The potential revenues which come from Enhanced Oil Recovery (EOR) will be realised by the oil and gas industry within the next five years, according to Industry team leader. Members of the industry gathered for the final day of Deep Offshore Technology International 2014 (2014) to discuss enabling technologies to maximise recovery.
Closing the skills gap could be a major step forward in solving the challenges in deepwater developments, according to an industry analyst. Richard D’Souza from Granherne/KBR said collaboration is needed between the oil and gas industry, governments and educational institutions to hire the right staff.
A deepwater vessel which will allow exploration n remote parts of the world is on track to be in use by next year. The Ceona Amazon, a hybrid construction and pipelay vessel designed by CEONA Offshore, began construction last year.
A newly-designed subsea power grid will be ready for testing by next summer, with final preparations for the system currently underway. Siemens has invested in the power solution, which aims to provide energy at a lower cost.
Industry experts believe standardisation to stop costs creeping up in deepwater activities. A panel at the Deep Offshore Technology International 2014 (DOT) assessed the ways costs could be reduced within deepwater activity, with the recent decrease in oil prices, coupled with increasing cost.
The boss of an independent oil and gas company said deep water production of oil and gas could triple by 2040. Jarand Rystad, managing director of Rystad Energy, was speaking at the Deep Offshore Technology International 2014 (DOT) about rising costs in finding energy resources.
The Catcher project in the North Sea looks set to reach its production target with up to 60,000 barrels of oil produced per day, according to its development manager.
The project manager of the Rosebank project said it had faced a number of "challenges” since its discovery in 2004.
Deepwater production will rise by 70% within the next decade, according to a leading energy analyst.
Companies need to have more confidence in new technologies if offshore projects are going to succeed, claims a leading BP engineer.
Deep Offshore Technology International (DOT) arrived in Aberdeen for the first time in its 30-year history today with a warning the industry needed to smarten up if it was to reap the benefits of future exploration.
Petrochemical company Ineos has bought its second licence for shale exploration just two months after acquiring land at Grangemouth. The acquisition means the company now has an 80% interest in a petroleum exploration and development licence for PEDL 162, which covers a 400 km2 are of the Scottish central belt.
Lundin Petroleum has spudded an exploration well in the Gobi prospect within the Natuna Gas field, near Indonesia. The Gobi-1 is a wildcat exploration well designed to test the hydrocarbon potential of Oligocene and Miocene stacked fluvial reservoirs in the Jemaja Basin.
European-focused Sound Oil has won two gas sales contracts for fields in Italy, the company has announced. The upstream oil and gas group has been awarded the contracts in relation to the Badile drill site.
Statoil has sold off a share in a number of its Shah Deniz assets to the Malaysian oil and gas company PETRONAS for $2.25billion. The assets include a 15.5% share in the South Caucasus Pipeline Company (SCPC) and a 12.4% share in the Azerbaijan Gas Supply Company (AGSC).
Dart Energy has won an appeal after a local authority in Wales rejected a planning application for a coal bed methane exploration well. The planning application had been turned down by Wrexham County Borough Council in March this year, despite approval from the authority’s planning officer.
A World Bank tribunal has ordered Venezuela to pay oil giant ExxonMobil about $1.6billion to compensate for oil nationalisation. Venezuela said it would pay the award, but only after deducting a previous Exxon award from the International Chamber of Commerce (ICC) of $908million.
A marine intelligence company said piracy in the waters around South East Asia could rise within the coming months.
Tullow Oil has completed has completed a deal to sell off its interest of two assets in the North Sea,the company has announced. A 53.1% share of its Schooner interest and 60% of its Ketch asset in the Southern North Sea has been sold to Faroe Petroleum.
Norwegian energy firm Statoil has confirmed it plans to cut an additional 500 jobs. The company confirmed the job losses would affect workers in DPN (development and production).
Oil workers are set to return to a North Sea platform evacuated after a cargo vessel carrying cargo waste began drifting towards it. The Denmark-registered Parida, which was carrying a cargo of radioactive waste from Scrabster to Antwerp, lost engine power after a fire broke out in one of her funnels at about 8pm on Monday.
Oil and gas operators have forecast decommissioning expenditures will cost £1.5billion every year for the next decade. Oil and Gas UK has launched its annual Decommissioning Insight which is the leading industry forecast for activity and expenditure on the UK Continental Shelf (UKCS).
The University of Glasgow has become the first in the UK to commit to taking its money out of fossil fuels. A decision was made by the university court on Wednesday which will see about £18million currently invested in fossil fuels reallocated over the next 10 years.
Technology and skills provider Atlas Knowledge has created a system to manage and track the competence of employees in the oil and gas industry. The Competency Assurance Management System (CAMS) was developed with expertise from a industry advisory group of 100 people.
Energy giant Halliburton has signed a long-term contract with Ecuador’s state-run oil company Petroamazonas to provide field development and project management across nine mature fields. The contracts, for fields including the Palo Azul, Lago Agrio, and Victor Hugo Ruales, are 15 years long with the potential for a further five-year extension.
