Friday, July 10, 2020

Alaska News

BP Cuts Spending by Quarter, Lowers Oil production

BP CEO Bernard Looney - Credit: BP

BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the coronavirus outbreak.BP and other big oil and gas companies are having to rein in spending sharply following the collapse in oil prices driven by a slump in demand because of the coronavirus…

Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus

© Stephen Finn/AdobeStock

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus pandemic – and the state government gets most of its revenue from investment earnings that have now evaporated."Alaska is experiencing a perfect storm…

Skoglund Joins Crowley Fuels

Trish Skoglund (Photo: Crowley)

Trish Skoglund has been appointed vice president of sales and supply for Crowley Fuels LLC, an Alaskan petroleum transportation, distribution and sales companies serving more than 280 communities throughout the state. As a member of the Alaska executive team, she is responsible for the strategic oversight of fuel sales and supply for customers across the entire state.

Alaska's North Slope Holds 3.6 Bn Barrels Oil

Image: USGS

U.S. Geological Survey (USGS) department estimated that Alaska's Central North Slope 3.6 billion barrels of oil. Assessment also included estimate for 8.9 trillion cubic feet of natural gas.This assessment does not include discoveries made by industry between 2013 and 2017.“Alaska is synonymous with energy, and this assessment just reinforces that,” said USGS Director Jim Reilly.

ConocoPhillips targets $50 bln free cash flow over next decade

(Photo: ConocoPhillips)

ConocoPhillips unveiled a long-term plan on Tuesday to boost oil and gas production by about 3% per year, restrain annual spending to about $7 billion and return $50 billion to shareholders over the next decade.The announcement comes as investors, frustrated by weak commodity prices for 5 years, have been pressuring oil and gas companies to cut back on drilling and…

SAExploration Wins $130Mln of New Projects

Image: SAExploration

Houston-based  global seismic services company SAExploration announced a combined $130 million of new projects in Alaska, Canada and the Middle East.According to the geophysical services provider the largest contract is valued at approximately $112 million for onshore data acquisition services to be performed on the North Slope of Alaska.The data acquisition services will be conducted over the next three winter seasons…

50 years of LNG imports in Japan

”Polar Alaska”, transporting the first cargo of LNG to Japan. Photo: JERA

Japanese gas buyers marked the 50th anniversary since the first cargo of liquefied natural gas arrived in Japan, now the world’s biggest importer of the fuel.On November 4th, 1969, LNG was first imported to Japan. Tokyo Electric Power Company (now JERA Co., Inc.) and Tokyo Gas, through Mitsubishi Corporation acting as a buyer’s agent, started receiving LNG in 1969…

Japan Marks 50 years of LNG Imports

File Image: AdobeStock / © Fotmart

Japanese gas buyers on Wednesday marked the 50th anniversary since the first cargo of liquefied natural gas (LNG) arrived in Japan, now the world's biggest importer of the fuel.The arrival of the cargo on Nov. 4, 1969 helped transform Japan's energy system, which had relied on oil, coal and gas from coal in an era of high growth, before nuclear power was developed.But…

Qilak LNG, ExxonMobil Pact on Gas Supply

Image courtesy: Qilak LNG

Alaska-based Qilak LNG announced that a Heads of Agreement (HOA) has been entered into with ExxonMobil Alaska Production regarding the potential supply of natural gas from the Point Thomson field to Qilak LNG's proposed Alaska North Slope liquefied natural gas (LNG) export project (Qilak LNG 1 Project).According to the Lloyds Energy company, which was formed to identify and develop Arctic LNG projects in North America…

Oil Search Boss to Retire in 2020

Peter Botten (Photo: Oil Search)

Papua New Guinea's biggest company Oil Search Ltd said on Tuesday long-serving Managing Director Peter Botten will retire from the firm next year after 25 years in the role, just as the company enters a major growth phase in PNG and Alaska.Botten will be succeeded by senior executive Keiran Wulff in February and will step down from the board on Aug. 25."Under his leadership…

Seaborne Nuclear Power Plant Docks in Russia

(Photo: Rosatom)

Russia's first-floating nuclear power plant has arrived to its permanent base near an isolated Russian town across the Bering Strait from Alaska, Russian state nuclear energy company Rosatom said on Saturday.Developed by Rosatom, the plant, known as "Akademik Lomonosov", set off on a 5,000 km (3,100 mile) journey on Aug. 23 through Arctic waters to reach the Chukotka region.

BP Exits Alaska with $5.6Bln Sale

Aerial view of BP Alaska's Prudhoe Bay operations. Photo: BP Images

British oil major BP Alaska announced that it is selling its entire business to Hilcorp Alaska, marking the exit from Alaska after six decades.The $5.6 billion sale includes Opens a New Window. interests in the Prudhoe Bay oil field, Point Thomson gas field and the trans-Alaska pipeline system, BP said in a release.Bob Dudley, BP group chief executive, said: "Alaska…

BP Exits Alaska in $5.6 Bln Sale

(Image: BP)

British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.The deal, which includes interests in the most prolific oil field in U.S. history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP's plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet…

Wood Promotes Leonard in Americas Role

Paul Leonard (Photo: Wood)

Engineering firm Wood said it has appointed Paul Leonard as President of Operations Services in its Americas business to succeed Tim O’Leary, who is retiring from the company after a 20-year tenure.Wood’s Operations Services business complements the company’s capital projects businesses through the provision of operations, maintenance, modifications, asset management…

Green Group Asks Cosco to Avoid HFO in Arctic

Photo by Clean Arctic Alliance

Clean Arctic Alliance has sent its second letter to Cosco, in which the NGOs urge the Chinese liner company to make public what fuel types its vessels use in the Arctic.Responding to reports that the 190m-long COSCO-owned cargo vessel Tian’en is due to arrive in the Swedish port of Gävle on August 18, having traversed the Arctic’s Northern Sea Route between the Pacific and the Atlantic…

Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week

file Image: an offshore oil installation (CREDIT: DNV-GL)

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

NOIA Weighs in on The COASTAL Act

National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters

National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters issued the following statement after the introduction of the Conservation of America’s Shoreline Terrain and Aquatic Life (COASTAL) Act:“It is vital that American offshore energy production promote equity for the states immediately adjacent to these offshore areas.

ConocoPhillips Profit Slides

(Photo: ConocoPhillips)

ConocoPhillips missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy.The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from the United States.Shares of Conoco fell 2% as the Houston…

First ANS Cargo in One Year on Way to China

the Sonangol Cabinda (CREDIT MarineTraffic.com / © V. Tonic)

One million barrels of Alaskan crude is due in China next week, the first such shipment in almost a year, according to data from Refinitiv Eikon and vessel-tracking firm Kpler.China's imports of U.S. crude have fallen amid the two countries' trade dispute to 41,600 barrels per day (bpd) in the six months ended February, from 377,000 bpd in the first half of 2018, according to the U.S.

Russian Pipeline: Bringing Gas and Building Trust

© alexkich / Adobe Stock

A discussion over energy at the summit last week between Russian President Vladimir Putin and North Korean leader Kim Jong-un has excited the government in South Korea, where the government is desperately looking to entice the North Koreans to come in out of the cold.Among the topics that came up was access for the North Koreans to Russian electricity supplies and…