equipment, designed and manufactured by ACE Winches at its global headquarters in Turriff, Aberdeenshire is now in situ and being supported by a team of ACE Winches offshore personnel. ACE Winches manufacture a range of standard and bespoke drum winches, available in single or double drum configurations.

Caspian Pipeline Eyes Expansion With New Oilfields

The Caspian oil pipeline will boost its capacity this year by some 47 percent thanks to new oilfields in the region including the giant Kashagan deposit in Kazakhstan, the director general of the consortium that owns it, Nikolai Gorban, said on Friday. The plans to boost the oil exports may undermine OPEC-led efforts to cut production of oil in order to reduce bloated global inventories and support sagging oil prices.

Wind Consortium Weighs in on MD Offshore Developments

File Image: a view of offshore wind (CREDIT: Sparrow Group)

The Maryland Public Service Commission Finances Two Offshore Wind Projects. The Business Network For Offshore Wind commends the Maryland Public Service Commission for awarding financing for two offshore wind projects. The Maryland Public Service Commission’s (MD PSC) approval and financing of US Wind and Skipjack Offshore Energy, LLC’s combined 368 MW projects solidify offshore wind as a US industry.

Options Bulls Betting on U.S. Energy Rebound

File Image (CREDIT: AdobeStock / (c) GEAR STD)

Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P's tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year. Recent trading in the options market…

Canada's Enbridge Expects Adjusted Profit to Rise on Spectra Deal

Enbridge Inc , Canada's largest pipeline company, said on Thursday it may acquire more assets and forecast a rise in adjusted earnings before interest and taxes this year following its purchase of Spectra Energy Corp. Enbridge said last September it would buy Spectra, a smaller rival then valued at $28 billion, to create the largest energy infrastructure company in North America. The deal, which closed on Feb.

Total: Brazil Drilling No Risk to Amazon Reef

A French oil firm on Thursday rejected concerns that exploration off Brazil could damage a unique coral reef at the mouth of the Amazon river as it awaits final approval to start drilling. "Drilling activity will not impact the reef system," a spokeswoman for Total told the Thomson Reuters Foundation. The company is working closely with Brazil's environmental enforcement agency (IBAMA) and needs their go ahead before it begins to drill, she said in an email.

Fire Protection for Offshore Comms Hub

Photo courtesy of SeaRoc Group

A monitoring and voice and data communication solution launched by SeaRoc Group links land-based operations to distant offshore petroleum platforms and wind farms via satellite, fiber and other data services. In order to protect the sensitive and valuable electronics inside these unmanned SeaHubs, an engineered fire detection and suppression system from Sea-Fire Europe was chosen. The mobile SeaHub system can be installed aboard a vessel…

New Asset Integrity Management System Launched

(Photo: Bureau Veritas)

Bureau Veritas has launched Veristar AIM 3D asset integrity management system, based on technology partner Dassault Systems’ 3DEXPERIENCE platform. The new solution combines a digital twin of any marine or offshore assets with smart data in a collaborative environment. Veristar AIM 3D will be used in the design, development and implementation of the operational lifecycle, to reflect and predict the condition of any asset, or fleet of assets.

Energy Island: Europeans Mull North Sea Hub

Image: TenneT

A plan set in motion by three European transmission system operators (TSO) aims to develop mammoth offshore wind farm infrastructure in the North Sea supported by at least one manmade island. First unveiled in June 2016, plans for the North Sea Wind Power Hub project will now press ahead to develop a large offshore renewable European electricity system following the signing of a trilateral agreement by TenneT TSO B.V.

Goldman Sachs to Sell 2.1% of DONG Energy

Photo: Dong Energy

Goldman Sachs has launched an accelerated bookbuilt offering to institutional investors of 8.8 million existing shares in Danish utility and offshore wind farm developer Dong Energy, the U.S investment bank said on Monday. The shares are equivalent to 2.1 percent of the existing shares in Dong Energy and are owned by New Energy Investment, which is indirectly owned by Goldman Sachs. Goldman Sachs and…

Hempel: New Coatings for Offshore Structures

Photo: Hempel

Hempel has launched two new advanced coatings specifically developed to protect the vulnerable “splash zone” areas of offshore structures. The “splash zone” is the area of an offshore asset (oil & gas platform or wind turbine, for example) that is just above the waterline and so suffers from the dual impact of atmospheric and immersion-type corrosion; as well as physical damage such as abrasion and impact, especially in areas around boat landings.

BP, Kosmos Announce 'major' gas find Offshore Senegal

BP and joint venture partner Kosmos Energy revealed a major gas discovery off Senegal on Monday, adding to other recent finds off the West African coast. Oil majors including BP and Total are investing in the waters of Senegal and Mauritania in the hope of repeating the recent exploration success of smaller players. "Yakaar-1...further confirms our belief that offshore Senegal and Mauritania is a world-class hydrocarbon basin," Bernard Looney, BP Upstream chief executive officer, said.

CFD Simulation of a Fully Featured Offshore Platform Model

(Photo: Hydrocean)

CFD simulations of offshore oil and gas platforms are used to predict the maximum wind loads acting on the structure of the platform topsides (the upper half of the platform, above sea level and outside the splash zone, including the oil production plant, the accommodation block and any drilling equipment). The wind loads are used as waves and current loads to design the mooring of the structure, and can be significant in specific ocean areas.

ECO Affiliates Ink 5-Year Deal with Shell for IMR Vessel

Island Enforcer (Photo: ECO)

Two affiliates of Louisiana-based Edison Chouest Offshore (ECO) have signed a five-year contract with Shell Brazil for light subsea construction, and inspection, maintenance and repair (IMR) services from the M/V Island Enforcer, a 402-ft. subsea installation and construction vessel. According to ECO, the agreement includes a varied list of projects featuring vessel services from ECO affiliate Bram Offshore, and ROV and survey services from C-Innovation.

US Drillers Add Oil Rigs for 16th Week

© chirnoagarazvan / Adobe Stock

U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel. Drillers added six oil rigs in the week to May 5, bringing the total count up to 703, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. While that is more than double the same week a year ago when there were only 328 active oil rigs…

Pemex Seeks Refinery Investors, but Who's Buying?

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Sweeping energy reforms have turned Mexico into one of the world's most attractive offshore prospects, but one segment is getting no love from U.S. investors: the nation's aging refineries. Efforts by Mexico's state-owned oil company Pemex to attract about $5 billion in capital to help modernize its two largest refineries so far have proved futile, according to two people familiar with the process who declined to be named because they were not authorized to speak publicly.

ABS, DSME Pact on Novel FLNG Concept

LNG·LPG carriers. Photo: Daewoo Shipbuilding and Marine Engineering

ABS signed an agreement with Daewoo Shipbuilding and Marine Engineering Co. (DSME) to support safety and apply class guidance to a conceptual Floating Liquefied Natural Gas (FLNG) unit. “We are pleased to sign this agreement and work with DSME to support new innovations and technology advancements in the offshore industry,” says ABS Executive Vice President of Global Offshore Ken Richardson. “As gas…

Marathon Oil Posts Bigger Quarterly Loss

U.S. shale exploration company Marathon Oil Corp reported a bigger quarterly loss on Thursday, due to a nearly $5 billion impairment charge related to the sale of its Canadian oil sands business. The company's net loss widened to $4.96 billion, or $5.84 per share, in the first quarter ended March 31, from $407 million, or 56 cents per share, a year earlier. Houston-based Marathon Oil's revenue rose to $1.07 billion from $570 million.

Brazil Pre-salt AuctionRules Rile Oil Firms

File Image (CREDIT: AdobeStock / (c) donvictorio)

The Brazilian government has approved terms for another auction of exploration rights to high potential oil prospects, in the so called pre-salt layer, but oil firms are not totally happy with the rules. Brazil's Energy Ministry said on Thursday in the official gazette that it has cleared the round, which will be exclusive for adjacent sectors of existing exploratory areas. Brazil's government wants…

African Petroleum Holds Senegal Oil Block Claimed by Total

African Petroleum, an oil firm founded by Romanian-Australian businessman Frank Timis, said in a statement it still owns a licence to explore an oil block off the coast of Senegal that French oil major Total said it bought this week. The claim could set up a battle over potentially lucrative exploration licences just as the poor West African country is preparing to begin oil production after a series of promising discoveries.

DONG Energy Settles Platform Dispute

DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field. The settlement clears a major hurdle for the Danish company's plans to divest its oil and gas unit to focus on its growing business of developing offshore wind farms. DONG said in a statement…

Martin Joins Costain O&G Team

Tim Martin (Photo: Costain)

Technology-based engineering solutions provider Costain has appointed Tim Martin as Director of Front End & Advisory Services within its oil and gas team. Martin joins Costain from Ramboll, where he was the Managing Director. As a proponent of industry improvement and transformation throughout his 20-year career within the sector, Martin has directed the delivery of multiple innovative solutions for client organizations and is a Member of the Oil & Gas Authority (OGA) Asset Stewardship Board.

Statoil Profit Jumps on International Ops Growth

File Image: A typical Statoil offshore installation.

First-quarter operating profit $3.3 bln is firm's first international profit since third-quarter of 2014. Statoil reported a far bigger jump in first-quarter operating profit than expected on Thursday, helped by the first profit from the Norwegian company's international operations since 2014 and higher oil prices. Like rivals such as Royal Dutch Shell, the majority state-owned oil and gas company…

Slumping Oilfield Services Sector bets on Offshore Tech

File Image: CREDIT Global Marine Systems

The oil industry's top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry. At the Offshore Technology Conference, the industry's annual gathering of floating rig and subsea well suppliers, sales pitches this year are all about cost savings and faster time to first production. With U.S.