Tuesday, January 15, 2019

Asia Pacific News

Petrofac Secures Brunei Contract

Image: Petrofac

Oilfield services provider Petrofac and its partner Serikandi Oilfield and Services Sdn Bhd, have secured a multi-annual Engineering Design Services contract to support Brunei Shell Petroleum (BSP) and Brunei LNG (BLNG) in Brunei.Petrofac and partner Serikandi will provide engineering across all phases of the asset lifecycle for the entire portfolio of onshore and offshore assets for BSP and BLNG. All engineering and design work will be undertaken in Brunei, with the team located at offices in Kuala Belait.Mani Rajapathy…

K2 Management Opens Beijing Office

Image: K2 Management

Offshore wind and sustainable energy consultancy K2 Management  has opened an office in Beijing to support China’s wind and solar market.Active in Asia since 2010, K2 Management has been working in China on several projects for local and international clients.Country Director for K2 Management in China, James Wu, said: “We think the time is right for us now to be present in China, especially as offshore wind is now really taking off. There is a growing demand for independent, experienced support, so we decided to put down roots in China.

Aqualis Offshore Establishes Office in Australia

Image: Aqualis Offshore

Marine and offshore engineering consultancy Aqualis Offshore has set up an office in Perth, Western Australia, to support oil and gas developments in the Australasia region.“We have supported important projects offshore Australia in recent years and believe it represents a market with good potential. There seems to be an increasing confidence in growth in offshore activity here, so we feel the time is right to set up a dedicated office in Australia,” says David Wells, CEO of Aqualis Offshore…

Puma Awards EPC Contract to McDermott

(File photo courtesy McDermott International)

McDermott International, Inc. announced Wednesday it has been awarded a tank contract by Puma Energy (Australia) Fuels Pty Ltd for the engineering, procurement and construction (EPC) of 11 fuel tanks for an import terminal in Kwinana, Western Australia.McDermott did not specify the exact value of the work, but said the contract is worth between US$1 million and US$50 million.Onsite work is scheduled to commence in the first quarter of 2019 with completion scheduled for the third quarter of 2020…

Jadestone Energy to Restart Montara Production

Pic: Jadestone Energy

Asia Pacific upstream oil and gas development and production company has announced the completion of works required to resume production from the Montara oil field. This restart follows an extensive maintenance and inspection shut down. "Work has been completed and the facilities are undergoing the final stages of pressure testing to ensure asset integrity and a safe restart of production," said a press release from company.The oil train has been successfully leak tested and the gas train is now being tested so that both can start together…

Novatek, Saibu Gas Ink MoU

Image: Novatek

Russia's largest independent natural gas producer Novatek said it had agreed with Japan's Saibu Gas to study the possibility for the Russian company to enter the Japanese energy market.Novatek said in a press release that PAO Novatek and Saibu Gas Co Ltd signed a  Memorandum of Understanding (MOU), whereby the parties agreed to consider potential cooperation to enter the end-customer market and optimize Novatek’s LNG portfolio supplies to the Asia-Pacific region by utilizing Hibiki LNG…

Oil Rises to $51 After Steep Slide

© Georg Henrik Lehnerer / Adobe Stock

Oil rose to $51 a barrel on Wednesday on perceptions that a price slide to 2017 lows prompted by economic worries had been overdone amid an OPEC-led effort to tighten supply.Crude has been caught up in wider financial market weakness as the U.S. government shutdown, higher U.S. interest rates and the U.S.-China trade dispute unnerved investors and exacerbated worries over global growth.Brent crude, the global benchmark, was up 70 cents at $51.17 at 1120 GMT. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2 percent slide in the previous session.U.S.

Oil Falls in Line with Stricken Stock Markets

© Pavel Ignatov / Adobe Stock

Oil fell on Monday, in line with another decline across global stock markets, which came under pressure from concern about a U.S. government shutdown and a worsening world economy.The price of oil has already fallen by more than 30 percent so far this quarter to its lowest since the third quarter of 2017, as investors have grown increasingly wary of the impact to global growth, and crude demand, from an escalating trade dispute between the United States and China.The U.S. Senate has been unable to break an impasse over U.S.

Neptune Energy Indonesia Gets New Managing Director

Eko Lumadyo, Managing Director of Neptune Energy’s Indonesian business. Photo: Neptune Energy

The oil and gas producer Neptune Energy has announced the appointment of Eko Lumadyo as Managing Director of its Indonesian business, based in Jakarta.Lumadyo will join Neptune from Mandala Energy Indonesia, where he is currently Country President and General Manager.Lumadyo has more than 30 years’ experience in upstream oil and gas exploration, development, planning, operations and commercial affairs. He started his career with Unocal as a geophysicist and progressed within the organisation from technical leadership through to Vice President of Deepwater Development.He held positions in Indonesia…

Oil Rise as Global Equities Climb, Libya Output Drops

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Oil futures rose on Tuesday with the help of an increase in global stock markets, an outage reducing Libyan crude production and a gradual decrease in Russian output.Brent futures rose 45 cents, or 0.7 percent, at $60.44 a barrel by 11:58 p.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 1.5 percent, at $51.79. Earlier, both contracts rose over $1 a barrel."The complex is getting a lift from a pop in global risk appetite this morning as underscored by a strong advance in U.S.

Gazprom to Review Shale Gas and LNG Sectors

Sakhalin II LNG plant. Photo: Gazprom

Russian energy giant Gazprom revealed that there is still a high level of uncertainty in the long-term forecasts for U.S. shale gas production. It also said that the number of LNG-consuming countries would grow in the long term.Gazprom's Board of Directors took note of the information about the prospects of the shale gas and liquefied natural gas (LNG) sectors around the world, as well as the opportunities and threats facing the Company.The oil and gas company focused on the business of extraction…

Papua New Guinea Paves Way for LNG Expansion

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A long-awaited project led by France's Total SA that will help double liquefied natural gas (LNG) exports from Papua New Guinea has come another step closer, with the government agreeing to set financial terms early next year.The LNG expansion, which analysts estimate will cost $13 billion, is crucial to the Pacific island nation's economy as LNG is its biggest export earner, while demand for the fuel is surging in international energy markets.Prime Minister Peter O'Neill said in the country's capital of Port Moresby on Friday that "physical terms" had been agreed.

OMV, Sapura Energy Sign Pact

Image: Sapura Energy Berhad

Malaysia’s Sapura Energy has entered into a heads of agreement with Austria’s OMV to form a strategic partnership and acquire half of Sapura Upstream for $1.6 billion."Under the agreements, OMV Exploration and Production GmbH (OMV E&P), a wholly-owned subsidiary of OMV Aktiengesellschaft, will buy a 50 per cent stake of the enlarged issued share capital in a newly-formed joint venture company, SEB Upstream Sdn Bhd (SUP), based on an enterprise value of up to USD1.6 billion comprising an equity value of up to USD1…

Noble Group Halves Net Loss in Q3

Noble Group Ltd halved its quarterly net loss from continuing operations to $43.3 million and said its soon-to-be-completed $3.5 billion debt restructuring would enable the commodity trader to reposition its business in Asia Pacific and the Middle East.The Singapore-listed company is seeking approval from a Bermuda court for its restructuring and payment to creditors, the final hurdle to completing a debt-for-equity swap. The company, once Asia's biggest commodity trader, has sold off many assets as part of the restructuring.On Tuesday…

Oil Rises as Saudi Arabia Seeks to Tackle Oversupply

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Oil prices rose on Monday after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.Brent crude futures were up 52 cents at $70.70 a barrel by 1445 GMT, while U.S. crude futures rose 36 cents to $60.55.Saudi Energy Minister Khalid al-Falih…

Oil Gains after Saudi Paves the Way for an Output Cut

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Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.Brent crude futures rose 80 cents on the day to $70.98 a barrel by 1205 GMT, while U.S. crude futures…

Chevron Names Green President of N. America E&P

Steven W. Green (Photo: Chevron)

Steven W. Green has been named president of Chevron North America Exploration and Production, succeeding Jeff Shellebarger, who is retiring from Chevron after 38 years of service.Green will transition from his current role as president of Chevron Asia Pacific Exploration and Production to oversee the oil major's exploration and production activities throughout North America, including Canada, California, the Gulf of Mexico, Pennsylvania and the Mid-Continent region of the U.S. He will report to Jay Johnson…

Senvion, Toshiba Energy Systems Form Wind Energy Alliance

Pic: Senvion

Toshiba Energy Systems & Solutions Corporation and German wind turbine equipment manufacturer Senvion GmbH announced that they signed a mutually non-exclusive strategic cooperation agreement for the distribution of onshore and offshore wind power generation systems.Through this collaboration, Toshiba ESS will sell Senvion's wind power generation system in Japan, using the commercial distribution of Toshiba ESS.The global wind power generation market is expected to expand to 9.7 trillion yen by 2030 owing to its highly competitive power sources.In addition…

Wellhead Expertise for ADNOC

Image: The Weir Group

Weir Oil & Gas Pressure Control Dubai has been awarded its first three-year contract to provide in-country wellhead equipment and services to Abu Dhabi National Oil Company (ADNOC) Onshore from its API 6A manufacturing plant in Dubai.The hardware and services agreement will see Weir Oil & Gas engineers delivering Wellhead production to include 1,100 total surface landing systems specifically manufactured in the UAE’s first and only API 6A Wellhead manufacturing plant.“This contract signals…

ConocoPhillips Tops Profit Estimates, Raises 2018 Spending

Ryan Lance (Photo: ConocoPhillips)

ConocoPhillips beat analysts' estimates for profit in the third quarter, as the world's largest independent oil and gas producer benefited from higher oil prices and a program of asset sales and technology-driven cost cuts.With oil prices rising steadily through the quarter, the company sold each barrel of oil equivalents at a 46 percent higher rate, helping it raise its projected capital spending in 2018 for the second time this year.Conoco also cut jobs, reduced operating costs in several projects and raised its dividend by 7 percent…