Venezuela's Oil Output Plummeted in 2017
Venezuela's oil production fell nearly 13 percent last year according to figures released by OPEC on Thursday, hitting a 28-year annual low that suggested a deepening economic crisis and increased chances of a debt default. The South American country produced 2.072 million barrels per day (bpd) in 2017 versus 2.373 million bpd the previous year, registering a near 300,000 bpd drop. That was the biggest fall among the 13 OPEC countries that have pledged to a production cut recently extended until the end of 2018. Unlike voluntary cuts by producers like Saudi Arabia and Russia to stoke higher crude prices…
BP CEO: Oil Price Drop Restrains CapEx
The recent tumble of oil prices will create some discipline in the energy industry's capital spending, Robert Dudley, chief executive of oil giant BP , said on Monday. Dudley was speaking at an energy industry conference in Abu Dhabi. He also said it was hard to predict where oil prices would go. (Reporting by Martin Dokoupil;
NOIA Appoints Four to BoD
National Ocean Industries Association (NOIA) Chairman David Welch has appointed four new members to the association’s Board of Directors. The appointments were announced today during NOIA’s fall meeting in Jackson Hole, Wyoming, where the association is commemorating 45 years of commitment to America’s offshore energy industry. Today, the oil and gas industry, long centered in the Gulf of Mexico, produces 17% of America’s domestic oil and 5% of our domestic natural gas, while off the coast of Rhode Island, America’s first offshore wind farm is providing energy to residents and businesses on Block Island. “The offshore energy industry has come a long way in the last 45 years.
Young Taken on PESA Advisory Board
Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term. PESA’s leadership is comprised of experienced industry executives dedicated to advancing priorities of the service and supply sector. The role of the PESA Advisory Board is to offer insight to the PESA Board of Directors and staff, promote PESA participation within their own companies and strengthen PESA’s member ranks via personal industry connections. Donald Young has been chairman and CEO of Hoover Container Solutions since 2008.
Douglas Westwood: Obama’s Legacy
As President Obama leaves the Oval Office on Friday, he leaves a legacy of mixed fortunes for the energy industry. While many in the business have been vocal critics of the 44th President and some of his more controversial legislations, there have been a number of positive aspects that occurred under the current administration. When Obama took office in January of 2009, domestic crude production was just 5.1 mmbbl/d, exports of crude oil were not permitted, and the US was importing over 9.8 mmbbl/d of crude. As President-Elect Trump takes office…
Oil and Gas Industry Contracts Down 22% in Q4 2014
The number of major contracts awarded across the global oil and gas industry declined during the last quarter, according to the latest quarterly report from the UK-based Energy Industries Council (EIC). There were 117 major contract awarded between October and December 2014, the report said, a 22% decrease compared to 150 in the third quarter of 2014, but on par with the 118 contracts awarded in the fourth quarter of 2014. Data was sourced from the EICDataStream online project database, which tracks nearly 10,000 projects proposed or under development in the global energy industry.
Ferguson Group Enhances European Presence
In a move to expand its presence in the European energy markets, Ferguson Group, specialists in the rental of DNV 2.7-1 / EN 12079 certified offshore containers, refrigeration/freezer modules, engineering modules and accommodation solutions to the global offshore energy industry, is expanding its European operations with a new Dutch Partner. Norsco Oilfield Services operates from a base in Ter Apel in the heart of Northern Europe. Bert Platje has extensive experience in the global energy industry, having worked all over the globe, including the U.S.
Ocean Energy Europe Appoints Co-Presidents
Ocean Energy Europe has elected Thierry Kalanquin (DCNS) and Simon de Pietro (DP Energy) as its new co-Presidents. The pair will combine the expertise of an industrial scale technology manufacturer and a prominent renewable energy developer to help steer Europe’s ocean renewable energy industry sector to commercial readiness. Europe’s ocean energy industry is entering a new phase of development in 2016 with several pre-commercial farms hitting the water around Europe. These deployments set the scene for the emergence of a sizable new market: Europe’s industry plans to deploy 100GW of production capacity between now and 2050.
Proserv on a Roll to Attract New Talent
Proserv, is set to add to its more than 2,200-strong global workforce after taking part in events aimed at attracting new talent into the energy industry. Proserv, which has seen its talent pool soar through organic growth and a succession of strategic acquisitions, is to take on new apprentices and ex-military personnel after participating in a Mobilizing the Military initiative organized by subsea industry body, Subsea UK, last Friday. The event at the Aberdeen Exhibition and Conference Centre was established to address the energy industry’s skills shortage by encouraging former members of the armed forces to transfer into the subsea sector.
IMCA Publishes Revised Guidance on Personnel Transfer
One activity specific to offshore operations is the transfer of personnel between vessels and other offshore structures. Such transfers can include movement of personnel at crew and shift change, from vessel to vessel, and between vessels, offshore structures, barges, and crew boats, as well as to and from the quayside. Safety of transfer is of paramount importance. The International Marine Contractors Association (IMCA) has revised its ‘Guidance on the transfer of personnel to and from offshore vessels and structures’ (IMCA SEL 025 Rev.,1 / IMCA M 202 Rev. 1) to include the equipment and practices that are used in the offshore renewable energy industry.
Sir Clive Woodward: Energy World Can Learn from Sports
The global energy industry can learn from training techniques used in the professional sports arena, according to rugby World Cup winning coach Sir Clive Woodward. Leading energy industry training provider, Mintra Group, hosted Sir Clive at its Aberdeen training facility on Carden Place for the company’s Raising the Bar event during Offshore Europe on Wednesday, September 6. Sir Clive, whose theories and techniques helped conquer the rugby world in 2003 and drive Team GB to their greatest success to date at the London 2012 Olympics, addressed more than 100 guests about what makes a champion and how to create a winning culture.
Energy Industry Needs Insurance Against Cyber Attacks
Energy companies have no insurance against major cyber attacks, reinsurance broker Willis said on Tuesday, likening the threat to a "time bomb" that could cost the industry billions of dollars. Willis highlighted the industry's vulnerability to cyber threats in its annual review of the energy sector's insurance market, which called on insurers to find a way to provide cover. "A major energy catastrophe - on the same scale as ... Exxon Valdez or Deepwater Horizon - could be caused by a cyber attack, and, crucially, that cover for such a loss is generally not currently provided by the energy insurance market," the insurance broker said.
SD Mines & Tech School Testifies on Energy Efforts
The South Dakota School of Mines & Technology is poised to become one of America’s educational leaders in advanced exploration and production, meeting a growing need of the energy industry, according to university testimony before the House Subcommittee on Energy and Mineral Resources today in Washington, D.C. Centrally located among three of the most important energy producing areas on the North American continent, the SD School of Mines & Technology is leveraging faculty research expertise in petro physics, water resources and materials development. In addition, a new minor in Petroleum Systems, which is part of a broader Energy Resources Initiative, will launch this fall.
Albrecht Joins Rowan Board of Directors
William E. Albrecht has been appointed to the board of directors of Rowan Companies plc, effective October 28, 2015. Albrecht has served as executive chairman of California Resources Corporation, a publicly traded oil and natural gas exploration and production company, since July 2014. Albrecht has over 35 years of experience in the oil and energy industry, having served in various executive officer positions with Occidental Petroleum Corporation, an international exploration and production company, and EOG Resources, a domestic energy producer. Albrecht began his career in the industry as a petroleum engineer for Tenneco Oil Company.
LR Begins OPTION Energy Consortium
Optimizing Oil Production by Novel Technology Integration (OPTION), an energy industry consortium aimed to enhance oil recovery from reservoirs, has started its mission with a kick off meeting executing its plan of action. The approximate $5.3 million project, funded by the Danish Innovations Fonden, was established by the collaboration of Lloyd’s Register (LR) Energy, LR Senergy, the Technical University of Denmark (DTU) and Welltec. Sixteen members of the project group met in Denmark to develop a strategy, based on the principal goal of oil production and recovery enhancement, for the integration and optimisation of reservoir and horizontal well simulation models.
House Repeals Obama Rule on Methane Emissions on Federal Lands
The U.S. House of Representatives on Friday repealed a rule put forth in the final days of the Obama administration that limited emissions of the potent greenhouse gas methane from oil and gas drilling on federal lands, in the latest move by Republican lawmakers to overturn regulation on the energy industry. The Senate is expected to vote next on repealing the rule, which was part of former President Barack Obama's efforts to curb climate change. Congress this week repealed pollution and anti-corruption rules on energy companies. (Reporting by Timothy Gardner)
Veteran Energy Consultant Besland Joins AlixPartners
Business advisory firm, AlixPartners say that Louis Besland has joined the firm’s global Energy Practice as a managing director and will be based in the consultancy's Dubai office. AlixPartners add that Besland has deep experience in the worldwide oil, gas and chemical sectors. In total, he brings 27 years of consulting experience to his new position, including, in addition to his expertise in energy, significant strategy and operations expertise in logistics, infrastructure and government entities. Besland joins AlixPartners from A.T. Kearney…
Jee Awarded Cable Solutions Contract
Jee Ltd., an independent multidiscipline subsea engineering and training firm, has been awarded a contract from Scottish Enterprise to develop subsea electrical array cable solutions for tidal energy installations. The contract is part of a study for the marine energy industry in Scotland, and will see Jee develop solutions for locating, securing, protecting and recovering electrical array cables for tidal energy installations. The cables will transport power generated from tidal energy devices deployed in high tidal flow areas to the shore. Trevor Jee…
Atlantis Resources Joins Ocean Energy Europe Board of Directors
Tim Cornelius, CEO of global tidal developer Atlantis Resources has taken a seat on the Board of Directors of Ocean Energy Europe – the industry group for ocean renewable energy – by becoming a Lead Sponsor of the organization. Following its acquisition of pioneering tidal company Marine Current Turbines earlier this year, Atlantis Resources now owns one of the largest and most diverse portfolios in the business, with a project pipeline of 600MW. This portfolio includes the 398MW MeyGen project, the world’s largest planned tidal stream array which is currently under construction in the Pentland Firth, Scotland.
Axis to Address Gender Diversity in Oil & Gas
An innovative networking organization set up to address gender diversity across the energy industry with a predominant focus on increasing female retention is to be officially launched later this month on September 17. Aberdeen X-Industry Support (AXIS) network aims to foster a collaborative environment that delivers business value by connecting professionals, both male and female, by being an independent forum for sharing industry best practice and providing access to role models and mentors. Irene Hannah, chair of AXIS network, said, “In an industry where so many significant advancements have been made…