Wednesday, April 8, 2020

Oil And Gas Industry News

What Do You Do When You Drop a BOP?

For Illustration; A Recovered BOP - Credit: Marin

A blowout preventer stack, also known as BOP Stack, is a crucial piece of equipment when it comes to offshore oil and gas drilling safety. It is a bundle of more BOPs placed above the well on the seabed. Weighing a couple of hundred tons, the valve stack is designed to act according to its name, prevent an offshore well blowout, by sealing the well and shearing the drilling riser, in the event of a well control incident.It is the BOP that failed during BP’s 2010 Macondo drilling in the Gulf of Mexico, causing the worst ever offshore oil industry…

Norway Economic Activity Shrank 14% in March

Offshore rigs near Bergen - Image by Mariusltu - AdobeStock

Norway's economic activity excluding the offshore oil and gas industry fell 14% as of the end of March compared with the end of February, preliminary data from Statistics Norway showed on Wednesday in a new snapshot look at how the economy is doing.Economic activity has contracted rapidly after a lockdown was imposed in mid-March in a bid to curb the COVID-19 outbreak.The new statistical format is different from the traditional measurement of month-on-month gross domestic product, in that it seeks to capture a snapshot of the economy at a given moment…

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

© Geoff Tweddle / Adobe Stock

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe, it may seem that climate change has dropped off the radar screen.Certainly…

ABS to Class Silver Eagle's New Jack-Ups

ABS, a classification services provider to the marine and offshore industries, will provide classification for a series of "highly innovative Self-Elevating Drilling Units (SEDU)" for Silver Eagle Global.Silver Eagle, of Manama, Bahrain, says the self-propelled design is capable of working at greater water depths and in harsh environments. According to Silver Eagle Global, the Silver Eagle SEDU 430WC-4 will have the industry’s largest deck area and deck load capacity, large accommodation, increased crane capacities, high-speed jacking system,…

Saipem Inks Deal with Equinor on Floating Solar Farm Tech

© Tom Wang/AdobeStock

Italy's Saipem has reached an agreement with Norway's Equinor to develop technology to build floating solar power farms close to the coast, the energy contractor said.The agreement is between Saipem's high-value services unit Moss Maritime and the Norwegian energy firm."The agreement with Equinor goes in the direction taken by Saipem and Moss Maritime to develop new technologies related to clean energy," said Moss Maritime Chief Executive Ida Husem.Saipem, a market leader in subsea construction for the oil and gas industry, is looking to develop new lines of business to boost order books, including floating renewable energy farms.

Archer Names New CEO, CFO

(Photo: Archer)

Oilfield services firm Archer announced Tuesday that Dag Skindlo will take over as the company's new Chief Executive Officer and that Espen Joranger will succeed Skindlo as Chief Financial Officer.Skindlo joined Archer as Chief Financial Officer and EVP Strategy in May 2016. A 28-year oil ad gas industry veteran, he joined Schlumberger in 1992 where he held various financial and operational positions before he joined the Aker Group of companies in 2005, where he held global CFO roles and Managing Director roles for several large industrial divisions.

Skoglund Joins Crowley Fuels

Trish Skoglund (Photo: Crowley)

Trish Skoglund has been appointed vice president of sales and supply for Crowley Fuels LLC, an Alaskan petroleum transportation, distribution and sales companies serving more than 280 communities throughout the state. As a member of the Alaska executive team, she is responsible for the strategic oversight of fuel sales and supply for customers across the entire state. Skoglund, based in Anchorage, reports to Rick Meidel, vice president and general manager of Crowley Fuels Alaska.Skoglund has spent the last 12 years in the oil and gas industry in Alaska, and previously worked in the international trading industry.

TWMA Appoints Aslaksen as New CEO

Halle Aslaksen  (Photo: TWMA)

Specialist drilling waste management company, TWMA, has announced the appointment of Halle Aslaksen as its new CEO.Aslaksen joins the Aberdeen-headquartered company from the Norwegian hydropower operator Småkraft, where he served as CEO. He was previously CEO at TCO and president of ALTUS Intervention in Scandinavia.With more than 20 years’ experience in the oil and gas industry, Aslaksen has built a career across several disciplines and has worked across various roles for Smith International, Schlumberger and Aker Solutions in the North Sea, Continental Europe, North America, Russia and Central Asia. He holds a MSc degree in petroleum engineering.

Upstream Sector Leads O&A M&A in 2019

Graph: GlobalData

A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process.According to GlobalData's theme report, ‘M&A in Oil and Gas – 2020’, the acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of US$57bn was the highlight of oil and gas M&A activity last year, says GlobalData, a leading data and analytics company.Ravindra Puranik, Oil & Gas Analyst at GlobalData…

UKCS Mediation Pilot Launched

Image: Oil and Gas Authority

UK oil and gas industry regulator Oil and Gas Authority (OGA) has revealed that it has launched a year-long UK Continental Shelf (UKCS) “mediation pilot”.According to the OGA, the pilot aims to test the extent to which mediation can resolve certain disputes between oil and gas licensees, operators and infrastructure owners in the UKCS.The OGA has found that disputes have generally arisen due to entrenched licensee behaviors or communication breakdowns. They can be costly and time consuming for the companies involved, as well as threatening the delivery of MER UK.While the OGA has a number of formal powers which can be used to resolve disputes…

UK Readies Carbon Storage Road-map

Image: Oil and Gas Technology Centre (OGTC)

Heriot-Watt University researchers are to map out the UK’s best sites for carbon capture by studying the geology of depleted gas fields in the North Sea.The team led by Professor John Underhill will use data from industry regulator the Oil and Gas Authority's (OGA) National Data Repository (NDR), which was opened up to access for the first time in 2019.Professor John Underhill said: “The Southern North Sea faces three of some of the UK’s largest carbon emission areas: the industrial hubs of Teesside, Humberside and the Thames estuary.“It also…

Shale Pioneer Hess Says Key U.S. Fields Starting to Plateau

\© denismax / Adobe Stock

Shale pioneer John Hess said Tuesday that key U.S. shale fields are starting to plateau, calling shale "important but not the next Saudi Arabia."Production in the Eagle Ford Shale in South Texas is starting to plateau, while the Bakken field in North Dakota where Hess is a major producer will hit its peak production levels within the next two years, said Hess, who spoke Tuesday in Houston at the Argus Americas Crude Summit.The Permian Basin, the top U.S. shale field in Texas and New Mexico, will plateau in mid-decade and is already facing well interference issues…

Canadian Energy Sector to Boost Spending

© muratart / Adobe Stock

Capital spending by Canada's oil and gas industry will rise by 6%, or C$1.9 billion, in 2020 from the previous year, halting a six-year decline due to improving economics, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday.CAPP said a corporate tax cut by Alberta's provincial government last year and its easing of oil production limits will lead to higher spending.Congested pipelines created a glut of oil in storage in the Western Canadian province in recent years, depressing prices and causing its government to curtail…

Norway PM to Name Tina Bru as New Oil Minister -DN

Tina Bru - Image by Kjetil Ree - Source: Wikimedia Commons / CC BY-SA 3.0 license

Norwegian Prime Minister Erna Solberg will appoint Conservative lawmaker Tina Bru as oil and energy minister, business daily Dagens Naeringsliv and public broadcaster NRK reported on Thursday, citing unnamed sources. The office of the prime minister declined to comment. Bru was not available for immediate comment.If confirmed, 33-year-old Bru will oversee western Europe's largest petroleum industry, which is expected to see sharp growth in crude oil output in the next several years.The right-wing Progress Party resigned from the government on Monday over a cabinet decision to help bring a woman suspected of Islamic State affiliation back to Norway…

Oil, Gas Players Optimistic on Profits

Liv A. Hovem, CEO, DNV GL - Oil & Gas

Companies  in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL.While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies from the past five years to make margin.Some 64% predict their organizations will hit profit targets this year (largely consistent with 62% in 2019), and nearly half (46%) say their companies would still achieve acceptable profits if the oil price were to average less than USD50 per barrel.

China Opens Up to Foreign E&P Firms

© ddukang / Adobe Stock

For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies.The long-awaited opening accompanies a reshuffle of the so-called "midstream" pipeline business, but experts say it may not excite immediate interest from global drillers because of the poor overall asset quality of China's hydrocarbon resources.From May 1, foreign firms registered in China with net assets of 300 million yuan ($43 million) will be allowed to take part in oil and gas exploration and production, the ministry of natural resourc

Gould Elected to Oxy Board of Directors

(File photo: Anadarko)

US based oil and gas company Occidental Petroleum announced on Thursday that former Schlumberger Chairman and Chief Executive Officer Andrew Gould has been elected to its Board of Directors effective March 1, 2020.Gould has more than 40 years of experience in the oil and gas industry. He started his career at Schlumberger in 1975 and served as Chairman and Chief Executive Officer of the oilfield services giant from 2003 to 2011. Following his tenure at Schlumberger, Gould served as non-Executive Chairman of multinational oil and gas company BG Group from 2012 until its sale to Royal Dutch Shell in 2016. He served as interim Executive Chairman in 2014.

Eni Extends Abo FPSO Contract

Image: BW Offshore

BW Offshore, a provider of floating production services to the oil and gas industry, has signed an extension agreement for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A.The contract is extended until end Q4 2020, with options until Q4 2021, said a press release from the Oslo Stock Exchange listed company.BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs.The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects.

Jan De Nul orders Offshore Installation Vessel

Photo: Jan De Nul Group

Six months after the offshore installation vessel Voltaire, Jan De Nul Group orders Les Alizés, a floating installation crane vessel from the CMHI Haimen shipyard in China.Together with the Voltaire, this new vessel will be in a super-size class of its own, capable of building the newest generation of offshore wind farms. Les Alizés, that will be ready in 2022, is equipped with a crane having a lifting capacity of 5,000 tons and equally impressive lifting heights. Les Alizés will be able to load out, transport and install multiple units of the largest and heaviest wind turbine foundations.

ABB Tests Subsea Power Technology System

Image: ABB

The completion of a final 3,000-hour test phase of the Swiss-Swedish technology multinational ABB’s subsea power infrastructure signals the culmination of a $100m partnership with world oil majors.The company has officially announced the completion of shallow water test proving that its subsea power distribution and conversion technology system for the offshore oil and gas industry is commercially viable.For the first time worldwide, energy companies will be able to access a reliable supply of up to 100 megawatts of power, over distances up to 600 kilometers and down to 3,000 meters water depth, at pressures that could shatter a brick.