Sunday, February 17, 2019

Anadarko, Bharat Petroleum Sign LNG Deal

Pic: Anadarko Petroleum Corporation

American petroleum and natural gas exploration and production company Anadarko, on behalf of the Mozambique Area 1 partners, signed a deal with Bharat Gas Resources (BGR) for the supply of liquefied natural gas (LNG) volumes from the Mozambique LNG development.The sale and purchase agreement…

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857…

Anadarko Nearing FID for Mozambique LNG

© Mark Rubens / Adobe Stock

U.S. independent energy producer Anadarko moved closer to a final investment decision (FID) to build a giant liquefied natural gas (LNG) terminal in Mozambique after signing up an Indian buyer for the gas and saying another deal was imminent.Anadarko and Exxon Mobil are expected to sanction…

South Africa: Has Up to 60 tcf of Offshore Gas Potential

Photo: Total

South Africa, where oil major Total recently made a big offshore discovery, said on Friday it had potential gas resources of up to 60 trillion cubic feet in waters off its coast.Last week Total's chief executive said its offshore discovery probably contained 1 billion barrels of total resources…

India, China to Lead Rapid Growth in Energy

 Graphic of renewable energy sources by BP

The major chunk of global energy supply growth is expected to come from renewables and natural gas over the next two decades, but steep investment in oil exploration and production will be needed to meet crude demand in 2040.The global energy demand is set to rise by around a third by 2040…

Aker Energy Eyes IPO

Photo: Hufton+Crow/Dark Arkitekter

Norwegian oil company Aker said on Thursday that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide whether to sell stakes via an initial public offering or other means.The subsidiary, Aker Energy, plans to develop…

Uganda Expects Delayed First Oil Production

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Uganda expects to begin producing oil in 2022, its energy minister Irene Muloni said on Wednesday, indicating a slight delay from the east African country's revised target of 2021.Uganda discovered crude reserves more than 10 years ago but production has been repeatedly delayed by disagreements…

Velesto Gets Contract Extension from Hess

Image: Malaysia Petroleum Resources Corporation

Malaysian drilling contactor Velesto Drilling said that the oil company Hess Exploration and Production Malaysia has extended the contract for the Naga 8 jack-up drilling rig in North Malay Basin, Malaysia.Naga 8 jack-up rig is owned by Velesto Drilling (previously known as UMW Offshore Drilling)…

INPEX Selects NAPA for LNG Carrier Fleet

Image: NAPA

Japan's largest oil and gas exploration and production company INPEX Corporation has installed ClassNK-NAPA GREEN for monitoring operations on three of its liquefied natural gas (LNG) carriers.NAPA said that Inpex awarded a deal to the company for the provision of a solution for monitoring…

Equinor Drills Dry Well in the Barents Sea

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

Norwegian energy company Equinor has come up dry in the drilling of its first wildcat well in production licence 857 in the southeastern part of the Barents Sea.Equinor, as operator of production licence area Gjøkåsen, drilled 7132/2-1 targeting the Gjøkåsen Shallow prospect about 175 kilometers north of Vardø, using the Seadrill drilling rig West Hercules.

Shell, Eni, Exxon Win Concessions in Egypt

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Royal Dutch Shell, Eni, BP and Exxon Mobil were among winners of Egypt's international tender for oil and gas exploration on Tuesday, with 12 concessions awarded in total.It marks Exxon Mobil's entry into gas exploration in Egypt, while Shell was awarded the most concessions in the tender - three for oil and two for gas.Neptune Energy, Merlon, Shell, Eni and

High Impact Exploration on The Rise

2019 High Impact Discoveries. Source: Westwood Wildcat Service

In the first few weeks of 2019 there have been four high impact discoveries of conventional oil and gas, finding 25% of the high impact volume discovered globally in the whole of 2018.According to Westwood Insight, one of these discoveries, Glengorm in the UK North Sea, is reported to be…

Offshore Mooring to Reach $1.1B by 2021

FPSO. Pic: MODEC

The global offshore mooring system market stood at US$0.93 bn in 2014 and is predicted to reach US$1.1 bn by 2021.It is predicted to expand at a CAGR of 3.60% from 2015 to 2021, revealed a new Transparency Market Research report.According to the report, the market for offshore mooring systems…

Seismic Surveys Delayed in US Arctic

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There will be no seismic exploration this winter on the coastal plain of the Arctic National Wildlife Refuge, the Interior Department said on Friday, after the company seeking permission to conduct the tests ran out of time to get the required permit."We can confirm that seismic surveys will not take place until December 2019," said Alex Hinson, U.S.

Croatia Publishes Tender for Oil and Gas Exploration

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Croatia published a tender for gas and oil exploration in mountainous areas of the country's central and southern regions, the state hydrocarbon agency said on Monday."The deadline for submitting bids is Sept.10, 2019 at 1200(1000 GMT). A tentative deadline for awarding licences is December…

US Drillers Add Oil Rigs Again

File Image: AdobeStock / © Mike Mareen

U.S. energy firms this week increased the number of oil rigs operating for the second time in three weeks after oil prices soared over 18 percent in January.Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S.

Apache Cuts 2019 Capital Spending

(Photo: Apache)

U.S. oil and gas company Apache Corp said on Thursday it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.Apache set a capital budget for oil production of $2.4 billion…

DNO 2019 Spending to Rise Sharply

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Norwegian oil firm DNO reported on Thursday a higher-than-expected operating profit in the fourth quarter and said it would hike 2019 spending as it planned to drill a record number of wells.The Oslo-listed firm, which produces most of its oil in the Kurdistan region of Iraq, in January won a hostile takeover bid for London-based Faroe Petroleum…

BSOG to Go Ahead with Midia Offshore Project

Drilling at the Iulia-1 well (Photo: BSOG)

Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated…

Total Makes Discovery Off South Africa

(Photo: Odfjell)

French oil and gas major Total said it had made a significant gas condensate discovery after drilling its Brulpadda prospects on Block 11B/12B in the Outeniqua Basin, offshore South Africa.Total said the Brulpadda well encountered 57 meters of net gas condensate pay in Lower Cretaceous reservoirs.

ExxonMobil Makes Two Discoveries Offshore Guyana

Noble Tom Madden drillship (Photo: Hess)

ExxonMobil and its partners have made two additional discoveries offshore Guyana at the Tilapia-1 and Haimara-1 wells, bringing the total number of discoveries on the Stabroek Block to 12, the U.S. supermajor announced Wednesday. The discoveries build on the previously announced estimated…

OMV Q4 Core Profit Surges

(Photo: OMV)

Austrian oil and gas group OMV on Wednesday said it would propose a dividend hike for 2018 after the company posted a 53 percent surge in fourth-quarter adjusted operating profit, topping estimates, buoyed by higher sales volumes in Russia and the United Arab Emirates.OMV, which has been…

Anadarko Shell Deal for Mozambique LNG

Image: Anadarko

US company Anadarko Petroleum has signed a major long-term contract to shore up its proposed liquefied natural gas (LNG) terminal in Mozambique.The Woodlands-based oil and gas company said that  Mozambique LNG1 Company, the jointly owned sales entity of the Mozambique Area 1 co-venturers…

QP, Exxon to Build $10B LNG Plant in Texas

Image: Exxon Mobil

Exxon Mobil and Qatar Petroleum announced a final decision to finance a $10 billion-plus project to export liquefied natural gas (LNG) from the Texas Gulf Coast.Construction of the Golden Pass LNG export project located in Sabine Pass will begin in the first quarter of 2019 and the facility is expected to start up in 2024…

Equatorial Guinea to Offer Ophir's Old Blocks

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Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said on Tuesday.Gabriel Obiang Lima told Reuters in Cape Town that Block R would be one of…

Repsol Buys Stake in Norway’s Mikkel Field

(Image: Repsol)

Repsol has reached an agreement with Total to acquire its 7.65% stake in the producing Mikkel field, in the eastern part of the Norwegian Sea.The Mikkel field is a gas and condensate reservoir located 35 kilometers south of the Midgard deposit on Equinor’s Åsgard field in the Norwegian Sea.

Contract Awarded for Hywind Tampen

Illustration of the Hywind Tampen project. Dimensions and distances are not realistic. (Photo: Equinor)

Gulen Industrial Harbour in Sogn og Fjordane county has been awarded the contract for assembly site for the floating Hywind Tampen wind turbines before they are transported to the field in the North Sea.No work will commence prior to an investment decision for Hywind Tampen.Hywind Tampen…

ADNOC, US Firm Sign USD 244mln Deal

Photo: The concession agreement, which has a term of 35 years, was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Vicki Hollub, President and CEO of Occidental.

Abu Dhabi National Oil Co. (ADNOC) said it awarded an onshore block, known as Onshore Block 3 to US-based oil and gas exploration and production company Occidental Petroleum.The award has been endorsed by Abu Dhabi’s Supreme Petroleum Council (SPC).Occidental will have a 35-year concession and invest $244m during the exploration phase of the block…

Anadarko Sells LNG to CNOOC

Image:  Anadarko Petroleum Corporation

U.S. oil giant Anadarko Petroleum said it has signed a deal with one of China’s biggest importers to supply 1.5 million tonnes of liquefied natural gas (LNG) a year from Mozambique for a period of 13 years.The contract, signed by Anadarko and China’s GNOOC Gas and Power Singapore Trading & Marketing…

Sapura Energy, OMV Partner for E&P

Sapura Energy's Tan Sri Shahril and OMV's Johann Pleininger at the November 2019 signing ceremony (Photo: OMV)

Malaysia’s largest oil and gas services company Sapura Energy Berhad and Austria’s OMV Aktiengesellschaft have agreed to form a new strategic partnership that will see the creation of a new joint venture independent oil and gas company.OMV Exploration & Production GmbH, a wholly-owned subsidiary of OMV Aktiengesellschaft…

Chevron's Profit Rises

(Photo: Chevron)

U.S. oil and natural gas producer Chevron Corp on Friday reported quarterly earnings that topped analysts' estimates on higher prices and production, sending shares higher in premarket trading.Results for the San Ramon, California, company reflected a 12.5 percent increase in oil and gas production as net output added 156…

Eni Continues High-speed Gulf Drive

Eni CEO Claudio Descalzi (Photo: Eni)

In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group's future.In the latest deal on Sunday…

Anadarko, CNOOC Ink Mozambique LNG Deal

© Mark Rubens / Adobe Stock

Anadarko Petroleum Corp said on Friday a long-term agreement had been signed with the trading division of China's state-owned offshore oil and gas producer CNOOC Ltd to supply liquefied natural gas (LNG) from Mozambique.The deal will bring it one step closer to making a final investment decision for its East African LNG project, with the decision expected in

Exxon Reorganizing Exploration Units

(Photo: ExxonMobil)

Exxon Mobil Corp on Thursday outlined a major reorganization of its global exploration businesses aimed at reversing years of weak oil and gas output.Chief Executive Darren Woods, who took over the helm two years ago, has spent billions to buy production, build new pipelines and expand refineries…

New Board Members, Directors at Petrobras

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Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) said on Thursday that its board had approved the nominations of Eduardo Bacellar Leal Ferreira to be its chairman and João Cox as a board member.It also signed off on the nominations of Carlos Alberto Pereira de Oliveira as executive director of head of exploration and production, and Rudimar

FLNG Market Oversupplied

Prelude FLNG. Image: Shell Global

Floating liquefied natural gas (FLNG) projects may have peaked already amid intensifying competition in the LNG space, a  review of the global FLNG sector released by global natural resources consultancy Wood Mackenzie has suggested.In a world requiring tight capital discipline, FLNG offers lower capital investment and manageable costs…

Lundin Raises Long-term Output Guidance

Rendering of Johan Sverdrup phase 2, scheduled to come on stream in 2022 (Image: Lundin Petroleum)

Lundin Petroleum raised its output guidance on Wednesday and said it would drill a record number of exploration wells in 2019.The company now expects output of over 150,000 barrels of oil equivalents per day (boepd) in 2020 from a previous forecast of more than 130,000 barrels and up from 81,100 boepd in 2018.In 2023, output is expected to exceed 170,000 bar

Croatia Approves Tender for Oil and Gas Exploration

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Croatia on Wednesday approved a tender for oil and gas exploration in mountainous areas of the country's central and southern regions.The details of the tender will be released by the state-run Hydrocarbon Agency, which is in charge of running the process, at a later date."There will be four exploration blocks in the overall area of 12,134 square km.

Lundin Granted North Sea Drilling Permit

Image: Lundin Petroleum

The Norwegian Petroleum Directorate (NPD) has granted Lundin Norway AS a drilling permit for a wildcat well in the North Sea.The NPD said on Tuesday that the wildcat well, designated 16/1-31 S, would be drilled from the Leiv Eiriksson drilling rig after concluding the drilling of wildcat…

Total Plans Biggest Exploration Drive in Years

(Photo: Total)

Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.The French major aims to drill 23 wells this year, its senior vice president for exploration…

Mexico Working to Strengthen Pemex Finances

(Photo: Pemex)

Mexico's finance ministry said on Monday that it will implement measures to strengthen the finances and boost the production of state oil firm Pemex, specifically by increasing the limit on deductions for costs related to extraction and exploration.That move will free up resources of some 11 billion pesos ($578 million) per year through 2024 for the "exclusi

Glengorm Discovery Highlights UKCS Potential

Topsides being installed in 2018 at the Culzean field (Photo: Total)

CNOOC announced Tuesday it has made a significant discovery on the Glengorm prospect, located in the Central North Sea of the U.K. continental shelf (UKCS), with recoverable resources estimated at close to 250 million barrels of oil equivalent.The exploration well was drilled in License P2215 in approximately 86 meters water depth to a total depth of 5…

Lundin Buys Stakes in Rolvsnes, Goddo

 Image: Lundin Petroleum

Lundin Petroleum, Europe's independent oil and gas exploration and production company with operations focused on Norway, has increased its stake in the major Rolvsnes oil discovery in the Norwegian North Sea, flagging a potential tieback eventually to its operated Edvard Grieg oil field.A…

BP Invests in New AI Technology

(Image: BP)

BP has invested further in artificial intelligence (AI) technology as part of an effort to accelerate project lifecycles, from exploration through to reservoir modeling.The super major announced Monday that its technology investment arm BP Ventures has infused $5 million into a Series A financing for Houston technology start-up Belmont Technology…

US Drillers Add Rigs

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U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools.Companies added 10 oil rigs in the week to Jan.

Rebuilding Confidence in Reactivated DP Assets

© bomboman/AdobeStock

The offshore energy sector, like any industry, is constantly subject to market cycles. Challenging conditions may lower demand, resulting in a significant number of resources such as offshore support vessels (OSVs) and drillships being deactivated for potentially extended periods. Over time…

Talos Comes Up Big Offshore Mexico

(Photo: Premier Oil)

An appraisal well in the Zama project offshore Mexico showed more potential for oil, raising hopes of a large discovery, operator Talos Energy said on Thursday.The Zama project in Block 7 offshore Mexico is operated by Talos, whose partners include Sierra Oil and Gas and Premier Oil.The Zama…

CGG Survey Favours Gabon's Offshore Expansion

Image: CGG

Geoscience company CGG is extending its Gabon multiclient data footprint with a 9,800-km offset 2D seismic survey in an unexplored deepwater area of the South basin.The integrated Geoscience company said it is building on the recent success of its 25,000-sq-km 3D BroadSeis survey, which led to the Boudji-1 and Ivela-1 oil discoveries.

Shell Opts for Subsea Compression on Ormen Lange Phase 3

Image: Norske Shell

Norske Shell, the Norwegian subsidiary of Royal Dutch Shell, announced it has decided to go with subsea compression as a concept for the Ormen Lange Phase 3 to increase the recovery rate from the reservoir."This is an important choice, where we have evaluated a number of alternative concepts.

Total Green-lights Ikike Oil Project in Nigeria

This month, Total started production at the Egina oilfield off the coast of Nigeria. (Photo: Total)

French oil group Total will approve plans to proceed with the Ikike project in Nigeria in the coming months, and also aims to expand its liquefied natural gas (LNG) project in the country, CEO Patrick Pouyanne said on Monday.Total is one of the strongest players in the African oil sector…

Equinor Stops Drilling Arctic Well After Incident

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

Norway's Equinor has put on hold the drilling of a key exploration well in the Barents Sea after a well incident last week, the company said on Monday.The incident occurred when Seadrill's rig West Hercules was drilling the Gjoekaasen well offshore Norway .The so-called "high-risk, high-impact"…

Inpex Wins Exploration Acreage Offshore Norway

Pic: Inpex Corporation

Japan’s Inpex Corporation, through its unit Inpex Norge bagged two exploration licenses offshore Norway in Norway’s Awards in Predefined Areas (APA) 2018 licensing round.The PL1027is located in the western Barents Sea offshore and PL1016 is located in the northern Norwegian Sea offshore the Kingdom of Norway…

Government Shutdown: Atlantic Seismic Permitting Blocked by Judge

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A federal court judge on Friday ruled that the federal government cannot process seismic testing permits for offshore oil drilling during the ongoing government shutdown, dealing a blow Trump administration's energy agenda.Judge Richard Gergel of the U.S. District Court in South Carolina…

Norway Awards 15 Exploration Licences to Lundin Petroleum

Map: Lundin Petroleum AB

Europe’s independent oil and gas exploration and production company Lundin Petroleum announced that its wholly owned subsidiary Lundin Norway has been awarded a total of 15 exploration licence interests in the 2018 Norwegian licensing round (Awards in Predefined Areas, APA).The record-high award includes 8 licences in the North Sea…

Woodside Boosts Spending for Next Leg of Growth

(Photo: Woodside)

Australia's Woodside Petroleum Ltd on Thursday flagged higher-than-expected investment spending for 2019 as it steps up early work on the two big natural gas developments that will drive its growth in the next decade.Australia's largest independent gas and oil producer plans to spend between $1.6 billion and $1.7 billion in 2019 on projects…

Aker BP Plans Output, Dividend Hike

Valhall field (Photo: Kjetil Alsvik / Aker BP)

Norway's Aker BP will boost dividend payments between now and 2023 and step up investment in developing offshore oil and gas fields next year, the independent oil company said on Thursday.The result of a 2016 merger between the Norwegian operations of BP and the Det norske oil firm owned by Norwegian billionaire Kjell Inge Roekke…

Offshore Service Market to Outspace Onshore Shale

Graph: Rystad Energy

Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector…

Equinor Makes Gas and Condensate Discovery off Norway

The West Phoenix drilling rig. (Photo: Seadrill)

Norwegian oil company Equinor announced Wednesday it has proven gas and condensate in the 6406/2-9 S exploration well at Ragnfrid North around 20 kilometers south of the Kristin platform in the Norwegian Sea. Recoverable resources are estimated at 6-25 million barrels of oil equivalent.“We are pleased to start the new year by announcing a new discovery.

BP Gives Up Acreage Offshore Nova Scotia

Image: BP

BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, as the Canada-Nova Scotia Offshore Petroleum Board (NSOPB) said the company is giving back 50% of the area included in its license.According to NSOPB, half of the area included in in Exploration License 2434R is…

Aker BP Bags 21 in Norwegian Licensing Round

Image: Aker BP

The oil exploration and development company focusing petroleum resources on the Norwegian Continental Shelf Aker BP has been offered interests in 21 new production licenses in Norway, of which 11 as operator, through the Awards in pre-defined areas (APA 2018) licensing round.Of the 21 production licenses awarded to Aker BP…