Wednesday, November 21, 2018

Oil And Gas Reserves News

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…

UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC

Image: ADNOC

The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its…

Keppel Wins FPSO, FSRU Contracts

In Brazil, Keppel FELS Brasil Ltda (Keppel FELS Brasil) has been engaged by MODEC Offshore Production Systems (Singapore) Pte Ltd., part of the MODEC, Inc. group, to undertake the topside module fabrication and integration of the FPSO Carioca MV30, a Floating Production Storage and Offloading vessel (FPSO). This is the sixth FPSO collaboration between Keppel FELS Brasil and MODEC.In Singapore…

Philippine Senators Ask Duterte to Disclose China Energy Plan

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Philippine opposition senators have demanded President Rodrigo Duterte reveal details of joint energy exploration plans with China, warning such a deal risked affirming Chinese territorial claims that are not recognized under international law.Early this year, the two countries set up a joint panel to work out how to explore offshore oil and gas in areas that both claim…

DNV GL sees oil demand peaking in 2023

(Photo: Eric Haun)

Global oil demand will peak in 2023 as electric vehicles (EVs) become competitive with cars fuelled by petrol and diesel, and after 2040 no new oil developments will likely be needed, quality assurance and risk management firm DNV GL said on Monday.The forecast from the Norway-headquartered firm, which offers certification and consultancy services to around 100…

UK Petroleum Reserves Could Sustain Production for 20 Years

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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, published Thursday shows that overall remaining recoverable reserves and…

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 range from 10 to 20 billion barrels plus of oil equivalent.The Oil and Gas Authority (OGA) has estimated that production…

Lebanon Begins Offshore Oil & Gas Exploration

Lebanon's search for its first oil and gas reserves began on Tuesday after authorities approved an exploration plan submitted by a consortium of France's Total , Italy's Eni and Russia's Novatek. Energy and Water Minister Cesar Abi Khalil also said in a televised statement that Lebanon hoped to launch a second offshore licensing round by the end of 2018 or early 2019.

Total Expects Approvals for Offshore Greece Exploration

File Image (CREDIT: AdobeStock / (c) xmentoys)

Total expects approval from the Greek parliament by the end of the year to explore for oil off the western coast of Greece, the French company's chief executive told a Greek newspaper. Greece and a consortium made up of Total, Italy's Edison and Hellenic Petroleum have signed a lease agreement to search for oil and gas in the Ionian Sea. "We expect ratification…

Norway Looks to Shift from Oil

File Image (CREDIT: AdobeStock / (c) JJAVA)

Norway will study ways to make its economy greener and reduce dependence on oil and gas reserves that are likely to lose value amid efforts to slow climate change, Environment Minister Vidar Helgesen said on Thursday. A government commission of experts, to be appointed in coming days, will examine the nation's green competitiveness and ways to insulate…

Producers Gain Breathing Room to Borrow Amid Oil's Uptick

File Image (CREDIT: AdobeStock / (c) Lukadp)

U.S. oil and gas producers have gained more flexibility to borrow money as crude prices have modestly rebounded, according to a survey of the companies, lenders and others released on Friday. Greater room to borrow means energy producers are under less immediate pressure to cut costs or output. Only 26 percent of energy producers with loans are likely to see a decrease this fall in their borrowing bases…

More Competitive US O&G Lending Drives Down Pricing

A renewed willingness to lend to US oil and gas companies, as oil prices stabilize well above lows, is driving down pricing for borrowers after two straight years of steep increases. The volume of credit lines provided to exploration and production companies, using their oil and gas reserves as collateral, so far this year has already topped full-year 2016…

Subsea Infrastructure: Challenges & Solutions

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As offshore oil and gas reserves become ever more difficult and costly to recover, the demand for innovative technology has never been greater. Joe Orrell, managing director at RED Engineering, considers some of the challenges in subsea infrastructure design and the role of fast track engineering solutions. The offshore oil and gas industry, even in times of low prices and abundant supply…

Norway: We Must Prepare for Arctic Oil Race with Russia

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Norway must identify potential offshore oil and gas reserves near its northern maritime border with Russia to better protect its economic interest in the remote Arctic region, energy minister Terje Soeviknes said on Wednesday. The two countries agreed in 2010 to split previously disputed areas of the Barents Sea between them, allowing each to exploit resources hidden beneath the seabed.

Mexico's Energy Sector Faces Deepwater Auction Test

FileImage: an offshore Mexico oil installation. CREDIT: AdobeStock / (c) Mike Mareen)

An auction of deepwater oil and gas fields in Mexico this month may prove the last major opportunity for President Enrique Pena Nieto's government to capitalize on its opening of the energy sector, the central plank of its economic agenda. The Jan. 31 tender of licenses to explore and drill in 29 blocks in the Gulf of Mexico is the biggest chunk of oil…

Long wait Ends for Big Oil as Mexico Auctions Prized Blocks

Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is the biggest since the government of President Enrique Pena Nieto enacted…

Enerplus Profit Beats as Oil Focus Pays Off

Photo: Enerplus Corp

Canadian oil and gas producer Enerplus Corp reported a quarterly profit that beat estimates on Friday as the company's strategy to focus on oil assets paid off. Shares of the company, which has historically produced more natural gas than oil, were up as much as 4.5 percent. Enerplus, which has significant operations in the United States, recently entered…

How Shell Hid a Whale Before Placing Mexican Oil Bet

File Image: A typical Gulf of Mexico offshore oil platform (CREDIT: Adobestock / (c) Mike Mareen)

Announcement of Whale well discovery delayed until auction. The gasps in the audience were clearly audible at the auction of Mexico's oil blocks a month ago as Royal Dutch Shell's hefty bids were announced one by one. The size of Shell's cash payments - $343 million out of the total of $525 million that Mexico earned in the sale - far outstripped its competitors' offers…

More Exploration off Norway Needed to Maintain Output -Petoro

Grethe Moen, Petoro president and CEO (Photo: Emile Ashley / Petoro)

Oil companies must explore for more offshore oil and gas reserves if Norway is to maintain energy production at its current level, state-owned oil firm Petoro said on Wednesday. Petoro holds stakes in several oil and gas firms off Norway and represents the state's interests in discussions with partners. "Exploration activity is too low and must be intensified.

China Says to Have "Prudent" Oil Exploration with Philippines

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China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart. Any potential deals between Manila and Beijing on energy exploration in the disputed waterway should be agreed with a company and not the Chinese government, a senior Philippine official said earlier this month.