Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters."Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction," one OPEC source said.OPEC+ agreed last month to cut output by a record 9.7 million barrels per day…
Oil Gains, with Brent above $40
Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53, the highest since March 6, after gaining 3.3% on Tuesday.U.S. West Texas Intermediate (WTI) crude futures gained $1.06, or 2.9%, at $37.87 a barrel. It rose to as much as $38.18, also the highest since March 6.
ENGIE Fabricom, Iemants JV to Build Hollandse Kust (North) Substation
A consortium of the Belgian companies ENGIE Fabricom and Iemants will supply the offshore substation platform for the Hollandse Kust (North) wind farm in the Dutch North Sea, TenneT has informed.A wind farm with a total installed capacity of at least 693 MW to a maximum of 760 MW will be built in the Hollandse Kust (North) wind zone.The contract is for the design, engineering, production, delivery, transport and installation of an (unmanned) offshore platform. It concerns both the jacket foundation and the topside.
Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts
Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT.West Texas Intermediate (WTI) crude futures rose 0.56%, or 20 cents, to $35.64 a barrel.Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, a grouping dubbed OPEC+.Both Brent and WTI prices…
Norway Earmarks $369M for Green Industry Investments
The Norwegian government proposes spending 3.6 billion Norwegian crowns ($369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the government said on Friday."The crisis we are now in hasn't made the need for transformation smaller - it has increased it," Prime Minister Erna Solberg told a news conference.While a half-century of oil and gas production has made Norway one of the world's wealthiest nations, the country aims to transition into a less oil-dependent economy and make more room for other…
Oil Drops but Still Set for Biggest Monthly Gain in Years
Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents, or 2%, to $34.57 a barrel by 1203 GMT and the more active August contract also lost 72 cents, or 2%, to $35.31. U.S. West Texas Intermediate (WTI) crude was down 83 cents, or 2.5%, at $32.88.Both contracts were on course for their first weekly loss after four…
Deme Offshore Joins Neptune's Hydrogen Project
Offshore installation contractor Deme Offshore has joined Neptune Energy's PosHYdon pilot, the world’s first offshore green hydrogen project, being developed in the Dutch North Sea.Part of the Belgian Deme Group, the company joins as a partner and will provide the hydrogen unit for installation on the Neptune-operated Q13a platform. The pilot aims to integrate three energy systems in the North Sea: offshore wind, offshore gas, and offshore hydrogen by producing hydrogen from seawater on the Q13a.Lex de Groot, Managing Director of Neptune Energy in the Netherlands…
First Turbine Installed at Borssele III/IV Offshore Wind Project
The first offshore wind turbine has been installed at the Borssele III/IV wind project in the Dutch North Sea, the turbine builder MHI Vestas Offshore Wind has said."The first turbine at the 731.5 MW Borssele III/IV offshore wind project has now been installed by MHI Vestas at site 55 km off the coast of the Netherlands. The first of the 77 V164-9.5 MW wind turbines was installed by the project team after setting sail from the Port of Vlissingen on the Aeolus offshore installation vessel," MHI Vestas said Thursday.The Borssele III & IV offshore wind farms are being built in the Dutch North Sea by Blauwwind…
China, India Soak Up Oil from Floating Storage as Demand Picks Up
The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the past seven days, with China the top destination at 1.8 million tonnes and India second at 842,679 tonnes, according to oil analytics firm Vortexa. Robust demand from China, the world's top oil importer, and OPEC+ production…
Prysmian's Inter-array Cables for Saint-Brieuc Offshore Wind Farm
Italian marine cable installation company Prysmian has won an €80 million contract to provide the submarine inter-array cable systems for the Saint-Brieuc offshore wind farm in France.Under the contract awarded by the wind farm developer Ailes Marines - fully owned by Spain's Iberdrola - Prysmian will be responsible for the design, supply, installation, and commissioning of 90 km of three core 66 kV HVAC XLPE-insulated inter-array cables. Cable cores will be manufactured at Prysmian's Montereau-Fault-Yonne and Gron (France) base and then assembled and finished in Nordenham (Germany).
Norway: OMV Gets NPD Nod for Hades Drilling
Austrian oil and gas firm OMV has been granted a permit for the drilling of the offshore well 6506/11-12 S in the Norwegian Sea.The company's Norwegian subsidiary OMV Norge will use the Island Innovator semi-submersible to drill the appraisal well at the prospect named Hades in the production license 644.OMV Norge is the operator with an ownership interest of 30 percent. The other licensees are Equinor (40 percent), DNO (20 percent), and Spirit Energy (10 percent).The well will be drilled about 4 kilometers west of the Morvin field.
Kazakhstan: No Shutdown Planned for COVID-19-hit Tengiz Field
Kazakhstan has no plans to shut down oil production at its biggest oilfield, Tengiz, despite the novel coronavirus outbreak among its workers, the Central Asian nation's energy minister said on Wednesday.Kazakhstan's chief sanitary doctor said last week the field's operator, Chevron-led Tengizchevroil, might have to suspend operations if a plan to curb the spread of the virus at the site fails.But Energy Minister Nurlan Nogayev told a briefing there was no immediate risk of such measures being taken."The matter of shutting down the field is not being considered…
Petrofac Starts Rubie and Renee P&A Work
UK oilfield services firm Petrofac has kicked off the plugging and abandonment work on the Rubie and Renee fields in the North Sea using Awilco's WilPhoenix rig.Petrofac won the Rubie and Renee P&A contract with Hess in August 2019.Over the next three months, Petrofac will provide Well Operator, Well Engineering, and Project Management services to decommission four wells within the Rubie and Renee fields, 200km northeast of Aberdeen.Petrofac is responsible for detailed planning, direct procurement, and management of all sub-contracted services…
Third Iranian Fuel Cargo Approaches Venezuela
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation's exclusive economic zone as the previous two were discharging at state run PDVSA's ports, according to Refinitiv Eikon data.The Iran-flagged tanker Petunia crossed the Caribbean Sea earlier on Tuesday, following the route taken in recent days by vessels Fortune and Forest.The Fortune was welcomed on Monday at PDVSA's El Palito refinery by Venezuela's oil minister, Tareck El Aissami, who thanked Iran for its support during the crisis…
Largest Wind Turbines for U.S. Largest Offshore Wind Project
Siemens Gamesa Renewable Energy's new wind turbines with up to 15MW capacity have been earmarked for an offshore wind project in the U.S.First, the company on Tuesday morning said it was planning to the giant SG 14-222 DD offshore Direct Drive wind turbines at the 300 MW Hai Long 2 project in Taiwan.Later on the same day, SGRE said the same type of turbine - launched just last week - would conditinally be supplied to the massive 2,640-MW Dominion Energy Coastal Virginia Offshore Wind (CVOW) commercial project. "This…
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash, which has left U.S. crude prices down 50% since January, put him and tens of thousands of oil service veterans out of work.
Japan's Refiners Facing Stagnant Market May Cut Capacity
Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic. They've been hit by declining use for fuel at home, competition from newer refineries in China and South Korea dominating in other markets, as well. Idemitsu Kosan on Tuesday reported an annual loss, like its competitors have done in recent days. Executive Officer Noriaki Sakai said Japan's second-biggest refiner expects fuel sales to fall 30% in the year through March 2021 while President Shunichi Kito said the company "may need to consider some measures (to consolidate refineries) in the mid-2020s".
Guyana Received $4.9M in Oil Royalties in 1Q
Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports.The crude produced by an Exxon Mobil Corp-led consortium at the Stabroek's Liza field was priced for the purposes of royalty payments at $61.87 per barrel in January, $54.35 per barrel in February, and $36.79 in March, the ministry said.Crude prices worldwide plunged throughout that period due to a drop in demand from the spread of the novel coronavirus…
Iranian Tanker Docks in Venezuela
The first of five Iranian tankers carrying fuel to Venezuela has moored at a port serving the El Palito refinery, the oil minister said on Monday, and Refinitiv Eikon data showed a second vessel had entered its waters.Iran is providing Venezuela with 1.53 million barrels of gasoline and refining components in a move criticized by U.S. authorities as both countries are under U.S. sanctions, according to the governments, sources and calculations by TankerTrackers.com.Refinitiv Eikon data showed that the tanker Fortune docked at one of El Palito's berths around 1 a.m.
Poland's PGNiG Expects Over 100,000 Tons of Oil from Skogul in 2020
Polish oil company PGNiG said Monday it expects to produce about 115 tons of oil from the Skogul field offshore Norway in 2020.First oil from Skogul, located in the North Sea, offshore Norway was achieved in March, 2020. was achieved during the quarter. The field is operated by the Norwegian oil company Aker BP, with a 65% stake, while the Polish firm owns the remaining interest.Jerzy Kwieciński, President of the PGNiG Management Board said Monday:"We expect to produce about 115 thousand tons of oil from the field in 2020 alone.