Saturday, June 23, 2018

Top Shallow Water Driller Raises $225 Mln in Oslo IPO

Shelf Drilling, a Dubai-based contractor for shallow water rigs, raised about $225 million by issuing new shares priced at 65.35 Norwegian crowns ($8.09) per share, the company said on Friday, the latest drilling firm to list in Oslo to raise capital.Its initial public offering comes four years after the company scrapped plans to list in London just as the oil market's downturn started.Demand…

OPEC Agrees to Modest Oil Supply Hike

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OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.However, the decision confused some in the market as OPEC gave opaque targets for the increase, making it difficult to understand how much more it will pump.

Seacrest Capital Seeks More Norway, UK Oil Deals

Photo: Shell

Oil and gas-focused private equity firm Seacrest Capital is planning more offshore deals in Norway after buying stakes in two fields from Royal Dutch Shell this week, and is also seeking deals in Britain, a partner at the company said on Friday.Shell said on Wednesday it had agreed to sell its 45 percent interest in the Draugen field and 12 percent interest in Gjoa to OKEA, an upstart Norwegian oil firm backed by Seacrest, for around $566 million.The deal will give OKEA net d

OPEC Reaches Deal to Raise Oil Output

© Christopher Boswell / Adobe Stock

OPEC agreed on Friday to raise oil production by around 1 million barrels per day from July for the group and its allies, an OPEC source said.The output gain is nominal. The real increase will be smaller because several countries that recently underproduced oil will struggle to return to full quotas while other producers will not be allowed to fill the gap, OPEC sources have said.(Reporting by OPEC newsroom; Editing by Dale Hudson)

Predictive Software to Optimize FPSO Maintenance

Lloyd's Register has started work with AkerBP for maintenance optimization of its Skarv FPSO infrastructure and equipment on a test project in Norway. (Photo: LR)

A new test project in Norway looks to employ specialty software for the optimization of floating production storage and offloading (FPSO) maintenance.Lloyd's Register (LR) said it is using its RTAMO software to support AkerBP in an effort aiming to optimize maintenance activities for the Skarv FPSO infrastructure and equipment.RTAMO, which stands for Real-Time Adaptive Maintenance Optimization…

Oil Falls as OPEC Nears Deal to Raise Production

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Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production.Benchmark Brent crude dropped $1.80 a barrel, or 2.4 percent, to a low of $72.94 before recovering a little to $73.30, down $1.44, by 1358 GMT. U.S. light crude was 71 cents lower at $65.00.Brent reached a 3-1/2-year high above $80 a barrel last month but has fallen steadily in recent weeks as Saudi Arabia…

OPEC Strives for New Deal as Iran Wary of Output Hike

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OPEC's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand, with Iran still signalling it would support only a modest increase in supply.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from top consumers such as the United States, China and India to cool down oil prices and support the world economy by producing more crude.Russia…

Lukoil, Eni Discussing Possible Swap of Mexico Licences

Lukoil, Russia's second biggest oil producer, is considering swapping licences with Italy's Eni in Mexico, First Deputy Chief Executive Ravil Maganov said on Thursday.In March, Eni and Lukoil won offshore exploration and production licences in the Cuenca Salina basin in Mexico.Eni is set to hold 75 percent in the joint venture which will operate the licence while Lukoil will hold remaining 25 percent.Lukoil also owns a 50 percent stake in the Amatitlan Block Project, where Pe

Hess Warns Focus on Returns Now Will Hurt US Shale Long-term

John Hess (Photo: Hess Corporation)

Investor pressure on oil producers to focus more attention on shareholder returns and less on output will drive down vital industry investment in the long term, a leading U.S. shale executive said on Thursday.Shareholders have been pushing for more dividends and buybacks from U.S. shale companies, whose heavy investment in production has helped the United States overtake Saudi Arabia…

ExxonMobil, Hess Announce Oil Discovery Offshore Guyana

Stena Carron (Photo: Stena Drilling)

ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality, oil-bearing sandstone reservoir was encountered. The well was drilled to 5,504 meters depth in 1,940 meters of water by the Stena Carron drillship on May 25, 2018.

Oil Traders Ready for Musical Chairs as China Tariffs Loom

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Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S.

Iraq, Exxon End Talks on Water Treatment Project

Iraq is no longer in talks with Exxon Mobil Corp for the oil major to build a giant water treatment facility vital for the OPEC member to grow its oil production capacity, the director general of the Basrah Oil Co (BOC) told reporters on Wednesday.Instead, the BOC will award the contract to build the Common Seawater Supply Project (CSSP) through a tender process, which it expects to complete at the end of July, Ihsan Ismaael said on the sidelines of the OPEC seminar in Vienna

HEECO Eyes New Markets for Expansion

Photo: HEECO expansion and development

The Humber Electrical Engineering Company (HEECO) in the United Kingdom has consolidated its marine presence and developed into new oil and gas markets.The Hull-based electrical manufacturing business is known for the design and build of switchboards, motor control centers (MCCs) and control panels for the marine and energy sectors as well as the programming of Programmable Logic Controllers…

Shell Sells $1.3 Billion of Oil and Gas Assets

Picture taken after today’s signing. From left: Ola Borten Moe (OKEA CCO), Rich Denny (Managing Director A/S Norske Shell) and Erik Haugane (OKEA CEO)

Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over $1.3 billion, bringing it closer to a target of $30 billion in disposals by year-end.The Anglo-Dutch company agreed to sell to OKEA, a Norwegian producer backed by private equity firm Seacrest Capital, its 45 percent interest in the Draugen Norwegian offshore field and a 12 percent in the Gjoa block for a total of $566 million, the two companies said.Earlier, Shell announce

Total's North Sea Oilfield Workers Hold Strike Ballot

Photo: Total

Britain's biggest labour union is balloting rig workers at three of Total's North Sea oil platforms over a potential strike due to the company's refusal to reduce the number of unpaid working days, the union said on Wednesday.After the oil price crash in 2014, the workers agreed to work an extra 14 days unpaid to help the company during the downturn, Wullie Wallace, regional officer of Unite the Union said.However…

Equinor Awards Light Well Intervention Contract to Akofs

Geir Sjøberg (right), CEO Akofs Offshore, and Rannfrid Skjervold, vice president procurement subsurface Equinor.
(Photo: Kjetil Eide / Equinor ASA)

Akofs Offshore has been awarded a contract for light well intervention services using the Akofs Seafarer vessel for all Equinor-operated licences in the period 2020 to 2025.Equinor is the operator of about 560 subsea wells on stream on the Norwegian continental shelf. The wells require maintenance, repairs and new production actions. In 2017 Equinor performed 55 light well intervention operations…

Oil Slips On U.S./China Trade Dispute, OPEC Supply Outlook

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Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.Brent crude futures eased 60 cents, or 0.8 percent, to $74.74 a barrel by 11:31 a.m. EDT (1531 GMT), while U.S. West Texas Intermediate crude futures fell $1.01, or 1.6 percent, to $64.84 a barrel."WTI…

US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs

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Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year.

Libya Oil Output Slashed by Port Attacks

On Monday the National Oil Corporation confirmed the loss of storage tanks 2 and 12 at the Ras Lanuf port terminal (Photo: NOC)

Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation, Mustafa Sanalla, said on Tuesday.Sanalla said there were still militants present in the area of the terminals, which were closed on Thursday following an early morning attack by opponents of eastern-based Libyan commander Khalifa Haftar."We look to fight the fire first of all…

OPEC Sees Strong Oil Market, Possible Need for More Output

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Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude.OPEC's de facto leader…

Panama Imports Its First LNG Cargo

(Photo: BAM International)

Panama has imported its first liquefied natural gas (LNG) cargo to commission the newly built $1 billion Costa Norte facility and power plant at Colon, expected to be a launch-pad for LNG trade across Central America.Many utilities in Central America and the Caribbean remain reliant on burning oil to generate electricity, but LNG offers a cleaner, cheaper and more efficient alternative.Shipping data shows the Engie-chartered Provalys tanker arrived last week…

Feedgas Flows into Sabine Pass LNG Export Plant Drop Again

Sabine Pass LNG export plant (File photo courtesy pf Cheniere Energy)

Feedgas supplies into Cheniere Energy's Sabine Pass liquefied natural gas (LNG) export plant in Louisiana fell again after recovering briefly following a month-long maintenance shutdown affecting one of three production units, data showed on Tuesday.Input levels on the three pipelines serving the facility showed feed levels had fallen to 2,180 million cubic feet/day (mcf/day) on Tuesday after a fall and briefly recovering to a high of 2,860 mcf/day on Saturday.Current inflow

Oil Rises Ahead of OPEC, Pressured by China Tariffs

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Oil prices rose on Monday ahead of an OPEC meeting this week and as investors assessed the impact of a trade dispute between the United States and China.U.S. light crude oil hit a two-month low of $63.59 a barrel but then recovered strongly to trade at $65.40, up 34 cents, by 1350 GMT. Brent to a high of $74.59 a barrel and was trading at $74.50, up $1.06, by 1350 GMT.Brent hit a 3…

Asian Shares, Oil Fall as US-China Trade Spat Escalates

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Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen.Spreadbetters suggested a subdued start for European shares, with FTSE futures off about 0.1 percent.

China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business

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China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports…

Norway Awards Oil Permits to 11 Firms in Arctic Licensing Round

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

Norway has awarded 12 oil and gas exploration licences to Equinor and 10 other companies focused mostly on the Arctic, where Oslo believes it has the greatest potential for significant new discoveries.Nine of the licences are located in the Barents Sea and three in the Norwegian Sea off central Norway, the Ministry of Oil and Energy said on Monday."This licensing round confirms that the oil companies see opportunities for further profitable petroleum activity in the north…

SandRidge Says Approached by 17 Potential Buyers, Including Icahn

Logo: SandRidge Energy

SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the company to back out of its planned buyout of rival Bonanza Creek Energy Inc .The investor…

Oil Falls $2 a Barrel Ahead of OPEC Meeting

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Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. U.S. light crude was $1.77 lower at $65.12 a barrel. Brent crude is on track to end the week down more than 3 percent, while U.S.

Equinor Buys 25% Stake in Brazil’s Roncador Oil Field

The P-54 FPSO on the Roncador Field - (Photo: Geraldo Falcão)

Equinor and Petrobras have completed their transaction announced in December 2017, whereby Equinor has acquired a 25 percent non-operated interest in the Roncador oil field in Brazil’s Campos Basin. This follows all transaction conditions being met, including government and regulator approval.Reflecting equity volumes produced since the effective date of January 1, 2018 and the deposit paid upon the signing of the transaction…

GTT Studying Gravity Based Systems for LNG Projects

French engineering company GTT said it has been assigned by two major companies to carry out Front End Engineering Design (FEED) studies on new Gravity Based System (GBS) projects for separate linquefied natural gas (LNG) projects.The first one, signed with an European EPC, concerns a large LNG liquefaction project comprising several concrete caissons with several liquid gas membrane tanks…

Fugro Tallies ROV Services Contracts with Petrobras

(Photo: Fugro)

Fugro said it has been contracted to provide remotely operated vehicle (ROV) services to support Petróleo Brasileiro S.A. - Petrobras in its exploration and production activities.Two new contracts will see Fugro’s ROV spread working to support drilling related activities, such as towing, mooring, commissioning and decommissioning, and positioning of production and drilling units, as well as installation of subsea equipment in Petrobras oil fields.

Danos Wins Shell Contract

Photo courtesy of Danos

Royal Dutch Shell subsidiary Shell Exploration and Production Company has awarded a contract to Danos to provide coatings for Shell’s deepwater Appomattox platform in the Gulf of Mexico. Located in the Gulf of Mexico 80 miles off the coast of Louisiana, the Appomattox platform is one of Shell’s new deep-water investments in the Gulf and is set to begin production before the end of the decade.The coatings contract is not Danos’ first experience with the Appomattox project.

New RINA Guidelines for Additive Manufacturing

Photo: RINA

RINA, a specialist in additive manufacturing, has announced the release of its 'Guidelines for the certification of metallic products made by additive manufacturing', for the oil and gas industry.The use of additive manufacturing (or 3D printing) is expanding rapidly, especially as technology now enables the production of larger components and products to meet different mechanical or physical-chemical needs.

No Signs of Oil Shortage After Drop in Spending -BP CFO

Brian Gilvary (Photo: BP)

BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company's Chief Financial Officer Brian Gilvary said on Thursday.Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S. shale oil production has surged in recent years as drillers adapted.The U.S. output…

Kongsberg Wins Johan Sverdrup Phase 2 Contract

Phase 2 will add a fifth platform to the ‘The North Sea Giant’, Johan Sverdrup. Credit: Equinor

Equinor Energy AS has contracted Kongsberg Maritime to deliver the Safety and Automation Systems (SAS) for the recently announced phase 2 of the Johan Sverdrup development in the Norwegian North Sea.The phase 2 agreement includes delivery of SAS and digital technology for a new processing platform, which is due to start production in 2022. Kongsberg Maritime will also extend and modify already delivered systems for the field center…

Russia's Novak: OPEC+ Can Consider Returning Up to 1.5 mln bpd

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Members of the OPEC+ oil production cut deal can consider returning up to 1.5 million barrels of oil per day (bpd) to the market gradually, as one of the possible options, Russian Energy Minister Alexander Novak told reporters on Thursday.Novak also said the gradual increase is possible from July 1, but the countries who joined the global oil production cut deal are yet to discuss all the terms.

Oil Steadies Ahead of Key OPEC Meeting

© tomas/ Adobe Stock

Oil prices steadied on Thursday, but still faced pressure from evidence of rising U.S. output and uncertainty over the outlook for supply before a meeting next week of the world's largest exporters.Benchmark Brent crude oil was up 10 cents at $76.84 a barrel by 1320 GMT, while U.S. light crude was 45 cents higher at $67.09.Brent hit a high of $80 a barrel in May but has since drifted lower…

EIA: Oil Barrel Price Steady Around $70

EIA expects Brent prices will average $71 per barrel in 2018 before declining to $68 per barrel in 2019. In the June 2018 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts Brent crude oil prices will average $71 per barrel (b) in 2018 and $68/b in 2019. The new 2019 forecast price is $2/b higher than in the May STEO. The increase…

Italy Top Court Rejects Appeal to Stymie Shell, Eni Corruption Trial

Italy's Supreme Court threw out an appeal from Shell and four former Shell managers to stymie a trial on alleged corruption in Nigeria, which also sees Eni's chief on the bench, legal sources said on Wednesday.The long-running graft case revolves around the 2011 purchase by Eni and Shell of Nigeria's OPL-245 offshore oilfield for about $1.3 billion. The trial kicked off last month,…

Oil Prices Slip as Production Rises

© Natalia Bratslavsky / Adobe Stock

Oil prices slipped on Wednesday, hit by rising supplies in the United States and expectations that producers could relax voluntary output cuts.Brent crude was down 20 cents at $75.68 a barrel by 1330 GMT. U.S. light crude was 35 cents lower at $66.01.The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started pumping less in 2017 to reduce a supply overhang…

China's CNOOC Sees Ugandan Oil Production Starting in 2021

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Oil production in Uganda is likely to start in 2021 at the earliest, China's CNOOC said, giving a later date than the government's 2020 target.CNOOC, which is developing the fields in the west of the country with Britain's Tullow Oil and France’s Total , is aiming for a final investment decision this year so development can start, CNOOC spokeswoman Aminah Bukenya said."If we have the final investment decision taken this year…

Oil Steady as Output Balances Demand

File Image (CREDIT: AdobeStock / © mikesjc)

IEA sees supply gap if demand outpaces output increases. Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. Brent crude was down 15 cents at $75.73 a barrel by 1200 GMT. U.S. light crude was 35 cents lower at $66.01. The Organization of the Petroleum Exporting Countries and some non-OPEC producers…

Johan Castberg PDO Approved

Photo: Equinor

The plan for development and operation of the Johan Castberg field in the Barents Sea was approved by the Norwegian Parliament on Monday, June 11. The plan will now be submitted to the Ministry of Petroleum and Energy for formal approval.With first oil scheduled for 2022, the field has a production horizon of 30 years. Capital expenditures for the project are NOK 49 billion ($6.2 bln), and recoverable resources are estimated at 450-650 million barrels of oil equivalent.

Exxon Starts Drilling at Offshore Guyana Projects

(Photo: ExxonMobil)

Exxon Mobil Corp said it has commenced development drilling in the first of three offshore Guyana projects, which could produce more than 500,000 barrels of oil per day. Development drilling began in May for the first of 17 wells planned for Liza Phase 1, the company said.So far, Exxon Mobil and its co-venturers have discovered more than 3.2 billion oil-equivalent barrels estimated recoverable resources on the 6.6 million acre Stabroek Block.Liam Mallon…

OPEC Output Hike Will Squeeze Oil Buffer to Historic Lows

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The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster…

Itochu Seeks North Sea Sale

(Photo: Dana Petroleum)

Japanese commodity trading house Itochu is seeking buyers for stakes in two North Sea oilfields, a pipeline and a terminal, a document seen by Reuters shows.The sale, run by Scotiabank, could fetch up to $250 million, according to banking sources.The transaction would mark the latest exit of a long-standing player in the ageing basin as a new generation of companies, many with the backing of private equity…

Oil Prices Fall On Rising U.S. and Russian Supplies

© Christopher Boswell / Adobe Stock

Oil prices fell on Monday, pulled down by rising Russian production and the highest U.S. drilling activity in more than three years.Analysts expect higher U.S. output to offset supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which have been in place for 18 months and have pushed up prices significantly over the past year.Benchmark Brent crude was down 65 cents at $75.81 a barrel by 1330 GMT. U.S.

US Drillers Add Oil Rigs for Third Week in a Row

© Calin Tatu / Adobe Stock

U.S. energy companies added oil rigs for a third week in a row even though crude prices have declined about 8 percent over the past three weeks.Drillers added one oil rig in the week to June 8, bringing the total count to 862, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That was the ninth time drillers added rigs in the past 10 weeks.The U.S.

ENI on Track to Double Ghana's Gas Output

(File photo: Eni)

Italy's ENI is on track to deliver the first gas from its Ghana operations next month, with output rising to 180 million cubic feet per day by year end, enough to more than double national output, officials told Reuters on Friday.ENI, which began oil production from a 45,000 barrel-per-day reserves a year ago, will start pumping natural gas on June 26 from its Sankofa reserves in a…

RAMCO Agrees to Contract with Equinor

Photo courtesy fo RAMCO

RAMCO, the international specialist in the care and maintenance of oil country tubular goods (OCTG), has signed a contract with Equinor (formerly Statoil) for inspection and mobilization of casing and tubing in Norway, worth more than $10 million a year to 2024.Over the last 40 years, RAMCO has played a key role in the provision of inspection and cleaning for OCTG pipe and during this…

Oil Prices Ease on China Demand Dip and Rising U.S. Output

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Oil prices fell on Friday as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran on top of OPEC's production cuts.Brent crude futures fell 45 cents to $16.87 a barrel by 1333 GMT. U.S. West Texas Intermediate (WTI) crude futures recovered some earlier losses to trade 8 cents down at $65.87. On the week, both contracts were set…

New Oil Discovered in the North Sea

Map Lille Prinsen discovery (Photo: Equinor)

Equinor and partners Lundin and Spirit Energy have struck oil in the PL 167 licence at the Utsira High in the North Sea.The discovery is currently estimated to contain 15-35 million barrels of recoverable oil equivalent.“We are very pleased to announce the first Equinor discovery,” said Nicholas Ashton, Equinor’s senior vice president, Exploration, Norway & UK.“This is a good discovery which we expect will be commercial.

Sibur Says New Gas Chemical Complex Will Cost up to $8 Bln

Russian petrochemical company Sibur said its plans to build a gas chemical complex in Russia's Far East will require preliminary investments of up to $8 billion and it is still looking for Asian partners.Sibur said a year ago that it had been in talks with a number of Chinese investors about participating in the project to build the complex in Amur.Sibur's Chief Executive Officer Dmitry Konov told Reuters in a recent interview…

Equinor Deepens Its Offshore Brazil Portfolio

Photo: Equinor

Equinor has expanded its portfolio in Brazil’s prolific Campos and Santos basins after winning the Uirapuru and Dois Irmãos blocks in the 4th Production Sharing Bidding Round in Brazil.Equinor, ExxonMobil and Petrogal Brasil presented the winning bid (75.49% profit oil) for the Uirapuru production sharing contract in the Santos basin. Petrobras exercised its right to enter the consortium…

Coal Soars on Rising Demand from Asia

File Image (CREDIT: AdobeStock / © Leonid Eremeychuk)

Coal prices in Asia are being driven to multi-year highs by a rare combination of simultaneous demand growth in the region's top four importers.Depending on the price used, thermal coal is either close to a two-year high or near the strongest in six years as China, India, Japan and South Korea imported more of the polluting fuel in the first five months of this year compared to the same period in 2017.The Australian thermal coal benchmark…

Venezuela Frees Chevron Executives Held Since April

Venezuela has released two local executives of U.S. oil major Chevron Corp jailed since mid-April during a corruption probe in the oil sector, authorities and the company said on Wednesday. The arrests of Carlos Algarra and Rene Vasquez by intelligence agents at Chevron's Puerto La Cruz offices spooked other foreign companies operating in the OPEC nation in partnership with state oil company PDVSA.

Oil Rises on Mounting PDVSA Woes

File Image: U.S. shale drilling operations, in part, feed growing domestic crude output. (CREDIT: AdobeStock / © Shamtor)

PDVSA warns of force majeure as it struggles to meet obligations; surging U.S. crude output pulls WTI discount to Brent over $10/b. Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check. Brent crude futures were up 23 cents at $75.59 a barrel by 0900 GMT, while U.S. West Texas Intermediate (WTI) crude was 14 cents higher at $64.87 a barrel. Venezuela, which faces the threat of U.S.

TechnipFMC Awarded Pluto Contract

Pluto LNG Platform (Photo: Woodside)

TechnipFMC said it has been awarded a contract by Woodside to upgrade the Pluto Platform Offshore for water treatment, located offshore Western Australia.The contract includes the engineering, procurement, construction, installation and commissioning (EPCIC) of the Pluto Water Handling Module. This module, to be installed on the existing Pluto Alpha Gas Production Platform, will consist of facilities for water separation and treatment…

Boosted by Rising Oil Prices, Spain's Repsol Hits Accelerator

© TTstudio / Adobe Stock

Spain's Repsol plans to increase investment and production and lift its dividend by 2020 after years of cost cuts, the oil and gas company said on Wednesday, as a rebound in global oil prices boosted its profits.The refiner will spend 15 billion euros ($17.6 billion) across units including exploration, production, refining and commercial over the next two years, it said in its 2018…

PDVSA Raises Prospect of Force Majeure on Oil Exports

© Igor Groshev / Adobe Stock

OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling production from Venezuela has contributed to a rally in global oil prices to a near four-year high, and other OPEC members may boost output…