Wednesday, June 19, 2019

Oil And Gas Projects News

Chinese, Russian Majors Ink Arctic LNG Deal

Photo: Sovcomflot (SCF Group)

Russia's second largest natural gas producer Novatek, Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot, Chinese state-owned shipping and logistics services supplier company COSCO Shipping Corporation Limited, and the Chinese government owned investment fund Silk Road Fund, signed a four-party agreement to establish a…

Global Energy Investment Totals $1.8trln in 2018

Pic: International Energy Agency

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row…

Oil and Gas Projects to Triple in 2019

Map: Rystad Energy

A surge in final investment decisions (FIDs) this year on new petroleum projects worldwide could see sanctioned volumes of oil and gas – excluding shale and tight oil and gas prospects – nearly triple compared to last year’s tally.The collective volumes could swell past 46 billion barrels of oil equivalent (boe), according to research conducted by Rystad Energy.“We expect global FID volumes in 2019 to triple over last year…

BP to Expand Emissions Disclosure

(Photo: BP)

BP has agreed to broaden its disclosure on greenhouse gas emissions to show how it thinks future investments in oil and gas align with U.N.-backed climate goals, it said on Friday.Following talks with a large group of investors, BP also agreed to back a shareholder resolution on the measures at its annual general meeting (AGM), further evidence of the way…

Oil and Gas Execs Expect to Boost Spending

© currahee_shutter / Adobe Stock

The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP…

US Oil and Gas Industry Confidence Surges

Frank Ketelaars, Regional Manager, the Americas, DNV GL - Oil & Gas. Photo: DNV GL

Senior oil and gas professionals in the United States are among the world’s most confident about the outlook for the sector in 2019, as companies prepare for significant increases in capital expenditure (capex) over the coming months.According to a new research published by DNV GL, 85% of sector leaders in the US are optimistic about the industry’s growth prospects in the year ahead, up sharply from 60% in 2018.

Total Starts Production at Egina Oilfield

(File photo: SAPETRO)

Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria's coast, part of a shift by the French energy firm towards deepwater oil and gas projects to its drive cashflow.Output from Egina, which is located in waters about 1,600 metres (5,250 ft) deep, is expected to plateau at 200,000 barrels per day of oil, Total said. That…

Maurel & Prom Buys Shell's Stake in Venezuela

Image: Shell Global

Paris-based Maurel & Prom announced that it has acquired Shell Exploration and Production Investments' 40% interest as Shareholder B in Petroregional del Lago Mixed Company, which operates the Urdaneta West field in Lake Maracaibo, Venezuela.Maurel & Prom said further that all condition precedents have been satisfied and that the acquisition has been completed.The…

New O&G Projects to Expected to Accelerate

© meawnamcat / Adobe Stock

The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report.Shaken by a sharp drop in oil prices in recent months, boards are generally expected to stick to spending discipline imposed following the 2014 price crash.Global investment in oil and gas production…

Oil Majors Spending 'Sweet Spot' to Last to 2020

© EK / Adobe Stock

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, Chevron and BP are generating as much cash at today's oil prices of around $70 a barrel as they did in 2014…

LNG Investment Set to Grow

“We’re starting to see a lot more investment in LNG, but if you want to be in you have to start now,” Jim McCaul of International Maritime Associates (IMA)

Following years in the pricing doldrums, LNG is hot again, with business prospects for floating production and regasification looking strong through 2023. We talk to Jim McCaul of International Maritime Associates (IMA) for his insights, as he is fresh off of a 12-month stint investigating the market in depth."We wanted to take a fresh look at the market…

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…

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…

DNV GL Raises the Standard for Thermoplastic Composite Pipes

TCP (Photo: DNV GL)

DNV GL has launched a new standard that allows operators to choose thermoplastic composite pipes (TCP) instead of steel or traditional flexibles, enabling substantial cost reductions throughout the project lifecycle.After the successful and wide adaptation of the recommended practice (RP) DNVGL-RP-F119 by the industry for qualification of TCP for various applications from dynamic to static applications since its publication in 2015…

No Signs of Oil Shortage After Drop in Spending -BP CFO

Brian Gilvary (Photo: BP)

BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company's Chief Financial Officer Brian Gilvary said on Thursday.Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S. shale oil production has surged in recent years as drillers adapted.The U.S.

Statoil Eyes Future Projects with Pemex

Norway's Statoil will evaluate new offshore projects in Mexico, including potential tie-ups with state oil company Pemex, the firm's top executive said, adding that a first deepwater well in an existing Gulf project will likely be drilled next year. Statoil is focused mostly on future deepwater opportunities in Mexico but does not rule out others, CEO Eldar Saetre said in an interview late on Thursday.

U.S. Steel Tariff Could Impact Shell GoM Decisions

An offshore Shell FLNG project. (CREDIT: Shell)

A potential tariff on U.S. steel imports could affect Royal Dutch Shell's plans to go ahead with a major oil field development in the Gulf of Mexico, a company executive said on Wednesday. Wael Sawan, who heads Shell's deepwater operations, said President Donald Trump's intention to slap up to 25 percent tariffs on imported steel and aluminium could materially impact the value of the Vito development off the Louisiana coast…

Saipem Sees Tough Year Ahead

Photo: Saipem

Italian oil services company Saipem expects its revenues to fall this year as energy majors keep a tight grip on purse strings and pressure oil contractors' order books. Saipem, controlled by oil major Eni and state lender CDP, said it expected sales to be around 8 billion euros ($10 billion) this year, a billion euros less than in 2017. The recent uptick…

Pemex Seeks Offshore Deepwater Partners

File Image (CREDIT: AdobeStock / (c) Mike Mareen)

Mexico's state-run oil company Pemex plans to reach out to existing partners to form new joint ventures for a pair of deepwater blocks it won in a January auction, the company's chief told Reuters on Monday. Pemex is running out of time to find partners for key oil and gas projects as the government looks to show progress from its energy agenda ahead of a July presidential election.

Dudley: BP to Greenlight New Projects in 2018

Chief Executive Officer Bob Dudley (CREDIT: BP PLC)

BP plans to make final investment decisions on three major new oil and gas projects in 2018 and possibly more, Chief Executive Officer Bob Dudley told reporters at the IP Week conference. Dudley said that BP will stick to its annual spending budget of $15 to $17 billion into 2021 despite higher oil prices. "At BP we are going to keep within that capital discipline.