Leviathan Platform Starts Voyage to Israel
The gas platform for the Leviathan natural gas field is on its way to Israel from the Gulf of Mexico, the partners in the project said on Sunday.The first of four barges transporting the production structure units has left Texas and the other three will set sail in the coming weeks. In September, all the units will be installed on the jacket of the platform already in place 10 kilometers from Israel's shore.After connecting the units to the platform…
The Fundamentals of AI in Oil and Gas
The oil and gas industry has cutting-edge technology when it comes to the processes of drilling for oil, but when it comes to invoicing and scheduling crews and equipment, the technology is rather basic. On top of the antiquated technology for administration work, the oil and gas industry faces challenges of working in unconnected environments and complex pricing of their products and services.When taking into consideration these challenges, artificial intelligence (AI) innovation is not the first thought for the oil and gas industry.
Mitsui, JOGMEC join Arctic LNG-2
Japanese trading house Mitsui & Co and state-owned Japan Oil, Gas and Metals National Corporation (JOGMEC) have signed a sales and purchase agreement with Russia’s Novatek for a 10% participation interest in the Arctic LNG 2 project.The share will be acquired through the Dutch Company, Japan Arctic LNG B.V., in which Mitsui has invested jointly with JOGMEC. The equity ratio of JOGMEC and Mitsui will be set at 75 percent and 25 percent respectively.The…
E.Timor, Australia to Ratify Maritime, Gas Deal This Year
East Timor and Australia are set to ratify a maritime border treaty, which regulates how the two countries will share revenue from the offshore Greater Sunrise natural gas field, later this year, East Timor's foreign minister said.Dionisio Babo Soares told Reuters on Tuesday the ratification could take place on Aug. 30, the anniversary of a referendum that gave the small Pacific nation, one of the world's poorest, its long-awaited independence in 1999.Signed in March 2018…
Shell Sees More FLNG Opportunities
Royal Dutch Shell sees more opportunities for floating liquefied natural gas projects, but not necessarily like its $17 billion Prelude operation off Australia, which shipped its first cargo last week, over two years behind schedule.Shell Australia Chair Zoe Yujnovich said on Wednesday that it was too early to tell whether Prelude, one of two floating LNG (FLNG) projects in the world, would be replicated in future, as the company was still commissioning the project."I think that there's an opportunity for the floating concept.
BP Sells Egypt Assets to Dragon Oil
BP said on Monday it has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dubai-based Dragon Oil, as part of the supermajor’s plan to divest more than $10 billion in global assets over the next two years.Under the terms of the deal, Dragon Oil, a wholly-owned subsidiary of the Emirates National Oil Company (ENOC), will purchase producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company (GUPCO).The deal…
Ithaca Buys Chevron's UK North Sea Fields
Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas companies in the North Sea have been forced to sell assets to private equity-backed investors and specialized operators.Delek said the deal, backdated to Jan. 1 and pending regulatory approval…
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…