Woodside Raises Dividend
Australia's Woodside Petroleum Ltd surprised investors with a fat dividend on Thursday after reporting a 36-percent percent rise in annual profit, underpinned by stronger oil prices.The higher-than-expected payout came after shareholders stumped up $2.5 billion to buy new shares a year ago at a time when Australia's biggest independent oil and gas producer expected oil prices to average $65 a barrel.By the end of the year it was flush with cash as oil prices had averaged $71 and the Wheatstone liquefied natural gas (LNG) project…
BSOG to Go Ahead with Midia Offshore Project
Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated 10 billion cubic meters of gas some 120 kilometers offshore in the Black Sea.Black Sea Oil & Gas (BSOG) will extract the gas in a joint venture with Italian producer Gas Plus International B.V. and investment group Petro Ventures Resources…
Woodside Boosts Spending for Next Leg of Growth
Australia's Woodside Petroleum Ltd on Thursday flagged higher-than-expected investment spending for 2019 as it steps up early work on the two big natural gas developments that will drive its growth in the next decade.Australia's largest independent gas and oil producer plans to spend between $1.6 billion and $1.7 billion in 2019 on projects, significantly higher than an estimate from UBS of $1.2 billion.At the same time it is roughly halving exploration spending from $273 million last year."The cut in exploration spend is really us looking forward now that we've got growing confidence in the projects -- in Browse…
Aqualis Offshore Establishes Office in Australia
Marine and offshore engineering consultancy Aqualis Offshore has set up an office in Perth, Western Australia, to support oil and gas developments in the Australasia region.“We have supported important projects offshore Australia in recent years and believe it represents a market with good potential. There seems to be an increasing confidence in growth in offshore activity here, so we feel the time is right to set up a dedicated office in Australia,” says David Wells, CEO of Aqualis Offshore, which is part of Oslo-listed energy consultancy group Aqualis ASA.In 2017…
BP Green Lights Trinidad, Tobago Gas Projects
BP in Trinidad and Tobago (bptt) gave the go-ahead to two new gas developments, Cassia compression and Matapal, offshore Trinidad, it said on Friday.BP will build a new platform, Cassia C, and first gas from the facility is expected in the third quarter of 2021.Matapal will be a three-well subsea tie-back to the Juniper platform. With production capacity of 400 million standard cubic feet of gas per day, first gas from Matapal is expected in 2022, BP said in a statement.(Reporting By Shadia Nasralla; Editing by Kirsten Donovan)
Oil and Gas Demand to Peak in 2023 and 2034: DNV GL
The oil and gas demand will peak in 2023 and 2034, respectively, according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050However, new oil fields will be needed until at least the 2040s, while new gas developments will be required beyond 2050. DNV GL’s Outlook predicts that operators will favour production from a greater number of smaller reservoirs with shorter lifespans, lower break-even costs and reduced social impact compared to those currently in operation.“Most easy-to-produce, ‘elephant’ oil and gas fields have been found and are already in production.
Equinor Eyes Chevron's Stake in Rosebank Field
Norway's Equinor is interested in buying Chevron's stake in Rosebank, an oil and gas field in the British part of the North Sea, two sources close to the process told Reuters.Chevron on Wednesday said that it had received interest from a potential buyer for its 40 percent stake in one of Britain's biggest oil and gas developments.Equinor declined comment.(Reporting by Ron Bousso and Dmitry Zhdannikov; Writing by Nerijus Adomaitis; Editing by Gwladys Fouche and David Goodman)
Chevron Receives Interest in Major North Sea Field Stake
U.S. oil group Chevron has a potential buyer for its stake in one of the UK North Sea's biggest oil and gas developments, a company spokeswoman said on Wednesday.The sale of its 40 percent stake in the Rosebank project would mark Chevron's complete exit from the ageing basin after it launched the sale of its other fields in the region earlier this year.However, it was unclear if the San Ramon, California-based company was interested in selling out of the project, which is yet to be approved for development."Chevron can confirm it has received an expression of interest for its share in the Rosebank project…
Wood Group Wins Ichthys Subsea Deal
Wood Group has secured a new, five-year contract with INPEX Operations Australia Pty Ltd (INPEX Australia) to provide subsea engineering services for the integrity of the INPEX-operated Ichthys LNG Project, offshore Western Australia. The operations of all subsea assets and the gas export pipeline will be supported under the contract which includes two, one-year extension options and is effective immediately. It continues Wood Group’s 12-year support of the Ichthys LNG Project development; providing subsea engineering and project management services during the concept, front-end, and detailed engineering phases of the project.
Coal: Adani defers Australian Investment Decision
India's Adani Enterprises on Monday deferred a final investment decision on its long-delayed Australian Carmichael coal project as the Queensland state government has yet to sign off on a royalty deal for the mine. The company had been planning to make a final investment decision (FID) on the 25 million tonnes a year coal mine and rail project by the end of May. "Adani is advised that the Queensland cabinet did not consider any submission or make a decision on royalties for the Adani project today," said the firm's spokesman in Australia, Ron Watson.
Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys
Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases, which were disclosed in its annual report, and the company declined to comment further. But oil trading sources say Iranian oil is often too expensive and in any case remaining sanctions make dealing with the Islamic Republic a legal minefield.
Aker Solutions, Det norske and Subsea 7 Form Development Alliance
Aker Solutions, Det norske oljeselskap and Subsea 7 agreed on a "one for all, all for one" collaboration model that marks a major shift in how an operator and its suppliers can work together on oil and gas developments offshore Norway. The alliance combines Det norske's exploration and production know-how with Aker Solutions' expertise in front end engineering, brownfield modifications and subsea systems and Subsea 7's capabilities in the engineering, procurement, installation and commissioning of subsea umbilicals, risers and flowlines (SURF).
UK Mulls plan to pay Households affected by Fracking
Some tax proceeds from shale gas developments in Britain could be given directly to residents, Prime Minister Theresa May said on Sunday, in a bid to help clear the path for an industry hampered for years by local opposition to fracking. Britain is estimated to have substantial amounts of shale gas trapped in underground rocks yet fracking applications have struggled to find approval from local communities, concerned about noise and environmental impacts. Last year, then finance minister George Osborne said the government would…
BP Awards Bibby Combined Diving Campaign
Bibby Offshore, a subsea services provider to the oil and gas industry, says it has secured a 15-day project with BP, due to commence in August 2016. The contract will see diving support vessel Bibby Topaz, working on four BP operations across three of its North Sea assets. The platforms involved include Central North Sea-based asset Bruce, east of Shetland-based Magnus, and the Mirren field, which is part of the Eastern Trough Area Project (ETAP), one of the largest and most complex North Sea oil and gas developments of the past 20 years.
GE, Technip Ink LNG Project Deal
TGE Oil & Gas (NYSE: GE) and Technip (Euronext: TEC) have today signed a Memorandum of Understanding for a joint project to explore areas to co-develop digital solutions for the LNG industry, with a particular focus on the design and build phase of new Liquefied Natural Gas (LNG) projects. The two companies will work together to evaluate the application of digital solutions to the engineering, construction, commissioning, startup and operation of LNG facilities. All solutions under consideration would encompass Technip and GE Oil & Gas expertise in digital tools and be powered by Predix…
BP Sells Partial Stake in Castrol India
BP today announced that its wholly-owned subsidiary, Castrol Limited, has been successful in selling part of the shareholding it holds in Castrol India. Castrol Limited today sold approximately 11.5% from the 71% stake it held in Castrol India to a range of domestic and international investors. Castrol India is listed on the Mumbai Stock Exchange (BSE: CSTRL IB EQUITY) and the National Stock Exchange (NSE: CSTRL IS EQUITY); a variety of investors hold the other 29% of the company. BP, through Castrol Limited, intends to continue as the majority shareholder of Castrol India.
Aker Solutions, LR Partner on Subsea O&G Engineering
Lloyd’s Register (LR) and Aker Solutions collaborate under a new global framework agreement to drive efficiency in engineering and subsea oil and gas developments. With this new global framework agreement in place, Norwegian oil services company Aker Solutions can further improve efficiency and uphold their position as forerunner in advanced technologies for the offshore oil and gas industry, LR said in announcing the partnership today. The contract gives Aker Solutions access to all relevant services from the Lloyd’s Register Group…
DNV GL Wins Shah Deniz Stage 2 Support Project
DNV GL has been awarded a contract for the provision of Marine Warranty, Operations And Consultancy Services for the Shah Deniz 2 project operated by BP Exploration (Shah Deniz) Limited. DNV GL will support the operator in assuring the project equipment transportation and installations are conducted to recognized guidelines, standards and internal requirements. Shah Deniz Stage 2, or Full Field Development (FFD) one of the largest gas developments in the world, will help increase European energy security by bringing Caspian gas resources to markets in Europe for the very first time.
Harding to Supply Lifeboats for Johan Sverdrup
Statoil has awarded Harding a contract for delivery of the nine free-fall lifeboats needed for the first phase of the Johan Sverdrup North Sea development. The contract comprises nine FF1200- lifeboats, with nine corresponding LA 1200 SU davits, and constitutes a relatively large order on Harding's scale. The nine lifesaving systems will be delivered during 2017, and will then be installed on the living quarters platform for Johan Sverdrup. Both the lifeboats and the davit system have been developed by Harding in Norway. The lifeboats will be built in Norway, while the davits will be assembled at one of Harding’s overseas locations.
Next Wave of FLNG Projects on the Horizon
There will be significant growth in both investment and activity in the FLNG market over the next seven years, with Douglas-Westwood (DW) forecasting total expenditure of $58.3 billion in its new market report. Sixty-one percent of this spend is attributed to liquefaction infrastructure, with the remainder from import and regasification facilities. Report author, Ben Wilby, commented, “The industry is about to see the installation of the first floating liquefaction projects. The application of LNG technology offshore has been proposed and studied within the industry for more than 30 years so there is intense industry interest in the first applications.