Tuesday, November 13, 2018

Oil And Gas News

Total Launches $16 Bln Project Offshore Angola

Total CEO Patrick Pouyanne and Angolan president Joao Lourenco (Photo: Total)

Africa's second largest crude producer Angola and France's Total officially inaugurated a new deep-sea oil field worth $16 billion in the Atlantic approximately 260 kilometers from the capital Luanda.The Angolan State Minister for Economic and Social Development…

Total Wins 40% Stake in Unconventional Gas Concession

Photo: Abu Dhabi National Oil Company

Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030…

Big Oil Spent 1% on Green Energy in 2018

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Top oil and gas companies jointly spent around 1 percent of their 2018 budgets on clean energy, but investments by Europe's giants vastly outpaced their U.S. and Asian rivals, a study showed.Companies such as Royal Dutch Shell, Total…

Cooper Energy: Sole Pipeline Test Fails

Image: Cooper Energy

Australia-based Cooper Energy says testing of the newly installed Sole pipeline in the eastern Gippsland basin offshore Victoria, southeast Australia has revealed localized damage."Laying of the 65 km pipeline to link the recently completed…

Oil Majors Spending 'Sweet Spot' to Last to 2020

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Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday.Oil and gas giants such as Royal Dutch Shell…

Ca Tam Field to Start Production January 15

(Photo: Vietsovpetro)

Vietsovpetro, a Vietnam-Russia oil joint venture, will start crude oil production at the Ca Tam field offshore southern Vietnam from Jan. 15, three sources with knowledge of the matter said on Tuesday.Ca Tam is the first new field to…

Digitalization Can Save Upstream Business $73 Bln a Year

The Ivar Aasen platform in the North Sea transmits vast volumes of data back to shore. (Photo: Aker BP)

Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said.Exploration and production, known as the upstream industry…

Wood Secures Major Contracts in Abu Dhabi

 Image: Wood

Aberdeen-based energy services firm Wood been awarded three new, call-off contracts totaling $53 million by ADNOC Onshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC).Project management consultancy (PMC) services will be provided…

Gabon Launches Offshore Exploration Round

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Gabon plans to scrap a 35 percent corporate tax on energy companies as part of a revised hydrocarbons law and has launched a new offshore oil and gas exploration licensing round for 34 blocks, Oil Minister Pascal Ambouroue said on Wednesday.In March…

Decommissioning Gets into Deep Water in GoM

(Credit: LOC)

LOC Group’s Houston office provides perspective on decommissioning developments in the Gulf of Mexico.The Gulf of Mexico basin covers approximately 1.6 million km2 and is one of the most important petroleum production regions in the world.

UK Petroleum Reserves Could Sustain Production for 20 Years

© Lukasz Z / Adobe Stock

The U.K.’s oil and gas reserves remain at a level which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured, according to the U.K. Oil and Gas Authority (OGA).OGA’s ‘UK Oil and Gas: Reserves and Resources’ report…

Anadarko to Sell Midstream Assets for $4 Bln

(Photo: Anadarko Petroleum Corp)

Oil and gas producer Anadarko Petroleum Corp said on Thursday it would sell nearly all of its midstream assets, including pipelines, to its master limited partnership Western Gas Partners for $4.02 billion.The company is selling assets in the Permian basin in Texas and New Mexico and the D

HydraWell Completes TAQA Decommissioning

Image: HydraWell

The manufacturer of specialty equipment for the oil and gas industry HydraWell has completed an offshore decommissioning project for TAQA in the Netherlands.The plugging job was conducted at one of the fields connected to the TAQA-operated P15 platform…

API Enhances Offshore Safety Standard

Image by ExxonMobil

The American Petroleum Institute (API) released its newest valve standard as part of the industry’s continuous efforts to improve operational safety and environmental protection.According to a release from the agency, the “Specification…

Ultra Petroleum Appoints David Honeyfield as CFO

Map: Ultra Petroleum

Ultra Petroleum informed that David Honeyfield has been appointed to serve as CFO of the gas producer with assets in Wyoming’s Green River Basin.A press release from the energy company engaged in domestic natural gas and oil exploration…

Lundin Norway Awards EPCI Contract to WorleyParsons

Managing Director of Rosenberg WorleyParsons, Jan T. Narvestad and Managing Director of Lundin Norway, Kristin Færøvic. Photo:  Lundin Norway

Rosenberg WorleyParsons has been awarded an engineering, procurement, construction and installation contract (EPCI) by Lundin Norway ASO in the Norwegian Continental Shelf.The services include planning, engineering, prefabrication, offshore installation and commissioning support.

UK: Enough Oil and Gas Reserves for the Next 20 Years

Image: Equinor

The UK has enough oil reserves to sustain production for the next 20 years and beyond, new figures indicate.A report published by the UK Government suggests that the overall remaining recoverable reserves and resources in the North Sea…

Tailwind Completes EOG UK Acquisition

Image: Tailwind

London-based Tailwind Energy  has announced the completion of the acquisition of Houston-headquartered oil and gas firm EOG Resources's UK portfolio. The oil and gas venture announced two months ago it has agreed with EOG Resources Inc to acquire EOG’s UK business…

OMV Forms JV with Sapura

(Photo: Sapura Energy)

Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm, calle

US Drillers Add Rigs for Fourth Week in Five

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U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov.