Mexico President's Pemex Plans Rattle Debt-holders
Mexican President Andres Manuel Lopez Obrador's declaration of war on "neo-liberal" economics has shaken investors holding Petroleos Mexicanos bonds, fueling concern about the future of the highly-indebted state oil company he has pledged to revive.Ratings agencies and three managers spoken to by Reuters at funds that either hold Pemex paper or recently sold it said proposals floated by the government to build a new refinery and give the state a bigger role in the oil industry could put fresh strain on the company, which must…
Chevron Gets Green Light for Captain EOR
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), which operates Captain as 85 percent stakeholder, said its plan includes applying polymer injection technology to increase production and help maximize economic recovery from the field located approximately 145 kilometers northeast of Aberdeen.
DeltaTek Appoints Johnstone
Well construction specialist, DeltaTek Global, has announced the appointment of Chris Johnstone as Operations Supervisor.Johnstone will focus on managing well site operations offshore and helping to design and develop new technologies, and he will also be responsible for implementing an equipment maintenance system and subsequent procedures.Prior to his appointment, Johnstone was a wellsite drilling engineer / performance coach at EnQuest. This followed an extensive engineering career which he began as an operations engineer at Stork and progressed to become a drilling engineer with LR Senergy and AGR Petroleum Ltd.
Amerisur Resources Hits Oil at Indico Well in Colombia
UK-based independent full-cycle oil and gas company confirmed that Indico-1 well in Colombia reached target depth of 10,604 feet and encountered the Lower Sands of the Une formation.The South America focused oil and gas producer, which owns 30% non-operated working interest in the Indico-1 well, said the Lower Sands package is the same formation which holds the 120 feet oil column discovered at nearby Mariposa, which lies some 6.5 kilometres to the North West of Indico-1.The Mariposa well has produced at a stable rate of approximately 3…
Verus Petroleum Mulls 12-Fold Production Growth
Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum exploration and production services provider said that it has recently completed three significant acquisitions; an interest in the Babbage gas field acquired from Premier Oil on 6th December, on the back of completing transactions to acquire Cieco Exploration & Production…
Eni Makes New Oil Find Offshore Angola
Italy's Eni said it ha struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola.The discovery, estimated to contain between 170 and 200 million barrels of light oil in place, was made in the Afoxé-1 NFW well located in the southeast area of Block 15/06, approximately 120 kilometers off the coast, 50 kilometers southwest from the Olombendo floating production, storage and offloading unit (FPSO) and 20 kilometers west of the recent Kalimba-1 discovery.Afoxé-1 NFW was drilled in a water depth of 780 meters and reached a total depth of 1…
Eni Starts Production at Vandumbu Field
Italy's Eni said it has started production from the Vandumbu field in Block 15/06 through West Hub N’Goma floating production, storage and offloading unit (FPSO).Block 15/06 is located approximately 350 kilometers northwest of Luanda and 130 kilometers west of Soyo, Angola.Eni said first oil from the Vandumbu field was achieved in late November, three months ahead of schedule.This, along with the early December startup of a subsea multiphase boosting system (SMBS), is boosting the oil production from Block 15/06 by 20,000 barrels of oil per day via West Hub’s N’Goma FPSO.The Vandumbu ramp-up is expected to be completed in Q1 2019…
BP Targeted with First Shareholder Resolution on Climate Goals
Pressure on oil companies to tackle climate change is growing after an activist group for the first time filed a shareholder resolution urging BP to set hard targets for reducing overall carbon emissions.Follow this, a Dutch organization that spearheaded a number of climate shareholder resolutions at Royal Dutch Shell's AGMs over the past three years said it also filed one with the Anglo-Dutch company for 2019.It also plans to file a resolution with U.S. rivals Exxon Mobil and Chevron "unless other parties file a similar resolution…
UKCS Still Worth Investment Despite Brexit -Equinor
Norwegian oil and gas firm Equinor will remain committed to the mature British continental shelf regardless of the country's plans to leave the European Union, a senior executive told Reuters.British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on the Brexit deal, thrusting U.K.'s divorce from the EU into chaos, with possible options including a disorderly Brexit with no deal."We are putting more investments into the U.K. despite Brexit, the perception of North Sea as being very mature and dying and oil price gyrations…
Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession
Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company with 15 percent…
HydraWell Executes Valhall Field Plugging Program
Norwegian oil and gas services company HydraWell has contributed towards Aker BP executing its plugging programme significantly quicker than planned through utilisation of the PWC(Perforate, Wash & Cement) plug and abandonment method (P&A) on the Valhall field.A press release from the company pointed out that since May 2017, HydraWell has contributed towards plugging 10 shut-in wells on the original drilling platform (DP) at the Valhall field centre.Compared to the first P&A phase on the DP platform from 2014 to 2016, Aker BP has reduced the average time per well by 50 percent in the latest phase…
Sound Energy Starts Drilling Well in Eastern Morocco
Moroccan focused upstream gas company Sound Energy confirmed that the drilling at TE-10, the second well of a planned three exploration well campaign in Eastern Morocco, has commenced.The TE-10 well will test the North East Lakbir prospect in the Company's Greater Tendrara permit and is located approximately 25 kilometres to the northeast of the recently awarded Tendrara production concession.The well is designed to test both a material TAGI stratigraphic trap and a smaller TAGI structural closure. The North East Lakbir stratigraphic…
Carnarvon Petroleum Secures Noble Tom Prosser Jack-up Drill Rig
Australian oil and gas exploration and production company Carnarvon Petroleum has secured a Noble Tom Prosser jack-up drilling rig for two appraisal wells at the Dorado joint venture oil, gas and condensate discovery offshore Western Australia.The energy sector company said in a press release that shallow water depths in this part of the Canning Basin on the North West Shelf mean that the joint venture can utilise a cost-effective jack-up rig for its appraisal wells. The Noble Tom Prosser was also used to drill the Roc-1 discovery…
Talos Energy Begins Zama Discovery Appraisal Program
Talos Energy has spudded its Zama-2 appraisal well, beginning the Zama discovery appraisal program, which will consist of three reservoir penetrations, including two wells and one sidetrack.The Zama discovery, which is located in Block 7 in the Sureste Basin, is planned to be developed with an investment of $325m.The oil and gas company that engages in the exploration, development, and production of oil and natural gas properties in the Gulf Coast and Gulf of Mexico said that the first well, the Zama-2, will be drilled to…
ExxonMobil Makes Discovery Off Guyana
U.S. major ExxonMobil has made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels, reinforcing potential for at least five floating storage, production and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2025.The resource estimate, up from the previous estimate of more than 4 billion oil-equivalent barrels, is a result of further evaluation of previous discoveries and includes…
Oil Surges 5 Percent
Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 1240 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.75."From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rucker, head of commodity research at Swiss bank Julius Baer.
Precision Drilling Demands Breaks Away Fee for Trinidad Drilling
The largest driller in Canada Precision Drilling Corp said it is entitled to a $20-million break fee after Ensign Energy Services Inc. announced that it will take control of Trinidad Drilling Ltd. by acquiring a majority of Trinidad’s shares.Ensign Energy Services, an oilfield services provider based in Calgary, has taken up 56.38 percent of Trinidad Drilling Limited’s shares in a hostile offer.Following Ensign’s announcement on unsolicited offer to purchase and takeover bid circular, Precision Drilling Corporation terminated its Oct.
Simmons Edeco Wins Tonalli Energía Contract
The supplier of onshore drilling and workovers, wellhead maintenance services Simmons Edeco has been awarded a contract by Tonalli Energia SAPI de CV to provide drilling services in Mexico.Tonalli Energía, SAPI de CV, founded in 2015, is a joint venture between Grupo Idesa Group and Petrofrontera, a subsidiary of International Frontier Resources Corporation, to explore and produce gas and oil in Mexico.The contract, which has already begun, engages Simmons Edeco to support Tonalli’s onshore oil and gas development Block 24. The Block known as Tecolutla, is in the Tampico-Misantla Basin in the Mexican state of Veracruz.
First Steel Cut for Karish and Tanin FPSO
Energean Oil and Gas announced that first steel was cut on the Karish and Tanin floating production storage and offloading (FPSO) vessel at the COSCO yard in Zhoushan, China, on Monday. The FPSO is scheduled to be delivered to the Karish field offshore Israel in late 2020, ahead of first production in the first quarter of 2021.The FPSO, which will be installed 90 kilometers offshore, will be the first FPSO to operate in the Eastern Mediterranean. It will have a gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800…
New Leadership at NRG Group
Aberdeen-based NRG Group announced two new directors have been appointed to lead the family-owned company.The company, which consists of NRG Well Examination and NRG Well Management, was founded by Andrew Mackay in 1988. Mackay has handed the reins to his son, Daniel Mackay, and daughter, Erica McPherson, who have taken up the newly-created roles of managing director at NRG Well Management and NRG Group Commercial Director respectively to shape the future direction of the company.Andrew Mackay remains involved with the business as chairman and majority shareholder.Daniel recently returned to the U.K.
Ecopetrol Sets 2019 Investment at $3.5 billion
Colombian state-run oil company Ecopetrol said on Tuesday it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects.The investment is the backbone of an ambitious plan to boost production and explore for more oil to replenish dwindling reserves. The company has said it will drill 700 wells and double the number of rigs in operation this year.Ecopetrol expects output next year at between 720,000 and 730,000 barrels per day equivalent, Ecopetrol said in a statement…
Iraq Approves Drilling Deal for West Qurna 2
Iraq has approved a $165.74 million drilling deal with China's Bohai Drilling Engineering Co. for the West Qurna Two oilfield, two Iraqi oil officials said on Tuesday.Under the 24-month contract, Bohai would drill 28 production oil wells at West Qurna Two, operated by Russia's Lukoil, a deadline at the end of 2020 for completion, the officials said.Production at West Qurna Two is now about 400,000 barrels per day (bpd), according to an oil official with knowledge of the field’s output operations.(Reporting by Aref Mohammed and Ahmed Rasheed; Editing by Edmund Blair)
Canadian Drillers Expect Flat Year
The Canadian Association of Oilwell Drilling Contractors (CAODC) said that the Canadian oil and gas industry is simply too dysfunctional to anticipate any kind of quick recovery.As a result, Canadian service companies are exploring any and all options to generate positive cash flows, said CAODC President, Mark Scholz."Our members are on life support," says Scholz. "With the exception of perhaps Venezuela, Canada is the only oil and gas producing jurisdiction in the world that cannot at the very least see a recovery on the horizon.
Montha-1 Exploration Well Disappoints KrisEnergy
KrisEnergy, a Southeast Asian upstream company, focuses on the exploration, development, and production of oil and gas, has failed to find significant hydrocarbon shows in the Montha-1 exploration well in the reservation area of the G10/48 license in the Gulf of Thailand.The Singapore-based said in a stock exchange annoucement that Montha-1, which was drilled by the Mist jack-up rig, reached a total depth of 10,396 feet measured depth rotary kelly bushing (RKB) (-9,138 feet true vertical depth subsea). No significant hydrocarbon shows were detected in the target reservoirs.
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea, one of the oldest offshore basins, which was once predicted to run dry by the 2020s.Consultancy…
Eni Norge Granted Drilling Permit
The Norwegian Petroleum Directorate (NPD) has granted Eni Norge AS a drilling permit for well 7122/7-7 S, cf. Section 15 of the Resource Management Regulations.The well will be drilled from the West Hercules drilling facility after concluding the drilling of wildcat well for Equinor Energy AS.The drilling programme for well relates to the drilling of an appraisal well in production licence 229. Eni Norge AS, the exploration and production company in Norway, is the operator with an ownership interest of 65 per cent. The other licensee is Equinor Energy AS (35 percent).The area in this licence consists of parts of blocks 7122/7, 8, 9 and 10.
Equinor Energy Strikes Gas in Barents Sea
Norwegian multinational energy company Equinor Energy has made discovery containing up to 24billion cubic feet of gas in the Barents Sea. Two exploration targets were found, with the first containing between 10 and 20billion cubic feet, the other between one and four billion.The discovery’s profitability is currently unclear, said a statement from the Norwegian Petroleum Directorate (NPD)."Equinor Energy AS has completed the drilling of wildcat well about 15 kilometres northwest of discovery well (Atlantis) and 370 kilometres north of Hammerfest.
Lundin to Drill Barents Sea Well
Europe's independent oil and gas exploration and production company Lundin Norway will drill and test a new exploration well in the Barents Sea, following approval by the Norwegian Petroleum Safety Authority (PSA)."Lundin is the operator for production licence 767. We have now given the company consent for exploration drilling and testing of well 7121/1-2 S," said a statement from the Norwegian governmental supervisory authority.The well is in the Barents Sea, in the centre of Troms I, approx. 121 kilometres from land (Bondøya north of Sørøya).
Crude Oil Inventory Update
Crude inventory build has reared its head again. And fears of an oil glut returning have sent oil prices south.According to the International Energy Agency (IEA), OECD oil stocks increased by 58.1 million barrels in Q3 2018, the largest gain since 2015. The agency in November said OECD oil holdings are likely to exceed the five-year average when October data are finalized.Looking forward, the IEA expects an implied stock build of 2 mb/d in the first half of 2019 – assuming OPEC producers continue at their current production pace and global demand grows at a rate of 1.4 mb/d.Weekly survey results by the U.S.
Faroe Petroleum Spuds Well off Norway Coast
Aberdeen-headquartered Faroe Petroleum has started drilling the Brasse East exploration well off the coast of Norway.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK announced the commencement of the Faroe-operated well 31/7-3 S in the Northern North Sea, in which Faroe has 50% working interest.The Brasse East well is being drilled immediately east of the Brasse field (discovered by Faroe in 2016 and appraised in 2017) which in turn is located to the south of the Brage field and to the south east of the Oseberg field.At the end of 2017…
Chevron: First Oil From Big Foot
U.S. supermajor Chevron announced that its operated Big Foot deepwater project in the U.S. Gulf of Mexico has started crude oil and natural gas production.The field is located approximately 225 miles (360 km) south of New Orleans, La., in a water depth of approximately 5,200 feet (1,584 m.). The Big Foot field was discovered in 2006, is estimated to contain total recoverable resources of more than 200 million oil-equivalent barrels and has a projected production life of 35 years.The project uses a 15-slot drilling and production tension-leg platform…
Johan Castberg Topside Construction Begins
Norwegian minister of petroleum and energy Kjell-Børge Freiberg cut the first sheet for the topside of the Johan Castberg floating production, storage and offloading unit (FPSO) at Kværner's yard at Stord on Wednesday as part of a large scale project triggering ripple effects throughout Norway.The topside will be installed on the 200-meter long FPSO vessel that will be producing on the Johan-Castberg field for 30 years from the planned production start in 2022.The field development concept includes a FPSO vessel and extensive subsea development…
McDermott Bags Petrobras Contract
McDermott International announced a large contract award by Petrobras for a natural gas pipeline project in support of the client’s Santos basin pre-salt field program.The contract covers the implementation of the ultra-shallow segment of the new Rota 3 gas export pipeline, said the provider of technology, engineering and construction solutions to the energy industry.The scope of work includes design and detailed engineering, procurement, construction and installation of six miles (10 kilometers) of a 24-inch rigid concrete coated pipeline from the already installed shallow water segment of this new pipeline system to the shore…
Equinor Plans More International Wells
Norwegian oil and gas firm Equinor plans to drill more exploration wells internationally and more onshore wells in 2019 compared to this year, the company's head of exploration said on Tuesday."In general, there will be more international activity, and a larger share of onshore activity," Tim Dodson told Reuters on the sidelines of an Equinor conference.Equinor's plans include high-impact wells off Canada, the United States, Mexico and Brazil, as well as onshore wells in Turkey, Argentina, Algeria and Russia.Exploration on the Norwegian continental shelf is expected to remain around 2018 levels, 20-25 wells, he added.(Reporting by Nerijus Adomaitis, ed
MOL Tabletop Drill Focuses on LNG Carrier Safety
Mitsui O.S.K. Lines announced that it conducted a tabletop drill based on an incident simulation involving an LNG carrier managed by an MOL Group ship management company.MOL holds these drills periodically to confirm its emergency response system in preparation for serious marine incidents.The drill was held on Friday, November 16, with the goal of raising company-wide safety awareness through the simulation of a serious marine incident. The drill was designed to demonstrate that the company can respond swiftly and appropriately…
Lomax Joins TEMS International
Aberdeen-headquartered oil and gas service company TEMS International has appointed Nicola Lomax to the newly created role of QHSE manager as it continues to expand its workforce in response to growing demand for its services.Lomax will be responsible for developing and managing the firm’s health, safety, environmental and quality systems and procedures in accordance with ISO 9001, 14001 and 45001 standards. She will support commercial and procurement activities, oversee the creation of an internal audit scheme and develop…
Turkey Warns Against Energy Exploration with Greek Cypriot Govt
Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability.The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece, which has a defense pact with the internationally recognized Greek Cypriot government.Turkey and Cyprus have overlapping claims of marine jurisdiction and both plan to carry out exploratory drilling this year.
Delek Drilling to Spin Off Tamar Stake
Israel's Delek Drilling is looking to spin off its remaining 22 percent stake in the offshore Tamar gas field in 2019, the company's chief executive said on Monday.Last year Delek spun off an initial 9.25 percent of Tamar into a new company in Tel Aviv called Tamar Petroleum. It said at the time it expected to get $980 million for the sale.CEO Yossi Abu said Delek Drilling is now focusing abroad, including the Euronext market, since the local market is already saturated for Tamar."We are looking to duplicate what we did with Tamar Petroleum but in the international market.
Oil Gains on Talk of Supply Cut
Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies would agree to cut output next month, though prices were set to for a weekly drop on underlying concerns that the global market was oversupplied.OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.Brent was up 60 cents a barrel at $67.22 by 11:30 a.m. EDT [1630 GMT].
Angola Battles to Revive Oil Exploration
On Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It's not clear when he, or his peers, will be cracking open the bubbly in Angola again.Without another mega-project like Total's Kaombo on the horizon and fields getting old, Africa's second-largest crude producer is facing a steep decline unless it can revive exploration in what was once one of the world's most exciting offshore prospects.Sonangol, the state oil company…
UK Offshore Licensing Round 'Encouraging'
The U.K.’s latest offshore licensing round has attracted 36 applications covering 164 blocks in frontier areas of the U.K. Continental Shelf (UKCS). A strong and diverse set of applications were received from 35 companies ranging from multinationals to microbusinesses.“This is an encouraging set of applications, demonstrating that interest in U.K. offshore licensing opportunities has increased since the 29th frontier round held in 2016, with an almost 50 percent increase in the number of blocks applied for,” said Dr. Nick Richardson, Head of Exploration and New Ventures at the U.K.
Changing Shale Field to Boost Gas Output
China's Changning shale gas field in southwestern Sichuan province will more than double its output during the winter heating season after putting new wells into operation, China's top oil and gas group CNPC said on Wednesday.Daily output at the field, which began operating in 2015, is expected to reach 12 million cubic metres during the heating season from mid-November through mid-March, CNPC said on its website.That represents an increase of 7.5 million cubic metres a day over last year, a rise of 166 percent, it said.China's Sinopec and PetroChina are speeding up drilling and exploration from major tight and shale oil and gas formations in the count
TechnipFMC Inks Deal with Chevron
TechnipFMC announced on Wednesday it has signed a five-year Surface Technologies Frame Agreement with Chevron to cover the exclusive supply of surface wellhead equipment and service in the U.S. and Canada.Richard Alabaster, President of TechnipFMC’s Surface Technologies business, said, “We are very pleased to extend our partnership with Chevron and to support their development program in North America. We believe that this reflects the strong collaboration we have developed with this major shale operator, based on the demonstrated value of our integrated drilling and completion offering.”
Corallian Energy on Course for Wick Exploration Well in December
UK-based Corallian Energy has revealed that the UK Government had looked favourably upon its plans for two offshore exploration wells.The Offshore Petroleum Regulator for Environment and Decommissioning, which sits within the Department for Business, Energy and Industrial Strategy, has advised the Oil and Gas Authority of its “in-principle agreement to the issue of the relevant consents” for both projects, Corallian said."There are several regulatory approvals and notifications still required before the consenting process is completed for the wells…
Subsea 7 Goes to Taiwanese Offshore Wind Market
Norway's Subsea 7 subsidiary Seaway Offshore Cables (SOC) has won a contract to supply and installation of the export and inner array grid cable system for the Yunlin Offshore Wind Farm project by YunNen Wind Power Company, a company of the WPD Group.The Yunlin offshore wind farm is located approximately 8km off the coast of Yunlin County within the Taiwan Strait on the west coast of Taiwan and comprises 80 wind turbine generators each with a capacity of 8 megawatt. In addition to the submarine cable installation works, SOC will also provide the pre-installation of horizontal drilling conduits…
BY THE NUMBERS - Offshore Supply Vessels: Balanced Continued Pressure with Gradual Recovery
Global consulting firm AlixPartners, in a new paper entitled, “Too many ships, too few rigs: why recovery is still a distant dream for the OSV sector,” warns that companies counting on a quick return to stability in the OSV sector are in for a rude awakening.The September report goes on to say that OSV companies continue to face pressure due to a radically changed oil industry and must take quick and decisive action in order to survive in what should be considered the ‘new normal.’Separately, VesselsValue.com’s Head of Offshore…
Versalis, Petrochem JV for O&G Industry in Middle East
Versalis, the Eni chemical company, Petrochem and Mazrui Energy Services have signed an agreement to establish Versalis Petrochem Mazrui (VPM), a joint venture for the commercialization of innovative chemicals for the Oil & Gas industry in the Middle East.Petrochem, a manufacturer of drilling fluids, is a Mazrui Energy Services Company. Mazrui Energy Services, a service company in the Oil & Gas industry in the Middle East, is a Mazrui International Company.The new company, the primary Oil & Gas trade fair held in Abu Dhabi…
Digitalization Can Save Upstream Business $73 Bln a Year
Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said.Exploration and production, known as the upstream industry, requires energy firms to analyze huge amounts of seismic and geological data and to monitor and maintain offshore platforms and other complex assets, often in high-risk environments.In a report on how technology can be used for these tasks and potential savings, Wood Mackenzie…
Total Launches $16 Bln Project Offshore Angola
Africa's second largest crude producer Angola and France's Total officially inaugurated a new deep-sea oil field worth $16 billion in the Atlantic approximately 260 kilometers from the capital Luanda.The Angolan State Minister for Economic and Social Development, Manuel Nunes Junior, the Chairman and CEO of Total, Patrick Pouyanné, and the Chairman of the Board of Directors of Sonangol, Carlos Saturnino, inaugurated the Kaombo project, which came on stream in July and is located in Block 32, in waters of about 2,000 meters.During the ceremony…
Hess Corp Completes Drilling on Aspy Well Offshore
The exploration and production company Hess Corporation said that Aspy probe did not encounter commercial quantities of hydrocarbons.Hess Corporation announced in a press statement that drilling of the Aspy exploration well offshore Nova Scotia reached total depth of 7,400 meters."The prospect did not encounter commercial quantities of hydrocarbons and Hess’ share of the well cost through September 30, 2018 will be expensed in the third quarter and reflected in the company’s Quarterly Report on Form 10-Q," it said.BP Canada…
Total Wins 40% Stake in Unconventional Gas Concession
Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030, said in a press release that it will retain a 60% stake in the concession.Under the terms of the agreement, Total will explore, appraise and develop the concession area’s unconventional gas resources.The agreement includes a six to seven-year exploration and appraisal phase which will then be followed by a 40-year production term.
Second Turkish Drill Ship Will Operate in Black Sea
Turkey has completed the purchase of its second drilling ship, which will operate in the Black Sea at the north of the country, Energy Minister Fatih Donmez said on Friday.Turkey is almost completely reliant on imports to meet its energy needs. The Turkish lira's tumble against the dollar this year, as well as U.S.-imposed sanctions on Iranian oil, have placed pressure on energy companies.Turkey launched its first drilling ship Fatih last month, and Donmez said it would begin drilling at the Alanya-1 borehole, some distance from disputed territory with Cyprus.(Reporting by Ezgi Erkoyun; Writing by Sarah Dadouch; Editing by David Dolan)
Ultra Petroleum Appoints David Honeyfield as CFO
Ultra Petroleum informed that David Honeyfield has been appointed to serve as CFO of the gas producer with assets in Wyoming’s Green River Basin.A press release from the energy company engaged in domestic natural gas and oil exploration, development and production said that Honeyfield has over 25 years of experience in the energy and natural resources fields with a strong background in accounting and the corporate management of public oil and gas companies.Most recently, Honeyfield served as Senior Vice President and Chief Financial Officer of PDC Energy, Inc. and Chief Financial Officer of Jonah Energy LLC.
Eni CEO Claudio Descalzi Meets Angola's president
Eni president Claudio Descalzi has met Angola's president Joao Goncalves Lourenco in Luanda to discuss the Italian energy giant's operations in the country.During the meeting with President João Lourenço, Claudio Descalzi said that they discussed the participation of the Italian multinational in the studies and exploration of crude oil and in other sector-related projects.ENI plans to spend billions of dollars in exploration and development of new offshore areas next year, he has informed.In the sidelines of the meeting, Eni and Sonangol signed an amendment of Block 15/06 Production Sharing Contract which defines the new perimeter of the block…
UK Petroleum Reserves Could Sustain Production for 20 Years
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 resources range from 10 to 20 billion barrels plus of oil equivalent.The OGA’s estimate for proven and probable (2P) U.K. Continental Shelf (UKCS) reserves at end 2017 are 5.4 billion barrels of oil equivalent…
Fred. Olsen Energy Proposes to Issue New Equity in Restructuring
Norwegian drillship and rig operator Fred. Olsen Energy, proposes to sell one of its drilling units and to issue $130-140 million in new equity to pay off debt, as part of a refinancing plan published on Tuesday.The proposal includes issuing about $90 million in new loan capital, paying $580 million to settle outstanding secured debt, and converting bond debt into equity.Existing shares of the company will represent approximately one percent of the share capital after the restructuring.The shares, which have fallen 99 percent over the last five years, closed down 25 percent.Last month, Fred.
Tullow: First Kenyan Crude Shipments in 2019
Africa-focused Tullow Oil expects the first crude shipments from its Kenyan oilfields in the first half of 2019 and is pricing the product for the market, the company's chief executive said on Tuesday.Paul McDade also told Reuters that Tullow, which has expanded beyond Africa to the coast of Guyana, was bringing forward its drilling plans for the South American country and was looking to drill at least two wells there in the middle of 2019.In Kenya, one of Africa's newest oil plays where Tullow is already trucking crude, the…
Turkey Says Other Countries Cannot Drill In Its Waters
Turkey will not allow the exploitation of gas reserves in Turkish and north Cypriot waters of the eastern Mediterranean, President Tayyip Erdogan said on Sunday.The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece, which has a defense protection pact with the internationally recognized Greek Cypriot government.Turkey and Cyprus have overlapping claims of marine jurisdiction and both plan to carry out exploratory drills this year.
ADES Acquires 12 Rigs From Weatherford In Kuwait
Drilling company Ades International Holding has bought 12 onshore rigs from Weatherford in Kuwait for $ 123 million.The oil & gas drilling and production services provider in the Middle East and North Africa (MENA) said in a press release that the transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire thirty-one onshore drilling rigs for a total consideration of $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq."Twelve rigs acquired for a total consideration of US$ 123 million…
Chevron Profit Doubles
U.S. oil and natural gas producer Chevron Corp on Friday reported that its quarterly profit doubled on record oil and gas production, sending its shares up as much as 5 percent.The results reflected strong gains in its oil and gas production with crude prices up 44 percent during the quarter and offset a drop in earnings from its downstream operations, including refining and chemicals.Third-quarter oil and gas production rose 9 percent over a year earlier, and the company forecast total output for the full year would be up about 7 percent over 2017.Its production in the West Texas shale fields rose 80 percent in the quarter…