Friday, August 23, 2019

Oil And Gas Markets News

Gazprom Neft Considering Arctic LNG Production

Novoport field (Photo: Gazprom Neft)

Gazprom Neft, the oil arm of Russian gas giant Gazprom, is studying the possibility of its own liquefied natural gas (LNG) production in the Arctic as it tries to monetize its vast natural gas reserves.The discussions follow the successful launch of the Arctic-based Yamal LNG plant, controlled by Novatek, in December 2017.

Weir launches sale of flow control business

British engineer Weir has launched the sale of its flow control business in a move that could value the supplier of pumps and valves at more than 300 million pounds ($389 million), according to sources with knowledge of the matter.Bankers for the FTSE 250 listed company have sent out confidential information about the division to prospective buyers ahead of an auction of the business, two sources told Reuters.The unit is expected to generate core earnings of 38 million pounds next year and first round bids are due on Nov. 9, according to one of the sources.

Russia's Novak to Meet with U.S. Counterpart Perry

Russia's energy minister Alexander Novak will meet with his U.S. counterpart Rick Perry on Thursday to discuss the situation on global oil and gas markets, Russia's Energy Ministry said in a statement on Monday.Novak and Perry will also discuss the activities of Russian companies in the United States and of U.S. companies in Russia, the statement said. Reporting by Olesya Astakhova; Writing by Andrey Kuzmin

Hardide Coatings Invests in North America

Mark Hanania, Business Development Engineer, Hardide Coatings (Photo: Hardide Coatings)

Surface coating technology company Hardide Coatings has appointed Mark Hanania as Business Development Engineer based in Houston to help drive growth in the oil, gas and energy sectors throughout North America.Strong growth in demand from oil and gas customers in North America and recent entry into the aerospace market is underpinning significant investment in coating technology and quality accreditation at the company’s U.S. coating facility in Martinsville, Va.A third coating reactor will be installed by fall 2018 to accommodate increased demand from major oil and gas operating and service companies.

HEECO Eyes New Markets for Expansion

Photo: HEECO expansion and development

The Humber Electrical Engineering Company (HEECO) in the United Kingdom has consolidated its marine presence and developed into new oil and gas markets.The Hull-based electrical manufacturing business is known for the design and build of switchboards, motor control centers (MCCs) and control panels for the marine and energy sectors as well as the programming of Programmable Logic Controllers (PLCs) and the provision of electrical design solutions.Celebrating its 110th anniversary this year, it has undergone reorganization with a six-figure sum invested in improvements such as 33…

Fred. Olsen Windcarrier, Seacor Team Up for US Offshore Wind Market

Photo: Fred. Olsen Windcarrier

Falcon Global, a subsidiary of Seacor Marine Holdings and Fred. Olsen Windcarrier  a wholly owned subsidiary of Bonheur ASA announced that they have reached a cooperation agreement whereby each party will exclusively contribute vessels and marine/installation crews to the market and operate a full spread of offshore wind installation and feeder vessels for the US offshore wind market. The Falcon Global fleet consists of one of the largest existing US-flag and Jones-Act compliant lift boats in the U.S. With a proven track record of operating in US-waters under harsh environmental conditions…

The EIC Celebrates 75th Anniversary

Photo: EIC

The Energy Industries Council (EIC), a trade association for companies that supply goods and services to the energy industries worldwide, celebrated its 75th anniversary on March 15, by holding an exclusive members’ afternoon tea at the House of Lords hosted by Lord Popat and with special guest of honor Minister of State for Trade and Export Promotion, Baroness Rona Fairhead. Approximately 100 EIC members, representing companies of all sizes from across the full range of energy sectors, plus EIC staff and friends from industry and government attended the afternoon tea…

Trelleborg Acquires Automated Dynamics

Trelleborg said it has, through its business area Trelleborg Sealing Solutions, signed an agreement to acquire the U.S.-based privately-owned Automated Dynamics, a specialist manufacture of advanced composite components. The transaction, which is subject to the approval of the relevant authorities, is expected to be finalized in the third quarter of 2017. Trelleborg said it sees composites as a strategic, adjacent technology with high potential in multiple industries, and the bolt-on acquisition is part of its strategy to strengthen its positions in attractive market segments.

Semco Maritime Revenue Dips 8% in 2016

Photo courtesy of Semco Maritime

Semco Maritime said the low oil and gas prices in 2016 did not encourage new industry activity or investments its customers. The low demand entailed a decline in Semco Maritime’s revenue to DKK 1,598 million compared to DKK 1,744 million in 2015. The revenue decline of 8 percent in 2016 was smaller than the decline in 2015, Semco Maritime noted, adding that positive developments within offshore wind and renewables contributed to accommodating the negative impact from the oil and gas markets. Earnings were lower as a consequence of the revenue decline…

Wood Group Sees Modest U.S. Shale Recovery

Oilfield services company John Wood Group Plc's CFO David Kemp said on Wednesday that the company showed modest recovery in some of its oil and gas markets, including U.S. shale and offshore oil exploration and drilling businesses. * U.S. shale is the largest contributor to company's operations and maintenance contracts in its west region, which includes the Americas. John Wood Group said a steady rise in rig count would help its assets in the Permian, Eagle Ford, Marcellus, Utica and Bakken basins as the market recovers in 2017. * The number of oil rigs operating in the United States rose for a fifth straight week to 477…

Russia, Iran to Coordinate on O&G Markets -Kremlin

Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani agreed in a telephone call on Monday to coordinate steps on global oil and gas markets, the Kremlin said.   The coordination also included a dialogue between Russia and OPEC member countries, the Kremlin said, adding that both men noted the importance of measures taken through OPEC to reduce output as a key factor in stabilising the world oil market. (Reporting by Jack Stubbs; Editing by Jane Merriman)

WFS Appoint IMEC as Agent in Malaysia

WFS Technologies of Livingston, Scotland, has appointed Kuala Lumpur-based Independent Marine & Engineering Consultants Sdn Bhd (IMEC) as exclusive agents for the Malysian market. The two companies will work together to expand the use of subsea automation in this sector. IMEC was founded in 2010 to offer a network of technical expertise in Southeast Asia. It operates across a range of engineering and design disciplines including subsea support and installation. The company has a wide array of contacts and the agreement will give WFS access to this important network and local supply chain. WFS provides automation solutions to subsea oil and gas markets.

FPSOs Sit Unprecedentedly Idle

FPSO Cidade de Marica SBM (Photo: Claudio Paschoa)

The 20 year four-fold growth pattern in the world’s FPSO fleet stalls out in 2016 with a record number of FPSOs idle and available for redeployment – or perhaps to be forced into other uses, lay up or scrap. FPSO redeployments typically are far more complex, costly and risky than for (say) drillships and yet the need for redeploying idle FPSOs is now in the forefront of the industry like never before as FPSO owners also have to face the worst ever down market for their equipment and services. In 1995 the Uisge Gorm FPSO, designed and built and operated by Bluewater in the Netherlands…

Stokes & Spiehler Announces Management Promotions

Blair LeBlanc (Photo: Stokes & Spiehler)

Petroleum engineering and consulting firm Stokes & Spiehler has made several promotions to its management team, the company’s president Bruce Jordan, P.E. announced. Blair LeBlanc, P.E., has been named Vice President – Offshore Operations; Russ Bellard, P.E., has been named Vice President – Onshore Operations; Tony Shell has been named Vice President – Sales & Marketing; and Donnie Busscher has been named Engineering Manager. LeBlanc is a Registered Professional Engineer. He graduated from the University of Southwestern Louisiana with a bachelor’s degree in Petroleum Engineering, and he previously worked with Unocal, Sperry Drilling Services, Transocean and Ocean Energy.

New Jack-up Solution Debuted at OTC

Image: Damen

A new total solution jack-up was introduced at OTC Houston. At this year’s OTC in Houston the Damen Shipyards Group and GustoMSC announced the forming of a collaboration to produce a range of self-propelled and non-self-propelled jack-up platforms for the offshore industries – the DG JACK range. The collaboration will be based on GustoMSC’s track record in the design of jack-ups and provision of jacking systems, combined with Damen’s experience in shipbuilding and vessel optimization, financing and worldwide after-sales services. GustoMSC Managing Director Nils van Nood said of the collaboration…

ABB, Aker Solutions Join Forces on Subsea Production

Image: ABB

ABB and Aker Solutions have come to an agreement that aims to build on their combined strengths in subsea, power and automation technologies to develop solutions that will improve oil and gas production for the global energy industry. The cooperation strives to integrate ABB's technologies in subsea power and automation and Aker Solutions' subsea capabilities to bring customers more effective, reliable and flexible oil and gas production solutions. The goal is to enhance how production equipment on the seafloor is powered and controlled by applications on shore or platforms, lowering costs and enabling economically viable production at fields far from existing infrastructure.

Aker Solutions, ABB Form Subsea Alliance

Courtesy Aker Solutions

Aker Solutions and ABB agreed to build on their combined strengths in subsea, power and automation technologies to develop solutions that will improve oil and gas production for the global energy industry. The cooperation will integrate Aker Solutions' pioneering subsea capabilities and ABB's subsea power and automation system expertise to bring customers more effective, reliable and flexible oil and gas production solutions. It will enhance how production equipment on the seafloor is powered and controlled by applications on shore or platforms, lowering costs and enabling economically viable production at fields far offshore from existing infrastructure.

OEG Offshore Delivers Oilfield Services Equipment Order

Dave Hunter (Photo: OEG)

Offshore Cargo Carrying and A60 module company OEG Offshore (OEG) has delivered a specialist surface equipment project worth in excess of $500,000 for a global oilfield service company based in Aberdeen, Scotland, U.K. OEG Offshore’s A60 module manufacturing facility in Dyce, Aberdeen manufactured and delivered four integrated variable speed drive (VSD) skid packages for onshore drilling operations in the Netherlands. The modular solutions team based at the Kirkton facility provided the complete design and build package. The project saw OEG’s specialist team carry out all mechanical installation…

Roxtec Safety Seals for Offshore O&G

Graham O’Hare (Photo: Roxtec)

Roxtec is targeting the marine and offshore oil and gas sectors with a new innovative safety seal which protects life and assets from a multitude of hazards. The firm’s Single Pipe Metal (SPM) product can be used to seal any kind of metal pipe in steel decks or bulkheads and specifically guards against fire, gas and water ingress. Roxtec UK managing director Graham O’Hare said the patented technology is manufactured with highly elastic EPDM rubber allowing easy weld-free installation. “The certified Roxtec SPM seal has been carefully designed to address specific requirements within the marine sector, and the offshore oil and gas markets,” said Mr O’Hare.

BNP Paribas Exits US Energy Loan Market on Oil Price Rout

France's largest bank BNP Paribas (BNPP.PA> is pulling out of a niche U.S. energy lending business for the second time in four years after plunging oil prices dragged what was once seen as some of the safest energy loans into losses. "Given the current environment in the oil and gas markets and the short to medium term outlook, BNP Paribas has decided to halt the redevelopment of its reserve-based lending business," BNP said in a statement. BNP shut its reserve-based lending business in New York two weeks ago after 13-year-low oil prices stoked concerns of rising loan defaults among borrowers, according to two sources. BNP declined to comment on the size of the business.