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3,693 results 07/26/2019 08:00
The latest mission by OPEC and its partners to contain an oil glut is entering its most critical phase. Saudi Arabia, Russia and other major crude exporters struggled to keep a surplus in check over the past six months despite cutting their production, and oil prices remain stuck below levels most need to fund their economies. The coalition’s best chance to tame the oversupply may be this quarter, when oil demand hits an annual peak, before world markets enter a weak patch through the winter into 2020. 07/26/2019 06:30
Soliton Resources, a privately held oil and gas exploration company, has farmed out its UK Central North Sea Licence P2390 (Blocks 23/26e and 30/1d) to Equinor UK. Licence P2390 contains the Isolde prospect, a shallow, low risk and potentially sizeable exploration target that has historically been overlooked, partially as a result of seismic imaging limitations on legacy 3D data, Soliton said in a statement on Friday. Solition also said that Equinor will acquire an 85% working interest in Licence P2390 and assume operatorship to undertake an initial work program to improve the quality of existing 3D seismic data. Subsequently, Equinor can elect to drill an exploration well on the Isolde prospect. 07/26/2019 04:00
Total SA’s second-quarter profit fell short of estimates as the price of natural gas and oil dropped, while record hydrocarbon production and continued cost cuts boosted cash flow. Adjusted net income was almost a fifth lower than a year earlier, but cash flow rose, and the French giant went ahead with a planned share buyback. 07/25/2019 20:00
Saudi Aramco expects to complete the expansion of an oil pipeline that runs east-west across the country by September, according to a person familiar with the matter, increasing the amount the kingdom can ship from the Red Sea and avoiding the increasingly tense Strait of Hormuz. The link currently operates well below capacity, but the long-planned expansion will give Saudi Arabia the option to ship more oil from the Red Sea rather than the Persian Gulf, bypassing Hormuz. 07/25/2019 20:00
Eni has successfully drilled Agogo-2, the first appraisal well of the Agogo discovery in Block 15/06, offshore Angola. The well results confirm 650 MMboe in place at the Agogo field and indicate further upside in its northern sector that will be assessed with new appraisal wells. Agogo-2 has been drilled by the Poseidon drillship, 3 kilometers north-west of the Agogo-1 discovery well, approximately 180 kilometers from the coast and 23 kilometers from the N’Goma West Hub floating production and storage facility (FPSO). The well was drilled in a water depth of 1,700 meters and reached a total depth of 3,949 meters. @shellBannerWidget@. Agogo-2 encountered 58 meters net of light oil (31° API), in sandstones of Miocene and Oligocene age with exc. 07/25/2019 16:00
McDermott announced it has relocated its Subsea Center of Excellence to Bedfont Lakes office park near Feltham in London, following the recent award of the Greater Tortue Ahmeyim Natural Gas Project, located offshore Mauritania and Senegal. McDermott and BHGE were awarded subsea umbilicals, risers and flowlines (SURF) and subsea. @hotTipOnceRegistered@. production system (SPS) equipment contracts by BP. The subsea engineering team as well as other support office areas from McDermott will be located in the new office. “The relocation of our subsea office positions us well for the successful execution of recent project awards and enables us to expand our subsea offering to meet projected growth,” said Tareq Kawash, McDermott’s senior vice presi. 07/25/2019 06:00
Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer. Two and a half months after the White House banned the purchase of Iran’s oil, the nation’s crude is continuing to be sent to China where it’s being put into what’s known as "bonded storage," say people familiar with operations at several Chinese ports. 07/25/2019 02:00
The parties to a $15 billion deal to export Israeli natural gas to Egypt are considering changing the landmark agreement to allow a gradual ramp up in supplies, reducing the risk of disruptions, according to people familiar with the matter. The companies developing Israel’s two biggest gas finds, led by Noble Energy and Delek Drilling, are working on changes to their contract with Egypt’s Dolphinus Holdings that would see peak supply reached over three years, while trying to avoid interruptions in the flows, the people said, asking not to be identified because the matter is private. The current contract calls for 7 Bcmg per year. 07/24/2019 20:00
Eni announces that its exploration well, located in block 114, Song Hong Basin, offshore Vietnam, has proven the presence of gas and condensate in the Ken Bau prospect. The well result indicates a significant potential of the hydrocarbon accumulation. Eni Vietnam is the Operator of Block 114 with a 50% share; ESSAR E&P holds the remaining 50%. The exploration well Ken Bau 1X has been drilled at a depth of 95m below water level, and reaches a total depth of 3606m, encountering several intervals of gas and condensate sandstone interbedded with Miocene age shale, with an estimated net reservoir thickness in excess of 100m. @hotTipLookingForNextJob@. Ken Bau 1X well was plugged and abandoned ahead of the original plan due to technical issues, pr. 07/24/2019 20:00
Oil’s rally picked up steam as U.S. crude stockpiles shrank and domestic output plunged the most in more than a year, adding to supply concerns as tensions escalate in the Middle East. Futures jumped as much as 1.5% after the Energy Information Administration said domestic oil inventories slipped for a sixth straight week, the longest contraction since January 2018. 07/24/2019 20:00
Neptune Energy and its joint venture partners BP and JAPEX today announced TechnipFMC has been awarded an engineering, procurement, construction and installation Target Cost contract for the Seagull development oil project in the UK North Sea. Under the scope of the contract, TechnipFMC will construct and install the wellheads, Xmas trees, an umbilical, flowlines, a four-slot manifold, a subsea wye structure and a subsea control system. @hotTipRegisterAsCandidate@. The offshore construction campaign is scheduled to start Q2 2020. Seagull is a high pressure, high temperature development located in the Central North Sea on UK license P1622 Block 22/29C, 17km south of the BP Operated ETAP Central Processing Facility (CPF). 07/24/2019 18:00
McDermott International announced it has been awarded a contract by Argentina-based YPF to provide pre-front-end engineering design (Pre-FEED) services for a five million tons per annum (MTPA) LNG Liquefaction Facility, with a potential expansion to 10 MTPA, at the Vaca Muerta Shale field in Argentina. The scope of work is a continuation of a previous conceptual study developed for the YPF LNG Export Facility in Argentina under a contract in 2018. 07/24/2019 10:00
ADNOC has signed an agreement with Indonesia's state energy company Pertamina to collaborate in both countries and internationally. Indonesia' foreign ministry said that the partnership could be worth up to $2.5bn. The scope of work includes Pertamina's participating in the UAE's upstream sector and downstream opportunities for ADNOC in Indonesia, including LNG, LPG, refining and petrochemicals, aviation fueld and fuel retailing. The two companies signed a comprehensive strategic framework agreement during the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed's trip to Indonesia. This underlines ANDOC's strategy to increase foreign partnerships and bolster its downstream portfolio both in and outside of the UAE. The agreement was signed on t. 07/24/2019 10:00
Apache announced the completion of asset sales in the midcontinent and provided supplemental information regarding certain second-quarter 2019 financial and operational results. In May and July, Apache closed the sale of noncore assets in two separate transactions, comprising $612 million of net proceeds, subject to customary closing adjustments. 07/24/2019 07:30
The contract will support all subsea development projects with standardized equipment, including technologies that can withstand up to 20,000 psi. Schlumberger announced today an award by Chevron U.S.A. Inc. (Chevron) of a 20-year subsea equipment and services master contract for subsea development projects in the Gulf of Mexico. 07/24/2019 07:00
Babcock oil and gas search and rescue team is boosting the service they offer men and women working offshore by replacing their traditional hard-wired helicopter intercom with a new wireless network. Babcock SAR Operations Manager, Paul Walters said: "SAR is all about teamwork and effective communications is essential. 07/24/2019 06:00
Subsea 7 S.A. today announced the award of a sizeable(1) contract to Seaway 7 for the Hornsea Two offshore wind farm project by Optimus Wind Ltd., a subsidiary of the Ørsted Group, for the installation of the entire inner array grid cable system. The Hornsea Two offshore wind farm project is located approximately 90 kilometres off the Yorkshire coast within the UK sector of the North Sea.

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