Thursday, July 19, 2018

Oil And Gas Industry News

Texas Oil Drilling Permits Rose 34% in April

Texas's energy regulator issued a third more oil and gas drilling permits in April than a year ago, according to data released on Thursday, as higher prices continue to spur an increase in activity.The Railroad Commission of Texas, which regulates the state's oil and gas industry, issued 1,221 original drilling permits in April, up around 34 percent from last year.Oil prices have climbed to near $71 per barrel, the strongest level in nearly 3-1/2 years, aided by production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and declining supplies from Venezuela.A fresh round of U.S.

Pope Warns Energy Bosses of Global Destruction without Fuel Shift

© andiz275 / Adobe Stock

Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe."Civilisation requires energy but energy use must not destroy civilisation," the pope told top oil company executives at the end of a two-day conference in the Vatican.Climate change was a challenge of "epochal proportions", he said, adding that the world needed an energy mix that combated pollution, eliminated poverty and promoted social justice.The conference, held behind closed doors at the Pontifical Academy of Sciences…

Fronius Updates its Welding Systems Portfolio

Photo: Fronius

From the automotive and component supply industry to machine and plant construction, and also the oil and gas industry: mechanized welding processes are indispensable in all metal-working sectors. Fronius Perfect Welding therefore offers a wide range of products and services for automated welding technology. This provides the technology leader’s customers with the necessary efficiency, performance and reproducible quality to remain competitive in the face of international competition.Nowadays, welding tasks have to be completed more quickly, more cost-effectively and produce higher quality than ever before…

Gas to Overtake Oil as Primary Energy Source by Mid-2030s

Photo: DNV GL

Nearly two-thirds (64%) of oil and gas sector leaders expect to increase or sustain spending on gas projects in 2018, as the sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s. Confidence in the case for gas is growing, according to a survey by DNV GL, the technical advisor to the industry. The vast majority (86%) of the 813 senior industry professionals surveyed agree that gas - the least carbon-intensive fossil fuel - will play an increasingly important role in the global energy mix over the next decade, up from 77% last year.

Port of East London to Expand its Petroleum Footprint

Photo: Port of East London

More than 100 attendees representing 97 companies have shown keen interest in the Port of East London’s plans to recommission an existing tank in the port for handling of liquid bulk and to introduce a liquid bulk terminal through a 25-year port concession awarded to a private, empowered entity.The companies attended a compulsory briefing on May 9, 2018 held by Transnet National Ports Authority (TNPA). TNPA recently advertised a request for proposals (RFP) – reference number TNPA 2017/01/013/CM – with the intention to appoint a terminal operator to finance…

Investors Want Oil & Gas Industry to Do More on Climate Change

(File photo courtesy of BP)

Sixty global investors on Friday called on the oil and gas industry to do more to tackle climate change, ratcheting up pressure on company boards ahead of several high profile annual shareholder meetings.Companies needed to be more transparent about how they plan to change their operations as part of the global shift to a low-carbon economy, necessary to meet the terms of the 2015 Paris climate agreement to keep global warming below 2 degrees."As long-term investors, representing more than $10.4 trillion in assets, the case for action on climate change is clear…

For Big Oil, Reserve Size Matters Less Than Ever

File Image: CREDIT BSM

Oil and gas reserves life falls below 12 years, lowest level in at least 20 years. A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources, investors and executives say reserve size is no longer the gold standard for measuring the value and health of a company. The cost of developing existing reserves and the amount of carbon those reserves produce has now become more important, they say. This is leading to a profound shift in company strategies.

Liftboat Milaha Explorer Deployed off West Africa

The Milaha Explorer crew following deployment off the coast of West Africa (Photo: Milaha)

Qatar-based maritime and logistics conglomerate Milaha said its liftboat Milaha Explorer has been deployed off the coast of West Africa as part of a long-term charter with a major international oil company.Milaha’s President and CEO, Abdulrahman Essa Al-Mannai, said, “Over the past few months, we have been significantly ramping up our operations, and I am pleased to announce further growth in our geographic footprint and operational portfolio with this long-term deployment, which marks our entry into Africa. Milaha Explorer is a new and modern vessel…

New Project Seeks to Boost UK O&G Workforce

Photo: OPITO

A project to develop a new UK oil and gas skills strategy has been launched following wide spread industry and government support for the findings in OPITO’s UKCS Workforce Dynamics Review.OPITO has appointed Robert Gordon University’s (RGU) Oil and Gas Institute to support the development of the strategy over the next six months.This will involve an industry survey and workshops to help develop a blueprint to support skills diversification and digital transformation. The Workforce Dynamics Review, launched in May, found that if the sector achieves ambitions around the energy transition…

New RINA Guidelines for Additive Manufacturing

Photo: RINA

RINA, a specialist in additive manufacturing, has announced the release of its 'Guidelines for the certification of metallic products made by additive manufacturing', for the oil and gas industry.The use of additive manufacturing (or 3D printing) is expanding rapidly, especially as technology now enables the production of larger components and products to meet different mechanical or physical-chemical needs. The new guidelines from RINA will enable companies in the oil and gas industry to ensure every step of the additive manufacturing process is repeatable, documented and can be verified by a third party.

TWMA Acquires US Service Company

Photo: TWMA

TWMA, provider of specialized drilling waste management services, has announced its acquisition of US-based Dynamic Oilfield Services in an eight-figure deal. The move comes as TWMA continues to implement an ambitious growth strategy, with internationalization and service diversity at its heart. The US land drilling market is currently recognized as the fastest growing drilling market in the world, Dynamic Oilfield Services deploys its solids control and surface equipment divisions in some of the most prolific onshore basins in the US. Commenting on the acquisition…

Pope to Address Oil Majors in Vatican Climate Conference

© Mazur/catholicchurch.org.uk

The Vatican will host executives of the world's top oil companies for a conference next week on climate change and the transition away from fossil fuels, a Vatican source said on Friday.Pope Francis, who wrote a major document on protection of the environment from global warming in 2015, is expected to address the group on the last day of the June 8-9 conference.The conference, organised by Notre Dame University in the United States, is expected to be attended by the heads or senior executives of companies including ExxonMobil, Eni , BP, Royal Dutch Shell and Pemex…

McTiernan Appointed Non-Executive Chairman, Hurricane Energy

Steven McTiernan

Steven McTiernan has been appointed as Non-Executive Chairman of the board of directors of Hurricane Energy plc, effective May 1, 2018. Dr. David Jenkins, who has acted as Interim Chairman of the Board since November 2017, will return to his previous role as Senior Independent Director on this date.Steven McTiernan has over 45 years of oil and gas industry and investment banking experience. He was a non-executive director of Tullow Oil plc for eleven years until December 2012, during its period of rapid growth, and served as its Senior Independent Director.

STATS Group Post 65% Profit Increase

Photo: STATS Group

Pipeline technology company STATS (UK) Ltd increased profits by 65 percent to £4.3 million ($6 million) while maintaining revenues of £30 million, ($41 million) according to its latest annual accounts lodged at Companies House.The accounts to December 31, 2017, show that despite the continued impact of low oil and gas prices, demand for the group’s isolation and intervention services remained solid with an upturn in project awards from new clients in the UK and internationally.The rise in profit (trading EBITDA) from £2.6 million ($3.6 million)…

BMT Bays Environmental Support Contract

(Photo: BMT)

BMT said it has secured a master services agreement to provide environmental support for UKCS operator Bridge Petroleum Limited (Bridge) as part of its field development work for the large Galapagos Field situated in the East Shetland basin.  Under the contract, BMT will complete the necessary Environmental Impact Assessment (EIA) to facilitate the preparation of the Environmental Statement, which aligns with the project planning, permitting and management of regulatory requirements of the U.K. oil and gas industry.

Fugro Goes Hunting for Hydrocarbon Seeps Offshore Brazil

Fugro has reported increased confidence in identifying seabed expressions of hydrocarbon  seeps Image Fugro

Working for multi-client geoscience data company TGS, Fugro continues the hunt for hydrocarbon seeps, this time offshore Brazil.Two modern, purpose-built vessels – Fugro Brasilis and Fugro Searcher – have been deployed to acquire high-resolution multibeam echosounder and sub-bottom profiler data in the Campos and Santos Basins.The survey is designed to mirror TGS’s 2016-2017 Gigante and Otos projects in the Gulf of Mexico in which Fugro provided similar services. Covering an area of approximately 200,000 square kilometers, Fugro will use these…

Oil Investment a Tricky Target for OPEC

File Image (CREDIT: AdobeStock / © mikesjc)

It's "mission accomplished" for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months. The Organization of the Petroleum Exporting Countries, which supplies a third of the world's oil, agreed to curb output by 1.8 million barrels per day jointly with 10 other producers including Russia until stocks returned to more normal levels. The overhang of unwanted crude and oil products has reached OPEC's target, but the group now says it would rather see a pickup in investment, which fell by $1 trillion in the three years of surplus and weak prices that started in June 2014.

New Recommended Practice for Wellhead Fatigue Analysis

Wellhead schematic (Photo: DNV GL)

DNV GL releases new recommended practice for wellhead fatigue analysis to improve analysis consistency in the industry.The recommended practice(RP) DNVGL-RP-E104 Wellhead fatigue analysis has now been published. This publication is the result of a phase 2 Joint Industry Project (JIP) involving 16 oil companies and supersedes the April 2015 edition of DNVGL-RP-0142.The content of the updated RP provides specific recommendations on how to perform wellhead fatigue analysis in a consistent manner, and how to solve what have been considered as the…

Noatum Maritime Opens Houston Office

Photo: Noatum Maritime Services

Noatum Maritime Services, the maritime services division of Noatum Maritime, has opened new offices in Houston (US) including commercial offices and a warehouse through its Marmedsa Oil & Gas division.Initially, Marmedsa USA will focus on the provision of specialized services to the gas and oil drilling industry, reinforcing the solutions offered by Noatum Maritime Services through its Marmedsa Oil & Gas division.Established in 2015 and led by Federico Lopez, the Oil & Gas division provides individual and reliable solutions specifically tailored to the logistics and port requirements of this highly demanding industry.The Houston team will be led by Boris Kos…

New Consortium for Offshore Decommissioning

(Image: Ardent)

A new global oil and gas decommissioning consortium launched today sets out to bring a collaborative supply chain approach, offering an end-to-end solution to reduce the decommissioning burden, risk and cost for operators.The consortium, which includes Lloyd’s Register (LR), WorleyParsons and Ardent, brings together 350 years of collective experience to reduce the interfaces, costs and risks of decommissioning for the oil and gas industry.The consortium includes experts to cover all aspects of decommissioning, from late life management to planning, readiness for removal, execution, waste management and monitoring post removal.

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