Sunday, February 17, 2019

Welcon to Build World's First TetraSpar Foundation

Image: Welcon A/S

Denmark’s Welcon has received the order to produce the first TetraSpar floating offshore foundation for a consortium comprising Shell, Innogy and Stiesdal Offshore Technologies.We are very proud to be involved in this exciting project, which can be a game changer in offshore foundations for wind turbines,” Welcon said.Earlier, Innogy, Shell and Stiesdal Offshore Technologies A/S (SOT)…

Polaris Bunkered in Finland

Pic: Gasum Ltd

The world’s first LNG-fueled icebreaker, Polaris, received liquefied natural gas (LNG) fuel in January from the Pori LNG import terminal and in February from the Manga LNG terminal located in the Röyttä Harbor in Tornio, Finland. The commercial use of the Tornio import terminal begins this year, said a press release from Nordic gas company Gasum.The gas and fuel market of Northern Finland will diversify as the commercial use of the Tornio import terminal begins this year.

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 (SPA) is for 1 million tonnes per annum (MTPA) for a term of 15 years. BGR is a wholly owned…

Groningen Seaports, Vopak Push Solar Power

Vopak Terminal Eemshaven. Pic: Groningen Seaports

The Dutch tank storage company Royal Vopak,  Groningen Seaports and Whitehelm Capital announce their intention to jointly invest in a 27 MW solar park. The solar photovoltaic field will be one of the largest currently in the Netherlands.The new solar park will be situated on 19 ha of land adjacent to Vopak Terminal Eemshaven, land which is currently already leased by the terminal. The…

US Rig Count Climbs

© helivideo / Adobe Stock

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, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S.

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 two separate but neighboring LNG projects in Mozambique this year after finding large offshore gas deposits…

US Oil Rallies as Exporters Trim Production

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U.S. oil prices rose on Friday, gaining for a fourth day on hopes of further supply cuts by major exporters, despite uncertainty about U.S.-China trade talks.U.S. West Texas Intermediate (WTI) crude futures were at $54.79 per barrel at 0038 GMT, up 40 cents, or 0.7 percent, from their last settlement. They rose 51 cents, or 0.95 percent, on Thursday.International Brent crude oil futures had yet to trade…

Eni Quarterly Profit Jumps 55%

(Photo: Eni)

Italian oil company Eni beat expectations with a 55 percent jump in fourth quarter profit as higher prices, mainly gas, offset a dip in production.Adjusted net profit was 1.459 billion euros ($1.65 billion), above an analyst consensus forecast provided by the company of 1.19 billion euros.For the full year, the company said its average oil and gas production reached a record 1.851 million barrels per day…

GasLog: LNG Demand Grew 9% in 2018

Image: GasLog

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial…

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, driven by improvement in living standards, particularly in India, China and across Asia.- These…

Yinson Tallies Layang FPSO Contract

(Image: JX Nippon)

Floating production, storage and offloading unit (FPSO) provider Yinson announced Thursday it has received a letter of award from JX Nippon to provide operation and maintenance services for an FPSO due to commence operations at the the Layang field offshore Malaysia by the fourth quarter of 2019.The charter contract is for a firm period of eight years, plus 10 extension period options…

As Renewables Soar, BP sees China Hitting Brakes

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Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China's energy growth is seen sharply decelerating as its economic expansion slows.Still, China is set to remain the largest energy consumer by a long stretch into 2040 although India should overtake it in terms of demand growth beginning in the next decade…

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 the deepwater Pecan field off Ghana."Depending on the approval process in Ghana, we believe the first oil is achievable in late 2020 or early 2021…

Woodside Raises Dividend

(Photo: Woodside Petroleum)

Australia's Woodside Petroleum Ltd surprised investors with a fat dividend on Thursday after reporting a 36-percent percent rise in annual profit, underpinned by stronger oil prices.The higher-than-expected payout came after shareholders stumped up $2.5 billion to buy new shares a year ago at a time when Australia's biggest independent oil and gas producer expected oil prices to average…

Danos Acquires Shamrock Energy Solutions

Left to right: Danos owner and executive Eric Danos, Shamrock owner and president Jeff Trahan, Danos owner and executive Paul Danos (Photo: Danos)

Danos announced Wednesday it has reached a tentative agreement to acquire the assets and business of fellow Louisiana-based oilfield service company Shamrock Energy Solutions.Danos said it expects the deal to be effective in March 2019, and added the closing is subject to certain remaining contingencies.Danos owner and executive, Eric Danos, said, “This strategic investment allows Danos to better meet our customers’ needs through expansion of craftsmen…

Oil Rises After Saudi Pledge, Declining U.S. Inventories

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Oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, and after an industry group reported a surprise decline in U.S. oil inventories.Brent crude, the global benchmark, was up $1.07, or 1.7 percent, at $63.49 a barrel at 9:55 a.m. EST (14:55 GMT), while U.S. West Texas Intermediate futures were up 91 cents…

BHP Approves Funding for BP-led GoM Project

The Atlantis platform in the U.S. Gulf of Mexico (Photo: BP)

BHP Group, the world's largest miner, said on Wednesday its board has approved $696 million in funding to expand production at the BP PLC-led Atlantis oil project in the U.S. Gulf of Mexico.The move comes about a month after London-listed oil and gas major BP discovered further oil prospects in the Gulf of Mexico, including additional oil in the Atlantis field.

Tullow Oil Returns to Net Profit

(Photo: Tullow Oil)

Africa-focused Tullow Oil reported its first annual net profit in five years on Wednesday and said it would resume dividends with a 4.8 cent per share payout as it sets its sights on East African projects and drilling in Guyana.As flagged in November, Tullow will pay out at least $100 million to shareholders from this year, while aiming to shrink its $3.1 billion debt and increase spending to $570 million.The largest chunk of that money will help increase output in Ghana…

Pluto LNG Facility Resumes Full Output

(Photo: Woodside Petroleum)

Woodside Petroleum's Pluto liquefied natural gas (LNG) facility has resumed full output after a brief outage last week, a company spokeswoman said on Wednesday.There was no impact on production guidance, she said without elaborating.The 4.9 million tonnes per annum (mmtpa) LNG facility is operated and 90 percent owned by Woodside with the remaining shares held by Japan's Kansai Electric and Tokyo Gas.(Reporting by Jessica Jaganathan; editing by Christian Schmollinger)

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 with field operators over taxes and development strategy.A lack of infrastructure such as…

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), a subsidiary of Velesto Energy Bhd (formerly known as UMW Oil & Gas Corp Bhd).In a filing with Bursa Malaysia…

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 and follow-up of ship operations on two LNG carriers built to service the Ichthys project and…

Occidental Petroleum Profit Jumps

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Occidental Petroleum Corp on Tuesday reported a quarterly profit that beat analysts' estimates, helped by a surge in Permian basin production and higher realized prices for its crude.Production from its Permian resources unit rose 57 percent to 250,000 barrels of oil equivalent per day (boe/d) in the fourth quarter, boosted by its investments in the basin.A recovery in global oil prices since the end of 2016 led to a resurgence in U.S.

Oil Up On Saudi and OPEC Cuts

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Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.65, or 2.7 percent, at $63.16 a barrel by 1445 GMT. U.S. West Texas Intermediate (WTI) crude oil futures also gained 2.7 percent…

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. The exploration well was the first drilled in production licence 857…

OPEC Cuts 2019 Oil Demand Forecast

© Michael Flippo / Adobe Stock

OPEC cut its forecast for 2019 world oil demand on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts.In a monthly report, the Organization of the Petroleum Exporting Countries lowered its forecast for 2019 economic growth and said demand for its crude would fall to 30.59 million barrels per day…

US Crude Inventory Remains High

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U.S. crude inventory has been hovering between 430 and 450 million barrels since early December — and remains around 6% above the five year average for this time of year.But there are indications that crude supply is beginning to decrease. U.S. shale producers have cut back on production, while crude imports in the U.S. over the past four weeks are down 7.5% from last year and tanker tracking data indicate a decline in Saudi crude shipments.Meanwhile…

Venezuela’s Oil Production Could Fall to Half

Graph: Rystad Energy

Struggling Venezuela already is producing oil at a multi-decade low, but the socialist nation's crude output could fall another 50 percent by 2020, according to a new report.After producing 2.4 million barrels a day as recently as 2015, Venezuela already is down to 1.34 million barrels daily and those supplies are projected to fall below 1 million barrels a day by the end of 2019, according to the Norwegian research firm Rystad Energy.In Rystad Energy’s base case forecast…

LNG Demand to Reach 600 MT in 2035

Image: Qatargas

The energy demand would continue to grow driven by emerging economies and the projected growth in global population, which will touch nine billion by 2040.LNG demand is expected to increase at an average four per cent annually to reach more than 600 million tonnes in 2035 versus 290 million tonnes in 2017, said Qatargas CEO, Khalid bin Khalifa Al Thani.Khalid said, “Natural gas remains the fastest growing fossil fuel globally…

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 is propelled by the rising subsea production and exploration and the consistent introduction of technologically advanced products.

Kvaerner to Study Floating Wind Structures

(Image: Helge Hansen / Equinor)

Norway based Kvaerner said it has signed a contract with Norwegian energy company Equinor to study how floating concrete substructures for offshore wind turbines can be designed and constructed for the planned Hywind Tampen project in the North Sea.The objectives of the front-end engineering and design (FEED) assignment are to further mature the design of the concrete substructures…

Part of Keystone Pipeline Still Shut After Missouri Leak -TransCanada

TransCanada Corp said on Monday a part of its Keystone crude pipeline from Steele City, Nebraska, to Patoka, Illinois, remained shut after a leak was discovered in the St. Louis, Missouri, area last week.The cause and source of the spill have not been determined and there is no estimated timeline for a restart, TransCanada spokesman Terry Cunha said in an email.The 590,000 barrels-per…

Giza and Fayoum Gas Fields Come Onstream

(Photo: BP)

BP on Monday announced first gas production from the second stage of its West Nile Delta development offshore Egypt, marking the second start-up in a string of new upstream projects expected to be brought on line by the supermajor in 2019.The project, which produces gas from the Giza and Fayoum fields, was developed as a deepwater, long-distance tie-back to an existing onshore plant.The Giza and Fayoum development…

Qatar’s LNG to Reach 110 MTPA

Image: Qatar Gas

Qatar plans to raise its liquefied natural gas (LNG) production to 110 million tonnes per year by 2023.A report in Mubasher cited Qatargas’ CEO saying that there are many LNG projects under execution but they still do not meet the rising demands.Qatargas, the largest LNG producer in the world, operates 14 production trains, with a total annual production capacity of 77 million tonnes.The…

Size Matters in Shale Industry

Image: Rystad Energy

Having taken a closer look at the detailed economics of the most recent 1,000 wells drilled in the most popular shale hotspot – the Wolfcamp A zone of the Permian Delaware basin – Rystad Energy can see a clear pattern emerging that favors large players.As US crude production is set to grow significantly over the next decade, analysts still debate whether shale drilling is actually a profitable endeavor.

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. rig count, an early indicator of future output…

Groningen Gas Production Falling Faster Than Planned

Gas production at the Groningen field in the north of the Netherlands is falling faster than planned, the Dutch government said on Friday.Output at the field will fall to 15.9 billion cubic metres (bcm) in the year ending October 2020, the government said, which is 1.5 bcm lower than originally planned.The Dutch government last year said it would end production by 2030 and lower it as quickly as possible in coming years, as decades of extraction have led to a series of damagi

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, saying it was a "significant reduction" from both its earlier 2019 capital plan and its actual investment in 2018.In October…

DNO 2019 Spending to Rise Sharply

© Tamara Sushko / Adobe Stock

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, expanding its foothold in the North Sea."The Faroe transaction transforms DNO into a more diversified company with a strong…

Record Production Lifts Total's Profits

(Photo: Total)

French energy major Total said its net adjusted profit rose 10 percent in the final quarter of 2018, lifting its full year earnings by more than a quarter after record oil and gas production.Total said on Thursday that output reached an all-time high of 2.8 million barrels of oil equivalent per day in 2018 thanks to the start-ups of various operations and increased production in Australia…

Exmar's Tango FLNG Arrives in Argentina

Tango FLNG arrived in Argentina. Image: Exmar

Belgian shipowner Exmar said its first floating LNG (FLNG) production unit Tango FLNG, to be renamed Tango FLNG, has berthed in Bahia Blanca, Argentina.The Nicolas Saverys-led shipowner said in a press release that the Caribbean FLNG will stay in Bahia Blanca and produce LNG for export for YPF over a ten-year period.After contract signing in November 2018, the unit was transported from…

HHLA Support Energy Transition

HHLA makes substantial contribution to the energy transition. Pic: Hamburger Hafen und Logistik AG (HHLA)

German logistics and transportation company Hamburger Hafen und Logistik AG (HHLA) and its partners began research and development work on the publicly funded FRESH  project at its Container Terminal Altenwerder (CTA).FRESH stands for flexibility management and control reserve provision of heavy goods vehicles in the harbour, said the firm which operates three container terminals at the Port of Hamburg: Altenwerder…

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 recoverable resource of more than 5 billion oil-equivalent barrels on the Stabroek block.Tilapia-1 is the fourth discovery in the Turbot area that includes the Turbot…

Oil Slips Below $62 as U.S. Inventories Rise

File Image: CREDIT AdobeStock / © mikesjc

API reports increase in U.S. crude stocks; Venezuela sanctions yet to spark rally but still supportive.Oil fell below $62 a barrel on Wednesday after a report showed a rise in U.S. crude inventories, countering expectations of a tightening market in 2019 because of OPEC-led supply cuts and U.S. sanctions on Venezuela.U.S. crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said.

Aker BP Raises Dividend, Q4 Profit Lags

(Photo: Aker BP)

Norwegian oil company Aker BP posted a smaller-than-expected increase in fourth-quarter earnings due to higher production costs and lower oil prices, but raised its dividend.The company said on Wednesday earnings before interest and taxes rose to $403 million from $305 million in the same quarter a year earlier, lagging the $491 million expected by analysts in a Reuters poll.The Oslo-listed firm's shares opened down 2 percent…

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 on a shopping spree in recent months to expand its footprint in Asia and the Middle East, said it will propose a dividend of 1.75 euros per share…

Offshore Wind Energy Market to Grow 20%

Image: Siemens Gamesa

Global offshore wind energy market was valued at $2,727 thousand in 2019, and is expected to reach $11,334 thousand by 2025, registering a CAGR of +20% from 2019 to 2025, said a study.The global offshore wind energy market has been set blazing with a number of schemes that have recently began power production, according to Researchnreports. For instance, following the installation of its first 7-MW turbines…

McDermott Winds FEED for Scarborough FPU

(Photo: Woodside)

McDermott International, Inc. on Tuesday announced it has signed a contract with Woodside Energy Ltd. to undertake a front-end engineering and design (FEED) activities for a floating production unit (FPU) for the Scarborough field natural gas development in Western Australia.McDermott’s center of excellence in The Hague, Netherlands, will lead the study and early engineering. Upon completion…

Anadarko Profit Misses as Costs Rise

(Photo: Anadarko)

Oil and gas producer Anadarko Petroleum Corp on Tuesday reported a fourth-quarter profit that missed analysts' estimates by a wide margin, as it spent more on its projects in West Texas and northeast Colorado.Oil producers, betting on a recovery in oil prices since their slump in 2014, have ramped up production in the U.S. shale basins, and the country overtook Russia and Saudi Arabia…

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. In 2017, it achieved an average production of 47,075 barrels of oil equivalent a day.Following the acquisition…

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 could become the world’s first project to use wind turbines for electrification of oil and gas installations.

Oil Falls on U.S. Factory Data

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Oil prices fell on Tuesday, a day after data showing a decline in U.S. factory orders dragged both benchmarks down from 2019 highs.Despite the slide, investors expect U.S. sanctions on Venezuela and production cuts led by OPEC to head off a glut this year, buoying prices.U.S. crude futures were down 50 cents, or 0.9 percent, at $54.06 a barrel by 1400 GMT. They touched their highest in more than two months at $55.75 the previous day.Brent crude futures were down 46 cents…

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain."The drilling operation will continue…

BP's 2018 Profit Doubles as Output Soars

(Photo: BP)

BP's profit doubled to $12.7 billion in 2018, driven by strong growth in oil and gas output following the acquisition of a large portfolio of U.S. shale assets.The company's debt rose however, and the pace of its share buyback scheme slowed in the last quarter as it completed the $10.5 billion BHP acquisition."We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline.

Equinor Gets Extension for Norne FPSO

The Norne FPSO in the Norwegian Sea. Image: Equinor (Photo: Anne-Mette Fjærli)

The Norwegian Petroleum Directorate (NPD) has granted consent to Equinor for the extension of production on Norne FPSO with associated facilities for the Norne, Urd and Skuld fields in the Norwegian Sea.Lifetime extension granted for FPSO is for four years to March 2026, as the operator eyes additional 132m barrels from Norwegian Sea field.In its application for extension, operator…

Proserv Acquires SGC Metering

Photo: Proserv

The  global energy services company has announced the acquisition of SGC Metering from Petrofac.SGC Metering is a specialist in the design and manufacture of flow computer metering systems for the oil and gas industry. It provides expertise right across the full life cycle of a metering project, including conceptual design through to installation, operations and maintenance.The firm…

DOE: $28M Available for Floating Offshore Wind

© Richard Johnson/AdobeStock

The U.S. Department of Energy announced up to $28 million in funding for a new Advanced Research Projects Agency-Energy (ARPA-E) program, Aerodynamic Turbines, Lighter and Afloat, with Nautical Technologies and Integrated Servo-control (ATLANTIS). ATLANTIS projects will develop new technologies for floating, offshore wind turbines (FOWTs) using the discipline of control co-design (CCD).“The United States has 13…

PetroRio Wants Petrobras' Frade Stake

Frade FPSO (Photo: SBM Offshore)

Brazilian independent oil firm PetroRio SA, which already owns 70 percent of the Frade oil field, has approached Petrobras about buying its 30 percent stake in the field, a person familiar with the matter said.PetroRio recently signed a deal to buy Chevron Corp's majority stake in the mature deepwater oil field. PetroRio, seeking more flexibility to pursue the Petrobras transaction and other upcoming deals…

Aker BP Makes North Sea Find

(Photo: Aker BP)

Aker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea, the Norwegian firm said on Monday.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain, the company added."The drilling operation will continue, and a comprehensive data collection program will be performed to determine the size and qual

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, which covers an area of 5,782 square…