LR Bolsters Well Management Team
Lloyd’s Register announced it has made several key appointments to its wells engineering and project management consultancy following a series of major contract wins and global growth.John O’Neill brings more than 25 years’ experience in global wells projects to the newly created position of Head of Wells Delivery. Having worked predominantly across the North Sea and Middle East for BP, Shell and Schlumberger, he most recently…
SAExploration Wins $130Mln of New Projects
Houston-based global seismic services company SAExploration announced a combined $130 million of new projects in Alaska, Canada and the Middle East.According to the geophysical services provider the largest contract is valued at approximately $112 million for onshore data acquisition services to be performed on the North Slope of Alaska.The data acquisition services will be conducted over the next three winter seasons, beginning in Q1 2020.In association with this multi-year project award…
APAC to Fuel Global Wind Power
Global wind power market size increased from $71.6bn in 2010 to $96.4bn in 2018. During the 2019–2030 forecast period, significant capacity additions in the Asia-Pacific (APAC) region are expected to drive that market, increasing the market size to $124.6bn by 2030.A report from GlobalData revealed that China is the global leader in terms of both capacity additions and in terms of cumulative wind capacity in 2018. The report…
ADNOC to Buy Dozens of Rigs
The Abu Dhabi National Oil Company (ADNOC) said its drilling subsidiary will acquire dozens of rigs to support that national oil company’s upstream growth plans.In the first phase of the wider fleet expansion program, ADNOC acquired, in November 2019, four technologically advanced and UAE-built land rigs with a total value of over AED 350 million ($100 million). Following the integration of the four rigs, which will join the fleet in the first quarter of 2020…
BP, Total Pact for Adnoc LNG Supply
The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi.
Wellpro Announces New Hires
Well intervention company Wellpro Group announced two new appointments as it eyes further expansion in the Eastern Hemisphere.Mark Fraser has taken up the role of Regional Manager in the Middle East, while Martin Webster has been appointed Regional Manager in Asia.Fraser and Webster bring to the company 35 years’ experience combined, and are both very knowledgeable in the thru tubing sector having worked for national, international and supermajor operators across the world.
Sandvik to Supply OCTG for ADNOC
Sandvik, a developer and producer of advanced stainless steels, special alloys, titanium and other high-performance materials, said it has entered into a long-term agreement with Tenaris to supply Oil Country Tubular Goods (OCTG) following its award from the Abu Dhabi National Oil Company (ADNOC) in August 2019.ADNOC has awarded Tenaris a long-term contract for the provision of tubulars and Rig Direct services over the next five years, with the possibility of a two-year extension.
Aramco Signs 34 EPC Contracts Worth $18bn
Saudi Aramco has signed 34 engineering, procurement and construction (EPC) related contracts (worth over US$18bn) for projects such as the Marjan and Berri field incremental development program in Saudi Arabia, during Q3 2019, according to GlobalData.The most important is ADNOC’s US$3.6bn contract for the supply of one million metric tons of casing and tubing to support exploration and production activity in United Arab Emirates…
US Eyes India for Quantum Leap in LPG Exports
Trump administration trade tariffs on China will need to cease and India will have to rely more on U.S. LPG supplies for the world to clear the quantum leap expected for U.S. LPG exports, says a study.The study of global seaborne LPG trade flows using Kpler LPG cargo tracking data questions the global LPG market’s ability to grow fast enough to handle the tsunami wave of new LPG production expected from the United States in 2020 and 2021."The U.S.
Stuck Pipe Solution Cut Through
Oilfield services company Churchill Drilling Tools announced four successful drill-string severs using its HyPR HoleSaver, following stuck pipe events across the Middle East, including two in the UAE.Over the last six months, four drilling teams from three major Middle East operators deployed the HyPR stuck pipe solution. All successfully cut their drill-strings in a matter of hours, a 100% success rate. One UAE operator severed its drill-string in 60 minutes…
OP/ED: Offshore Wind
Set to Soar, Taking Offshore Support Industry With it.Offshore energy development is opening a new front in the United States -- the Atlantic seaboard, with strong winds, a shallow continental shelf and a proximity to dense population centers is driving strong interest in offshore wind development. The offshore oil and gas supply chain stands to benefit in a big way from billions in coming investment. In fact, it is already playing a role.
Baker Hughes Profit Rises on Strong Foreign Demand
Baker Hughes Co reported a rise in quarterly adjusted profit on Wednesday, helped by increased demand for its oilfield services and higher margins for its turbomachinery such as gas turbines and compressors.The company's results contrasted with steep falls in revenue reported by some of its rivals in the oilfield services industry as it benefited from stronger equipment sales to customers building liquefied natural gas plants and a rise in business outside the United States.The company…
Saudi Still China's Top Oil Supplier
Saudi Arabia held its position as China's largest crude oil supplier in September helped by demand from new refineries and as imports from Iran and Venezuela continued to fall due to U.S. sanctions, customs data showed on Friday.The drone and missile attack on oil-processing plants in Saudi Arabia on Sept. 14, knocking out half of the country's production, will likely have an impact on deliveries in October.At the height of the disruption…
Premier Oilfield Group Names Keenan CEO
Premier Oilfield Group has appointed Patrick “Paddy” Keenan as CEO, beginning October 28, 2019, the oilfield services company announced on Tuesday.Keenan brings to the role experience in both the US and international oil and gas industries, having held leadership roles in a number of oilfield service companies, including technology startups, and was also the CEO of an exploration & production (E&P) company. These include GeoMechanics International…
US Crude Exports Expected to Double by 2022
The U.S. could see its crude oil exports nearly double by 2022, according to energy research firm Rystad Energy. US crude exports could grow from current levels of 2.9 million barrels per day (bpd) to nearly 6 million bpd by 2022.With US production expected to increase by 1.2 million bpd year-over-year (y/y) in 2020, and with domestic refineries already maxing out capacity to absorb shale growth, Rystad Energy expects exports…
Europe Looks for Gas as Groningen Folds
Europe’s energy landscape will be completely changed once the Dutch shut down the largest gas field on the continent years ahead of schedule, according to Rystad Energy.The Netherland recently announced that production at Groningen – Europe’s largest gas field – will be halted in 2022, eight years earlier than initially planned. However, despite the ambitious target of decommissioning the field by 2022, Rystad Energy expects…
Iranian Tanker Hit by Missiles, Oil Rises
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept.
Small Scale FSRU: Think Smarter Not Bigger
The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying…
Sinopec Weighs Output Cuts Due to Freight Rate Surge
Asia's largest refiner, Sinopec, is weighing plans to cut oil imports in December and reduce output at its refineries after a surge in global tanker freight rates hit margins, four sources with knowledge of the matter said.The cost of shipping crude to Asia has surged in the past two weeks after companies stopped using nearly 300 tankers for fear of violating U.S. sanctions against Iran and Venezuela.Refining margins have yet to catch up with the jump in freight rates…
Bachmann, Stjernfeldt Join EVPE Board
EV Private Equity (EVPE) has appointed two new Advisory Board members, Bettina Bachmann and Carl Stjernfeldt, who bring decades of experience and venture capital knowledge to the firm.Bachmann spent 35 years at Shell, latterly as Vice President of Subsurface & Wells Software and now sits on several boards in nonexecutive roles, while Stjernfeldt leads the Corporate Development Group in Americas for Shell New Energies. Bachmann has held a variety of business…
