Saturday, March 23, 2019

Line 5 News

PTTEP Makes Gas Discovery in Off Australia

Image: PTTEP

Thai oil and gas company PTT Exploration and Production Public Company Limited (PTTEP) has made a gas and condensate discovery at the Orchid-1, the first exploration well in Permit AC/P54 located in the Timor Sea, Australia.Phongsthorn Thavisin…

Russian Share of European Gas Growing

Graphics: Rystad Energy

With gas supplies growing at a faster rate than domestic demand, Russia can increase pipeline and liquefied natural gas (LNG) exports to Europe, said a report.Russia’s gas production has been steadily increasing since the low of 611 Bcm in 2015…

S&P Downgrades Pemex

(Photo: Pemex)

Ratings agency Standard & Poor's on Monday slashed the stand-alone credit profile of Petroleos Mexicanos (Pemex) to 'B-' from 'BB-', piling pressure on the Mexican government to tighten up the debt-laden state oil firm's finances.S&P cut Pemex's outlook to negative from stable…

US Rig Count Lowest Since May 2018

File Image: an idled oil rig in a shipyard (CREDIT: AdobeStock / © Nightman

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1…

Petrobras Divestment Plan Pushing Ahead

© Celso Pupo / Adobe Stock

Petroleo Brasileiro SA is expanding its ambitious divestment program and has "bold" plans for future sales, the Brazilian state-run oil company's chief executive said after the firm reported its first annual profit in five years.On a post-results conference call with analysts on Thursday…

Golar Bullish on LNG Market

Pic: Golar LNG

Through the provision of cheaper and cleaner energy the liquefied natural gas (LNG) market will likely take market share from coal and oil and sustain industry growth levels of around 10% for the foreseeable future, said Golar LNG.The…

Keppel, Golar to Build FLNG Facility

Image: Keppel Corporation

Keppel Corporation will partner liquefied natural gas (LNG) shipping company Golar LNG  to develop a floating LNG facility (FLNG) facility to be located on the Mauritania and Senegal maritime border.Keppel will partner Golar by subscribing for 30 per cent in Gimi MS Corporation…

France to Test Floating Wind Turbines

© Fokke / Adobe Stock

The European Commission said on Monday it had authorized French subsidies to four offshore wind farm projects which are aimed at testing a new way of producing electricity from wind.The EU competition regulator said in a statement that the state aid was in line with EU rules as it was prop

Petrobras Kicks Off Third Buzios FPSO

Image: Petrobras

Brazil's state-run oil company Petroleo Brasileiro SA  (Petrobras) has started producing oil and gas from the P-76 FPSO in the Búzios field in the Santos Basin, offshore Brazil.The oil and gas company said that with a daily capacity to process up to 150…

Welcon to Build World's First TetraSpar Foundation

Image: Welcon A/S

Denmark’s Welcon has received the order to produce the first TetraSpar floating offshore foundation for a consortium comprising Shell, Innogy and Stiesdal Offshore Technologies.We are very proud to be involved in this exciting project…

Saudi Aramco, Total in USD1bln Pact

Group photo of Saudi Aramco management and Total management

Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and…

Partial Shutdown of Keystone Oil Pipeline

© chagpg / Adobe Stock

A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada…

Europe Offshore Wind Capacity Up 18% in 2018

Image: © MHI VESTAS, WindEurope

Europe installed a total of 2.6 gigawatts (GW) of new offshore wind capacity in 2018, an 18% increase which takes the region to a total capacity of 18.5 GW.According to new figures published this week by the region’s wind energy trade body…

Oceanic Breeze Brings LNG to Japan

LNG carrier Oceanic Breeze delivers Ichthys LNG cargo to Naoetsu LNG Terminal. Image: INPEX Corporation

Japanese energy company INPEX Corporation announced that the LNG Tanker Oceanic Breeze called for the first time at INPEX’s Naoetsu LNG Terminal located in Joetsu City, Niigata Prefecture, Japan.The tanker has delivered a cargo of liquefied…

Kvaerner to Pay First Dividend Since 2015

(Photo: Sydvest / Kvaerner)

Oil platform builder Kvaerner on Tuesday unexpectedly proposed its first dividend since 2015 and said it may make another such payment later this year, sending its shares soaring.The company said it expected to compete for contracts…

Schlumberger Names Olivier Le Peuch as COO

Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as…

Giza and Fayoum Gas Fields Come Onstream

(Photo: BP)

BP on Monday announced first gas production from the second stage of its West Nile Delta development offshore Egypt, marking the second start-up in a string of new upstream projects expected to be brought on line by the supermajor in 2019.The project…

Schlumberger Names Le Peuch as Chief Operating Officer

Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as…

Liberty Wins North Sea Pipe Contract

Largescale pipe ready for dispatch by rail from Liberty Pipes, Hartlepool (Photo: Liberty)

The Liberty pipe mills at Hartlepool has been awarded a multimillion-dollar contract to supply steel pipeline for North Sea gas.The mills, which were acquired and relaunched by Liberty, part of Sanjeev Gupta’s GFG Alliance, in late 2017…

Aker BP Raises Dividend, Q4 Profit Lags

(Photo: Aker BP)

Norwegian oil company Aker BP posted a smaller-than-expected increase in fourth-quarter earnings due to higher production costs and lower oil prices, but raised its dividend.The company said on Wednesday earnings before interest and…