Tuesday, April 23, 2019

Archer Wins Contract from Chevron

Captain (Photo: Chevron)

Archer announced Tuesday it has been awarded a contract to provide platform drilling services for Chevron in the UK sector of the North Sea.Under the deal, Archer it will provide offshore operations and maintenance supervision on the Alba Northern and Captain platforms. Archer said it will also continue to provide onshore rig operations, maintenance and QHSE management.The new contract, which is for five years firm, with two one-year options, is scheduled to commence May 1, 2019 and ensures continuity of platform drilling operations and maintenance management services on the Alba Northern and Captain platforms until at least 2024.Kenny Dey…

Halliburton Reports Activity Uptick

(Photo: Halliburton)

Halliburton Co said on Monday a pricing downturn that has plagued the oilfield services sector was bottoming out, as it reported modestly higher activity levels in North America in the first quarter from a year earlier.Oilfield services providers have been struggling with a tightening of spending by U.S. oil producers as they rein in new drilling in response to shareholder pressure for greater returns after a period of heavy investment.The company's shares were up 2.8 pct at $32 before the bell.In contrast to comments from top oilfield services provider Schlumberger NV last week…

BP Invests $6 Bln in Offshore Azerbaijan Project

Image: BP

The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime. The $6 billion sanction is the first major investment decision by the ACG partnership since the extension of the ACG production sharing agreement (PSA) to 2049 was agreed in 2017.

US Rig Count Dips

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U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Thursday.Baker Hughes released the report a day early this week due to the Good Friday holiday.The U.S. rig count, an early indicator of future output…

Chrysaor to Buy ConocoPhillips’ UK Assets

Judy in the J-Area (Photo: ConocoPhillips)

Chrysaor has reached a deal to acquire ConocoPhillips’ oil and gas exploration and production assets in the UK for $2.675 billion, the companies announced on Thursday.Full-year 2018 production and year-end 2018 proved reserves associated with the assets being sold were approximately 72,000 barrels of oil equivalent per day (boepd) and approximately 99 million barrels of oil equivalent (boe), respectively. This acquisition increases Chrysaor’s pro forma 2018 production to 177,000 boepd, making Chrysaor one of the largest oil and gas producers in the UK North Sea.The transaction will be backdated to January 1…

Santos Posts Record Production in Q1

Santos in January announced first oil from the Van Gogh infill project, marking the completion of the two-well program that will increase production from the field. (Photo: Santos)

Australia's No.2 independent gas producer Santos Ltd on Wednesday posted record quarterly production, boosted by its acquisition of Quadrant Energy assets, while sales revenue jumped 28 percent.Santos said production for the quarter ended March 31 rose to a record 18.4 million barrels of oil equivalent (mmboe), up from 13.8 mmboe last year.Revenue came in at $1.02 billion, the second-highest quarterly revenue on record, it said.Santos acquired Quadrant Energy last year in a $2.15 billion deal, snapping up Quadrant's 80 percent stake in the promising Dorado oil find."In the second quarter…

Santos Finds Gas Off Western Australia

(Image: Santos)

Santos announced Tuesday it has confirmed significant gas resource in the Corvus-2 appraisal in the Carnarvon Basin, offshore Western Australia.Corvus-2 is located in 63 meters water depth, approximately 90 kilometers northwest of Dampier in Commonwealth waters within petroleum permit WA-45-R, in which Santos has a 100% interest.The well was drilled approximately 3 kilometers southwest of Corvus-1 (drilled in 2000) using the jack-up mobile offshore drilling unit Noble Tom Prosser and reached a total depth of 3,998 meters. According to Santos…

Vermilion to Drill Exploration Wells in Central Europe

Canada's Vermilion Energy will drill its first two exploration wells in Croatia in June, a senior official from the company said on Monday. Vermilion won four licences in 2015 for oil and gas exploration in Croatia's flat northeastern areas and the drilling will take place on one of these."Although we see evidence of gas charge from the new seismic data we have acquired, we'll not know for sure whether any of this is commercially producible until after these initial wells are completed," Bryan Sralla, who heads the unit for central and eastern Europe…

Chevron to Buy Anadarko for $33 Bln

(Photo courtesy Anadarko)

Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S. energy output is surging - shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG) - which have helped make the U.S.

​​​​BP Plans to Exit China's Shale Gas

European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results. Its departure leaves the sector firmly in the hands of domestic companies.In March 2016, BP agreed with China National Petroleum Corp (CNPC) to explore and produce natural gas from shale rock formations in the Neijiang-Dazu block in Sichuan…

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.Companies added 15 oil rigs in the week to April 5, the biggest increase since May, bringing the total count to 831, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The rig count fell to its lowest since April 2018 in the previous week.The U.S. rig count, an early indicator of future output, is higher than a year ago…

Lebanon Announces Offshore Blocks

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Lebanon announced on Friday five offshore blocks to be included in its coming bidding round for energy exploration and production licences, including four along disputed maritime borders.Offshore energy development has been a central ambition for successive governments in cash-strapped Lebanon, but political paralysis has caused years of delays.Blocks 8 and 10 both include waters also claimed by Israel, while blocks 1 and 2 include waters claimed by Syria. One of the two blocks for which licences were awarded last year, block 9…

AMS Wins Hornsea Two Gig

AMS NoDig drill site for Hornsea One at Horseshoe Point. Image: Ørsted

AMS Trenchless Specialists, North Lincolnshire-based engineering company, has won a huge contract for part of the onshore cable works for Hornsea Two, an offshore wind farm being constructed 89km off the Yorkshire Coast.AMS Trenchless Specialists, based in Scunthorpe, will undertake Horizontal Directional Drilling (HDD), a method of installing ducting and cables beneath existing infrastructure without disruption, at the landfall site in Horseshoe Point where the offshore cables meet the onshore cables.This contract builds on the existing relationship between the East-coast firm and Ørsted…

NPD Report on High North Offshore

Director Bente Nyland presents the report "Petroleum Activity in the High North" in Hammerfest. Photo: NPD

Norwegian Petroleum Directorate (NPD), Norwegian government agency responsible for the regulation of the petroleum resources on the Norwegian continental shelf, has presented a report on petroleum activity in the High North at the Barents Sea conference.The report titled "Petroleum activity in the High North" aims to place petroleum activity in the High North into a technological, historical and international context, showing how exploration and production of oil and gas take place under “demanding marine conditions.”The report shows how exploration and large-scale oil and gas production take place under demanding marine conditions in both the US…

GA Drilling Gets Capital Boost

(Photo: GA Drilling)

Slovakia-based GA Drilling has received a boost to help develop, test and commercialize its innovative plug and abandonment (P&A) technology. The company has signed a £4.2 million ($4.7 million) funding agreement with Budapest based venture capital firm Lead Ventures, with funding provided by Hungary-based integrated, international oil and gas company MOL Group and Hungarian Eximbank.The financing deal, in addition to a service agreement with the European oil and gas company, gives GA Drilling access to onshore production wells where it can put its PLASMABIT P&A technology to the test in real field conditions.

GA Drilling Gets Fund, Signs Pact with MOL

 Pic: GA drilling

High-tech deep-drilling company GA Drilling signed a EUR 4.2 million funding agreement with Lead Ventures and a service agreement with MOL Group.Lead Ventures, a Budapest based venture capital firm invested funds provided by MOL Group, and Hungarian Eximbank.The deal gives GA Drilling access to onshore production wells to test its disruptive PLASMABIT plug & abandonment technology in real field conditions.The agreement is a major step in enabling the commercialization of the PLASMABIT technology, which can bring positive environmental impacts…

Orinduik Partners to Drill 2nd Well Off Guyana

Stena Forth (Photo: Stena Drilling)

Partners Tullow Oil, Total and Eco Atlantic have chosen the Joe prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said on Friday.Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September.The well will be drilled with the Stena Forth drill ship in mid-July moving on from the Jethro Lobe well in the same field."Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2 percent chance of success...

Bourbon Wins Shell Contract in Bulgaria

Photo courtesy of Bourbon

Bourbon Marine & Logistics said on Thursday it has been awarded a contract from Shell to support the oil major's exploration drilling in the Black Sea offshore Bulgaria.The French services company said its project scope covers the full logistics solution project management, offering for the first time both marine logistics together with shore logistics: marine services, logistics base, warehousing, port facilities, cargo carrying units, waste management, customs clearance, etc.Two large supply vessels will be dedicated to the project…

US Offshore Drilling Takes Center Stage

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U.S. lawmakers will quiz President Donald Trump’s new pick to lead the Interior Department on Thursday, focusing on the former energy and mining lobbyist’s plans to expand fossil fuels production from the United States' public lands and waters.The Interior Department, which oversees more than a fifth of the U.S. land surface from Alaska to the Gulf of Mexico, has been central to Trump's policy of boosting domestic crude oil, natural gas and coal production.David Bernhardt, 49, has been acting secretary at the department since December when his predecessor Ryan Zinke resigned under a cloud of ethics investigations.

Shell Starts Exploratory Drilling off Bulgaria

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Royal Dutch Shell said on Tuesday it will start drilling an exploration well in a block off Bulgaria's Black Sea coast next month for oil and gas.Shell has teamed up with Spain's Repsol and Australia's Woodside Energy after sealing a contract with Bulgaria in 2016 for deepwater exploratory drilling as part of Sofia efforts to end its almost complete reliance on Russia's natural gas supplies. It is Shell's only upstream project in Bulgaria."With partners and with good data... we started preparation for drilling 18 months ago.

Reabold Signs Rig Contract for West Newton Well

Sachin Oza. Photo: Reabold

UK-based Reabold Resources said Rathlin Energy UK Ltd has signed a rig contract for the onshore UK West Newton appraisal well.The appraisal well at West Newton will have two objectives. The first objective is to appraise the Kirkham Abbey Formation gas discovery which has a 72 per cent. chance of success and an NPV of $185m.The second objective of the well is to test a deeper Cadeby Formation reef flank oil prospect, considered by Rathlin to have an NPV of $850m and a 24 per cent. chance of success.In line with Reabold's investment strategy…

Sinopec to Develop Weirong Shale Gas Field

Sinopec Corp, China's biggest shale gas operator, said on Monday it plans to develop a new field this year able to produce 1 billion cubic meters (bcm) of shale gas annually.The state-run company said the field will tap a proven reserve equivalent to 124.7 bcm of gas at Weirong in the southwestern province of Sichuan. This marks its second major shale gas discovery after a flagship development at Fuling in the Chongqing region, situated in the same geological basin of Sichuan.The company is drilling for shale gas in a 20,000 square-kilometer area in southern Sichuan, as well as western Chongqing.

US Re-fracking Balloons to 550 Wells

Graph: Rystad Energy

The horizontal re-frac market within the US onshore scene has boomed in the recent years, with the number of horizontal re-frac jobs increasing every year over the last 10 years, said a report.According to Rystad Energy, the energy research and business intelligence company, in 2009, fewer than 10 wells were re-fracked, but in 2018 that number ballooned to more than 550 wells.New 2018 data is still preliminary amid some reporting delays for frac jobs in the fourth quarter of 2018. However Rystad Energy’s initial analysis reveals some interesting insights regarding the state of re-fracking.One key takeaway is that…

Exxon, Chevron Accelerate Shale Production

Graph: Rystad Energy

The two biggest U.S. oil companies Chevron and ExxonMobil plan to significantly ramp up production in the US shale heartland as the oil behemoths are seeking to go from shale to scale in the Permian.Rystad Energy’s shale team analysed as to which operator holds the best potential in the prolific basin spanning parts of Texas and New Mexico and announced that Chevron has the better opportunity to continue to grow post 2030.ExxonMobil will have to drill about twice as many new wells as Chevron to reach the communicated production goal.

US Rig Cuts Continue

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U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That is the first time the rig count has declined for five weeks in a row since May 2016 when it fell for eight consecutive weeks.More than half the total U.S.

Schlumberger, Rockwell Form Automation JV

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Industrial automation and information company Rockwell Automation and oilfield services provider Schlumberger have teamed up to create what they're calling the first fully integrated digital oilfield automation solutions provider.The new Houston based joint venture, Sensia, is expected to begin serving customers in the summer of 2019, subject to regulatory approvals and other customary conditions.“Oilfield operators strive to maximize the value of their investments by safely reducing the time from drilling to production, optimizing output of conventional and unconventional wells and extending well life…

Global Energy Takes Over Apollo Offshore

Image: Global Energy (Group) Limited

Global Energy Group, the provider of contract services to the oil and gas industry, has bought a majority stake in Aberdeen-based Apollo Offshore Engineering, forming a new contractor firm.The new company will be named Global Engineering and Construction (E&C), combining Apollo’s brownfield engineering capability with Global’s integrity and construction (ICON) division.Global E&C will have a headcount of around 900 and will be an engineering procurement and construction contractor exclusively focused on services for mature…

Oil Majors Rush to Dominate US Shale

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In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines.The sprawling site reflects the massive commitment to the Permian Basin by oil majors, who have spent an estimated $10 billion buying acreage in the top U.S.

US Lease Sale a Test for Drilling Demand

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flyingrussian / Adobe Stock

The Trump administration will hold its fourth major auction for oil and gas leases in the U.S. Gulf of Mexico on Wednesday, in a fresh test of demand from drillers that have lately been shying away from the region.The outcome of the lease sale will provide the last big signal from the industry about their interest in U.S. waters before President Donald Trump's Interior Department releases a long-awaited proposal to expand offshore drilling, possibly to new areas of the Atlantic, Pacific and Arctic.Wednesday's sale will include all available unleased areas in federal waters of the Gulf of Mexico…

Saipem Push with US Drillers Draws a Blank

(File photo: Saipem)

Italian oil services company Saipem is trying to lure big U.S.

US Rig Count Lowest Since April 2018

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U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.Drillers cut one oil rig in the week to March 15, bringing the total count down to 833, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That is the first time the rig count has declined for four weeks in a row since May 2016 when it fell for eight consecutive weeks.The U.S.

Seismic Shoot Offshore South Africa Begins

Image: Polarcus

Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, has announced the start of a new 3D marine seismic acquisition programme over the Paddavissie Fairway on Block 11B/12B offshore South Africa.The Brulpadda discovery is located on Block 11B/12B in the Outeniqua Basin 175 kilometers off the southern coast of South Africa. The block covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.Jan Maier, Africa Energy's VP Exploration, said:  "We…

BHP to Drill More Wells in Trinidad

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BHP Group Ltd has stepped up exploration drilling in deep water off Trinidad and Tobago hunting for gas which could supply the country's Atlantic LNG (liquefied natural gas) plant in the 2020s, a senior executive said.The company expects to complete drilling of three wells in block 14, located in its northern contract area, by the middle of this year, Niall McCormack, BHP's vice president for exploration, said on the sidelines of the CERAWeek energy conference in Houston."It's an attractive opportunity so we're looking to de-risk it a bit more…

GAC Bags Petronas Job

Image: GAC Marine

GAC Marine’s branch in Turkmenistan has been awarded two contracts by Petronas Carigali, a subsidiary of Petronas, to provide marine services for its development of the Garagol Deniz West (GDW) oil field.The service provider of full marine transportation to the offshore industry said in a press release that it will supply three anchor-handling vessels manned by experienced crew and kitted out with specialist onboard equipment to provide critical 24-hour support for the drilling operations.This includes transporting personnel and equipment from the onshore supply base to offshore facilities and between offshore rigs and platforms…

Wellesley Hits Dry Well in North Sea

Image: Transocean

Norwegian oil and gas exploration company Wellesley Petroleum has drilled another dry well in the Norwegian section of the North Sea, 220 kilometers northwest of Stavanger.The explorer for oil and gas sees second dry well this year with latest probe using semisub Transocean Arctic. "Following last month’s announcement of a dry well in the production license 931, Wellesley has now failed to hit the target at the 25/1-13 wildcat in the production license 871," said a statement.The Norwegian Petroleum Directorate (NPD) said on…

Rowan Rig Wins Repsol's Guyana Well Order

Image: Repsol en Guyana

The offshore drilling contractor Rowan announced that Repsol Exploracion Guyana, a unit of Spanish energy major Repsol, has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for work in Guyana.The contract is for one well beginning in the third quarter of 2019 with a duration of approximately 45 days, said a press release from the provider of well drilling services to the petroleum industry.The EXL II is currently under contract with BP in Trinidad, it said.Rowan has a fleet of 25 mobile offshore drilling units…

Eni Makes Major Oil Find Offshore Angola

(Photo: Eni)

Italian oil major Eni said on Wednesday it has made a major discovery in Block 15/06, in the Agogo exploration prospect, in the deep waters offshore Angola.The find is Angola's largest offshore discovery in years. Eni said the discovery is estimated to contain between 450 and 650 million barrels of light oil with further upside.The discovery was made in the Agogo-1 NFW well, located approximately 180 kilometers off the coast and about 20 kilometers west from the N’Goma floating production storage and offloading unit (FPSO).

HazSub Spill Response Plans

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On August 18, 1990, the Oil Pollution Act of 1990 (OPA 90) was enacted into law. Section 4202 of that Act amended the Federal Water Pollution Control Act (FWPCA or Clean Water Act) to require tank vessels and marine transportation-related facilities to prepare and submit to the US Coast Guard plans for responding, to the maximum extent practicable, to a worse case discharge, and to a substantial threat of such a discharge, of oil or a hazardous substance carried in bulk as cargo. The only real difference between the requirements regarding oil and hazardous substances was that a hard deadline was mandated for oil spill response plans…

PTTEP Makes Gas Discovery in Off Australia

Image: PTTEP

Thai oil and gas company PTT Exploration and Production Public Company Limited (PTTEP) has made a gas and condensate discovery at the Orchid-1, the first exploration well in Permit AC/P54 located in the Timor Sea, Australia.Phongsthorn Thavisin, President and Chief Executive Officer of PTTEP disclosed that PTTEP Australasia (Ashmore Cartier) (PTTEP AAA), a wholly owned subsidiary of PTTEP had made a successful discovery of gas and condensate at the Orchid-1, said a statement from the company.Commenced in January this year, the drilling of the Orchid-1 was undertaken to a total depth of 2,925 meters.

U.S. Drillers Cut Rigs to Lowest Level since May

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U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834, the lowest since May, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is higher than a year ago when…

Oil Drops 3 pct, U.S. Supply Surges

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Oil prices fell about 3 percent on Friday and were set for a second straight week of declines after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil.With surging U.S. oil supply also unsettling markets, Brent crude futures fell $1.85, or 2.8 percent, to $64.45 a barrel by 10:42 a.m. EST (1542 GMT). The international benchmark was on track to fall about 1 percent for the week.U.S. West Texas Intermediate (WTI) crude futures dropped $1.75, or 3.1 percent, to $54.91 a barrel. WTI was set to fall 1.5 percent for the week.U.S.

DEA Extends Concessions in Egypt

Photo: DEA Deutsche Erdoel AG

German oil company DEA Deutsche Erdoel AG has said it has extended its concessions for the Ras Budran and Zeit Bay oil fields in the Gulf of Suez, offshore Egypt. DEA’s General Manager Sameh Sabry signed the new concession agreement. The new agreement extends the concession for five years ending mid-2022. It includes an optional extension of another five years until 2027, subject to mutual agreement.Sameh Sabry says: “I am delighted that we managed to agree on a concession extension. DEA has been active offshore in the Gulf of Suez for more than 40 years.

Mossel Bay Port Ready to Serve Total

Pics: Transnet National Ports Authority

South Africa’s smallest commercial port, the Port of Mossel Bay is well equipped to provide value following global energy giant Total’s significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, 175 kilometres off the southern coast of South Africa, announced Transnet National Ports Authority (TNPA).The authority has dispelled criticism that it may not be ready to answer the call for capacity necessitated by the recent discovery of vast amounts of gas condensate about 175…

Green Marine Grows Offshore Fleet

Image: Green Marine

The solutions provider of the offshore renewable industry, Green Marine has expanded its fleet by recently purchasing a Damen Twin Axe 26m long CTV named the “Green Storm”.The vessel will focus on servicing the Offshore Wind industry, providing safe transportation of personnel and cargo to offshore installations, said a press release from marine renewables industry player.The company has made this significant investment to meet the demands of their expanding client base in offshore wind.The company has worked on several offshore wind farms including Beatrice, Moray East and West Wind Farms, Hywind, East Anglia 1 and Ormonde with their other vessels.

Plexus Bags Gazprom Contract Via Gusar

Image: Plexus

Aberdeen-based oil well technology firm Plexus Holdings said its Russian licensee Gusar had clinched its first major contract to supply gas exploration equipment to Gazprom.The contract covered the first year of an up to five-year jack-up gas exploration drilling programme on the Kara Sea Shelf.Under the terms of a 2016 licence agreement with Gusar, Plexus would receive a licence royalty of 20% based on the invoice value of Plexus products rented or sold.In addition, a further 20% royalty of the invoice values of te 2019-2020…

ExxonMobil Plans Big 2020 Capex Boost

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Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent after the company told analysts attending its annual investor meeting that it plans to lift spending by 10 percent or more for the next several years as rivals are sidelining equipment and capping spending to boost shareholder returns.Woods defended the strategy of "leaning in as our competitors are leaning back…

Aker Energy Hits Oil Offshore Ghana

(Photo: Aker Energy)

Aker Energy, as the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, announced Monday that it encountered oil in the Pecan South-1A well south of the main Pecan field offshore Ghana.Aker Energy said it is in the process of analyzing the well result and will commence further drilling to verify the volume estimate. These volumes will be an addition to the gross contingent resources (2C) from the existing discoveries in the area, previously estimated to 450-550 mmboe.Aker Energy is the operator of the DWT/CTP block with a 50% participating interest.

US Shale Firms Cut CapEx, Up Production

Graphics: Rystad Energy

U.S. shale energy companies are cutting their spending levels in 2019, but they're still planning on increased oil and gas output."US shale companies expect to deliver an average of 15% growth in oil production in 2019 vs. 2018. At the same time, operators say they will cut capital spending by 5% this year," said an analysis from Rystad Energy.The  energy research and business intelligence company has analyzed the recently released earnings reports for the fourth quarter of 2018 from 45 US operators, which also included their…

US Rig Count Lowest Since May 2018

File Image: an idled oil rig in a shipyard (CREDIT: AdobeStock / © Nightman

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1, bringing the total count down to 843, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total U.S. oil rigs are in the Permian basin, where active units fell by seven this week to 466, also the lowest since May 2018.The U.S.

CNPC to Develop New Shale Oilfield

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China's state-owned CNPC has started developing a new offshore shale oilfield near the Bohai Rim Basin, the company said via its official newspaper on Thursday.CNPC aims to produce 50,000 tonnes of shale oil from the Bohai Rim Basin in 2019 and to achieve production capacity of 1 million tonnes by 2028.The new drilling venture is in response to president Xi Jinping's call to step up national energy security, CNPC said.Shale oil production from China's continental crust created huge technological difficulties because of the unique geological formations…

Petrobras: First Annual Profit in 5 Years

(Photo: Petrobras)

Brazilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday as it swung to a net profit in the fourth quarter, although one-time provisions and writedowns led it to miss estimates.In a securities filing, Petrobras, as the company is known, said fourth-quarter net income rose to 2.102 billion reais ($564 million), compared with a loss of almost 5.5 billion reais in the same period a year earlier.Chief Executive Roberto Castello Branco, who took the reins in January, called 2018 the best year in some time…

Pemex Shrugs off Losses; Eyes New Oilfields

file Image: AdobeStock / © Mike Mareen

Mexico's national oil company Pemex narrowed its multibillion-dollar losses last year, executives said on Wednesday, as it seeks to fast-track the development of 20 new fields this year in a bid to bring new streams of crude online.Long a source of Mexican pride and a potent political symbol, the state-owned company faces an increasingly uncertain future as oil output slides, leaving it with a $7.6 billion loss in 2018."In 2019, Pemex's main objective is to stabilize crude oil production," Ulises Hernandez, a senior executive with the company's exploration and production arm…

Transocean: Ultra-deepwater Drilling Rates Could Double

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Rates for hiring offshore rigs to drill in ultra deepwaters such as the U.S. Gulf of Mexico could double over the next couple of years as the market recovers, the head of the world's largest offshore driller by market capitalisation said on Wednesday."Looking at what happened in the harsh environment market, it's not unrealistic to think that (ultra-deepwater) rates could double over the next couple of years," Transocean Chief Executive Jeremy Thigpen told Reuters on the sidelines of an energy conference, pointing to rates rise in the North Sea.The average daily ultra-deepwater rig rates in the U.S.

Exxon adds 4.5 billion bbls to 2018 Reserves

File Image: CREDIT AdobeStock / © mikesjc

Exxon Mobil Corp said on Tuesday it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, driven mainly by increases in its holdings in the U.S. Permian Basin, Guyana and Brazil.The oil major said its proved reserves totaled 24.3 billion oil-equivalent barrels at the end of 2018, with liquids accounting for 64 percent, up from 57 percent in 2017."Multiple new discoveries offshore Guyana, continued growth in the Permian Basin and a strategic acquisition in Brazil greatly enhanced our already strong portfolio of high-quality…

Seadrill Eyes Brighter Rig Market

(Photo: Seadrill)

Seadrill's core earnings for the fourth quarter exceeded the company's own guidance, boosted by lower costs and one-off items, while the market outlook for drilling rigs was improving, the Oslo and New York-listed firm said on Tuesday.The company, controlled by Norwegian-born billionaire John Fredriksen, reported $73 million in quarterly adjusted earnings before interest, tax, depreciation and amortization (EBITDA), more than double the $35 million forecast it made in November.However, adjusted EBITDA is expected to ease to around $60 million in the first quarter…

Maersk Drilling Mulls Listing in Recovering Market

File Image: CREDIT Maersk Drilling

Drilling rig contractor Maersk Drilling, which will soon list on the Copenhagen stock exchange, said the offshore drilling market is improving as oil firms generate more cash and look to boost reserves.A fall in oil prices in 2014 prompted a severe downturn in the industry as oil companies cancelled or postponed exploration plans, reducing demand for offshore drilling rigs."What drives our faith in a market recovery is to a high degree the higher activity we see from the oil companies," chief executive Jorn Madsen told Reuters.He referred to an increase in utility rates and the number of tenders…

Moog Focal Products for APL Norway AS

Stacked Focal swivels with the LVEOS on top (Photo: MacArtney)

A Floating Storage and Offloading project in the Norwegian Sea is to benefit from high-end products for data and process control from MacArtney & Moog Focal.MacArtney has secured a contract from APL Norway AS, a Norwegian Mooring and Loading Systems provider - part of NOV Completion & Production Solutions. The scope of supply covers a Moog Focal Low Voltage Electrical Optical Swivel (LVEOS) and a Medium Voltage Electrical Swivel (MVES) for the Equinor Njord Bravo FSO project in the Norwegian Sea. Njord, an oil and gas field in the Norwegian Sea is located about 30 km west of Draugen.

Exxon, Microsoft Ink Cloud Computing Deal for U.S. Shale

File Image: AdobeStock / © Shamtor

Exxon Mobil Corp and Microsoft Corp have agreed to use cloud technology in the U.S. oil producer's shale operations, they said on Friday, helping to boost profitability in the nation's largest shale field.The companies will collect data from Exxon's wells and other production assets in the Permian Basin of West Texas and New Mexico, where the world's largest publicly traded oil and gas company holds 1.6 million acres, and make it immediately accessible to Exxon workers.The value of the agreement was not disclosed. But the partnership is the industry's largest in cloud computing…

FPS Market in Americas to Grow 7%

Image: Anadarko

The floating production systems (FPS) market in Americas will register a CAGR of almost 7% by 2023, said a study.The need to meet the increase in demand for energy for both export and domestic consumption in the region is driving the growth of offshore oil and gas activities, which, in turn, will support the growth of the FPS market in Americas during the forecast period, said ResearchAndMarkets report.Offshore regions are one of the major sources for oil and gas production as the reserves in the offshore segment, which are estimated to be vast, largely remain unexplored.

Repsol Unveils Big Gas Discovery in Indonesia

Map: Repsol

Spanish energy giant Repsol has made a substantial natural gas discovery in Indonesia along with its partners, Malaysia's Petronas and Japan's Mitsui Oil Exploration (Moeco).The company described the discovery in South Sumatra as "the largest gas find in Indonesia in 18 years" and one of the 10 largest in the world over the past 12 months.The discovery is also among the ten largest finds worldwide in the last 12 months. The KBD-2X well in South Sumatra provides preliminary estimation of at least 2 TCF of recoverable resources.The discovery was made in the Sakakemang block in South Sumatra, where Repsol, as operator, holds a 45% working interest.