Saturday, July 20, 2019

Oil Recovery News

British Oil, Gas Output Rose 4% Last Year

© Lukasz Z / Adobe Stock

British oil and gas production rose 4 percent to 1.7 million barrels of oil equivalent per day in 2018 compared with the previous year, according to the Oil and Gas Authority, an industry regulator."The Oil and Gas Authority (OGA) now projects total cumulative UK hydrocarbon production from 2016 to 2050 to be 3.9 billion barrels of oil equivalent (boe) more than projected in March 2015," it said in a report

Bahrain's First LNG Terminal Ready for Business

Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit…

Chevron, Occidental Invest in CO2 Removal Technology

(Photo: Carbon Engineering)

Canada-based Carbon Engineering said on Wednesday it had received investment from a subsidiary of Occidental Petroleum Corp. and the venture capital arm of Chevron Corp.

Equinor Completes NCS Asset Sales

(Photo: Arne Reidar Mortensen / Equinor)

Norwegian energy company Equinor announced Friday it has completed the sales of two non-core discoveries on the Norwegian Continental Shelf (NCS) for a combined $470 million.Equinor announced in October that it would divest from the King Lear and Tommeliten discoveries as part of an effort to prioritize and refocus its asset portfolio.The first sale…

Schlumberger Bags Equinor Contract for Subsea Boosting System

All-electric actuated subsea boosting system. Image: Schlumberger

Norwegian oil and gas firm Equinor has awarded an engineering, procurement and construction (EPC) contract to OneSubsea, a Schlumberger company.The contract is for the supply of the industry’s first all-electric actuated subsea boosting system for the Vigdis Field in the Norwegian North Sea.The scope of the contract includes a pump station…

Tendeka Launches FloFuse

Annabel Green, Tendeka’s Chief Technology Officer (Photo: Tendeka)

Independent global completions service company Tendeka said it has launched a new technology that increases oil recovery by improving injected water conformance in fractured reservoirs or by ensuring effective placement of matrix stimulation acids.When installed across a segmented wellbore, FloFuse autonomously chokes back injection…

Chevron Gets Green Light for Captain EOR

Captain (Photo: Chevron)

Energy giant Chevron announced Tuesday it has received approval from the U.K. Oil and Gas Authority (OGA) to move ahead with its plans for an Enhanced Oil Recovery (EOR) project that aims to unlock millions of extra barrels of oil and extend the life of the long-producing Captain field in the U.K. Central North Sea.Chevron North Sea Limited (CNSL)…

Denbury to Acquire Penn Virginia for USD 1.7 bln

Image: Denbury Resources

Texas-based Denbury Resources will acquire Houston-based upstream energy company focused on the Eagle Ford Shale Penn Virginia in a deal valued at $1.7 billion, including the assumption of debt.According to a press release, the deal is expected to close in the first quarter of 2019. Denbury stockholders will own about 71 percent of the combined company…

Aker BP to Buy Equinor Gas, Condensate Discovery

(Photo: Aker BP)

Aker BP has agreed to buy Equinor's 77.8 percent stake in Norway's King Lear gas and condensate discovery for $250 million in cash, the two companies said on Monday.The North Sea discovery has estimated reserves of 77 million barrels of oil equivalents, and by connecting it to existing production facilities at the Ula field, Aker…

Equinor to Boost Drilling to Extend Norwegian Shelf Life

Photo: Harald Pettersen / Equinor

Oil producer Equinor aims to boost the recovery rate from its Norwegian fields to well above the global average to extend production from the mature basin beyond 2030.Equinor announced plans on Tuesday to drill up to 3,000 wells offshore from its native Norway in coming decades - almost as many as it has drilled since its startup in 1972 - to mitigate declining output from older fields…

Indonesia's Pertamina to Take Over Chevron's Rokan Block in 2021

Photo: Chevron

Indonesia has decided Pertamina will take over operation of the Rokan oil block, the country's second-biggest crude producing field, once Chevron's operating contract there expires in 2021, Deputy Energy Minister Arcandra Tahar said on Tuesday.Rokan has been a focus area for Chevron, which asked Indonesia earlier this year to extend…

Equinor Buys 25% Stake in Brazil’s Roncador Oil Field

The P-54 FPSO on the Roncador Field - (Photo: Geraldo Falcão)

Equinor and Petrobras have completed their transaction announced in December 2017, whereby Equinor has acquired a 25 percent non-operated interest in the Roncador oil field in Brazil’s Campos Basin. This follows all transaction conditions being met, including government and regulator approval.Reflecting equity volumes produced since the effective date of January 1…

OGIC Invests in New UK Projects

Ian Phillips (Photo: OGIC)

Setting out to help cut operational costs and improve efficiency in the oil and gas industry, the Oil & Gas Innovation Centre (OGIC) has invested more than £300,000 into three new projects. The first project will see Blue Gentoo work with the University of Aberdeen to develop an Intelligent Hydrate Tool (IHT). The tool will automatically…

Venezuela's Output Running 1.5 mln bpd Short

Venezuela's oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said on Monday. The United Arab Emirates oil minister said on Sunday that OPEC last year discussed member Venezuela's falling production and offered technical aid to help restore the South American country's output.

U.S. Bill Expands Carbon Tax Credit

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

A little-noticed addition to the U.S. budget deal approved last week will help Occidental Petroleum Corp and other oil producers by more than tripling a tax credit for injecting carbon dioxide back into the earth to increase crude output. The tax-credit expansion, although supported by environmentalists and energy producers, had failed to move out of Congress during the 2016 presidential election.

Statoil Acquires 25% Stake in Brazil's Roncador

The P-54 FPSO on the Roncador Field. Photo: Geraldo Falcão, Statoil ASA

Statoil ASA and Petróleo Brasileiro S.A. (Petrobras) have agreed that Statoil will acquire a 25 percent interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil’s production in Brazil, with attractive break-evens and potential for additional value creation for both parties through the application of Statoil’s expertise in improved oil recovery (IOR).

Statoil to Pay Up to $2.9 Bln to Triple Brazilian Output

Norway's Statoil will triple its output off the coast of Brazil after agreeing to buy a 25 percent stake in Roncador, one of the country's largest oilfields, from national oil company Petrobras for up to $2.9 billion. The deal announced on Monday fits Statoil's strategy of bolstering its presence in Brazil as it seeks to add new…

Aker BP buys Hess' Norway unit for $2 bln

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

Output from Hess Norway field stakes 24,000 boepd. Aker BP will add the Norwegian operations of U.S. oil company Hess to its expanding exploration and production portfolio under a $2 billion deal announced on Tuesday. Under billionaire investor Kjell Inge Roekke, who controls a 40 percent stake, the Norwegian company has made eight…

Cairn Oil and Gas to Invest $4.6 bln in New Exploration

Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi…

Bureau Veritas Issues New Rules for OSVs, Tugs

BV classed tug, Dux - now operating in Hammerfest, Norway. Image courtesy of Gondan Shipbuilders  (Photo: Bureau Veritas)

Classification society Bureau Veritas has issued new rules for the Classification of Offshore Service Vessels and Tugs, including new class notations for pipelay vessels, accommodation units, offshore construction vessels and offshore support vessels. Gijsbert de Jong, Bureau Veritas Marine Marketing and Sales Director, said: “With…