Thursday, October 18, 2018

Carlyle Group Acquires EnerMech from Lime Rock Partners

 Image: EnerMech

Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP)…

Eni Wins Offshore Mozambique Block

Image: Eni

Italian oil and gas major Eni has signed in Maputo the contract for the exclusive exploration and development rights of the offshore block A5-A, in the deep waters of the Northern Zambezi Basin, approximately 1,500 km to the north east of the capital Maputo.With this acquisition, Eni further strengthens its presence in Mozambique, a country that has a strategic relevance for the company, said a press release from the…

Total, India's Adani Join Hands in LNG Sector

Image: Total

French energy major Total and Adani Group have signed an agreement to jointly develop multi energy offers to the Indian energy market. This cooperation includes Liquefied Natural Gas (LNG) and Fuel Retail.The Adani Group is an Indian private conglomerate active in 50 countries and specialized in commodities trading, port infrastructures and logistics, as well as energy production and distribution.This strategic partnership…

Oil Prices Fall Ahead of U.S. Crude Stocks Data

© Robert Coy / Adobe Stock

Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.U.S. light crude oil was 80 cents lower at $71.12.Official oil inventory data from the U.S.

Shell Sells its Danish Upstream Assets for $1.9 Bln

© Michael Flippo / Adobe Stock

Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group. Deals so far have included large portfolios in the British North Sea…

Europe Power: Spot Prices Down as Wind Supply Rises

© Christian Schwier / Adobe Stock

European prompt power prices fell further on Wednesday from high levels, as the prospect of higher wind power supply overrode some thermal plant losses.German baseload power for Thursday delivery dropped by 12.3 percent to 62.3 euros ($72.03) per megawatt hour (MWh). Monday's day-ahead price had been at an 11-month high, driven by high demand and tight nuclear supply.German wind power production is expected to rise to 6.9 gigawatts (GW) on Thursday from 2.5 GW on Tuesday and range up to 17.3 GW over the next fortnight…

Several US States Likely Withheld from Offshore Drilling Plan

Interior Secretary Ryan Zinke (Photo: U.S. Department of Interior)

Interior Secretary Ryan Zinke has hinted to at least six coastal states that he will keep their waters out of a looming plan to expand U.S. offshore drilling, telling some they lack enough oil to be included anyway, according to state officials and transcripts from public hearings.Zinke's comments are the clearest indication to date that the Trump administration’s initial proposal to open nearly all U.S. waters to drilling, announced in January, will be significantly pared back by the time it is finalized.

Lukoil Groundbreaking Ceremony at Rakushechnoye Field

Image: Lukoil

Russia's Lukoil informed its President Vagit Alekperov, jointly with Head of the Astrakhan Region Sergey Morozov, took part in the official groundbreaking ceremony to mark the start of construction of infrastructure facilities of Rakushechnoye field.This is the Company's third large project in the Caspian Sea alongside with two other fields, Yury Korchagin and Vladimir Filanovsky.Commercial oil production, with an estimated plateau level of 1.2 million tonnes…

Wintershall CEO Meets Norwegian Prime Minister on Growth Plans

Photo: © Wintershall/Bernd Schoelzchen

Mario Mehren, CEO of Wintershall, Germany's largest crude oil and natural gas producer, has presented Wintershall’s growth plans in Norway during a visit by Norway's Prime Minister, Erna Solberg, to Berlin.Mehren announced a further increase in production during a discussion with the Prime Minister and representatives of German energy politics and the energy industry, which was held at the Norwegian Embassy."It has become…

Lukoil to Start Oil Production at New Caspian Field in 2023

Russia's biggest independent oil producer Lukoil plans to start commercial oil production at its new Caspian field in 2023, the company said on Tuesday.Lukoil said it expected to reach peak production at the Rakushechnoye field of 1.2 million metric tons a year but did not specify when this would be achieved.(Writing by Andrey Kuzmin Editing by Edmund Blair)

Devon Energy Sees Higher US Output in Third Quarter

Shale producer Devon Energy on Tuesday forecast higher U.S. production for the third quarter from a year earlier, helped by an increase in output of natural gas liquids.Devon now expects output of about 418,000 barrels of oil-equivalent per day boe/d, up from 403,000 boe/d it reported, a year earlier.The company said its capital spending fell to $523 million in the quarter, 9 percent below the company's midpoint forecast.(Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

Wintershall Struggles to Boost Output from Norway's Maria Field

Photo: Wintershall

German oil firm Wintershall's flagship project in Norway - the Maria oil and gas field - is not meeting output expectations due to water injection issues, the company said on Monday.The field, which started nine months ahead of schedule at end-2017, was welcomed by the Norwegian government as an innovative project to squeeze more barrels from Norway's continental shelf.But 10 months after the startup Maria's output has…

Unmanned Platform Starts Production at Oseberg Vestflanken 2

The Oseberg area (Photo: Equinor)

The Oseberg Vestflanken 2 field in the North Sea came on stream on Sunday. Remote-operated from the Oseberg field center, the new Oseberg H platform is the first unmanned platform on the Norwegian Continental Shelf. Recoverable resources are 110 million barrels.“With Oseberg H we take a huge technological leap forward. The fully automatic, unmanned and remote-operated platform is digitalization in practice, and I am proud of Equinor and its partners having chosen this in-house developed solution…

Oil Steady as Saudi Tensions Balance Demand Outlook

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Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook.Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT. U.S. crude was down 5 cents at $71.29."Growing tensions over the disappearance of journalist Jamal Khashoggi at the Saudi consulate in Istanbul has proved supportive…

India's Petronet LNG says Talks to Invest in Qatar Have Slowed

India's Petronet LNG Ltd said on Monday its talks to invest in Qatar's exploration and production sector had "slowed down," as the company had not been able to reach an agreement on pricing with the Middle Eastern nation."Qatar is still at a very preliminary stage. We were actually looking at getting the molecule (gas) at the well head price. They want to sell it at market price," said Prabhat Singh, managing director of Petronet LNG.Petronet LNG…

Hurricane FPSO Leaves Dubai After Upgrade, Shetlands First Oil Seen in H1

(Photo: Hurricane Energy)

The Aoka Mizu floating production, storage and offloading (FPSO) vessel ordered by Hurricane Energy has left Dubai following a series of upgrades, the company said, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude.It expects first oil from its Greater Lancaster Area (GLA) project…

Aker BP to Buy Equinor Gas, Condensate Discovery

(Photo: Aker BP)

Aker BP has agreed to buy Equinor's 77.8 percent stake in Norway's King Lear gas and condensate discovery for $250 million in cash, the two companies said on Monday.The North Sea discovery has estimated reserves of 77 million barrels of oil equivalents, and by connecting it to existing production facilities at the Ula field, Aker BP expects the acquisition to add more than 100 million barrels in total."This (tie-in) will…

US GoM Oil Production Off 32% from Storm

A view of the eye of Hurricane Michael taken on October 10, 2018 from the International Space Station currently orbiting Earth. The photo was taken by NASA astronaut Dr. Serena M. Auñón-Chancellor. (Credit: NASA)

U.S. Gulf of Mexico producers have cut oil output by 32 percent and natural gas production by 13 percent as a result of the lingering effects of Hurricane Michael, the Bureau of Safety and Environmental Enforcement (BSEE) said on Friday, citing reports from 27 companies.The reductions continued as oil and gas companies moved more workers back to production platforms that were evacuated earlier in the week. As of Friday morning…

US Drillers Add Oil Rigs for First Week in Four

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The U.S. oil drilling rig count rose this week for the first time in four weeks even as crude prices tumbled to their lowest in almost three weeks.Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The increase is the biggest weekly gain since mid August.The U.S. rig count, an early indicator of future output…

Oil Rebounds Towards $81 but Weaker Demand View Weighs

© Daniel Gillies / Adobe Stock

Oil rebounded towards $81 a barrel on Friday as an equities rally lent support, though prices pared gains after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in U.S. inventories and fading concerns for now about looming U.S. sanctions aimed at cutting Iran's oil exports.Global equities were set for their biggest daily gain in nearly a month.

Equinor Extends Contract for Maersk Intrepid Rig

The Maersk Intrepid jack-up rig. (Photo: Maersk Drilling)

Norway's Equinor has awarded Maersk Drilling AS a five-month contract for the Maersk Intrepid rig to provide operational support on the Martin Linge field in the North Sea. Two extension options will also be exercised, and four new options will be added.Maersk Intrepid initially had a contract for operational support for the Martin Linge licence until April 2019. Equinor has chosen to exercise two one-month options, and then start a new contract from June 1 to October 31…

U.S. Oil Firms Restoring Operations in Storm-tossed Gulf of Mexico

Photo courtesy of BP

Oil producers on Thursday were checking Gulf of Mexico production platforms and beginning to return crews to more than 90 offshore facilities evacuated this week as Hurricane Michael moved through the Gulf.Production shut-ins that temporarily halted 42 percent of Gulf oil output and nearly a third of natural gas production was restarting in some areas.BP Plc conducted its first flyovers on Wednesday to check the status of four platforms that were evacuated…

Petrobras Forms JV with Murphy in Gulf of Mexico

Brazil's state-controlled oil company Petroleo Brasileiro SA is forming a joint venture with Murphy Oil Company to explore oil and gas fields in the Gulf of Mexico, the Brazilian company said on Wednesday in a securities filing.According to the filing, Petrobras, as the Brazilian company is known, will have a 20 percent stake in the joint venture, and Murphy will have 80 percent. Petrobras will receive $1.1 billion in the transaction…

LNG Report: Floating Liquefaction & Regasification

Prelude. Photo: Shell

International Maritime Associates has completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector. Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU…

Shell Sees Nigeria Corruption Trial Lasting Many Months

(File photo: Shell)

Royal Dutch Shell expects a landmark corruption trial over a Nigerian oil deal to last many months, warning staff of continued critical media coverage in the $1.3 billion case, according to an internal memo seen by Reuters.Shell's Legal Director Donny Ching encouraged employees to study an internal web page that the Anglo-Dutch company set up for the case before responding to questions from relatives and friends.Shell and Italian peer Eni are defendants in a Milan bribery trial…

Statfjord A Platform Shut Due to Power Outage

(Photo: Harald Pettersen / Equinor)

A power outage has shut down production at Equinor's Stafjord A platform in the North Sea and a restart time was as yet unclear, a company spokesman said on Thursday."We are still investigating the reasons of the power outage, which happened before midnight," Equinor's spokesman Morten Eek said.

Venezuela Sets New Wages for Oil Workers

(Photo: PDVSA)

Venezuela on Wednesday increased wages for workers at state energy company PDVSA after employees staged small protests to decry meager salaries amid the OPEC nation's economic meltdown.Socialist President Nicolas Maduro in August unexpectedly ordered a 60-fold increase in the minimum wage to compensate for around 500,000 percent annual inflation and a 96 percent devaluation of the bolivar currency.But workers at PDVSA said their wages had not been bumped up accordingly…

Michael Shuts Nearly 40% of U.S. Gulf of Mexico Oil Output

© bomboman / Adobe Stock

Nearly 40 percent of daily crude oil production and more than one-third of natural gas output was lost from offshore U.S. Gulf of Mexico wells on Wednesday because of platform evacuations and shut-ins ahead of Hurricane Michael.Michael is a Category 4 storm expected to hit the Florida Panhandle later Wednesday with maximum sustained winds of 145 miles (233 kilometers) per hour.Oil producers - including Anadarko Petroleum Corp…

World's Top Traders Divided on Oil Outlook as Iran Sanctions Loom

© Christopher Boswell / Adobe Stock

The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading.Oil has rallied this year on expectations the sanctions…

Chevron becomes first oil major to exit Norway

© Marius Dobilas / Adobe Stock

U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to focus on new growth opportunities elsewhere.Chevron is also seeking to sell assets in the British North Sea in order to focus on growing U.S.

Storm Shuts Nearly 40% of US GoM Oil Output

(Image: NOAA)

Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael.Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp , have evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.Companies turned off daily production of about 670…

Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery

(File photo: Port of Houston)

Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S. Gulf, to complement an existing eastern Gulf refinery in Mississippi that makes lubricants and other materials, Pierre Breber, Chevron's head of downstream and chemicals…

Pemex Announces 7 New Crude Finds

Mexican state oil firm Pemex said on Tuesday it has made seven new crude discoveries in the shallow waters of the Gulf of Mexico and said it could invest upward of $10 billion to develop six oil and gas fields.Pemex, which has been struggling with declining output for over a decade, said the seven finds at its Manik and Mulach fields could have proven, probable and possible reserves of 180 million barrels of oil equivalent.Pemex also said it forecast peak production 210,000 barrels per day (bpd) in the second half of 20

British North Sea Oil Costs, Spending on the Rise

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The costs and operating expenditure needed to produce oil and gas in the British North Sea are set to rise both in overall and in per-barrel terms this year compared with 2017, the country's regulator for the sector said on Tuesday.Overall operating spending in the mature North Sea oil and gas basin this year is estimated to rise almost 9 percent to 7.5 billion pounds ($9.8 billion), according to the Oil and Gas Authority.

U.S. Crude Rises as One-fifth of Oil Production Lost Ahead of hurricane

Photo: Chevron

U.S. crude prices were modestly higher on Tuesday as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.Oil producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp have evacuated personnel from 13 platforms as the storm made its way through the central Gulf on the way to landfall Wednesday on the Florida Panhandle.Companies turned off about 324,200 barrels of oil and 284 million cubic feet of natural gas by midday on Monday.

Oil Prices Rise as Iranian Crude Exports Fall

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Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.56, up 65 cents, by 1330 GMT. Brent hit a four-year high of $86.74 last week but slipped as low as $82.66 on Monday.U.S.

Clean Ops Offshore: Johan Sverdrup Powered from Shore

The Johan Sverdrup field in the North Sea. (Photo: Equinor ASA)

With a flip of the switch, Kjell-Børge Freiberg, Norway's Minister of Petroleum and Energy, opened a new era in offshore oil and gas operations, initiating the "power-from-shore solution" that will provide the Johan Sverdrup field in the North Sea with electricity for more than 50 years. The development is significant because with electric power supplied from shore, Johan Sverdrup operations can be run without the use of fossil fuels…

New Book Release: Why Only Two FPSOs in the U.S. Gulf of Mexico?

The Late Start and Twenty Year Saga.More than 40 years have passed since the trailblazing Shell Castellon started operation as the first floating production storage and offloading (FPSO) unit in 1977. Ever since, hundreds of these vessels have operated worldwide, and the oil industry has reaped their benefits. Despite continued international popularity and dominance, compelling advantages, and technological advancements, the adoption of FPSOs has faced particular challenges in the U.S.

Borealis to Invest in Port of Antwerp

Pic: Port of Antwerp

The Austrian petrochemical company Borealis has announced that it is to build a new production plant on its existing site in Kallo, in the Antwerp port area.According to a press release, the propane dehydrogenation (PDH) plant will use the very latest technology in terms of sustainable production and energy efficiency. With this initiative the port of Antwerp confirms and reinforces its role as the largest chemical cluster…

DOF Bags Contract Extension in Brazil

(Photo: DOF Group)

Norwegian supply shipping company DOF ASA said its vessel Skandi Hav has been granted a 226-day extension by Petrobras in support of work offshore Brazil.The 1983-built Skandi Hav is now secured firm until June 8, 2019.The vessel is currently working as a research and supply vessel (RSV) supporting floating production storage and offloading vessel (FPSO) operations in Brazil.Skandi HavBuild: 1983Design: TMV 4000Class: DNV ✠1A1, Supply Vessel, OILREC, SF, E0, DYNPOS-AUTR,LOA: 87.9 mLPP: 81.4 mBreadth: 18.5 mDraft: 5.3 mD

GoM Offshore Platforms Evacuated Ahead of Hurricane

(Image: NOAA)

Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel from oil and gas platforms in the Gulf as forecasters predicted the storm would become a Category 3 hurricane.Companies turned off the daily production flow of 324…

Eni to Acquire Half of BP's Libya Oil and Gas Assets

(Photo: Eni)

Italy's Eni has agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday.Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, the companies said in a statement.The companies…

Eni to Acquire Half of BP's Libya Oil and Gas Assets

Italy's ENI agreed to buy half of BP's 85 percent stake in a Libyan oil and gas licence with the aim of resuming exploration next year, the companies said on Monday.Eni will acquire the 42.5 percent stake from BP and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, they said in a statement.The two companies, along with state-owned National Oil Corp, signed a letter of intent in London on Monday paving the way

Exxon Mobil Pulls Staff From Gulf Platform Ahead of Tropical Storm Michael

Photo courtesy of ExxonMobil

Exxon Mobil said on Monday it was evacuating personnel from a Gulf of Mexico platform as Tropical Storm Michael approached the U.S. Gulf of Mexico.The world's largest publicly traded oil producer does not currently expect the staff reduction at its Lena production platform to impact output, spokeswoman Julie King said. Reporting by Gary McWilliams

BMT Wins Marine Monitoring Contract with BP

Mad Dog Rendering  (Photo: BMT)

BMT has won a contract to provide multiple marine monitoring systems for BP’s new Mad Dog Phase 2 semi-submersible floating production facility in the Gulf of Mexico. These systems will play an important role in ensuring the day to day operations of the facility are conducted safely.The Mad Dog Field is one of BP’s largest discoveries in the Gulf of Mexico to date. Mad Dog Phase 2 will have the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells.

China's Top Gas Field to Produce Record Amount of Gas This Year

(Photo; PetroChina)

China's Changqing oil and gas field, operated by state energy giant PetroChina, is expected to produce record amount of natural gas this year exceeding 38 billion cubic meters (bcm), as more wells were brought online, its parent company CNPC said on Monday,Changqing, in northern China, the largest gas producer in the country, has nearly 11,000 wells in production by late September, after over 100 new wells started pumping, CNPC said on its news website.At 38 bcm, the output at Changqing makes up about a quarter of China

Norway Expects Gas Export Price to Fall Until 2021

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Norway expects its gas export price to fall by more than a quarter by 2021 as increasing global liquefied natural gas (LNG) supplies outstrip growth in European demand.Norway's 2019 fiscal budget on Monday showed it expects the average price for Norwegian gas to fall to 2.05 crowns/standard cubic meter (sm3) and reach a low of 1.70 crowns/sm3 by 2021, then rebounding in 2022.The projections are higher than what Norway, Europe's second largest gas supplier after Russia, was expecting in its revised budget in May, when 20

Total, Sonatrach Strengthen Cooperation in Natural Gas

Map: Total

French energy group Total and Algerian state-owned firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture.The new concession contract to jointly develop the Erg Issouane gas field located on the TFT Sud permit, signed by Sonatrach, Total and Alnaft (the National Agency for the Valorization of Hydrocarbon Resources).The TFT Sud permit is located south of the Tin Fouyé Tabankort (TFT) field, of which Total is a long-standing partner.

Aker Solutions to Supply Subsea Production System for Mero 1

(Image: Aker Solutions)

Aker Solutions said it has secured an order from Petrobras to provide a subsea production system and related services for the Mero 1 project, the first full production project within the major Mero field development, one of the largest oil discoveries in Brazil's pre-salt area.The ultra-deepwater Mero field is located in the northwestern area of the original Libra block, which is about 180 kilometers south of Rio de Janeiro.

Rising Use of Plastics to Drive Oil Demand to 2050 - IEA

© emirkoo / Adobe Stock

Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.Despite government efforts to cut pollution and carbon emissions from oil and gas, the Paris-based agency said it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products.Petrochemicals…

Boskalis Wins Subsea Contract at Tyra Gas Field

Boka Atlantis (Photo: Boskalis)

Royal Boskalis Westminster N.V. has been awarded the Tyra Redevelopment Subsea Installation Phase II contract by Total E&P Denmark.The sizable contract includes subsea engineering, procurement, fabrication and installation for the Tyra Redevelopment project in order to extend the operational lifetime of the Tyra offshore gas field by at least 25 years.Boskalis will provide a broad range of specialist subsea contracting activities for relocating and connecting subsea pipelines as well as the installation of manifolds…

Oil Holds Near Four-Year Highs

© Witthaya / Adobe Stock

Oil held just below four-year highs on Thursday, supported by the imminent loss of Iranian supply through U.S. sanctions, but also tempered by the prospect of a rapid production increase from Saudi Arabia and Russia.Brent crude oil futures were down 33 cents at $85.96 a barrel by 1430 GMT, having risen to a late 2014 high of $86.74 on Wednesday. U.S. crude futures fell 53 cents to $75.88."Prices will probably rise further into overshoot territory.

IMA Completes 12-month Study of the Floating Liquefaction and Regasification Market

© Wojciech Wrzesien / Adobe Stock

International Maritime Associates has just completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector.Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and…

Aker Solutions to Provide Brownfield Services for BP in Angola

Aker Solutions has been awarded a five-year agreement to supply brownfield modifications, maintenance and operations support for BP's Greater Plutonio and PSVM fields offshore Angola.The work scope covers the supply of engineering, procurement and construction services for brownfield projects on the floating production, storage and offloading (FPSO) vessels located at each field. This includes support for upgrades to process…

Norway's Goliat Oilfield to Restart by Friday

(Photo: Eni)

Oil production at Eni's Arctic Goliat field off the coast of Norway will restart by Friday following maintenance, the company told Reuters on Thursday.The restart had originally been planned for Oct. 1, but Eni extended the outage to carry out additional work that will result in greater flexibility in the field's production, a spokesman said.Goliat, the world's northernmost producing oilfield, has a capacity of close to 100,000 barrels of crude per day.(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

Novatek, Siemens Sign LNG Partnership

Pic: Novatek

Russia's natural gas producer Novatek and German engineering giant Siemens have signed a strategic partnership agreement that covers cooperation in the liquefied natural gas (LNG) sector.Novatek said in a press release that the agreement was signed by Novatek Chief Executive Leonid Mikhelson and his Siemens counterpart Joe Kaeser in Moscow.According to the agreement, the parties intend to strengthen and develop the strategic…

Petrobras Test Well at Mero Field Reached 58,000 BPD

FPSO Pioneiro De Libra (Photo: Teekay)

Oil company Petróleo Brasileiro SA, or Petrobras, said on Wednesday it finished a long-term test at the Mero field in the Libra pre-salt area with positive results.The Brazilian company said in a statement that the well used for the test in Mero reached an average production of 58,000 barrels per day, considered by the firm as very good taking into account the ultra-deep characteristics of the pre-salt reserve.(Reporting by Marcelo Teixeira)

Oil Gains, Shrugging Off Bearish U.S. Crude Build

© Jim  / Adobe Stock

Oil rose on Wednesday, touching a fresh four-year high as the market focused on upcoming U.S. sanctions on Iran and shrugged off a surprisingly big build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production."Nothing matters between here and Nov. 4," said Bob Yawger, director of futures at Mizuho in New York, referring to the date when U.S. sanctions take full effect. "You just had the biggest draw this year, and the market rallied right through it."U.S.

Russia's Sakhalin-1 to Raise Sokol Crude Oil Exports

Russia's Sakhalin-1 plans to raise Sokol crude oil exports by 0.2 million tonnes per month to 1.3 million tonnes per month from October, loading schedules seen by Reuters show.Sokol crude oil loadings for October-December this year are planned at 1.3 million tonnes per month, up from the 1.1 million tonnes planned previously, the schedules show.Earlier this year Sakhalin-1 was asked by Russian authorities to drop a plan to hike production to 250…

Chevron Extends North Sea Contract with Petrofac

(Photo: Petrofac)

Petrofac’s Engineering and Production Services (EPS) division has secured a 12-month engineering services contract extension from Chevron North Sea Limited. The agreement, which has been held by Petrofac since 2014, commenced on September 30.In line with the contract scope, Petrofac will continue with the provision of engineering support to Chevron’s key North Sea assets including the Alba Northern, Erskine, and Captain platforms…