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…

Woodside to Implement Schlumberger's DELFI

The DELFI cognitive exploration and production environment delivers integration and connectivity across domains from planning to operations. (Image: Schlumberger)

Australia's largest oil and gas operator Woodside Energy will leverage Schlumberger's DELFI cognitive cloud-based software environment in an effort to increase consistency, reduce study cycle time and foster innovation in its subsurface characterization and development activities, Schlumberger announced on Tuesday.According to Schlumberger, the DELFI environment delivers extensive integration and connectivity across E&P domains from planning to operations…

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…

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…

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…

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.

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…

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…

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…

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…

Gazprom Lead Oil and Gas Growth Worldwide

Graph: Rystad Energy

Russian giant Gazprom saw the most production growth among world’s exploration and production (E&P) companies during the five-year span from 2014 through 2018.It’s followed by Chinese player PetroChina Company Limited and U.S. shale company EQT Corporation ranking second and third, respectively, said energy research firm Rystad Energy.Onshore resources – whether conventional or unconventional – are a major driver of growth…

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…

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…

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…

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…

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.

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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.

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…

Petrobras Posts Highest-ever Quarterly Profit

Photo: Petrobras)

Brazilian state-run oil firm Petroleo Brasileiro SA posted its highest ever quarterly profit on Thursday and handily beat analysts' estimates, thanks in large part to billions of reais in asset sales.In a securities filing, Petrobras, as the firm is commonly known, said second quarter net profit came to 18.87 billion reais ($4.92 billion). That was well above the Refinitiv consensus estimate of 8.06 billion reais at current exchange rates.Adjusted for non-recurring items…

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…

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…

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…

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%…

BP and Eni Ink Exploration Deal in Oman

Supermajors BP and Eni on Wednesday signed an exploration and production sharing agreement (EPSA) for Block 77 in central Oman with the Ministry of Oil and Gas of the Sultanate of Oman.Block 77 covers a total area of over 2,700 square kilometers. BP and Eni will each hold a 50% interest in the EPSA, with Eni acting as operator during the exploration phase.The agreement follows from the heads of agreement for the block that was signed in January 2019.Bob Dudley…

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…

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…

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…

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…

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…

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…

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.

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…

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…

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…

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…

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…

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…

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…

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…

Europe Installs 1.9 GW Offshore Wind Capacity in H1

Image:  WindEurope

Europe added 1.9 GW of new offshore wind was installed in the first half of 2019, up from the 1.1 GW added in the same period in 2018, according to figures released by WindEurope.The UK (931 MW), Denmark (374 MW), Belgium (370 MW) and Germany (252 MW) accounted for these installations. This includes Hornsea 1 in the UK which, when completed, will be the world’s largest wind farm with 1.2 GW.In the first half of 2019 Europe invested €8.8bn in the construction of future wind farms…

TechnipFMC: Record Orders, Backlog in Q2

(Photo: TechnipFMC)

Franco-American oil services company TechnipFMC received a record volume of orders in the second quarter, pushing its backlog of projects to a peak thanks to new liquefied natural gas projects, it said on Wednesday.The records could signal a rebound for the company created by a 2016 merger of France's Technip and U.S. rival FMC Technologies to weather the oil price crash that had forced their oil major…

Total Plans $5 Bln in Asset Sales

(File photo: Malfere Damien / Total)

French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday.The company reported a 19% year-on-year drop in adjusted net profit to $2.9 billion in the second quarter, which it attributed to a combination of unfavorable market factors.These include a 7% drop in oil prices since the second quarter of 2018…

Ørsted Offshore Wind Hub Comes in East Coast

Image: Orsted

Ørsted U.S. Offshore Wind announced a landmark agreement to develop Maryland’s first offshore wind energy staging center at Tradepoint Atlantic, a 3,300-acre global logistics center in Baltimore County, Maryland.Establishing a facility for offshore wind at Tradepoint Atlantic marks a major milestone in the development of Ørsted’s Skipjack Wind Farm located 19.5 miles off Maryland’s coast, and the expansion…

Maryland Offers Offshore Wind Grants

Image: Maryland Energy Administration

The Maryland Energy Administration (MEA) is launching two offshore wind grants for the 2020 fiscal year, with combined funds of approximately $3 million. Nearly $1.6m will go the Maryland Offshore Wind Capex Program and remaining to the Maryland Offshore Wind Workforce Training Program.Maryland Offshore Wind Workforce Training program provides grant funding on a competitive basis to support Maryland’s…

South-Khadyryakhinskoye Gas Flows

Image: Novatek

Russian largest independent gas producer and LNG player Novatek has begun commercial production at the South-Khadyryakhinskoye gas field, whose capacity is estimated at about 1 bcm of natural gas per year.“The South-Khadyryakhinskoye field is located in close proximity to the Company’s existing infrastructure, which allowed us to quickly commence initial gas production and optimize the field’s capital costs…