Seabed Geosolutions Wins GoM Extensions
Seabed Geosolutions, a joint venture between Fugro and CGG, has secured an extension to a recently awarded 4D ocean bottom node (OBN) seismic monitoring surveys over multiple oil and gas fields in the U.S. Gulf of Mexico.Seabed Geosolutions has recently started as planned with the original workscope, and the additional surveys will increase the total duration to around five months. The extension secures backlog continuity…
U.S. Energy Chief Applauds Mexico's Plan to End Fuel Imports
U.S. Energy Secretary Rick Perry praised the goal set out by Mexico's incoming president to end massive gasoline and diesel imports, nearly all of which come from the United States, as a measure that will boost prosperity in its southern neighbor.During a visit on Wednesday to the Mexican capital in which he met with both current officials as well as key advisers to President-elect Andres Manuel Lopez Obrador, Perry brushed off concerns that U.S.
Oil Companies Make Few Bids in US Offshore Lease Auction
Oil companies bid on less than 1 percent of the parcels offered in a sweeping U.S. auction of Gulf of Mexico exploration leases on Wednesday, showing tepid interest in the region for the second time this year.Oil giant Exxon Mobil Corp was awarded 25 blocks, the largest of any company, followed by BP Plc with 19 high bids and Hess Corp and Equinor, which each had 16.Smaller companies, including Talos Energy Offshore, Houston Energy and W&T Offshore were among the top ten high bidders.
Colombia's Ecopetrol to Invest Up to $3.5 bln in 2018
Colombia's state-run oil company Ecopetrol said on Wednesday it will invest $3 billion to $3.5 billion during 2018, less than it had previously said it would spend.Ecopetrol originally planned to spend $3.5 billion to $4 billion in investment in 2018, mostly in exploration and production. First quarter investment was stymied by protests which led to the temporary closure of some fields and laws that restrict public company contracting during elections. The company spent $1 billion in investment during the first half.
Algeria's Sidi Rezine Refinery to Restart Production at Start of 2019
The Sidi Rezine refinery in the Algerian capital Algiers will come back online at the beginning of 2019 with an estimated output of 3.6 million tonnes of refined products, a senior official at state energy company Sonatrach told Reuters on Wednesday.Sidi Rezine has been upgraded and was previously producing 2.7 million tonnes out of Algeria's total annual production of 30 million tonnes in refined products.Reporting by Lamine Chikhi Writing by Aidan Lewis
Aker Solutions to Supply Umbilicals for Liuhua FPSO
Aker Solutions said it has been contracted to deliver power umbilical systems to China National Offshore Oil Corporation's (CNOOC) Liuhua oil fields in the South China Sea, off Hong Kong.The order, which is said to be worth more than NOK 350 million ($36.6 million), was booked in the third quarter of 2018. The work scope includes more than 35 kilometers of dynamic and static power umbilicals for the Liuhua 16-2, 20-2 and 21-2 fields…
Woodside Petroleum Half-year Profit Rises
Australia's Woodside Petroleum Ltd said on Wednesday that its first-half net profit rose 6 percent and it raised its 2018 production outlook after strong performances from its Wheatstone and Pluto LNG projects.For the 2018 fiscal year, Woodside said it now expects fiscal 2018 production between to 87 mmboe to 91 mmboe from an earlier outlook of 85 mmboe to 90 mmboe.Production costs per barrel of oil equivalent across all operating assets for 2018 are expected to be between $5.50 and $5.80…
Ampelmann Wins North Sea Contracts
Ampelmann has strengthened its position in the North Sea this year after being awarded four new contracts and two extended scopes of work in the basin.The projects will see six E-type gangway systems deployed for planned shutdown campaigns and ongoing fabric maintenance support by different major operators across the UKCS.Utilising motion compensation technology, Ampelmann’s E-type is the largest system in the company’s portfolio and is ideally suited for the harsh environment of the North Sea…
Mexico's Obrador Pledges More Than $11 Bln for Refineries
Mexican President-elect Andres Manuel Lopez Obrador said on Monday his administration will invest more than $11 billion to boost refining capacity in order to curb growing fuel imports.Lopez Obrador, who will take office on Dec. 1, told reporters his government plans to invest $2.6 billion to modernize existing domestic refineries owned and operated by national oil company Pemex, and spend another $8.4 billion to build…
Bay State Wind Revises Turbine Layout
Bay State Wind, an offshore wind joint venture between developer Ørsted and New England electric transmission company Eversource, announced a significant change to its proposed wind farm layout in response to feedback from fishermen and community members.The revised turbine layout pattern accommodates historical fishing patterns and helps to provide greater ease of fishing within, and transiting through, the wind farm…
Oil Slips as Focus Shifts to Demand in Coming Months
Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate (WTI) crude fell 29 cents to $67.34 a barrel.Futures have struggled to find a footing since Wednesday, after they fell about…
Ampelmann Six New North Sea Contracts
Offshore access solutions provider Ampelmann said it has strengthened its position in the North Sea this year after being awarded four new contracts and two extended scopes of work in the basin.The projects will see six E-type gangway systems deployed for planned shutdown campaigns and ongoing fabric maintenance support by different major operators across the UKCS.Utilizing motion compensation technology, Ampelmann’s…
Seaborne LPG Trade Rebounds: Dorian LPG
Seaborne LPG trade rebounded in the second calendar quarter of 2018 thanks to heavy lifting schedules in the Middle East and the United States, as well as an improvement in arbitrage economics towards the end of the three-month period, said Dorian LPG.After a lackluster first calendar quarter of 2018, exports from the United States peaked at approximately 2.7 million metric tons in May 2018, and total U.S. exports for…
Sovcomflot's Pskov Loads First Cargo from Yamal LNG
The liquefied natural gas (LNG) carrier Pskov completed loading at the Port of Sabetta (YNAD), with the first cargo of LNG produced from the second high-tech production line at the Yamal LNG plant.August 08 marked the launch of the second production train at Yamal LNG, which happened six months ahead of schedule.Pskov is a state-of-the-art Atlanticmax LNG carrier with a cargo capacity of 170,000 cubic metres. She was built to order for Sovcomflot Group in 2014…
US drillers add most oil rigs since May
U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years.Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That rig count increase occurred desite U.S.
Russia Loses Bulk of WTO Challenge to EU Gas Pipeline Rules
Russia largely failed in its bid to overturn the European Union's gas market rules in a World Trade Organization ruling published on Friday.Russia launched the dispute in 2014, claiming that the EU's "Third Energy Package" discriminated against its gas export monopoly Gazprom by requiring the "unbundling" of transmission assets and production and supply assets.Either side can appeal within 60 days.Reporting by Tom Miles
China Move to Drop Crude off Tariff List a Relief for Sinopec
China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources said.Dropping crude oil from the final tariff list on $16 billion in U.S. goods announced late on Wednesday underscores the growing importance of the United States as a key global producer and critical alternative supply source for top importer China…
Calm in Oil Markets Could be Short-lived -IEA
Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S.
Gulf of Mexico Lease Sale to Test Response to Trump-era Regulations
A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them.The U.S. Gulf of Mexico has faced waning interest in recent years as competition stepped up from other basins globally, as well as from onshore shale basins and Mexico's waters in…
Yamal LNG Commissioned in Record Time
Russia’s PAO Novatek has launched a second liquefied natural gas (LNG) production train at its plant on the Yamal peninsula ahead of schedule.Russia's largest independent natural gas producer announced that "Yamal LNG has launched the second LNG train and dispatched the first cargo from this unit. The second LNG train commissioned six months ahead of its original schedule, and combined with the first LNG train launch in December 2017…
Gas to Become World's Primary Energy Source by 2035
Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. While renewable energy will grow its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today.Gas will become the largest single source of energy from 2034.DNV GL’s Energy Transition Outlook (ETO), a forecast that spans the global energy mix to 2050…
Trelleborg's Safepilot for Shell's Brent Data Decommissioning Project
SafePilot from Trelleborg’s marine systems operation helped to pilot Allseas’ 200 meter-long barge, Iron Lady, from the Tees Bay to Able UK’s Seaton Port in Hartlepool which transported Shell’s 24,200 ton Brent Delta topside to Able’s facility on May 2, 2017.The Shell-operated Brent field, is located 115 miles east of the Shetland Islands, in 140 meters water depth, and has been in production since 1976. As part of Shell’s complex Brent Decommissioning Project…
De-risking the FPSO Renaissance
Floating production, storage and offloading vessels (FPSOs) are in the ascendancy. The total FPSO market is now expected to grow to over $117 billion by 2024. A combination of factors, such as the recovered oil price and renewed interest in deeper, more marginal new reserves, have made these vessels the understandable choice for an industry that still remembers the travails of 2014.But nothing can be taken for granted. With an uptick in activity, operators need to be wary of supply-chain risks.
Aqualis Offshore to Position Egina FPSO
Aqualis Offshore has been handed the position keeping role for installation of the floating production storage offloading unit (FPSO) at Total’s Egina field offshore Nigeria.EPCIC contractor for the $3.3 billion FPSO, Samsung Heavy Industries, has awarded the position keeping work to Aqualis Offshore. The newbuild Egina FPSO was towed from South Korea and arrived in Nigeria in late January for final integration of topside…
U.S. Crude Stockpiles Fall Less Than Expected - EIA
U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.4 million barrels in the last week, compared with analysts' expectations for a decrease of 3.3 million barrels."The report was negative for prices with the smaller-than-expected drawdown in crude oil inventories and the decent sized rise in refined product inventories," said John Kilduff, a partner at Again Capital Management in New York.
North Sea Oil Market Sounds Alarm on Oversupply
The North Sea physical oil market is letting off a distress signal - crude is once again being stored on ships – as production increases from major exporters threaten a fragile balance between global supply and demand.Reuters data shows nearly 7 million barrels of North Sea crude held on ships that have been static for at least two weeks, unable to find immediate buyers, up from virtually nothing a few weeks ago."Over the past two weeks…
McDermott Wins Shell Contract for Gulf of Mexico
McDermott International announced a contract from Shell Exploration and Production Company, a subsidiary of Royal Dutch Shell (Shell) plc, for subsea umbilical and flowline installation at the Perdido development, located 230 miles south of Galveston, Texas, in the Gulf of Mexico."This award strengthens McDermott's relationship with Shell as we work together to safely and competitively deliver this next-generation deepwater energy project…
Russia's Rosneft More Than Triples Q2 Net Profit
Russia's Rosneft more than triples Q2 net profit, shares hit recordRussia's largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion roubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak.Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP, said its profit was also supported by a…
Oil Market Enters Post-OPEC Era: Kemp
Saudi Arabia and Russia started to raise their oil production several weeks before the formal decision to increase output was taken by OPEC and its allies towards the end of June.Saudi Arabia increased its production to 10.49 million barrels per day (bpd) in June from 10.03 million in May and 9.87 million bpd in April, according to government data submitted to OPEC.Russia’s Rosneft also started to raise output from late May…
Oil Up as U.S. Sanctions on Iran Expected to Tighten Supply
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply.Brent crude oil futures were up 75 cents to $74.50 per barrel at 1337 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 32 cents at $69.33 a barrel.A first batch of U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01 a.m. U.S.
Saudi Aramco, Petronas tap Banks for Jumbo Financing
Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.The two state energy companies borrowed $8 billion from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.The project…
DNV GL Provides Tech Support for 3 Norwegian Wind Farms
DNV GL, the world’s largest resource of independent energy experts and certification body, today announced that the company’s technical expertise was an important part of the due diligence of the Bjerkreim cluster, a 294-megawatt group of wind farms in Norway.The German asset manager for renewable energy investments Luxcara recently entered long-term Power Purchase Agreements (PPAs) for 100% of the output and environmental…
Trading Firm Trafigura Looks to Build U.S. Deep Water Oil Port
Global commodities trader Trafigura has applied to build a deep water port in Texas, United States, that would be able to load supertankers, the company said on Monday, supplying badly needed oil export infrastructure to the country.The company said it had applied for a permit on July 9 via its subsidiary Texas Gulf Terminals.The United States began exporting crude oil in 2016 after the ban on exports was lifted but while its production and therefore exports keep hitting new highs…
Kosmos Energy Acquired DGE for $1.23 Bln
Kosmos Energy has agreed to acquire Deep Gulf Energy (DGE) from its private equity owner for $1.23 billion, according to a bourse filing on Monday, expanding the deepwater oil and gas firm's operations into the Gulf of Mexico.Dallas-based Kosmos, which currently operates in Africa and South America, will pay $925 million in cash and $300 million in Kosmos common stock to acquire DGE, with the transaction expected to close towards the end of the third quarter.Acquiring DGE's business will increase Kosmos' production by m
Enpro Subsea Supports First Oil for LLOG Exploration in Gulf of Mexico
In June, LLOG Exploration delivered first production from its Crown and Anchor field in the Gulf of Mexico. This milestone also represents a major achievement for Aberdeen based Enpro Subsea as it is the first of multiple deployments by LLOG of its patented Flow Access Module (FAM) technology.The FAM technology was selected by LLOG as it fully aligns with the company's strategic approach to fast track, capital efficient subsea tiebacks.
Oil Gains After Surprise Drop in Saudi Crude Output
Oil rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel.Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. So-called "snapback" sanctions are due to be reinstated at 12:01 a.m. EDT on Tuesday, according to a U.S.
Petronas Delivers First LNG Cargo to Hokkaido Electric
Malaysian state-owned oilcompany Petroliam Nasional Bhd (Petronas) through its subsidiary, Malaysia LNG (MLNG) delivered its first liquefied natural gas (LNG) cargo to Japan's Hokkaido Electric Power on August 1st, 2018.This delivery marks the beginning of MLNG's supply to Hokkaido Electric via a 10-year Sale and Purchase Agreement (SPA) signed on 2 March 2017.Hokkaido Electric will be utilising the cargo for the commissioning of its LNG tank at Ishikari Terminal.
Eidesvik Offshore, Wärtsilä Norway and DNV GL Celebrate FellowSHIP
Project partners Eidesvik Offshore, Wärtsilä Norway and DNV GL have announced the closure of the FellowSHIP research project. The cooperation has explored the use of battery, hybrid and fuel cell technology in the maritime industry for over 15 years.“FellowSHIP has been a flagship research project,” states Bjørn-Johan Vartdal, Maritime Programme Director for Technology and Research in DNV GL Group. “The results from FellowSHIP…
US Oil Rig Count Dips for Second Week in Three
U.S. energy companies this week cut oil rigs for a second time in the past three weeks as the rate of growth has slowed over the past couple of months with recent declines in crude prices.Drillers cut two oil rigs in the week to Aug. 3, bringing the total count down to 859, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico, the nation's biggest shale oil field.
Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday…
Canada Crude Differential Seen Staying High as Refiners Take Downtime
The discount on Canada's heavy crude, which reached a nearly five-year high this week, looks to remain elevated with pipelines strained and the refiners who buy it going offline for maintenance, industry officials say.Western Canada Select (WCS) oil traded on Tuesday for $34.15 per barrel less than West Texas Intermediate light oil, the biggest differential since November 2013, according to Shorcan Energy Brokers. The…
Saudi's July Oil Output at Around 10.290 mln bpd
Saudi Arabia’s crude oil production in July was around 10.290 million barrels per day, two OPEC sources said on Friday.The amount of oil supplied to the market in July was slightly higher at 10.380 million bpd, the sources said.Supply to the market -- both domestically and for exports -- may differ from production depending on the movement of barrels in and out of storage.Saudi Arabia told OPEC that it pumped 10.488 million bpd of crude oil in June, an increase of 458,000 bpd from the production figure it submitted for
Gas Production at Egypt's 9B Field to Begin in October - Minister
Production of natural gas from two deepwater wells at Shell's West Nile Delta field 9B in Egypt will begin in the first half of October, the country's petroleum minister said on Friday.Tarek El Molla said in a statement the whole project, which includes several other wells being dug and linked to production, was set for completion in the second half of 2019 and that its output aims to reach 400 million cubic feet per…
Oil Futures Steady on Market's Long-term Bearish Focus
Brent oil futures steadied under $74 a barrel on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by U.S. crude inventories in at a major hub falling to their lowest in nearly four years.U.S. West Texas Intermediate (WTI) crude futures were at $68.86 per barrel at 1321 GMT, down 10 cents from their last settlement, while Brent crude futures were at $73.55 per barrel…
Siemens Gamesa, Van Oord win $580 mln Dutch wind farm contract
Wind turbine maker Siemens Gamesa and Dutch marine contractor Van Oord said on Friday they have won a contract worth more than 500 million euros ($580 million) to build a large wind farm in the Netherlands.The 380 megawatt (MW) wind farm on IJsselmeer lake is expected to provide enough energy to power around 380,000 households from mid 2021.Spain's Siemens Gamesa will design and supply 89 wind turbines and service the wind farm for at least 16 years.
DNV GL Secures Shell Penguins Contract
DNV GL has won a cross-service contract to support Shell's Penguins Field redevelopment on the UK Continental Shelf.The contract with Shell involves a team which will deliver an integrated verification and class project for the operator's Penguins floating production storage and offloading (FPSO) vessel.DNV GL is providing integrated Verification and Class services to the project. This will be led by a team in UK Oil & Gas…
Brazil Calls Oil Auction, Seeks to Export Oil in a Year
Brazil's government will seek to sell 14.4 million barrels of oil cargo this month, while the state company managing the development of the pre-salt oil exploration aims to export its own oil in a year's time, the firm's head said on Thursday.The tender of oil cargo, at an auction set for Aug. 31, follows a failed auction in May, in which the government received no bids.On offer is the government's share of production from companies producing in deepwater pre-salt fields.
Oil Up; Traders Cite Crude Build at Cushing
Traders say Genscape reports crude draw at Cushing; prices rally on hopes latest weekly draw was an anomaly.Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting U.S. crude stockpiles would soon begin to decline again after a surprise rise in the latest week.Traders said prices rallied when industry information provider Genscape reported that crude inventories at Cushing, Oklahoma, delivery hub for U.S.
Oil Fall Again, Rising Supplies Weighs
Trade tensions cap gains as U.S. inventories jump, confounding expectations.Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S.
Bad Weather Stalls Bangladesh FSRU Hook Up
A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…
Rising Supply Dents Oil Gains
Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.Brent crude futures were last down 33 cents at $72.06 a barrel by 1200 GMT, while U.S.
Oil Falls Below $73 on Rising Supply, Trade Worries
Oil extended losses on Wednesday to fall below $72 a barrel, pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and higher OPEC production, adding to indications of more ample supply.Concern of an imminent escalation in the trade war between the United Sates and China pressured equities and boosted the U.S. dollar, and also weighed on oil as slowing economies would curb demand.On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week.
Trump Bets on New European LNG Terminals
U.S. President Donald Trump expects the European Union to fund 9 to 11 liquefied natural gas (LNG) ports to absorb "vastly" more shipments from the United States but current EU investment in new projects will only help open small markets.In a White House press conference with Italian Prime Minister Giuseppe Conte late on Monday, Trump said part of the U.S.-EU trade talks sought to expand America's reach into the continent's…
Iraq's Oil Exports from Southern Ports Rise in July
Iraq exported 3.543 million barrels per day (bpd) of crude oil from its southern ports in July, slightly above the June average, the oil ministry said on Wednesday.Iraq exported 3.521 million bpd of crude oil in June.All the volumes shipped in July came from the southern fields, the ministry said in a statement. There were no exports in July from the Kirkuk fields, located in northern Iraq but under the control of Baghdad.The average sale price in July was $69.163 per barrel…
Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040
Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…
Indonesia's Pertamina to Take Over Chevron's Rokan Block in 2021
Indonesia has decided Pertamina will take over operation of the Rokan oil block, the country's second-biggest crude producing field, once Chevron's operating contract there expires in 2021, Deputy Energy Minister Arcandra Tahar said on Tuesday.Rokan has been a focus area for Chevron, which asked Indonesia earlier this year to extend its operating contract beyond 2021.A proposal made by Chevron for an extension of its contract after 2021 was "far below" an offer made by Pertamina…
Aker BP Adds More Acreage off Norway
Norway's independent oil firm Aker BP has agreed to buy stakes in 11 production licenses off Norway from French Total for a cash consideration of $205 million, the company said on Tuesday.The portfolio includes four discoveries with net recoverable resources of 83 million barrels oil equivalents based on estimates from the Norwegian Petroleum Directorate (NPD), it added."With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, a
Shell to Make Final Investment Call on Nigeria Oilfield in 2019
Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria's Bonga Southwest offshore oilfield, a senior company official said on Tuesday.The project, one of the country's largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, Bayo Ojuli, managing director of Shell Nigeria Exploration and Production Company, told…
OPEC July Oil Output Hits 2018 Peak, but Outages Weigh
OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June's revised level and the highest this year with Congo added.OPEC and allies agreed last month to boost supply as U.S.
New Strike Ballot for Mariner Oil Platform Workers after Aker Offer
Unite the Union will ballot its members among offshore oil workers on Equinor's British North Sea Mariner platform again after Aker Solutions offered a new pay deal, Unite the Union said on Monday.A previous vote had been in favor of a strike which would involve about 200 workers and would likely take place between August and October. The Mariner field is due to start production in the second half of this year."There…