Corvex and Icahn to Mull Making a Bid for Energen
Activist investor Keith Meister on Monday reunited with billionaire investor Carl Icahn and said in a regulatory filing that they may try to buy oil and gas producer Energen Corp..The announcement comes roughly two months after the Birmingham, Alabama-based company settled a long-simmering fight with Meister's New York-based hedge fund Corvex Management by agreeing to review its businesses and adding two members to the board.Now Meister and Icahn have laid out a path where they might step into the strategic review process and prepare to take over the company themselves."The Reporting Persons believe the issuer's securities are undervalued and may…
As Mexico Oil Sector Sputters, Crime and Violence Rattle Industry Towns
Until recently, Edgar Barrera enjoyed a life many Mexicans could only hope for. In a few short years, the 36-year-old bookkeeper rose from handyman to white-collar worker at what seemed to be one of the most stable companies in Latin America: state-owned oil firm Pemex. Thanks to Pemex, Barrera met his wife, vacationed on the Mayan Riviera and envisaged a rewarding career without leaving his hometown in Tabasco, a rural state at the southern hook of the Gulf of Mexico where more than half the population lives on less than roughly $92 a month. Then everything changed. Oil prices plummeted, forcing Pemex to cut his and thousands of other jobs across Mexico.
Proserv Unveils New Facility in Great Yarmouth
Energy services company Proserv officially opened its new purpose-built Center of Excellence today within Great Yarmouth’s Beacon Park.Developer, Great Yarmouth Borough Council, together with New Anglia LEP and key stakeholders, joined Proserv at the 65,000 sq ft ‘Artemis House’ – named after the site’s ‘Artemis 2G’ (A2G) subsea control system technology - to mark the occasion with a ribbon cutting ceremony.Artemis House is the largest site within Beacon Park, featuring modern offices, 25 percent additional manufacturing space and a yard area.
US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs
Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year. Of those, more than 500 petitions involve pipes and related materials.Initial decisions are expected this month, offering the first clues as to how the administration will balance an agenda favoring oil and gas exports while also supporting the U.S.
Signs of Recovery in the US Gulf of Mexico
Today's U.S. auction of Gulf of Mexico exploration leases drew tepid response from oil companies, but marked notable progress for an industry still in a state of recovery.“While not a barn burner, Lease Sale 251 tops the previous Gulf sale in terms of increased participation, increased competition for offerings, and bid amounts,” said Randall Luthi, president of the National Ocean Industries Association (NOIA). “In addition, bidding activity demonstrates both continued interest in deepwater tracts and renewed interest in shallow water tracts.”Luthi continued, “The operating environment in the U.S.
PLAT-I: Renewable Energy for Canada
Sustainable Marine Energy is preparing to ship the PLAT-I tidal energy platform from Connel in Western Scotland to Grand Passage in Nova Scotia. Sustainable Marine Energy’s (SME) PLAT-I tidal energy platform hosting four SCHOTTEL HYDRO SIT 250 turbines has completed the first phase of its testing program at Connel, on the West coast of Scotland. The Company is now preparing to ship the platform to Nova Scotia and install it for a second phase of testing. Having proven the installation, operation and performance aspects of the platform, this second…
NOIA's Tim Charters Lands VP Promotion
Tim Charters has been promoted to Vice President of Governmental and Political Affairs at the National Ocean Industries Association (NOIA). Charters joined NOIA as a Senior Director in June of 2017, after serving as Vice President of Governmental and Regulatory Affairs at the National Stripper Well Association. “Tim’s extensive Congressional and industry experience in energy and natural resources issues serves NOIA well, as evidenced by his diligent work this past year on diverse issues facing our member companies in both the offshore oil and gas and wind sectors.
Shell CEO: "foolhardy" to Set Carbon Reduction Targets
CEO says a target will expose Shell to lawsuits; BP has also taken cautious approach on targets. Royal Dutch Shell's boss said it would be "foolhardy" for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges. The energy industry has struggled in recent years to find a clear path to secure its role as the world shifts from fossil fuels in order to meet the 2015 Paris climate agreement goals. Shell Chief Executive Officer Ben van Beurden last year set out ambitions last year to halve its carbon emissions by 2050, far exceeding rivals.
Alpha Offshore Bags Offshore Wind Blade Repair Contract
Alpha Offshore Service A/S has been awarded a contract with NoordzeeWind, a Joint Venture between utility company Nuon and Shell, for blade repair on the Offshore Windfarm Egmond aan Zee (OWEZ).The first large windfarm built in the Dutch sector of the North Sea, OWEZ consists of 36 3MW turbines and sits approximately six miles off the coast from the village of Egmond aan Zee.Alpha Offshore will be providing experienced personnel with specialist knowledge of the 44 meter Vestas V90 turbines to undertake independent blade repair of around 80 blades.
Gas to Become World's Primary Energy Source by 2035
Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. While renewable energy will grow its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today.Gas will become the largest single source of energy from 2034.DNV GL’s Energy Transition Outlook (ETO), a forecast that spans the global energy mix to 2050, predicts that global demand for energy will flatten in 2030, then steadily decline over the next two decades, thanks to step-changes in energy efficiency.
US Energy Regulator Wants More Disclosure of Cyber Attacks
The U.S. government on Thursday asked power generators to disclose more information about cyber attacks amid growing concern that foreign hackers could disrupt the electric grid.The Federal Energy Regulatory Commission (FERC), an energy industry regulator, called for the power industry's regulating body, the North American Electric Reliability Corp, to expand rules that require reporting of cyber security incidents to include attempts that might facilitate future efforts to disrupt the grid.FERC requested the increased disclosure after the administration…
Mexico's Obrador Pledges More Than $11 Bln for Refineries
Mexican President-elect Andres Manuel Lopez Obrador said on Monday his administration will invest more than $11 billion to boost refining capacity in order to curb growing fuel imports.Lopez Obrador, who will take office on Dec. 1, told reporters his government plans to invest $2.6 billion to modernize existing domestic refineries owned and operated by national oil company Pemex, and spend another $8.4 billion to build a new one within three years.The $8.4-billion figure is higher than a $6 billion estimate provided by a key energy advisor during the campaign.Lopez Obrador…
Equinor Announced Partnership with Microsoft
Equinor partners with Microsoft for cloud services delivered from new cloud data centers in NorwayAs part of a strategic partnership agreement, Equinor will provide industry knowledge and business needs to support Microsoft in developing new solutions for our industry. Microsoft will provide expertise to accelerate Equinor’s IT development and establish new data center regions in Stavanger and in Oslo.The strategic partnership is a seven-year consumption and development agreement in the hundreds of millions of dollars (USD).Equinor said its partnership with Microsoft enables it to shape and accelerate the development of fit for purpose IT services for the energy industry…
PDi Celebrates a Decade in Decommissioning
This year, Project Development International (PDi) Ltd., part of the Tattva Group, celebrates a decade of activity within the decommissioning sector. As a provider of multi-disciplined engineering, project management and project services to the international energy industry, PDi has worked with multiple clients since 2008, successfully completing more than twenty decommissioning workscopes.Recently shortlisted as finalists in the Excellence in Collaboration category at Decom North Sea’s inaugural decommissioning awards, key projects for PDi have included:Providing ongoing support to both Maersk Oil UK a Company of Total and Maersk Supply Service (MSS) on the Janice…
EnVen bags NOIA Safety in Seas Culture of Safety Award
The National Ocean Industries Association (NOIA) presented EnVen Energy Corporation with the 2018 NOIA Safety in Seas (SIS) Culture of Safety Award today during the association’s annual meeting in Washington, DC. EnVen Energy won the Culture of Safety Award in recognition of its remarkable safety culture transformation between 2013 and 2017. David Carmony, Chief Operations Officer for EnVen Energy accepted the award.“EnVen is honored to receive this prestigious safety award from NOIA,” said Carmony. “The transformation of EnVen’s safety culture has allowed us to achieve our goals, grow our company and safely increase our production base and reserves.
Gellert elected Chairman, NOIA
The National Ocean Industries Association (NOIA) Board of Directors has elected John Gellert as Chairman and Richard Clark as Vice Chairman for the upcoming 2018-2019 term. Gellert and Clark assumed their positions at the NOIA Annual Meeting today in Washington, D.C. NOIA President Randall Luthi said, “John and Richard come into their roles at a time when the offshore industry is starting a new chapter. While the offshore recovery has been frustratingly slow, commodity prices are slowly climbing upwards, breakeven prices are steadily dropping and the Trump administration has been aggressive in unlocking America’s energy potential.
Odfjell Drilling to Expand Fleet
Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million. The new issue sent the Norwegian firm's shares down 10 percent.Akastor…
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S. oil prices are near a three-year high, at close to $70 a barrel, and have…
[Op/Ed] Congo and OPEC: A Marriage of Mutual Need
The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice. In an official communiqué announcing the bid for OPEC membership, he stated that he wished to “place our country in the rank of the world’s leaders.”In January, officials from the Republic of Congo announced the country’s application for membership of the Organization of Petroleum Exporting Countries (OPEC). This is no small move.
In US Gulf, Robots, Drones Take on Dangerous Offshore Oil Work
At BP's massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed "Maggie" by BP, the dangerous inspection job was reserved for highly paid specialist technicians who did their jobs while rappelling along the platform. The energy industry has turned to robots and drones to cut costs and improve safety in some of the world's tougher working environments. Drones inspect gear high up on floating rigs. Robots crawl underwater to test subsea equipment for microscopic metal cracks.