New Sonatrach CEO: Foreign Partnerships Essential
Algeria's state energy company Sonatrach wants to develop its partnerships with foreign firms to boost output and exports, its new chief executive said on Wednesday, comments that could reassure investors a week after his appointment.Algeria, a member of the Organization of the Petroleum Exporting Countries and a major gas supplier to Europe, has struggled to lift production to meet rising domestic demand, while foreign investors have often balked at contract terms.Rachid Hachichi…
Repsol's Q1 Net Profit Rises
Spanish oil and gas firm Repsol said on Tuesday first quarter adjusted net profit rose 6 percent from a year earlier, as a fall in oil and gas prices and a halt to production in Libya were offset by lower costs and a stronger U.S.
Aasta Hansteen Field Shut after Gas Leak
Production at Equinor's Aasta Hansteen gas field remained shut on Tuesday after a gas leak the previous day."We are focusing on finding the cause of the leakage and prepare for repairing. We are still working on that," Equinor spokesman Morten Eek said.The Equinor-operated field in the Norwegian Sea has capacity of up to 23.2 million cubic metres of gas per day.Equinor's partners in the field are OMV, Wintershall and ConocoPhillips.(Reporting by Lefteris Karagiannopoulos Editing by David Goodman)
Genel Energy Names Higgs CEO
Genel Energy Plc named oil veteran and Chief Operating Officer Bill Higgs as its top executive, the oil and gas exploration and production company said on Monday.Higgs' appointment as chief executive officer comes as the company, the largest holder of reserves and resources in Iraq's Kurdistan region, negotiates with the regional government to develop Bina Bawi field after it wrote down $424 million on neighboring Miran oil and gas field in March.The company swung to an operating loss of $254.6 million in the year ended Dec.
NPD Report on High North Offshore
Norwegian Petroleum Directorate (NPD), Norwegian government agency responsible for the regulation of the petroleum resources on the Norwegian continental shelf, has presented a report on petroleum activity in the High North at the Barents Sea conference.The report titled "Petroleum activity in the High North" aims to place petroleum activity in the High North into a technological, historical and international context, showing how exploration…
Orinduik Partners to Drill 2nd Well Off Guyana
Partners Tullow Oil, Total and Eco Atlantic have chosen the Joe prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said on Friday.Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September.The well will be drilled with the Stena Forth drill ship in mid-July moving on from the Jethro…
Norway Investigates Hammerfest LNG Outage
Norway's oil regulator said on Friday it was investigating the causes of an outage earlier this month at Equinor's Hammerfest LNG plant in the north of the country.The plant converts natural gas produced from the Arctic Snoehvit field into liquid natural gas (LNG) which is exported by tankers."Equinor shut down the plant on 11 March 2019 in order to repair deficiencies in a number of safety valves there.
Russia: New Port of Sabetta LNG Terminal
Russian President Vladimir Putin ordered an allocation of budget funds in 2021-2022 for the construction of the Utrenny liquefied natural gas (LNG) terminal in the Russian port of Sabetta on the Northern Sea route, the Kremlin said on its website.The budget money will also be used to reconstruct a navigable channel in the Gulf of Ob in the Kara Sea.The Utrennee gas field is developed by Russian gas giant Novatek and serves as a resource base for the Arctic LNG-2 project.
Sinopec to Develop Weirong Shale Gas Field
Sinopec Corp, China's biggest shale gas operator, said on Monday it plans to develop a new field this year able to produce 1 billion cubic meters (bcm) of shale gas annually.The state-run company said the field will tap a proven reserve equivalent to 124.7 bcm of gas at Weirong in the southwestern province of Sichuan. This marks its second major shale gas discovery after a flagship development at Fuling in the Chongqing region, situated in the same geological basin of Sichuan.The company is drilling for shale gas in a 20…
Sole Offshore Construction Phase Completed
Installation and testing of the 67 km control umbilical connecting the Sole gas field with the Orbost Gas Plant has been completed, marking the conclusion of the offshore construction phase of the Sole Gas Project, operator Cooper Energy said in an update on Monday.The offshore project, which was 93% complete at the end of February, is expected to be fully completed, ready and available to deliver gas from the Gippsland Basin offshore Victoria to APA Group’s Orbost Gas Plant by end-May 2019.
EnQuest Shares Slump to Three-year Low
British oil firm EnQuest's shares slumped to a three-year low on Tuesday after Cairn Energy, its partner in its flagship Kraken project, cut its estimate of the oilfield's reserves by around a fifth.The Kraken oil and gas field in the British North Sea is EnQuest's largest producing asset. EnQuest holds around a 70 percent stake and Cairn owns the rest.Cairn said in a statement that it had revised down its estimate of Kraken's reserves by 19 percent…
Indonesia Okays Empyrean Plan for Mako Gas
Indonesia has approved the development plan for the Mako gas field, Empyrean Energy PLC and Coro Energy PLC said.Indonesia’s Ministry of Energy and Mineral Resources (MEMR) has approved the plan of development (POD) for the Mako gas field at the Duyung production sharing contract (PSC), offshore Indonesia, said a joint statement.Mako is located on the Duyung production sharing contract, which covers 890 square kilometres offshore the Riau Islands province.Tom Kelly…
BP Dishes Greater Tortue Ahmeyim Contracts
Oil major BP has awarded subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment contracts to services providers McDermott International and Baker Hughes, a GE company (BHGE), for the Greater Tortue Ahmeyim natural gas project, located offshore Mauritania and Senegal.The Tortue/Ahmeyim gas field is located offshore on the border between Mauritania and Senegal, and contains an estimated resources of 15…
Dutch Prosecutors Target Shell Over Nigeria Oil Deal
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over the $1.3 billion acquisition of an Nigerian offshore oilfield, ramping up pressure on the energy firm that already faces bribery charges in Italy over the case.Within hours of Friday's announcement on the Nigerian case, the Dutch prosecution said the oil and gas giant would also be charged in two domestic cases relating to an explosion at a petrochemical facility and emissions.Although the cases are unrelated…
Shell to Boost Ormen Lange Field Output
Royal Dutch Shell aims to boost output and recoverable reserves from its Ormen Lange gas field off Norway by installing subsea compressors, the head of its Norwegian operations said on Wednesday.Output from Shell-operated Ormen Lange, Norway's second-largest gas field and one of the key external gas supply sources for Britain, has been gradually declining since its 2012 peak.The company postponed plans to artificially increase the field's pressure to pump out more gas in 2014 due to high costs.With costs having fallen since…
Moog Focal Products for APL Norway AS
A Floating Storage and Offloading project in the Norwegian Sea is to benefit from high-end products for data and process control from MacArtney & Moog Focal.MacArtney has secured a contract from APL Norway AS, a Norwegian Mooring and Loading Systems provider - part of NOV Completion & Production Solutions. The scope of supply covers a Moog Focal Low Voltage Electrical Optical Swivel (LVEOS) and a Medium Voltage Electrical Swivel (MVES) for the Equinor Njord Bravo FSO project in the Norwegian Sea.
Verus Petroleum Up For Sale
Private equity firm HitecVision is seeking to sell its British North Sea oil and gas production unit Verus Petroleum, which last year completed a string of large acquisitions ramping up its output, industry and banking sources said.The sale process is being run by investment bank Jefferies and could fetch $500 million, according to the sources.HitecVision and Verus Petroleum did not respond to requests for comment. A Jefferies spokeswoman…
McDermott Bags Pan Malaysia Jobs
American multinational McDermott International has announced Malaysian offshore projects contracts for developing pan Malaysia oil fields.One contracts was from Sarawak Shell Berhad and the other from Sapura Exploration and production, a press release from the fully-integrated provider of technology, engineering and construction solutions to the energy industry said.McDermott's scope of work for SSB includes the transportation and installation of jackets, topsides and pipelines for the Gorek gas field.
Reserves at Snoehvit Gas Field Cut
Reserves at Equinor's Snoehvit field, the only producing natural gas field in the Barents Sea, were revised down by 8.5 percent, the Norwegian Petroleum Directorate said on Monday.Estimates for gross reserves were reduced by 17 million cubic meters (107 million barrels) of oil equivalent, on top of a reduction stemming from last year's production, the regulator said in its annual update of Norwegian petroleum resources."The reduction in gross reserves is due to the fact that the reserves in the Snoehvit field have been reduced due to an updatin
EIA: Azerbaijan Surges in Natural Gas
Azerbaijan is an important supplier of crude oil and natural gas in the Caspian Sea region, particularly to European markets, the US Energy Information Administration said in its report.The EIA’s report notes that Azerbaijan’s exports of natural gas are poised to become a more significant part of the country’s economy.Azerbaijan produced about 600 billion cubic feet (Bcf) of dry natural gas in 2017 and exported about 210 Bcf, according to EIA’s International Energy Statistics.“Azerbaijan is planning to expand its natural gas exports to Europe.