Wednesday, August 21, 2019

Gulf Marine CEO Quits in wake of Profit Warning

A Gulf Marine Services Jack Up unit (CREDIT: GMS)

Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million, below $58 million that it reported last year.A source familiar with the matter told Reuters that Anderson, who has served as CEO for 12 years, was asked to step down.

NOV Cuts Staff for Second Time This Year

© bomboman / Adobe Stock

Oilfield equipment and service provider National Oilwell Varco has begun trimming its workforce for the second time this year, two people familiar with the matter said this week, as oil producers cut spending budgets.The Houston, Texas-based company last quarter rolled out a voluntary early retirement program and said it was reorganizing operations to reduce costs as part of a broader restructuring plan. The latest cuts, which are already underway, are in addition to those job reductions, the people said.Newer staffing cuts are aimed at eliminating redundant functions within the company, such as marketing or recruitment, one person said.

Formosa 1 Phase 2 Foundations Installed

(Photo: Jan de Nul)

Jan De Nul Group said it has installed all 20 foundations for the 120-megawatt (MW) Formosa 1 Phase 2 wind farm offshore Taiwan.As part of the Dutch company mobilized the Seaway Yudin to install the foundations as part of its EPCI contract for building of the overall balance of plant.The foundations consist of a monopile and transition piece structure with a grouted connection. The monopiles range from 752 to 1,230 tons, with a maximum diameter of 8.4 meters and a length ranging from 60.1 to 79.5 meters. Each of the transition pieces weigh 465 tons and consists of five internal platforms…

Empyrean Energy to Spud Well in Indonesia

Image: Empyrean Energy

Australia's Empyrean Energy provided an operational update in relation to the upcoming drilling campaign in the Duyung PSC in the West Natuna basin, offshore Indonesia, in which Empyrean holds an 8.5% interest.The oil and gas development company with interests in China, Indonesia and the United States, said that  campaign will comprise of two wells, an exploration well designed to test the Tambak prospect beneath the central area of the Mako gas field, and an appraisal well designed to primarily appraise the intra-Muda sandstone reservoir in the southern area of the Mako field…

Castle Wind signs MoU for 1GW California OWP

Image by Castle Wind Offshore

Monterey Bay Community Power (MBCP) and Floating wind power developer Castle Wind, a joint venture between Trident Winds and EnBW North America, have signed a memorandum of understanding (MOU) to enter into a future, long-term power-purchase agreement for approximately 1 gigawatt of renewable energy.The MoU is said to outline the mutual interests and intent of the two parties to enter into the future long-term PPA for the 1GW floating offshore wind project being planned off the Central California coast.According to Castle Wind, the deal recognizes…

TurkStream Terminal Nears Completion

Image: TurkStream

Gazprom’s Turkish Stream (TurkStream), the natural gas pipeline running from the Russian Federation to Turkey, has been 95% completed."Construction progress of the receiving terminal for the TurkStream Offshore Gas Pipeline has reached 95%. All works are in line with the schedule. First gas is expected to flow by the end of 2019," said a press note from TurkStream said.Direct and indirect employment related to the construction activities is currently over 1,700. Approximately 100 of the workers have been recruited locally.The TurkStream receiving terminal is realized near the town of Kiyikoy in the Turkish Thrace region.

Gazprom Oil Touch 100mln Barrels at Badra

Badra field. Wasit Province, Eastern Iraq. Pic: Gazprom Neft

Russian oil producer Gazprom Neft said that its subsidiary Gazpromneft-Badra has now produced 13.5 million tonnes — or 100 million barrels — of oil in Iraqi oil field.Cumulative production at the Badra field in the five years since this asset went into commercial operation has reached 100 million barrels — the first shipment of liquid hydrocarbons having taken place in 2014. Oil production at the field stands at more than 1.8 million tonnes (13.5 million barrels) since the start of 2019.Twenty-two operating wells, each running to an average depth of 4,500 meters, have been drilled by Gazpromneft-Badra since discovering this asset.

Offshore Wind: Regulatory “Takes” – Take a Close Look

© Luna Vandoorne/Adobe Stock

On April 30 the National Oceanic and Atmospheric Administration (NOAA) published a notice, requesting public comments, on a proposed “incidental harassment authorization” (IHA). An IHA is a legal and enforceable document presenting the terms and conditions with which a company must adhere in order to protect wildlife. In this case, the draft IHA was for Vineyard Wind, the wind energy company ready to start construction on an 800 MW offshore wind farm in the Atlantic, covering about 675 square kilometers, starting 14 miles from the coastline of Martha’s Vineyard.

US Drillers Add Oil Rigs

© FerrizFrames / Adobe Stock

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.Companies added six oil rigs in the week to Aug. 16, the biggest increase since April, bringing the total count to 770, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.In the same week a year ago, there were 869 active rigs.The oil rig count, an early indicator of future output, has declined over the past eight…

Woodside Begins Greater Enfield Project

Image: Woodside

Australian energy giant Woodside has announced in a press release that it will produce first oil from its Greater Enfield project located offshore Australia this month."We expect first oil from the Greater Enfield reservoirs in August 2019. The delivery of the Greater Enfield Project, on schedule and under budgeted cost, is a further demonstration of our capacity to execute our growth plans, Woodside CEO Peter Coleman said.The Ngujima-Yin floating production storage and offloading (FPSO) facility being offline for refurbishment in Singapore ahead of its restart at Greater Enfield…

AMSC Bags Wind Turbine ECS Order from AMSC

Image: Doosan Heavy Industries & Construction (DHIC)

The US-based energy solutions provider AMSC announced it has received a $9 million order for its 5.5 MW wind turbine electrical control systems from the Korean power company Doosan Heavy Industries & Construction (DHIC)AMSC signed an agreement with the South Korea’s wind turbine manufacturer in calendar year 2017 for the rights to design and exclusively supply ECS units to Doosan’s 5.5-megawatt offshore wind turbine.The initial 5.5 MW systems were ordered in January 2018, and AMSC expects to complete shipments under this follow-on order by…

US Patent Approval for Wave Energy

Jussi Åkerberg, Chief Technology Officer (CTO) of AW-Energy Oy (Photo: AW-Energy Oy)

AW-Energy Oy, a Finnish wave energy technology developer, received an “approval” for AW-Energy’s patent application from the United States Patent and Trademark Office (USPTO).The patent [PCT/050485] provides AW-Energy with broad IP protection of its latest generation WaveRoller device including a range of operating improvements made to the device’s system and infrastructure, particularly on fail safe operating improvements to protect against extreme weather conditions.“This is a significant and exciting decision by the USPTO, and we view this…

North Sea Spot Market Remains Challenging

Trond Myklebust. Image: Viking Supply Ships AB

The North Sea spot market has improved during the second quarter of 2019, as a result of increased rig activity, said Viking Supply Ships.However, the Norway-based supply shipping company expects that the overall market conditions will likely remain somewhat challenging.According to Trond Myklebust, CEO and President of Viking Supply Ships, the rig activity in the North Sea is expected to see a modest increase during Q3, before softening slightly during the winter season.The long-term trend within the offshore market is however positive, with a gradual recovery of the rig activity in the region.

Total Extends Pacific Santa Ana Gig

Image: Pacific Drilling

Offshore drilling contractor Pacific Drilling has been awarded a one-well extension for its drillship working for French oil major Total in Offshore Mauritania.Pacific Santa Ana is expected to run from this month to September, said offshore ultra-deepwater drilling company."We added backlog for our fleet as an option was exercised for Pacific Santa Ana. The increase in revenue in second-quarter 2019 resulted primarily from the Pacific Santa Ana commencing operations with Total in Senegal,” said CEO Bernie Wolford.Accordingly, from November 2019 to October 2020…

Oxy CFO Pledges to Quickly Pare Acquisition Debt

© VAKSMANV / Adobe Stock

Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company's finance chief said on Monday.Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an EnerCom energy conference audience, the resulting debt burden was "not too bad," and pledged Occidental would be selective in choosing assets to sell.He defended the purchase, which has been attacked by activist Carl Icahn as "misguided and hugely overpriced," as providing future oil production as a good valuation.

Massive TP's Shipped for Taiwan Windfarm

Photo: Jumbo

Jumbo reports completion of a shipment of the "heaviest, tallest and the largest diameter "Transition Pieces (TP’s) it has ever transported.The TP’s were shipped for Jan De Nul Group in cooperation with brokers Multi Marine Chartering B.V. from Laem Chabang to Taichung, where they will form part of Taiwan’s Formosa 1 Phase 2 Offshore Wind Farm (OWF).The Formosa 1 OWF will have a total capacity of 128MW once built and commissioned. Phase 1 of Formosa 1 features two Siemens 4MW demonstration turbines, the first ever wind turbines to be installed off Taiwan. The Formosa 1 Phase 2 is owned by Formosa I Wind Power Co.

Chinese Ship Returns to Vietnam's EEZ

A Chinese survey ship returned to Vietnam's exclusive economic zone off its coast on Tuesday, ship tracking data showed, less than a week after it left the area where vessels from the two countries were locked in a month-long standoff.The Haiyang Dizhi 8 first entered the zone under Chinese coast guard escort in July and appeared to conduct a seismic survey of waters that are a potential global flashpoint as the United States challenges China's maritime claims.The survey ship, which according to Vietnam left the area on Aug. 7, was now headed back to the zone under escort from at least two Chinese Coast Guard vessels…

UK Offshore Wind Attracts Investments

Image: Ørsted

Power companies including Ørsted, Vattenfall, Innogy, SSE and Scottish Power and financial investors such as infrastructure and pension funds are active in UK offshore wind power, said Deloitte.Japan, China and other countries in Asia are also showing increasing interest in the market, it said.With natural advantages including a long coastline, high wind speed and areas of shallow seabed providing desirable conditions for the construction of large offshore wind farms, the UK is the world's leading offshore wind power market.There is 7.9 GW of offshore wind capacity in the UK already and the government has set an ambitious target of over 30 GW by 2030.

Flowserve Inks Deal for Prelude FLNG

Image: Shell Prelude FLNG facility

Flowserve Corporation (FLS), a provider of flow control products and services for the global infrastructure markets, has entered into a five-year contract with Shell Australia to provide general maintenance services for Shell’s Prelude Floating Liquified Natural Gas (FLNG) facility, which is producing natural gas from an offshore field in Western Australia.A press release from the American multinational corporation said that it will support Prelude from its recently refurbished Quick Response Center (QRC) in Darwin, the capital of Australia’s Northern Territory.Flowserve QRCs are dedicated maintenance…

Australia Set to be the King of LNG Exports

Graph Source: U.S. Energy Information Administration

Australia is on track to surpass Qatar as the world’s largest LNG exporter, according to Australia’s Department of Industry, Innovation, and Science (DIIS).Australia already surpasses Qatar in LNG export capacity and exported more LNG than Qatar in November 2018 and April 2019, said a release from U.S. Energy Information Administration (EIA).Within the next year, as Australia’s newly commissioned projects ramp up and operate at full capacity, EIA expects Australia to consistently export more LNG than Qatar, it said.Australia’s LNG export capacity increased from 2.6 billion cubic feet per day (Bcf/d) in 2011 to more than 11.4 Bcf/d in 2019.

Offshore Wind Cable Market to Reach $3B

Image: ZTT

The global offshore wind cable market is estimated to grow at CAGR above 16% over the forecast time frame 2019 to 2026 and reach the market value around $3 billion by 2026.The demand for offshore wind cables has seen significant development due to the paradigm shift towards fresh renewable techniques with increasing consciousness of carbon emission limits, said a report by Acumen Research and Consulting."Offshore wind turbines are rapidly growing, with a higher capacity production more than onshore wind generation. In addition, offshore wind wires play a major part in the transport of fresh produced electricity from offshore wind farms to the coast.

Corvus Energy Gets Shell Ventures Investment

Pic: Corvus Energy

Canadian-Norwegian battery maker Corvus Energy announced that it has finalized an investment deal with Shell Ventures.The investment is a step towards Shell’s ambition to decrease the carbon footprint of the energy products they sell by around 20% by 2035 and by around 50% by 2050, in step with society.Corvus Energy,  the developer and supplier of advanced energy storage systems (ESS) for maritime, offshore, subsea and port applications, said that the investment will help Corvus Energy expand internationally and further enhance its technological leadership within maritime energy storage.Corvus Energy has delivered ESSs for more than 30 offshore support vessels…

Centrica Extends Stork Contract

(Photo: Centrica)

Fluor Corporation announced that Stork, part of Fluor’s Diversified Services segment, was awarded a contract extension by Centrica Storage Limited to continue providing fabric maintenance and associated services for the company’s UK onshore and offshore oil and gas assets. Fluor said it booked the undisclosed contract value in the second quarter of 2019.“Stork is extremely pleased to deepen our long-term relationship with Centrica in the UK by providing services to extend the life and efficiency of its assets in the northeast of England,” said Taco de Haan, Stork’s president.

Mayer Brown Advises on HK FSRU Project

Image: Hong Kong Offshore LNG Terminal

Law firm Mayer Brown advised CLP Power Hong Kong on the Hong Kong offshore LNG terminal project, which involves the use of floating storage and regasification unit (FSRU) technology for the first time in Hong Kong. The FSRU will receive, store, and regasify LNG into two separate subsea gas pipelines to supply natural gas to Castle Peak Power Company Limited and Hongkong Electric Co., Ltd., generating power for Hong Kong residents.Mayer Brown advised CLP Power Hong Kong Limited on the FSRU charter and regasification agreements and operation and maintenance services to be provided to the offshore LNG terminal with Mitsui OSK Lines (MOL)…

Anadarko Shareholders Go for Cash in Oxy Buyout

(Photo: Anadarko)

Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the world’s top oil producer at more than 12 million barrels per…

EOG Bags Offshore Ireland Licence

Image: Europa Oil & Gas

United Kingdom-based exploration and production company Europa Oil & Gas  (EOG) has been awarded a 15-year frontier exploration licence for an area in the Slyne Basin, offshore Ireland.The area includes Europa’s flagship Inishkea prospect, which lies immediately to the north-west of the producing Corrib gas field in the Corrib Field Petroleum Lease Area.The Inishkea prospect has estimated gross mean un-risked prospective gas resources of 1.5 trillion cubic feet (TCF) and has been assigned a one in three chance of success.The next steps for the Licence…

Jan De Nul Installs Cables for Formosa

All 3 export cables on Formosa 1 Phase 2 safely installed. Image: Jan De Nul Group

The provider of specialized services for the offshore industry, Jan De Nul Group said that its cable laying vessel Willem de Vlamingh has completed installation of the three export cables at the 120MW Formosa 1 phase two offshore wind farm in Taiwan.The maritime infrastructure main focus is dredging has a engineering procurement construction and installation (EPCI) contract for overall balance of plant at the project."As part of Jan De Nul Group’s EPCI contract for building of the overall Balance of Plant, Jan De Nul Group mobilized its Cable Laying Vessel Willem de Vlamingh to install the 17 inter array and 3 export cables…

FLNG Innovations Boost Gas Industry Growth

Jim Schnieders. Photo: Black & Veatch

Liquefied natural gas (LNG) technologies, such as floating LNG (FLNG) innovations, driven by its shorter construction lead times and lower capital investment costs, are increasingly becoming a viable option for increased gas deployments.FLNG helps mitigate siting constraints that shore-based infrastructure may face, pointed out the Kansas City-based engineering firm Black & Veatch.The provider of engineering, procurement and construction (EPC) services for energy also stressed on the continued need for a balanced power generation portfolio…

BSP Contracts AqualisBraemar

Image: Brunei Shell Petroleum Company Sdn Bhd

Oil & natural gas company Brunei Shell Petroleum Company Sdn Bhd (BSP) has awarded AqualisBraemar a frame agreement to conduct rig inspection services for the operator.The agreement is valid for three years with an option to extend the contract for additional periods of three times one year, said the Norway-based global company that provides, through its subsidiaries and associates, consultancy services to the energy, marine and insurance sectors.Oslo-listed AqualisBraemar – a result of the recent unification between Aqualis Offshore and Braemar Technical Services – will provide rig inspection services…

Deep Down Wins Shell Order

Image: Deep Down, Inc.

Houston-based oilfield services company Deep Down said it has received an order for umbilical support services from Shell Trinidad and Tobago.The company specializing in complex deepwater and ultra-deepwater oil production distribution system support services said in a press note that the order is for the design, fabrication, project management, and installation support for an umbilical repair/replacement package to restore communications to the Poinsettia Deep Well offshore Trinidad and Tobago.The Poinsettia platform is located off the northwest coast of Trinidad in 530 feet of water.Offshore operations will likely occur in the first quarter of 2020…

Borr Drilling Wins Premium Jack-up Deal

File Image: Borr Drilling Limited

The international drilling contractor to the oil and gas industry Borr Drilling has been awarded an additional jackup rig contract by Mexico’s Petróleos Mexicanos (Pemex).Borr currently has two jackup rigs about to commence work with Pemex, who have now contracted a third rig.The first rig, the "Grid", has arrived on site and is currently commencing its contract, while the second rig, the "Gersemi", is expected to commence shortly thereafter.The Bermuda-based company is also pleased to announce that it has received an award from Pemex for an additional contract…

Petronas Signs Offshore Deal with Gabon

Image: Petronas

Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) has signed an agreement with Gabon for two exploration permits after the African country enacted a new oil law last month.A Bloomberg report quoted Noel Mboumba, Gabon’s petroleum minister saying that the deal follows the enactment of a revised hydrocarbons code last month, made with the support of the International Monetary Fund.The new code is more fiscally attractive than the previous one, the statement said citing Mboumba, the report said.Petronas  already has a presence in Gabon and is the first company to sign an exploration and production contract in the country in five years.

Investments in Exploration Drilling to Double

Image: Rystad Energy

Rystad Energy sees investments both in offshore and onshore exploration drilling doubling in the next five years, compared to the last five years. Conventional onshore demand will be driven by Asia, Africa and South America.Europe on the other hand, will be a hot spot for offshore exploration, led by investments on the Norwegian Continental Shelf, the energy research and business intelligence company said.In the past few years conventional exploration drilling has been on a rocky road, dropping from 3000 exploration wells drilled in 2012 down to just 900 wells in 2016 – a whopping 70% decrease.Exploration has been constrained not only by lower oil prices…

Seadrill Ivory Coast Contract Terminated

West Vencedor. Image: Seadrill Partners

Seadrill Partners, the deep-water drilling contractor for the petroleum industry, has received an early termination notice from an unnamed operator for the West Vencedor rig contract offshore Ivory Coast.The contract was expected to start in 3Q 2019. In January, the rig received a six-well contract with three option wells.The West Vencedor unit had recently completed its work in Myanmar and will now stay in Southeast Asia to be marketed for additional opportunities.Seadrill Partners is expected to receive a lump sum early termination payment…

Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week

file Image: an offshore oil installation (CREDIT: DNV-GL)

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That is the most weekly declines in a row since March when drillers cut rigs for six consecutive weeks.During the same week a year ago there were 859 active rigs.The rig count…

NOIA Weighs in on The COASTAL Act

National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters

National Ocean Industries Association (NOIA) Vice President for Government and Political Affairs Tim Charters issued the following statement after the introduction of the Conservation of America’s Shoreline Terrain and Aquatic Life (COASTAL) Act:“It is vital that American offshore energy production promote equity for the states immediately adjacent to these offshore areas. By amending GOMESA and establishing a revenue sharing program for Alaska, the COASTAL Act will ensure that these states receive continued benefits from their participation in offshore energy production, while still protecting an irreplaceable revenue stream for the U.S.

Stork Awarded Evergreen Gig for UK Assets

Image: Centrica plc

Fluor Corporation announced that Stork, part of Fluor’s Diversified Services segment, was awarded a contract extension by Centrica Storage Limited to continue providing fabric maintenance and associated services for the company’s UK onshore and offshore oil and gas assets.Fluor booked the undisclosed contract value in the second quarter of 2019, said a release.“Stork is extremely pleased to deepen our long-term relationship with Centrica in the UK by providing services to extend the life and efficiency of its assets in the northeast of England…

Vallianz, Calm Oceans Build Offshore Mobile Platform

Image: Vallianz Holdings Limited

Singapore-based offshore service provider Vallianz Holdings has entered into a strategic partnership with the offshore oil and gas company Calm Oceans to construct the first Mono-Column Platform-Lite (MCP-Lite).The providers of offshore support vessels to the oil and gas industry in the Middle East said that the construction is expected to complete in 9 months.A brainchild of Brian Chang,  the founder of Calm Oceans, the Mono-Column Platform (MCP) is a multi-purpose and high payload jack-up rig designed to address the challenges relating to marginal fields and early monetisation of oil fields.Comprising a deck box…

Oxy Q2 Earnings Dip

© Pongpob / Adobe Stock

Occidental Petroleum Corp , which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% drop in quarterly profit on Wednesday, as costs related to the deal and weaker chemical earnings hit its bottom line.Still, the results topped Wall Street estimates for the period and Occidental's operating cash flow rebounded from last quarter to $2.96 billion, up 7% from the same quarter a year ago. Investors closely watch operating cash flow as a sign of a company's ability to cover shareholder payouts and operating expenses.Core income fell to $729 million…

MDL Wins Equatorial Guinea Pipelay Work

Pic: Maritime Developments

Maritime Developments (MDL), a provider of back-deck equipment for the subsea sector of oil and gas industry, has been awarded a contract to supply a complete pipelay spread and personnel for a flexible installation offshore Equatorial Guinea.The award comes from a new client, whose work scope covers the launch of a number of new wells in an existing network of drill centres in the West African basin, MDL said.The MDL spread will consist of the MDL Horizontal Lay System (HLS), delivered with a 4-track pipelay tensioner; an MDL Second-generation…

Hess Corp Posts Smaller Quarterly Loss

(Photo: Hess Corp)

Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, helped by lower exploration costs and a surge in output in its Bakken shale and Gulf of Mexico assets that also prompted the company to raise its 2019 production forecast.The company also cut its full-year spending plans by $100 million to $2.8 billion against the backdrop of increased investor pressure to boost shareholder returns.Hess' shares rose 6.3%, the second-biggest percentage gainer on the S&P 500 Energy Index.Oil output in the United States has soared in recent years…

KBR Wins Aramco Offshore Contract

Image: Saudi Aramco

American engineering company KBR, Inc., announced that it has been awarded a project management contract by Saudi Aramco to provide project management services for Saudi Aramco's offshore program.KBR will provide project management and engineering services for existing and new offshore facilities to maintain and increase crude production levels to meet Saudi Aramco's maximum sustained capability for production under the company's capital program under the terms of this six-year contract.KBR's Saudi joint venture company, KBR-AMCDE, will undertake all in-kingdom work scopes while KBR's Houston and London operations centers will execute all out-of-kingdom scopes.

Enterprise, Chevron to Build Offshore Port

Chevron in the Gulf of Mexico. Image: Chevron

Pipeline operator Enterprise Products Partners  signed long-term agreements with Chevron Corp to develop Enterprise’s Sea Port Oil Terminal (SPOT) in the Gulf of Mexico.The American midstream natural gas and crude oil pipeline company said in a release that its SPOT project consists of onshore and offshore facilities, including a fixed platform located approximately 30 nautical miles off the Brazoria County, Texas coast in approximately 115 feet of water.SPOT is designed to load Very Large Crude Carriers (VLCCs) at rates of approximately 85,000 barrels per hour, or up to approximately 2 million barrels per day.

GSP Offshore, Trident Black Sea Bid in Ukraine

Image: Upetrom Group

GSP Holding company GSP Offshore SRL is the preferred drilling and engineering services provider of Trident Black Sea, in its bid for the right to negotiate a production sharing agreement (PSA) with the Ukrainian government for the offshore Dolphin block in the northwestern part of the Black Sea.According to a press release from the Romanian company providing offshore integrated services for oil and gas industry said that Trident Black Sea will be the operator of the project, in the event of a winning bid.Other partners of Trident for this project are San Leon Energy for non-operating technical assistance, and Lamor AB, as environmental protection services provider.

Swiber Forms JV with Hilong Marine

Image: Swiber Holdings

Singapore offshore company Swiber Holdings' wholly-owned subsidiary, Swiber Offshore Construction (SOC) has entered into a shareholder's agreement with Hilong Marine Engineering (HME) to establish a joint venture company in Singapore.The shareholders (51% Hilong and 49% Swiber) have named the new company – Ocentra Offshore. New joint venture to target offshore construction and installation sector.According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation…

UK Plans to Boost Drilling

The Oil and Gas Authority (OGA), UK has published for the first time a Wells Strategy which provides a framework of how the OGA and industry will work together to deliver increased activity and improve performance.The OGA’s Wells Insights Report sets out three key areas of focus covering business processes to increase well activity, well performance and regulatory compliance and provides an outline of how these objectives will be delivered.The OGA, working with industry, is committed to maximizing the well value cycle on the UKCS (without detriment to safety or the environment) through effective regulation…

Neptune Acquires German Oil & Gas Fields

Image: Neptune Energy

UK-based Neptune Energy has agreed to acquire interests from Wintershall Dea in certain oil and gas fields in the Emsland and Grafschaft Bentheim regions in Germany.With this agreement, Neptune will increase its existing interest in the Bramberge, Meppen and Annaveen oil fields of the Emsland region, as well as various gas fields in the Grafschaft Bentheim region.Approximately 600 barrels of oil equivalent (boe) of daily net production will added to Neptune’s production in Germany – an increase of around five per cent.Neptune is already a joint venture partner in the assets and operates the Bramberge oil field and the Grafschaft Bentheim gas fields.Andreas Scheck…

Boskalis Wins Woodside Scarborough Contract

Photo courtesy: Woodside

Dutch dredging company Royal Boskalis Westminster N.V. has been awarded the contract for the seabed intervention and shore crossing activities for Woodside’s proposed Scarborough export gas pipeline in northwest Australia.The contract awarded by Woodside Energy Ltd. (Woodside), in its capacity as operator of the Scarborough Joint Venture, potentially carries a value of EUR 145 million if all options are called and is subject to a final investment decision which is expected in 2020.The contract is for preparatory activities related to offshore deepwater excavation…

USCG Investigating Offshore Facility Fatalities

Rear Adm. John Nadeau, who recently took command of the Eighth Coast Guard District in New Orleans

Rear Adm. John Nadeau, who recently took command of the Eighth Coast Guard District in New Orleans, convened a formal investigation last week for the incident that occurred onboard the offshore production facility Auger, June 30, 2019.Crewmembers aboard the Auger were testing the facility’s lifeboat recovery system when a malfunction occurred resulting in the loss of two lives. The Auger is located 210 miles southwest of New Orleans and is responsible for the production of oil.“The Coast Guard is committed to finding the facts that led to this tragedy,” said Nadeau.

KNOC Aims to Sell Stake in Dana Petroleum

(Photo: Dana Petroleum)

State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired Canada's Scotia Bank to help with selling part of the oil and gas producer, but the minority stake was not seen as attractive for energy companies already operating in the region, which are mostly backed by U.S. and European private equity funds, the sources said.These investors have proved unwilling to take on a minority shareholding in a firm that is majority state-owned.This has forced KNOC…

ConocoPhillips Profit Slides

(Photo: ConocoPhillips)

ConocoPhillips missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy.The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from the United States.Shares of Conoco fell 2% as the Houston, Texas-based company reported $1.73 billion in capital expenditure during the quarter, above average estimates of $1.53 billion, according to IBES data from Refinitiv.The company also raised its capital spending for 2019 by $200 million to $6.3 billion…

Drydocks World to Build North Sea Platform

Photo: Drydocks World

Dubai-based Drydocks World has signed a contract with Petrofac and end-client TenneT to build a High Voltage Alternating Current (HVAC) platform in the Netherlands sector of the North Sea.The service provider to the marine, offshore, oil, gas and renewable energy sectors said in a press release that the HVAC platform will be part of a renewable energy wind farm, located in the Hollandse Kust Zuid grid connection in Netherlands sector of the North Sea.The approximately 3,500T Topside will have a connection capacity of 700MW, and is set to be completed in 2021, it said.

DNV GL Looks for Partners in LIDAR JIP

Pic: DNV GL

The international accredited registrar and classification society DNV GL calls on industry stakeholders to jointly develop acceptance criteria for LIDAR-measured Turbulence Intensity (TI).The world’s largest resource of independent energy experts said in a press note that it is "calling on wind energy stakeholders to join a new Joint Industry Project (JIP) to explore the potential of using light detection and ranging (LIDAR) to measure wind speed TI for various applications in the wind industry."According to the Norway-headquartered organization…

Ocean Monarch Mobilises to Otway

Map: Cooper Energy Limited

Australian upstream oil and gas exploration and production company Cooper Energy  announced the semi-submersible drilling rig Ocean Monarch, operated by Diamond Offshore, has commenced mobilisation from the Gippsland Basin to the Otway Basin where it is to drill 2 offshore gas exploration wells.According to a press release, the wells, Annie-1 and Elanora-1, will be the first offshore gas exploration wells drilled in the Otway Basin in seven years.Cooper Energy (Operator and 50% interest holder) and Mitsui E&P Australia (50% interest) are drilling the wells to identify new sources of gas supply for south-east Australia…

Iberdrola Profits Up with Contribution from OWF

Ignacio Galán, CEO Photo: Iberdrola

Spanish public multinational utility company Iberdrola said that its gross operating profit (EBITDA) grew by 12.5% to €4.99 billion, due to the positive performances in the United States, Mexico and Brazil and the contribution of the Wikinger offshore wind farm, which amply offset lower contribution from the Networks and Renewables businesses in Spain and the Generation and Retail business in the UKGroup Chairman Ignacio Galán explained that “this double-digit growth highlights the success of our business model, based on a commitment to clean energy…

Ferrybridge Demolished for Beatrice OWF

Image: SSE

The iconic former coal-fired Ferrybridge Power Station in West Yorkshire has been demolished, before the official opening of Beatrice Offshore Wind Farm in the Moray Firth.A press release from the UK-listed energy company SSE said that the world’s fourth-largest offshore wind farm will be officially opened by HRH The Prince Charles, The Duke of Rothesay, today (Monday July 29)Situated 13km off the Caithness coast, the 84 turbines will generate 588MW of renewable energy – enough to power 450,000 homes every year.The day before, on Sunday July 28…

NPCC, Petrofac JV Bag Al Yasat Offshore Gig

Image: NPCC

National Petroleum Construction Company (NPCC) and Petrofac, in a joint venture with CNPC, have won a front-end engineering design (Feed) contract from Adnoc Group company Al Yasat Petroleum for the Belbazem Block Development project located offshore in Abu Dhabi.The contract's scope of works includes the submission of a Feed package and proposal for the engineering, procurement, construction, and installation (EPCI) of the facilities, with implementation of the EPCI activities to be awarded on a design competition basis.A joint press release from the companies quoted Eng.

Neptune Acquires Interests in Offshore Indonesia

Image: Eni

Neptune Energy East Sepinggan, subsidiary of the European exploration and production company Neptune Energy has agreed to acquire interests from the Eni East Sepinggan Limited, a unit of Eni in the Kutei basin production sharing contracts (PSC) offshore Indonesia.According to a press release from the Italian multinational oil and gas company, it  will continue to be the Operator of the area which is located in the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes Merakes development and Merakes East discovery. The agreement…

Chevron Cleared to Stay in Venezuela

© Jim Barber / Adobe Stock

The Trump administration said on Friday it has renewed Chevron Corp's license to drill for oil and gas in Venezuela despite sanctions, signaling it sees value in having the U.S. oil producer operate in a country on the verge of economic and political collapse.The Treasury Department said it renewed the license for three months for Chevron, the last U.S. oil company operating in Venezuela, a member of the OPEC producer group. The license runs through Oct. 25, 2019."Our operations in Venezuela continue in compliance with all applicable laws and regulations…

Petrobras Reports Higher Q2 Production

(Photo: Petrobras)

Brazilian state-run oil firm Petroleo Brasileiro SA posted a modest production boost in the second quarter, but failed to live up to market expectations, sending shares down over 2% in morning trade.In an early Friday securities filing, Petrobras, as the firm is known, said total second-quarter oil and gas production hit 2.633 million barrels per day of oil equivalent (boe), up 3.8% from the previous quarter.Despite the increase, the market expected more of the company, which is dramatically ramping up production in Brazil's offshore 'pre-salt' area.