Aker BP, Maersk Drilling Sign Rig Contract off Norway
Maersk Drilling and Aker BP have signed a one-year contract to deploy the Maersk Integrator jack-up rig off Norway from June 2019, Aker BP said in a statement on Thursday.The contract, based on an alliance created between the two firms and Halliburton in 2017, is based on market-rate terms and holds the possibility of a sizeable upside for all parties, based
Reliance Shuts Field in Krishna-Godavari Basin
India's Reliance Industries Ltd has shut down an offshore oil and gas field on the eastern coast of India, the company said in a statement on Friday, after seeing a natural decline in output for months.The closure marks the beginning of the end of the company's first foray into oil and gas…
Total Rules Out U.S. Shale Investments
French energy group Total is not looking at investing in the U.S. shale oil industry when asked whether peer BP's $10.5 billion acquisition of U.S. shale assets from BHP Billiton, had made that sector more attractive."It's first quite expensive, second we don't have the human resources.
Aker BP CEO Predicts Fast Johan Sverdrup Ramp-up
Aker BP, a partner in Norway's giant Johan Sverdrup oilfield, expects a fast ramp-up of production when the initial development phase ends in late 2019, its chief executive said on Thursday."I think it will be done in a few months, because the production per well is so high," Karl Johnny Hersvik told Reuters on the sidelines of an energy conference.Johan Sve
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement…
Brazil Okays Shell, Total, BP, Others for Pre-Salt Bids
Brazil's oil industry regulator ANP said on Wednesday it has approved six energy companies to bid for four pre-salt blocks in the Campos and Santos Basins to be auctioned on Sept. 28.The companies approved to bid are Shell, Total, BP, Germany's DEA, QPI from Qatar and Chinese-owned CNODC Brasil Petróleo e Gás Ltda.
BP, Vitol Go Head to Head in West African Crude Trading
Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners.The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window…
Maersk Rig Contracted to Aker BP
Maersk Drilling and Aker BP have agreed to a new two-year contract to reactivate and quickly deploy jack-up rig Maersk Reacher in the Norwegian part of the North Sea.Maersk Reacher will be deployed as an accommodation rig, with the option of repurposing the rig for plugging & abandonment for the final phase of the contract.
Fuel Markets Confirm Global Growth Slowdown: Kemp
If the global economy starts to grow more slowly, the impact will show up first in the price of refined fuels such as road diesel, marine gasoil and jet fuel that play a central role in the freight transport system.Middle distillate fuels are principally burned in the high-powered engines used in trucks…
Azerbaijan's Jan-Aug Oil Exports via Turkey Pipeline Down
Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey declined by 0.8 percent to 22.288 million tonnes in the first eight months of this year versus the same period in 2017, the State Statistics Committee said on Monday.The BTC pipeline is used to export oil from the Azeri, Chirag and Guneshli (ACG) oilfields operated by BP.
Transocean to Buy Ocean Rig in $2.7 Bln Deal
Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014.
BP Concerned Over Planned Merger of Poland's Two Biggest Refineries
The planned merger of Poland's two largest refiners PKN Orlen and Grupa Lotos could restrict competition in the east European country, BP said in a statement on Wednesday.The London-based oil and gas company has not filed any official complaint with Polish or European Union authories but will consider its options in the future, a company spokeswoman said."If
Aker Bets on Software Engineers for Its Oil Business
When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets…
MMT Inks 10 New Contracts over 2 Months
Swedish based marine surveyor MMT has during the past two months received 10 new subsea survey and inspection projects within the offshore wind, renewable energy and oil and gas industries.MMT said the contracts, some of which are in joint collaboration with MMT’s Norwegian partner Reach Subsea…
Forum Tackles Decom Challenges
At its inaugural Collaboration and Innovation in Decommissioning event earlier this month, Decom North Sea brought together more than 110 delegates – from operator and supply chain companies – to focus upon finding solutions to current and future decommissioning challenges.Working with the Oil and Gas Authority (OGA)…
In U-turn, Exxon, Chevron to Join Rivals in Climate Initiative
Exxon Mobil, Chevron and Occidental Petroleum are joining a group of international oil and gas giants in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday.The move marks a U-turn for Exxon Mobil and Chevron, the top two U.S. oil and gas producers…
Norway Gets Bids from 38 Oil Firms in Licensing Round
A total of 38 oil companies have submitted bids for exploration acreage offshore Norway in a so-called predefined areas (APA) licensing round, the country's energy ministry said on Friday.Bidders include oil majors Shell, ConocoPhillips and Total, as well as Norway's Equinor and Aker BP, Sweden's Lundin and Italy's Eni.The total number of bidders was almost
Repsol to Buy LNG from Venture Global
Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish…
DNV GL sees oil demand peaking in 2023
Global oil demand will peak in 2023 as electric vehicles (EVs) become competitive with cars fuelled by petrol and diesel, and after 2040 no new oil developments will likely be needed, quality assurance and risk management firm DNV GL said on Monday.The forecast from the Norway-headquartered firm…
Equinor Looks to Cut More Costs at Giant North Sea Oilfield
Norway's Equinor sees scope to further reduce development costs at the Johan Sverdrup oilfield in the North Sea, as it looks to maximize the potential of what could be the last giant field to be found off the Nordic country.The field, one of the five largest oil finds offshore Norway, is estimated to contain up to 3.1 billion barrels of oil equivalents…