Video: The Floating Production Market Faces Headwinds, But Opportunities Exist
There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation and the outlook for oil and gas doesn’t seem too bright. Still, around 60 units are expected to be ordered by 2025, per World Energy Reports.In…
Kazakhstan: No Shutdown Planned for COVID-19-hit Tengiz Field
Kazakhstan has no plans to shut down oil production at its biggest oilfield, Tengiz, despite the novel coronavirus outbreak among its workers, the Central Asian nation's energy minister said on Wednesday.Kazakhstan's chief sanitary doctor said last week the field's operator, Chevron-led Tengizchevroil, might have to suspend operations if a plan to curb the spread of the…
Lockdown Measures Tightened at Kazakhstan's Karachaganak Gas Field
Kazakhstan has tightened lockdown measures at its biggest gas condensate field Karachaganak after confirming the first case of novel coronavirus among its staff, authorities said on Monday.The chief sanitary doctor in Western Kazakhstan province where Karachaganak is located ordered an effective 7 p.m.-7 a.m. curfew at camps where Karachaganak workers reside and barred vehicles from entering and leaving the field.Karachaganak Petroleum Operating (KPO)…
Leviathan Gas Exports Expected by Month's End
Israel's largest offshore natural gas field, Leviathan, will begin supplying the local market by the end of this month, with exports to Egypt and Jordan following shortly after, an official from the field's operator said on Monday."Within 2-3 weeks we will open the wells and start to supply the gas," said Binyamin Zomer, vice president for regional affairs at Texas-based Noble Energy, reaffirming the company's pledge to begin production by the end of 2019."Befo
Solveig buys oilfield operator Capricorn from Cairn
Norwegian pipeline firm Solveig Gas has agreed to buy oil firm Capricorn Norge from Cairn Energy for $100 million, completing its transformation into a North Sea field operator, Solveig's owner HitecVision said on Wednesday.The private equity fund told Reuters earlier this year it aimed to turn Solveig into an integrated exploration and production company, using the cash flow from its gas pipelines to fund expansion.Cairn separately confirmed the deal…
FLNG Hilli Episeyo Operates in Full Capacity
Golar LNG Limited confirmed that FLNG Hilli Episeyo continues to operate with 100 percent commercial availability.Currently in the process of exporting its 10th LNG cargo, the vessel's proof of concept continues to add momentum to both existing and new opportunities under discussion. Discussions also continue with field operator Perenco as to the timing of utilization of…
Norway Approves Chrysaor's North Sea Oil Stake
Norway has approved British oil firm Chrysaor's purchase of a 15 percent stake in the North Sea Grevling oil discovery, the Ministry of oil and energy said on Monday.It was Chrysaor's first stake in the Nordic country, and the company has said it eventually aims to become a field operator in Norway, according to the ministry.Norwegian oil firm OKEA has a 55-percent stake in Grevling, while state-owned Petoro holds 20 percent.Reporting by Terje Solsvik
North Sea Buzzard Oilfield Glitch Briefly Slows Production
Output at the North Sea's 180,000 barrel per day (bpd) Buzzard oilfield was slightly reduced over the weekend due to a glitch, an industry source familiar with the matter said. The source added that production had returned to normal. Industry monitor Genscape noted a decrease in flows through the Forties pipeline to below 400,000 bpd on Sunday. The pipeline usually carries around 450,000 bpd of Forties.
Lundin Cuts Output From Edvard Grieg Field
Production at the Edvard Grieg field off Norway had to be temporarily reduced following the Forties pipeline shutdown, the field's operator, Lundin Petroleum, said on Tuesday. "Following the Forties pipeline shutdown, Lundin Petroleum has had to temporarily reduce production from Edvard Grieg due to a lack of capability at the St Fergus terminal to process our produced gas," it said in an emailed statement to Reuters.
Buzzard Oilfield Output Falls Slightly after Glitch
Production at the UK's North Sea Buzzard oilfield has fallen slightly after a technical glitch, three trading sources said on Thursday. One source said that output was down by about 20,000 barrels per day (bpd) as of Thursday morning, while another said the outage was up to 30,000 bpd. The field's operator Nexen did not immediately respond to a request for comment. Buzzard produces about 180…
Total: Brazil Libra NW Prospect Holds 3-4 Bln Barrels of Oil
French oil company Total SA said the northwest section of the supergiant Libra offshore oil prospect in Brazil holds 3 to 4 billion barrels of oil, according to a investor presentation on its Web site. The wells, drilled in the region around the Libra pioneer well, also show "excellent" productivity, Total, which owns 20 percent of Libra, said in the report that accompanied a company presentation to investors in London Sept 22.
UK's Buzzard Oilfield Pumping More in 2016
Britain's North Sea Buzzard oilfield, which helps price global crude exports and in the past was beset by unplanned outages, has had a smooth year, industry sources said, boosting supply of crude that underpins the Brent benchmark. Unplanned shutdowns at the British field can boost Brent prices and lead to higher premiums of Brent futures for immediate delivery - leading to price volatility. Buzzard is operated by Nexen, a unit of Chinese state company CNOOC.
Floating Production's Future: The 6 Things You Need to Know Now
No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending. But deepwater production will rebound – oil demand keeps growing -- and though the signs are mixed we see indications of the rebound starting.
First Gas From the Corrib Field
Operator Shell announced today that gas production has started from the Corrib field off the northwest coast of Ireland. The Corrib project, a joint venture between operator Shell E&P Ireland Limited (45 percent), Statoil Exploration Ireland Limited (36.5 percent) and Vermilion Energy Ireland Limited (18.5 percent), is located 83 kilometers off Ireland’s northwest coast in water depths of almost 350 meters.
Aker Delivers World's First Subsea Compression System
The world's first subsea gas compression system went on stream yesterday at the Statoil-operated Åsgard field. Aker Solutions has delivered the subsea compression system for this field development. "We're immensely proud to be part of this achievement, which is a major milestone for our industry," said Aker Solutions' Chief Executive Officer Luis Araujo. Aker Solutions in December 2010 was awarded the contract by Statoil to deliver the system…
Statoil Gets Nod for Johan Sverdrup Field
Operator Statoil and its partners have been given the formal approval to develop the first phase of their giant Johan Sverdrup oil field off the coast of Norway, the country's energy ministry said on Friday. The largest field found in the North Sea in three decades could hold as much as 2.9 billion barrels of oil and has an estimated cost of up to 220 billion Norwegian crowns ($26.80 billion), of which the first phase is budgeted at 117 billion.
First Oil From Brazil's Libra Area to Flow in 2017
The first oil from a long-duration output test in the giant Libra offshore area in Brazil will flow in the first quarter of 2017, Odebrecht Oil & Gas, which will operate the test platform with Teekay Offshore Partners LP, said on Tuesday. Petroleo Brasileiro SA, or Petrobras, which is the field operator, said in June that the long-duration test would start in the second half of 2016.
BP's Shah Deniz Platform down for Planned Maintenance
British oil major BP has suspended operations on the Shah Deniz platform in the Caspian Sea as well as the Shah Deniz facility inside the Sangachal terminal for planned maintenance from Aug. 2, the company said on Monday. Shah Deniz, Azerbaijan's biggest gas field, is being developed by partners including BP, Azeri state energy company SOCAR and others. "In accordance with the plan…
Brazil: Former Petrobras Executive Favored Saipem
Prosecutors in Brazil said on Wednesday former Petrobras executive Renato Duque had unfairly favored Italy's Saipem SpA on a contract for an undersea gas pipeline for the Lula and Cernambi offshore subsalt fields. The accusations came in an emailed summary of charges against Duque, who is on trial over allegations of corruption, and four other people in a price-fixing, bribery and political kickback scheme at Brazil's state-run oil firm.
Petrobras Deploys new production ship in Lula field
A new oil and gas production ship arrived in the Iracema Norte area of the Lula field, Petrobras said on Friday, a key step in efforts by the Brazilian state-run oil company and its partners to boost output from one of the country's most prolific areas. The ship, the FPSO Cidade de Itaguaí MV26, has the capacity to produce as much as 150,000 barrels of oil and 8 million cubic meters (282 million cubic feet) of natural gas a day…