Kongsberg awarded Saipem contract
A German-based oil and gas firm has landed a contract with Saipem. Kongsberg Oil and Gas Technologies will deliver subsea structures for the gas export pipeline project of the INPEX-operated Ichthys LNG Project.
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Drilling begins on second Gourdron field
LGO has spudded its first well of the year at its Goudron field in Trinidad. The company said drilling operations have now begun on well GY-672. In February, approval for construction of drillpads was grated, in what is now the second venture in the field.
Arcticgas launches the Yaro-Yakhinskoye field
Thirty-seven gas condensate wells have been drilled at the Yaro-Yakhinskoye field. Production on the field was launched today and is expected to reach a production level equal to 7.7 billion cubic meters (bcm) of natural gas and 1.3 million tons of de-ethanized gas condensate a year over the next months.
Shell ends flights from Aberdeen to Scatsa as it looks to reduce costs
Oil giant Shell has stopped flights from Aberdeen to Scatsa as it looks to further streamline the company in a bid to save costs. The company, which recently revealed it would reduce its North Sea headcount by 250 members of staff, will fly workers directly from Aberdeen to a number of platforms. The move form's part of the company's decision to withdraw from the IAC (Integrated Aviation Consortium). It means offshore workers will be flown direct by helicopters operated by CHC.
Rosneft experiences increased gas production
A Russian-based gas production firm has experienced increased activity during the first quarter. Rosneft's gas production increased by 19.7% compared to the same period last year and amounted to 15.8 BCM.
Production to be halted in part of Europe’s largest gas field
The Dutch Government has called for a halt to production in part of Europe’s biggest gas field over safety concerns. The ruling by the Council of State means output will be prevented around the village of Loppersum in the northern province of Groningen where the gas field is located. Earlier this year the Dutch Government said it would call for risk analysis from gas companies when setting production levels.
ExxonMobil chief exec sees pay rise
The chief executive of ExxonMobil received about $33million last year - an increase of about 18% from $28million in 2013. Rex Tillerson saw his base salary incease to $2.8million from $2.7million the year before
IEA warns global oil markets could take longer than anticipated to strengthen
The International Energy Agency (IEA) has warned it could take longer than anticipated for global oil markets to strengthen caused by a potential increase in Iranian exports and the surge in OPEC supply. The forecast of 2015 global oil demand has been raised for April by 90,000 barrels per day to 93.6million barrels per day. The IEA also said global supply rose by an estimated 1mb/d during March to 95.2 mb/d, as OPEC production recorded its highest monthly increase in nearly four years.
US stocks edge up after rise in oil
Rising oil prices helped push the US stock market mostly higher, but the gains were tiny as investors weighed mixed results from companies reporting earnings. Stocks fell shortly after the open yesterday, then headed mostly higher along with the price of oil. Chevron led the Dow Jones industrial average higher with a 2.2% gain. A jump in JPMorgan Chase after the bank reported strong first-quarter earnings also helped push the blue-chip index higher. Wells Fargo slumped after reporting that its earnings had fallen. The Dow Jones rose 59.66 points, or 0.3%, to 18,036.70. The Standard & Poor’s 500 climbed 3.41 points, or 0.2%, to 2,095.84. The Nasdaq composite fell 10.96 points, or 0.2%, to 4,977.29. Stocks have generally been rising this year, but the gains have been modest as several factors from labour strife at West Coast ports, bad weather, a slump in oil prices and a strengthening dollar have dug into earnings. A stronger currency makes profits earned overseas by US multinationals worth less when translated back to dollars.
Amec Foster Wheeler wins $74million BP North Sea contract
Amec Foster Wheeler has been awarded a contract from BP worth more than $73million to provide maintenance and project support for the Forties pipeline system in the North Sea. The deal includes work on the Unity offshore platform and onshore pumping stations in Aberdeenshire and Perthshire, as well as the Central Area Transmission (CATS) terminal in north-east England. It will run until January 2020 and will be managed from Amec Foster Wheeler's Aberdeen offices.
Woodside Petroleum records drop in revenue
Woodside Petroleum has recorded a drop in revenue caused by the decline in oil prices. The Australian company said a cyclone in the west of the country had also affected profits. The company reported sales revenue of $1.4billion in the March quarter - a 16% falls from the year before.
Statoil board member resigns
A member of the Statoil board of directors is set to resign from her position. Catherine Hughes will leave her current position in a bid to "avoid potential conflicts of interest" following a recent change of circumstances.
Bourbon Offshore African business dealings investigated
Bourbon Offshore said a judicial investigation has been launched into its business dealings in Africa. The matter relates to tax and bribery charges by authorities in Marseilles, France. It comes after the company's former manager was arrested at the Marseilles-Provence airport when he was returning from Africa in possession of approximately €190,000 in cash in 2010.
Canada seeks new crude customers as Keystone Pipeline languishes
Canada is seeking new customers for its crude oil as a U.S. review of the Keystone XL pipeline drags on and oil prices languish near $50 a barrel, the country’s Natural Resources Minister Greg Rickford said. Canada sells nearly all of its oil and natural gas to the US, a partnership that amounts to a $140 billion a year business, Rickford said Tuesday at the Bloomberg New Energy Finance Future of Energy Summit in New York. A downturn that has seen oil prices fall about 50 percent will cost Canada $40 billion a year, according to data compiled by Bloomberg. “Ninety nine percent of our oil goes to the United States right now - 98 percent of our natural gas,” Rickford said. “I don’t think anyone in business would want just one customer.”
Shale output is falling faster than expected
Shale drillers will see production drop sooner than expected under a US government forecast, a momentum change that hints at an eventual price rally. Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since US officials began weighing output in 2013. The projected production drop is small, just 1 percent. Yet investors took note, pushing oilfield stocks to the top five spots in the Standard & Poor’s 500 Index on Tuesday, led by rig operators Ensco Plc and Diamond Offshore Drilling Inc.
Putin’s Mideast gains trump $27 billion loss from Iran agreement
As Russian President Vladimir Putin has shown in Crimea and eastern Ukraine, he’s willing to take an economic hit to expand his political influence. He’s taking the same approach with Iran. Lifting sanctions and allowing Iranian oil onto global markets would threaten to deepen the plunge in crude prices, curbing revenue from Russia’s biggest export. The cost: about $27 billion, based on estimates from the central bank in Moscow. “The strategic benefits are much more important for Russia,” said Nikolay Kozhanov, an expert at the Royal Institute of International Affairs in London and a nonresident fellow at the Carnegie Moscow Center. “Incorporating Iran into pro-Moscow organizations, Russia is hoping to secure its share in this market or divide zones of influence.”
Ceona and Seaweld form Ghana partnership
Ceona has entered into a joint venture as it expands operation in West Africa. The partnership with Seaweld Engineering will support the Surf contractor in delivering products for deepwater construction work in Ghana.
Bumi Armada wins $300million contract
Bumi Armada Bhd has won contracts worth $300million to provide a floating storage unit to ElectroGas Malta. The deal will last for 18 years and 2 months from 2016.
Attacks in Baghdad as security forces try to repel oil refinery targeted by IS
Attacks in and around Baghdad have killed at least 14 civilians, as Iraqi security forces repelled an attack by the Islamic State group on the country’s largest oil refinery, officials said. Seven people were killed when a car bomb exploded in a commercial area in the town of Mahmoudiyah, about 20 miles south of Baghdad, police said. The car was parked in a mainly Shiite section of town near a bakery and went off as people were standing in line to buy bread. Another 13 civilians were wounded in the attack, police said. Hours later, another car bomb exploded in a car park outside Baghdad’s Yarmouk Hospital, killing four civilians and wounding 10, a police official said.
Lloyds Register Energy forms strategic alliance
Lloyd’s Register Energy has formed a strategic alliance with MaxGrip. The move will see the development of a new risk-based inspection (RBI) software module called ‘strEAM+RBI’. The collaboration leverages Lloyd’s Register Energy’s market leading integrity engineering and RBI experience with MaxGrip’s expertise in software development and its strEAM+ framework. It offers a unique software solution that directly embeds into an enterprise’s asset management application, including IBM Maximo, SAP and INFOR EAM. Andy Scott, VP asset integrity services Americas, Lloyd’s Register Energy, said: “Companies operating in asset intensive industries are seeking ways to balance long term decisions with day to day operational challenges.
Lundin reaps first oil from Bertram field
Lundin Petroleum has achieved first oil from the Bertram field in Malaysia. The Swedish explorer said its subsidiary, Lundin Malaysia, has commenced production from four pre-drilled development wells. The remaining production wells will be drilled sequentially and put onstream throughout the rest of the year.
US Government unveils plans for keeping offshore wells in check
The Obama Administration has unveiled plans for keeping offshore oil wells in check, just a few days before the fifth anniversary of the Deepwater Horizon explosion. The US Department of Interior said the measures would include more “stringent design requirements” and operational procedures. Secretary of the Interior, Sally Jewell, said the aim of the proposed measures was to further build on the lessons learned from the 2010 incident in the Gulf of Mexico, which killed 11 workers.
Plans by Global Energy for harbour rejected by Scottish Government
Global Energy, who own the Nigg Fabrication Yard, have had their plans for their own harbour rejected by the Scottish Government. They had put forward plans to create their own harbour at the entrance to the Cromarty Firth. However the Scottish Government threw out the bid on a legal technicality.
Civmec eyes Technip subsidiary
Engineering company Civmec looks set to buy a subsidiary of Technip in a deal which would include work with the oil and gas services provider. The company has agreed to enter into a due diligence phase to acquire PT Global Industries Asia Pacific.
DualEx Energy ceases production from Hungarian field
DualEx Energy has ceased natural gas production from one of its fields in Hungary. The company said production from its Peneszlek field in the north east of the country was stopped due to a natural depletion of two remaining wells.