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Mass electrification only possible with heavy investment

Mass electrification only possible with heavy investment   Energy industry leaders see an urgent need for greater investment in power grids to better connect regions, secure reliable distribution of resources and meet climate targets. Three quarters (76%) of the 400 senior energy professionals contacted in 75 countries say existing grid infrastructure can’t adequately connect renewable energy sources to areas of high demand. DNV predicts that smart grid implementation will no...

6 new rigs to be added to NIDC drilling fleet

6 new rigs to be added to NIDC drilling fleet   TEHRAN- The managing director National Iranian Oil Company (NIOC) announced the approval of the purchase of six new rigs by the board of directors of the company and said based on this, three offshore rigs and three onshore rigs will be added to the operating fleet of National Iranian Drilling Company (NIDC), which will allow NIDC to have a strong presence in the Persian Gulf again. Making the remarks on the sidelines of visiting the...

Two Barents Sea wells lined up for Transocean rig

Two Barents Sea wells lined up for Transocean rig   Norwegian oil and gas player Vår Energi has secured two types of permits from the country’s authorities for two exploration wells located in the Barents Sea off Norway. These wells will be drilled using a Transocean-owned rig. The Norwegian Petroleum Directorate (NPD) informed on Thursday that it has granted Vår Energi a drilling permit for wells 7122/8-1 S and 7122/9-1, while the Petroleum Safety Authority Norwa...

Carbon storage licensing round attracts 26 bids

Carbon storage licensing round attracts 26 bids   Licences will be awarded early 2023  First injection could take place as early as 2027   New sites could contribute to aim of storing up to 30 million tonnes of CO2 per year by 2030  The future of carbon storage moved a step closer today with 26 bids coming in for the UK’s first-ever carbon storage licensing round.  A total of 19 companies, eager to play a part in the energy transition, exp...

Industry report finds key stakeholders must back demonstration centres to rapidly cut low-carbon technology costs

Industry report finds key stakeholders must back demonstration centres to rapidly cut low-carbon technology costs   A report published today by the Technology Leadership Board, Net Zero Technology Centre, and Accenture, sets out robust recommendations detailing how rapid investment in technology innovation can help enable the delivery of the North Sea Transition Deal’s (NSTD) emissions targets and the creation of a net-zero energy system in the North Sea. The report, &l...

TotalEnergies adds another well to the work scope of Maersk drillship

TotalEnergies adds another well to the work scope of Maersk drillship   A Maersk Drilling-owned drillship has been awarded a one-well extension with TotalEnergies in Suriname. TotalEnergies E&P Suriname has exercised an option to add the drilling of one additional well in Block 58 offshore Suriname to the work scope of the drillship Maersk Valiant, the rig owner informed on Thursday. The contract extension is expected to begin in January 2023, in direct continuation of the r...

TechnipFMC secures subsea contract from TotalEnergies in Brazil

TechnipFMC secures subsea contract from TotalEnergies in Brazil TechnipFMC will reconfigure and install umbilicals and flexible pipes to boost the Lapa North East field’s production capacity.   Oilfield services giant TechnipFMC has secured an engineering, procurement, construction and installation (EPCI) contract from TotalEnergies for the Lapa North East field in the Santos basin offshore Brazil. Under the contract, TechnipFMC is tasked with reconfiguring and installing...

TotalEnergies sells its interest in the Sarsang Oil Field

TotalEnergies sells its interest in the Sarsang Oil Field   TotalEnergies has completed the divestment of its 18-percent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq, to ShaMaran Petroleum Corp., a company listed in Canada and Sweden and focused on oil exploration and development in Kurdistan, for a firm consideration of $ 155 million. An additional contingent consideration of USD 15 million is payable in the future depending on production and oil price...

Petronas to keep oil, gas focus for next decade

Petronas to keep oil, gas focus for next decade   Oil and gas remains the main focus for Malaysia's state-owned oil firm Petronas for the next decade, even as it explores the alternative energy sphere. Gentari, the firm's latest clean energy subsidiary, was set up as a separate entity to keep the core business "lean, mean and generating as much (profit) as possible," said Petronas' vice president of exploration and upstream, Mohd Redhani bin Abdul Rahman. &...

Equinor, others apply for right to explore for oil and gas off Norway

Equinor, others apply for right to explore for oil and gas off Norway   Some 26 energy companies have sought Norway's permission to drill for oil and gas in this year's predefined areas licensing round, the Norwegian ministry for oil and energy said on Tuesday. Some of the firms that have applied for licenses in areas already open to exploration and production include Equinor, Shell, Aker BP, ConocoPhillips, OMV and TotalEnergies. Read the latest issue of the OGV Energy...

Partnership to investigate floating wind turbine offshore storage areas

Partnership to investigate floating wind turbine offshore storage areas   A new industry partnership is set to support the UK’s floating wind industry by identifying offshore storage areas for turbines awaiting installation in the Celtic Sea. TS-Flow© JIP, led by Offshore Solutions Group and delivered in partnership with HR Wallingford, will keep supply chains moving by freeing up space on quaysides and inner-harbours for assembling turbines. Five areas in the Celtic Sea...

Oilfield project in Bohai Sea comes on stream

Oilfield project in Bohai Sea comes on stream   China’s oil and gas player CNOOC Limited has kicked off production from an oilfield development project in the Bohai Sea. This is the third project, which the Chinese giant has brought on stream offshore China this month. Less than two weeks after bringing online two gas projects off China ahead of schedule, CNOOC revealed on Monday that Kenli 6-1 oilfield 10-1 North Block development project has started production. The firm hol...

OKEA ASA – Production outage at the Yme field

OKEA ASA – Production outage at the Yme field   OKEA ASA: Following damage to parts of the process pipe system at the Yme field, Repsol Norge AS, as operator, has today informed OKEA ASA (“OKEA” or the “Company”) that the technical issues will likely result in a total of five to six weeks of production down-time at the field during third quarter of 2022 as repair work is being conducted. Estimated re-start of production is in early October. The reduce...

North American growth on cards for pipeline tech specialist STATS Group

North American growth on cards for pipeline tech specialist STATS Group     STATS North America is projecting 30% year-on-year growth in Canada, with more than 45% year-on-year growth in the US, underpinning an estimated 15% global growth for STATS Group. Headquartered near Aberdeen, Scotland, STATS principal activity is the provision of pressurised pipeline isolation, hot tapping and plugging services to the energy industry. The pipeline technology specialist is long...

Repsol to sell $4.8bn stake in oil and gas business

Repsol to sell $4.8bn stake in oil and gas business   Repsol will sell a 25 per cent stake in its exploration and production business to US investment group EIG for $4.8 billion (€4.8bn) as Spain’s biggest oil company seeks to raise funds for renewables investments to pivot to a lower-carbon future. The deal, the result of an approach by the specialist energy and infrastructure investor, is one of the most creative efforts yet by an industry keen to transition to greener...

TEMS International Opens Malaysian Office in KL

TEMS International Opens Malaysian Office in KL   TEMS International, a leading provider of environmental management and compliance services to oil and gas exploration and production companies, has opened a registered office in Malaysia. The independent oil and gas service company has been growing its presence in the country over the last few years. Establishing a dedicated office in the centre of Kuala Lumpur (KL) close to Petronas Towers will provide the firm with an ideal base...

DNV supports the development of LNG transport and storage capabilities in Italy

DNV supports the development of LNG transport and storage capabilities in Italy   DNV, the independent energy expert and assurance provider, has recently advised Italy-based Snam Group (“Snam”) on its acquisition of two Floating Storage & Regasification Units (FSRUs) from Golar LNG and BW Gas Cyprus Limited (“BW”). DNV performed the buyer’s technical and environmental Due Diligence for these important assets, the Golar Tundra and the BW Singapore, wh...

Climate indicators should be proactive, not reactive, reveals new report from Worley and Princeton

Climate indicators should be proactive, not reactive, reveals new report from Worley and Princeton   Princeton University’s Andlinger Center for Energy and the Environment and Worley, a global engineering solutions firm, have published a landmark report, ‘From Ambition to Reality: Measuring change in the race to deliver net zero’. This report is part of a series that examines the infrastructure delivery challenge of reaching mid-century net-zero. In this new repor...

China’s Energy Giants Sell Gas to World Scrambling for Supply

China’s Energy Giants Sell Gas to World Scrambling for Supply   China’s biggest energy groups are diverting more liquefied natural gas away from their languishing home market, offering some relief to desperate buyers suffering supply shortages in other parts of the world. Cnooc is offering to sell an LNG cargo for November loading from the North West Shelf export project in Australia, according to traders with knowledge of the matter. That comes after other major shippe...

32nd OPEC and non-OPEC Ministerial Meeting

32nd OPEC and non-OPEC Ministerial Meeting   The 32nd OPEC and non-OPEC Ministerial Meeting was held via videoconference on 5 September 2022. The OPEC and non-OPEC Ministerial Meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning. The Meeting noted that higher volatility and increased uncertainties require the continuous assessment of market conditio...
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