Sunday, November 29, 2020

Trump Administration Rushing to Sell Arctic Oil Leases

© Paul / Adobe Stock

The Trump administration on Monday issued a request to energy companies to identify what specific land areas in the Arctic National Wildlife Refuge should be offered for sale, according to a government document.The Department of Interior said the nominations and any comments on the land tracts…

Virtual Conference to Focus on Transatlantic Marine Renewables

WindFloat Atlantic  the world's first first semi-submersible floating wind farm, located 20km off the coast of Viana do Castelo, Portugal. Image courtesy EDP Renovables

Marine industry experts from Portugal and Canada are staging a special Blue Economy conference to spark transatlantic business growth. WavEC Offshore Renewables is teaming up with the Embassy of Canada to Portugal to host ‘Advancing the Blue Economy through Intercontinental Collaboration’.

Coronavirus, Consolidation Taking Toll On Energy Jobs

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Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told…

Exxon to Cut 14,000 Jobs as Pandemic Hits Oil Demand

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ExxonMobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.Exxon and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S.

Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry

Historical growth and prospects of gas investment for short-, medium- and long-term ($ billion). Source: GECF Secretariat, based on data from the GECF GGM

As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020…

MOL Makes 13th Discovery in Pakistan

Hungarian oil company MOL has made a gas and condensate discovery at its TAL Block in Pakistan, marking its 13th successful discovery in the country and the tenth at the same block.The company said Tuesday that the Mamikhel South-1 exploratory well had reached a total depth of 4,939 m on May 23…

Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil

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A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week.Bankruptcies surged in the second quarter…

Norway Oil Companies Slash Investment Plans

Offshore rigs in Norway - Credit: BjrnKristian/AdobeStock

Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest drop will come in the exploration for new reserves and in spending on development plans…

Lebanon Postpones Offshore Licensing Round Again

Image Credit: Lebanese Petroleum Administration

Lebanon has again postponed the deadline for the submissions of applications for its second offshore licensing round, citing the effects of the COVID-19 pandemic and the decline in oil prices.Lebanon had in January postponed the deadline from January 31 to April 30 to allow international firms more time to pursue administrative…

Melbana Gets More Time to Find Beehive Drilling Partner

Image Credit: Melbana

Australian oil and gas company Melbana Energy has been given more time to work on its Beehive offshore prospect in the Bonaparte Basin off W. Australia.The company said Friday that the National Offshore Petroleum Titles Administrator had approved Melbana's application for a 12-month suspension…

Norway: OMV Gets NPD Nod for Hades Drilling

Island Innovator rig - Image by Hans Hausman - MarineTraffic

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…

Poland's PGNiG Expects Over 100,000 Tons of Oil from Skogul in 2020

Processing of oil and gas from Skogul takes place on Alvheim FPSO. Illustration: Aker BP.

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…

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

Illustratin; Image by xmentoys - AdobeStock

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.In energy announcements on the first day of the parliament…

Wintershall Dea Earnings Drop

Image Credit: Wintershall Dea

German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration.Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period…

Petronas Farms Out Part of Suriname Offshore Block to Exxon

Image Credit: Zerophoto - ADobeStock

Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname…

Petrobras Sees No Need to Cut Oil Production

(Photo: Petrobras)

Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy.On a Friday earnings call with analysts, executives…

Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst

For Illustration - Image by Ranimiro - AdobeStock

Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday."It…

Japan's Inpex Reduces 2020 Profit Guidance by 93%

For illustration; Ichthys Venturer FPSO at Inpex's Ichthys field off Australia - Credit: Inpex

Inpex Corp, Japan's top oil and gas company, on Tuesday cut its annual net profit forecast by 93% after first-quarter earnings slumped due to an oil price collapse and as the coronavirus pandemic choked off international energy demand.The group also warned it is re-evaluating all of its assets…

Equinor Suspends 2020 Production Guidance

An Equinor platform - Credit: Equinor

Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back activity this year, the Norwegian energy firm said on Thursday.With operations from the North Sea to Africa, the Americas and Asia…

Aker BP Cuts Dividend by Two-thirds on Oil Price Slump

Image Credut: Aker BP

Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the plunge in crude prices, the Norwegian oil firm said on Wednesday after reporting a better-than-expected first-quarter core profit.Earnings before interest, tax, depreciation and amortization (EBITDA) came in at $666 million…

Chevron Cuts Spending, Says Asset Sales Lift Profits

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Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.Global fuel demand has crashed by a third while many people shelter at home for an indefinite period.

Equinor's Helleneset Offshore Well Comes Up Dry

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland/Equinor)

Norwegian oil and gas company Equinor has completed drilling of the offshore exploration well Helleneset, formally known as well 30/6-31 S, without finding hydrocarbons.The well was using the West Hercules semi-submersible drilling rig drilled about 7 kilometers southeast of the Oseberg C…

NOIA Elects Cobb, McCarroll to Board Leadership Roles

The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in…

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various countries should be aware that t

Equinor Exploration Manager Steps Down to Take New Role

Tim Dodson, executive vice president Exploration since 2011. (Credit: Ole Jørgen Bratland / Equinor ASA)

Norwegian oil and gas company Equinor has informed that its executive vice president Exploration Tim Dodson will step down as executive vice president Exploration, a role he held since 2011.In what Equinor said was a planned change to the leadership of Exploration, Dodson will take on the…

U.S. Oil Firms' Quarterly Reports to Show Depths of Slump

Illustration by Namning, AdobeStock

Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices.Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt…

Huisman, Yeager in Geothermal Collab

Image Credit: Huisman

Dutch company Huisman Geo has signed a Letter of Intent (LOI) with geothermal energy operating company Yeager Energy  to collaborate in Yeager Energy’s development plans in the Nissewaard license area in the Netherlands. Huisman said the goal was to make a significant contribution to the…

New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says

An offshore drilling rig - Image by Namthip - AdobeStock

Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled…

Chinese Seismic Vessel Returns to Waters off Vietnam Amid Virus 'Distraction' Charges

 File Photo; Image by Seiji Chiba - MarineTraffic

A Chinese ship embroiled in a standoff with Vietnamese vessels last year has returned to waters near Vietnam as the United States accused China of pushing its presence in the South China Sea while other claimants are pre-occupied with the coronavirus.Vietnamese vessels last year spent months…

Key Offshore Wildcat Wells At Risk of Being Suspended

Illustration; An offshore drilling rig

At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells, the Norwegian energy intelligence firm said, located in Norway…

Global Petroleum in Offshore Namibia 'Data for Equity' Deal

Image credit: Global Petroleum

Oil company Global Petroleum has exchanged part of its stake in offshore Namibia Block, 2011A (PEL0094), with NAMCOR, for a right to get access to pre-existing 3D seismic data over the block."This key data, acquired by previous licensees in 2010, covers the Company's Welwitschia Deep prospect and Marula lead…

Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico

Pacific Khamsin drillship - Image credit: Equinor

Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration well in the US Gulf of Mexico.The Monument exploration well found approximately 200 feet (c. 60 meters) of net oil pay with good reservoir characteristics in Paleogene sandstone.

Norway Offers 36 Offshore Blocks, None in Barents Sea

Illustration; Offshore rigs in Norway - Image by mariusltu - AdobeStock

Norway is offering oil firms 36 offshore exploration blocks in this year's licensing round in mature areas and for the first time in a decade did not offer any blocks in the Barents Sea.All the blocks are offered in the western part of the Norwegian Sea, with interested parties asked to send their comments by May 11…

Murphy Oil CEO on Medical Leave Due to COVID-19

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The CEO of Murphy Oil has taken a medical leave due to coronavirus concerns.The US-based exploration and production company announced Thursday that Roger W. Jenkins will step down temporarily pending test results and a presumptive diagnosis of COVID-19. He is expected to completely recover, the company said.

Origin Energy to Defer Shale Drilling in Australia

Illustration only; Image by FerrizFrames - AdobeStock

Origin Energy will defer shale exploration drilling in Australia's Northern Territory until the second half of this year in a bid to protect workers from a coronavirus, the company said on Thursday.Origin, operator of a joint venture with Dublin-based Falcon Oil & Gas Ltd, resumed drilling…

Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus

© Stephen Finn/AdobeStock

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus…

Total Cuts Capex, Mostly in E&P Business

 Total Logo - Image by Ricochet64 - AdobeStock

French energy group Total announced plans on Monday to step up cost cuts and suspend its share buyback programme in order to deal with a slump in oil prices and the economic fallout from the coronavirus outbreak.Total CEO Patrick Pouyanne said that with prices of $30 per barrel, Total would…

Deepwater Acreage to Attract Investments

Deepwater acreage will continue to attract significant company interest through 2020, said a report.According to GlobalData, a significant portion of the acreage available in Q1 2020 is located in either deep or ultra-deep water, up from the previous quarter.In Q1 2020, approximately 60%…

JOG Leads Study for Wider Greater Buchan Area Development

Credit; Jersey Oil and Gas

UK-Focused oil firm Jersey Oil & Gas will lead the study aimed at forming a hub to potentially develop oil discoveries made by several operators in the Greater Buchan Area in the UK North Sea.JOG said Monday has established and will lead the Greater Buchan Area Joint Integrated Studies Agreement between neighboring field operators…

Xodus: A Rapid Pivot to Gas Needed

Photo: Xodus

Xodus Group launched a new analysis showing that a rapid pivot to gas will be required to deal with rising global energy demand.In contrast to some recent future energy scenarios, Xodus believes worldwide energy consumption will continue to increase, driven by economic growth in developing countries…

Oil Firms to Spend $53Bn at Stabroek Block

Global oil firms are preparing to spend more than $53 billion in Guyana’s coveted Stabroek Block during the coming decade.According to Rystad Energy research, recent discoveries in the Guyana-Suriname basin have proven a wider petroleum system and may cause an upgrade in resource estimates…

USA Ups BOEM Offshore Wind Budget

The Trump Administration has proposed a $189m fiscal year 2021 budget for the Bureau of Ocean Energy Management (BOEM), designating just under $27m for offshore wind.The FY 2021 budget includes approximately $26.5 million to advance offshore renewable energy development.In recognition of…

Are OSVs Fit for Refit for Offshore Wind?

BEFORE: Island Clipper: Island Offshore of Ulsteinvik, Norway, has had success with conversions.  “before” and “after”.  Photos: Island Offshore

While it is generally agreed that the nascent offshore wind energy market in the U.S. will be a newbuild market, there is a repair and conversion possibility for some stacked OSVs.Though estimates on the pace of the offshore wind energy market in the U.S. vary widely, the direction is clear…

Tullow to Axe a Third of Its Workforce

Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana.The move would shrink Tullow…

Russia Leads E&P Race in Arctic Region

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region…

PGNiG Acquires Duva Field in Norway

PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company (PGNiG), has obtained a final administrative consent to purchase additional 10% interests in the PL636 and PL636B licences in the North Sea.Following the transaction, PGNiG Upstream Norway’s (PUN) interests in both licences increased to 30%.

CaribX Ups Stake in Cape Licence Off Honduras

The Central American and Caribbean specialist exploration company CaribX said that it is increasing its share of the Main Cape Operating contract in Honduras.Following government approval CaribX will hold a 55% interest in the highly prospective licence area.CEO Rory Scott Russell said: "We…

PGNiG Open to Mergers with State-run Firms

(Photo: PGNiG)

Polish gas company PGNiG is open to consolidation with other energy companies, its newly appointed chief executive said on Friday, as the government tries to merge state-run firms to strengthen their market position.The Polish state is a major shareholder in the energy sector, which is undergoing unprecedented consolidation, with PKN Orlen planning to take o

Stork Worley JV Wins Neptune Energy Gig

Stork Worley Integrated Solutions, a joint venture of American multinational engineering and construction firm Fluor Corporation, has secured a four-year framework agreement for EPCIC (engineering, procurement, construction, installation & commissioning) and decommissioning services for brownfield…

Rotterdam Port Explores Option of Geothermal

Research into the geothermal port of Rotterdam is entering the next phase, according to the Port of Rotterdam Authority.Shell Geothermal BV and the Port of Rotterdam Authority are jointly investigating the options for geothermal energy in the western part of the port of Rotterdam. The two…

Exxon to Load First Crude from Guyana This Weekend

The Liza Phase 1 development project utilizes the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored approximately 120 miles offshore Guyana, with four undersea drill centers supporting 17 wells. (Photo: Hess Corp)

The first-ever cargo of Guyana's crude for export is scheduled to begin loading this weekend so the oil can be processed at Exxon Mobil's refining system, the company told Reuters on Friday.Exxon has so far made 15 discoveries of oil reserves in Guyana, turning a risky exploration venture into one of the world's most promising oil mega-projects.

Gassco Urges to Boost Barents Sea Gas Export

Norwegian state-owned natural gas pipelines operator Gassco published a study saying that  it could be profitable to increase the transport capacity for gas.According to the study regarding the transport of gas from the southern Barents Sea several gas transport options from the Barents Sea…

Oil And Gas Discoveries Hit 4-Year High

The global oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015.According to Rystad Energy, last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.Guyana’s success story from 2018 continued in 2019…

China Opens Up to Foreign E&P Firms

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For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies.The long-awaited opening accompanies a reshuffle of the so-called "midstream" pipeline business, but experts say it may

Apache Makes Major Discovery Offshore Suriname

Photo courtesy of Total

Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central…

Energean, DEPA Pact for EastMed Pipeline

UK-based international oil and gas exploration and production company Energean Oil & Gas and the Public Gas Corporation of Greece (DEPA) have agreed to cooperate to further support the EastMed Pipeline Project.The have signed a Letter of Intent (LoI) for the potential sale and purchase of…

Eni Extends Abo FPSO Contract

BW Offshore, a provider of floating production services to the oil and gas industry, has signed an extension agreement for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A.The contract is extended until end Q4 2020, with options until Q4 2021, said a press release from…

Yamal LNG Starts Using New Storage Tank

Novatek, the largest independent natural gas producer in Russia, started using a dedicated LNG transshipment tank at the Zeebrugge LNG terminal in Belgium.Novatek booked the tank’s capacity as part of a 20-year transshipment agreement between Yamal LNG’s unit Yamal Trade and Fluxys LNG.The…

U.S. Drillers Add Rigs for First Month in 13

AdobeStock / © Edelweiss

U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling.Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov. 15, energy…

Offshore Energy Outlook for 2020

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.