Thursday, October 17, 2019

Continental News

Drilling Activity Buoyant in Norway

Graph: Rystad Energy

The number of wells drilled could challenge all-time high levels by the end of the year in the Norwegian Continental Shelf (NCS), while global offshore exploration activity has been flat year-to-date.Rystad Energy expects that this high activity level will be sustained through the winter season and into 2020. Around 30 to 50 exploration wells…

BOEM Announces New GoM Lease Sale

Image: BOEM

The US Department of the Interior's Bureau of Ocean Energy Management (BOEM) plans to offer about 78 million acres in a region-wide Gulf of Mexico lease sale scheduled for March 2020.Lease Sale 254, which would include all unleased areas in federal waters in the gulf that are not subject to congressional moratorium, will be the sixth held under the 2017-22 federal OCS leasing program…

Wintershall Dea Trims Norway Portfolio

Wintershall Dea is currently developing its operated Dvalin field on the Norwegian continental shelf (Photo: Wintershall Dea)

Wintershall Dea has agreed to sell its stakes in Norway's Nyhamna gas processing terminal and the Polarled gas pipeline to CapeOmega and Solveig Gas to focus on its upstream oil and gas activities, the German oil and gas company said on Tuesday.Cape Omega will acquire a 5% interest in the Nyhamna terminal, while Solveig Gas will buy a 13.3% stake in Polarled…

NGA in Rig Settlement Pact with Industri Energi

 Image: Norwegian Shipowners' Association

The Norwegian Shipowners' Association (NGA) reached an agreement with Industri Energi and SAFE in the Mid-Term Settlement for employees on mobile offshore units, drilling and catering on permanently placed facilities on the Norwegian Continental Shelf, after mediation at the national Mediator’s Office several hours past deadline.The result involves a general wage growth of 3,6%.

Var Energi Buys Exxon's Norway Assets for $4.5 Bln

ExxonMobil's stake in the Equinor-operated Grane field is one of more than 20 picked up by Vår Energi in a $4.5 billion deal. (Photo: Øyvind Hagen / Equinor)

ExxonMobil said on Thursday it will sell its Norwegian upstream oil and gas assets to independent exploration and production company Vår Energi for $4.5 billion as part of an ongoing large-scale global divestment plan.The deal, which is expected to close in the fourth quarter, includes ownership interests in more than 20 producing fields in the North Sea and Norwegian Sea with a combined production of approximately 150…

Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers

© Carabay / Adobe Stock

A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile attacks last Saturday temporarily cut Saudi oil production by more than 5 million barrels per day, or about half the country's output.That set off a scramble for alternative cargoes of crude…

Offshore Wind Conference Set for SUNY Maritime

© peterschreiber.media/Adobe Stock

The Center of Excellence for Offshore Renewable Energy at the State University of New York Maritime College and the Maritime Industry Museum at Fort Schuyler, are hosting the Ocean Wind Energy Conference on Thursday, September 26, 2019 at the Maritime Academic Center, SUNY Maritime College.Serving as the keynote speaker is Alana Duerr, Ph.D.…

SUNY Maritime College Hosts Ocean Wind Energy Conference

Suny Maritime College (CREDIT: SUNY)

NYC Economic Development Corp. Signs on as Event Sponsor.The Center of Excellence for Offshore Renewable Energy at the State University of New York Maritime College and the Maritime Industry Museum at Fort Schuyler, proudly announce their partnership in hosting of the Ocean Wind Energy Conference on Thursday, September 26, 2019 at 9 a.m. in the Maritime Academic Center, SUNY Maritime College.

PGNiG Starts Norwegian Drilling

Platform Deepsea Nordkapp. Photo: Odfjell Drilling

Polish state-controlled oil and gas company PGNiG said its unit PGNiG Upstream Norway started drilling an exploration well in licence area PL838 (the Shrek prospect) on the Norwegian Continental Shelf, for the first time in the role of the operator.It is the first exploration well in this licence area, located in the vicinity of the Skarv oil and gas field…

GoM Lease Fetches $159mln in High Bids

Image: U.S. Department of the Interior

Gulf of Mexico (GoM) Lease Sale 253 in New Orleans generated over $159 million in high bids for 151 tracts covering 835,000 acres in federal waters.Twenty-seven companies participated in the lease sale, submitting approximately $175 million in bids, said Bureau of Ocean Energy Management (BOEM).“We are excited about the results from today’s lease sale, which show a continued upward trend for the year.

Oil Price Controls Subsea Market Growth

(Photo: Øyvind Hagen / Equinor)

The subsea market in 2019 will experience year-on-year growth for the first time since 2014. But the positive outlook is vulnerable to any significant decline in oil prices over the next few years, according to analyst Rystad Energy.“We expect the subsea market to thrive during the coming years, but market growth will be at risk if the oil price falls to $50 per barrel…

Castle Wind signs MoU for 1GW California OWP

Image by Castle Wind Offshore

Monterey Bay Community Power (MBCP) and Floating wind power developer Castle Wind, a joint venture between Trident Winds and EnBW North America, have signed a memorandum of understanding (MOU) to enter into a future, long-term power-purchase agreement for approximately 1 gigawatt of renewable energy.The MoU is said to outline the mutual interests…

Chinese Ship Returns to Vietnam's EEZ

A Chinese survey ship returned to Vietnam's exclusive economic zone off its coast on Tuesday, ship tracking data showed, less than a week after it left the area where vessels from the two countries were locked in a month-long standoff.The Haiyang Dizhi 8 first entered the zone under Chinese coast guard escort in July and appeared to conduct…

Investments in Exploration Drilling to Double

Image: Rystad Energy

Rystad Energy sees investments both in offshore and onshore exploration drilling doubling in the next five years, compared to the last five years. Conventional onshore demand will be driven by Asia, Africa and South America.Europe on the other hand, will be a hot spot for offshore exploration, led by investments on the Norwegian Continental Shelf…

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.

GSP Offshore, Trident Black Sea Bid in Ukraine

Image: Upetrom Group

GSP Holding company GSP Offshore SRL is the preferred drilling and engineering services provider of Trident Black Sea, in its bid for the right to negotiate a production sharing agreement (PSA) with the Ukrainian government for the offshore Dolphin block in the northwestern part of the Black Sea.According to a press release from the Romanian…

Vietnam: Chinese Vessel Violated its Sovereignty

Vietnam on Friday accused a Chinese oil survey vessel and its escorts of violating its sovereignty and demanded that China remove the ships from Vietnamese waters.Vietnam and China have for years long been embroiled in a dispute over the potentially energy-rich stretch of waters in the South China Sea.On Wednesday, two U.S.-based think tanks…

Hurricane Energy Spuds Lincoln Crestal

Image: Hurricane Energy

UK-based oil exploration and production company Hurricane Energy said it has spudded the second of three wells on the Greater Warwick Area in the UK North Sea.Well 205/26b-B well, or Lincoln Crestal, was was spudded – the start of the drilling process – using the Transocean Leader rig, which recently completed work to plug and abandon the Warwick Deep well.An update will come once drilling and testing has been completed…

Atlantic Offshore Wind: Favorable Winds for Maritime

© 3plusx/Adobe Stock

Now that the United States finally can envision steady winds blowing from the Atlantic Seaboard due to a pipeline of offshore wind farms on the horizon, the maritime industry can finally step up and earn some of the benefits. This includes shipbuilding, port construction, and worker training. This article reviews the key developments and forecasts…

Aker Energy IPO May be in Late 2019 or 2020

Aker Chief Executive Oeyvind Eriksen (Photo: Aker)

Norwegian investment firm Aker could launch its planned initial public offering (IPO) of Aker Energy in late 2019 or in 2020, depending on when Ghana approves the development plan of its Pecan oilfield, the CEO said.The company, controlled by Norwegian billionaire Kjell Inge Roekke, has said it wants to make Aker Energy a leading exploration and production company on Ghana's continental shelf."My educated guess is a late