International oil and gas facility service provider expects to make up to $600million in profit this year. The company said the past year had been its most successful for new awards, with an ECOM (Engineering, Construction, Operation and Maintenance) order intake of $9.4billion.
The chief executive of oil and gas facilitator ITF said techniques used in deepwater could also be beneficial to the oil and gas industry in the North Sea. Dr Patrick O’Brien spoke on the final day of Deep Offshore Technology International 2014 (DOT) about the potential techniques which could be used to find more energy sources in the UKCS.
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.
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.
Young oil and gas workers have been invited to an industry first event which will focus on ‘soft skills’ which could help them succeed. Skills including networking, communication and presentation skills will be discussed by members of three of the oil and gas industry’s professional societies.
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.
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).
Lee Tillman, chief executive officer of Marathon Oil told investors last month that the company was sitting on the equivalent of 4.3 billion barrels in its US shale acreage. That number was 5.5 times higher than the one Marathon reported to federal regulators. Such discrepancies are rife in the US shale industry. Drillers use bigger forecasts to sell the hydraulic fracturing boom to investors and to persuade lawmakers to lift the 39-year-old ban on crude exports. Sixty-two of 73 US shale drillers reported one estimate in mandatory filings with the Securities and Exchange Commission while citing higher potential figures to the public, according to data compiled by Bloomberg. Pioneer Natural Resources' estimate was 13 times higher. Goodrich Petroleum's was 19 times. For Rice Energy it was almost 27-fold.
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.
German oil and gas producer Wintershall has awarded FMC Technologies its first subsea contract for the Maria development in the North Sea. The contract is worth $280 million and will be completed by FMCs subsidiary FMC Kongsberg Subsea AS.
The cost for operators to decommission rigs in the North Sea is expected to cost around £10 billion in the next eight years. Acteon company, Claxton, has created an infographic showing all the costs involved with decommissioning in the region.
Dubai-based explorer Dragon Oil has proposed a £492 million cash offer to Petroceltic International to add exploration and output in North Africa and Kurdistan. The Board of Petroceltic said it was in discussions with the company, who have proposed a £2.30 offer per share.
Exploration and production Company Atlantic Petroleum has announced drilling of its Ivory Well has begun. The Faroese company has a 9% working share in PL 528B which is located in the Norwegian Sea.
Oil and Gas firm BG Group has received a $350 million repayment of outstanding debts from the Egyptian government. The payment was a result of the country’s government raising funds specifically to help repay debts to the oil and gas sector.
UK Oil and Gas have announced operations at the Horse Hill-1 site produced oil shows during mud logging. The discovery, which shows evidence of reservoirs with oil, was found between a measured depth (MD) of between 2,100 to 2,140 feet.
TransAtlantic Petroleum has announced its natural gas prices could rise, after the Turkish government increased its natural natural gas price by 9%. The company said it expects its natural gas price sale to increase concurrently following the announcement.
Oil and gas partnership LINN Energy has sold some of its assets in the US, creating $2.3 billion in sales. The US oil firm sold its assets in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest for $1.95 billion.
Women account for less than 10% of the engineering workforce in the UK, research has shown. The Institute for Public Policy Research (IPPR) found 16 was the critical age at which females were lost to a potential career in the sector.
A fire at an offshore natural gas platform which forced four people on board to be evacuated has been extinguished by firefighters. The Baker platform in Alaska is operated by Houston-based Hilcorp Energy and a no-fly zone of two miles was put in place.
United Arab Emirates (UAE) Energy Minister Suhail Al Mazrouei said he hopes BP, Royal Dutch Shell Plc and Total SA have “a good chance to compete” for concessions in the nation’s biggest onshore deposits of crude oil. The three companies, together with Exxon Mobil Corp and Portugal’s Partex Oil & Gas, were partners with Abu Dhabi, the UAE’s largest emirate, in a joint-venture agreement that expired in January.
An international energy logistics group has been boosted by growth in its North Sea revenues. Peterson Offshore Group BV has announced its consolidated results for the 12 months ending December 31, 2013.
A Caribbean-focused explorer has completed a further step in its 30-well redevelopment of the Goudron Field in Trinidad. Leni Gas and Oil was given the go-ahead to begin drilling 30 new wells at its Gourdon oil field for the first time in 30 years in January.
UK-based oil and gas explorer Ophir Energy has announced gas discoveries in its Kamba and Fulusi prospects of 1.03 trillion cubic feet (tcf) in Tanzania. This latest finds, combined with recent volume updates on the earlier discoveries, increases estimates of the total Block 1, 3 and 4 mean (2C) recoverable resources to 17.1tcf.