Equinor, a Norwegian company, awards ten-billion-dollar five-year contracts to suppliers
Equinor announced on Thursday that it had signed framework agreements with a group of suppliers worth 100 billion Norwegian crowns (9.93 billion dollars) for the maintenance and modification of its offshore?and onshore?installations. Aibel Group, Wood Group and IKM Group as well as Head Energy, Rosenberg Worley and Aker Solutions signed new five-year deals with the option to extend them by another three and two years. These deals replace those signed in 2016 with Aibel and Apply, Wood Group, Aker Solution, and Reinertsen, which expire in the month of March. Aker Solutions bought Reinertsen’s offshore business in 2017.
Equinor, a Norwegian oil company, awards 10 billion dollar contracts to suppliers
Equinor announced on Thursday that it had signed framework agreements worth '100 billion Norwegian crowns (9.93 billion dollars) with a group suppliers for the maintenance and modification of its offshore and "onshore" installations. Aibel, Aker Solutions, Rosenberg Worley and Head Energy signed new five-year agreements with the option to extend them by another three and two years. The new agreements will replace the expiring deals from?2016 signed with Aibel and Apply, Wood Group Aker Solutions, Reinertsen, which expired in March. Aker Solutions purchased Reinertsen’s offshore business in 2017.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela. Oil exports from the OPEC nation are at a standstill.
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects within Venezuela.
The Dutch benchmark is expected to finish the year 40% lower than last year's price.
The Dutch and British gas wholesale prices were not much changed on Wednesday morning as wind power output curbed gas plant demand. However, the benchmark Dutch contract for the front month of 2025 is expected to be around 40% lower than it was at the beginning of the year. LSEG data shows that the benchmark Dutch front-month contract was up 0.32 euros at 28.12 Euros per megawatt hour or $9.66 /mmBtu at 0904 GMT. LSEG data shows that this is a 42% drop from the last transaction on December 31, 2020 of 48.40 eur/MWh. The Dutch benchmark fell despite Europe's?efforts to phase-out remaining Russian gas imports.
Document shows that Nigeria's NNPC is looking to sell stakes in certain oil and gas assets. It invites bids.
According to an invitation received on Monday, NNPC Limited (the state-owned energy firm of Nigeria, Africa's top oil producer) plans to sell stakes?in?some of its?oil and?gas _assets. NNPC has some assets that it owns outright, while others are in partnership with oil companies such as Shell, Chevron Eni, TotalEnergies, and Chevron. The document didn't disclose if it aimed to raise a certain amount or the stakes offered, and NNPC declined to comment on a request. NNPC previously announced plans to'sell at least 25% of its equity in selected oil and gas fields. This could be done through divestments, or by reducing stakes.
Ministry says that the technical problem at Iraq's Khor Mor Gas Field is causing a drop in power supply to Kurdistan.
The Kurdish Ministry of Electricity announced on Thursday that the electricity supply in Kurdistan had dropped by 1,000 megawatts because of a "technical problem" at the Khor Mor gas fields, one of the largest in the Kurdish Region. The ministry of electricity stated that the Ministry of Natural Resources and the UAE's Dana Gas team, who?jointly operated the field?, are working to restore stability. A?source on the ground also stated that the technical glitch was being repaired?and is expected to be fixed in a few hours. The statement from the?ministry did not specify the technical problem…
Australian regulator expects a balanced gas market on the east coast in Q2; South will rely on Queensland
Australia's east-coast gas market will be in balance by the second quarter of 2026. Southern states are likely to rely heavily on?gas stored in Queensland and surpluses from Queensland to meet demand, according to the competition regulator. According to the Australian Competition and Consumer Commission's (ACCC) latest gas inquiry report, the east coast market will have a balance between supply and demand of 15 petajoules (PJ) and an 8 PJ deficit in the second quarter 2026. The'southern states' are also expected to require an extra 26 PJ over the same period. The gap between the gas supply and demand from southern sources has widened over recent years.
Meg O'Neill, BP's new CEO, will be the first woman ever to lead an oil company.
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based 'oil major'. She made an immediate impression when she took over at Australia's Woodside Energy and secured a deal which doubled the company's production portfolio. Woodside's acquisition of BHP petroleum assets, in a merger of then-$28billions, in '2021' boosted the Perth-based firm with an international presence during a period of industry consolidation. It made it a global top-10 energy independent company and a powerhouse of gas.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s petroleum assets by 2021 in a merger of then-$28 billion?bulked-up the Perth-based firm with an international presence during a time of industry consolidation. It made it a top-10 global energy independent company and a powerhouse of gas. Woodside shares have, however, underperformed their larger rivals over the past five years.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of BHP petroleum assets by 2021 in a merger of then-$28 billion boosted the Perth-based firm with an international presence?during an industry consolidation period, making it one of the top-10 independent global energy producers and a gas giant. O'Neill is a '55-year old 'American' from Boulder…
Senegal retracts minister's comments on nationalisation of gas fields as the end of licence nears
The Senegal energy ministry retracted its previous statement on Thursday that it intended to nationalise Yakaar Teranga, a U.S.-owned gas field. Both parties indicated the licence would be handed back to the state in July next year. Birame Souleye Diop, Senegal’s Energy Minister, said Tuesday that the government wants to nationalize Yakaar Teranga. State-run Petrosen owns the remaining 10%. Both companies are looking for a third partner to enter the project and progress a plan of development. However, no breakthrough has yet been made. Kosmos will take over the Yakaar Teranga field from BP in 2023, after BP decides to leave.
Australia is preparing to review its gas market, which could affect LNG exports
Australia will soon issue a review of the gas market that could limit exports from its east coast. Three operators, led by Shell and Santos, send cargoes to Asia. They said that the review, which they expect Canberra to release this week, may 'include a plan for LNG exporters to prioritize local supply in the populous east, the main source of domestic demand. Tony Wood, energy analyst at Melbourne's Grattan Institute, said that the government is trying to solve a difficult problem. They want the domestic and international markets to be able access gas at a reasonable price.
Australia's Waitsia Project begins sending gas to LNG export
Beach Energy, an Australian company, announced on Monday that the Waitsia onshore project located north of Perth has begun sending natural gas to Woodside Energy's liquidified natural gas export facility. Mitsui, a Japanese company, operates the Waitsia Project and shares it with Beach. Mitsui and Beach have signed a contract with the North West Shelf partners Woodside, BP Shell and Japan LNG for the supply of the facility in 2020. Japan LNG, a partnership between Mitsui & Mitsubishi, holds a sixth of the facility. Murray Watt, Australia's Environment Minister, signed a contract to extend the life of the LNG export facility until 2070 a few months ago.
Chevron's Gorgon project receives $2 billion investment approval
The Australian unit, owned by the U.S. oil company Chevron, announced on Friday that partners in the Gorgon Joint Venture had sanctioned the A$3 Billion ($1,98 Billion) Gorgon Stage 3 Development off the northwest coast of Western Australia. The project will serve as a backfill to the LNG export concern, and will connect the offshore Geryon & Eurytion gas fields with Gorgon's infrastructure on Barrow Island. Chevron plans to drill up to 40 wells in seven fields, with a field life of 2070. Chevron submitted its project proposal to the offshore environmental regulator in August 2024.
After drone attack, operations at major Iraqi gas fields are suspended
Field engineers reported on Wednesday that a drone attack caused the suspension of operations in the Khor Mor Gas field, which is one of the largest fields of gas in Iraqi Kurdistan. The Natural Resources and Electricity Ministries said in a statement that all gas supplies to power plants in Kurdistan were stopped following the attack. Security sources reported that the attack on field storage tanks started a fire, and injured some workers. A worker reported from the field shelter, where staff took cover in fear of more attacks, that a drone had struck a gas storage facility, causing extensive damages. The fire still burns.
Signing a maritime demarcation agreement between Lebanon and Cyprus opens the door to possible energy exploration
On Wednesday, Lebanon and Cyprus signed the long-awaited maritime delimitation agreement. This will pave the way for the exploration of gas fields offshore and the energy cooperation in Mediterranean. The agreement was signed at Lebanon's Presidential Palace by the Lebanese president Joseph Aoun, and the Cypriot president Nikos Christodoulides. Both leaders told reporters that the signing would indicate a deeper level of cooperation between Lebanon and EU-member Cyprus. Christodoulides stated, "This agreement is historic. Cyprus and Lebanon reached an agreement in 2007 to map out their maritime offshore zones…
Norway loses an appeal over oilfield development
The Norwegian Court of Appeal ruled against the government and in favor of environmentalists on Friday, confirming the lower court's ruling that the approval by the Energy Ministry of three offshore oil-and-gas fields was invalid. The court said that production from the oilfields affected would not stop, but the government could correct any deficiencies in the original approvals. Greenpeace Norway, Young Friends of the Earth Norway, and other environmental groups will file a lawsuit in 2023 regarding the approval of Equinor’s Breidablikk field and Aker BP’s Tyrving and Yggdrasil.
UAE's Dana Gas signs an agreement to explore the revival of Syria gas fields
Dana Gas, based in the UAE, announced on Wednesday that it had signed an initial agreement with Syria's oil company for assessing the redevelopment of natural gas fields damaged by the 13-year-old civil war which made Syria dependent on imports from Iran. The Syrian rebels overthrew longtime president Bashar al-Assad in late 2018. Since then, the country has pursued a new strategic alignment away from Tehran. This was under President Ahmed al-Sharaa who met with U.S. Donald Trump on Monday. Natural gas production is estimated to be down to 3 billion cubic meters (bcm), from 8.7 bcm, in 2023.
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm. Next are Russia, Ukraine and Canada, followed by Germany. The working gas volume is the amount of gas that can actively be injected and withdrawn into storage facilities in order to meet demand.