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Latest news - International

TechnipFMC to start EPC on Egypt’s ANOPC project

TechnipFMC to start EPC on Egypt’s ANOPC project   TechnipFMC is ready to start work on the Engineering, Procurement, and Construction (EPC) contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new hydrocracking complex for the Assiut refinery in Egypt. This major EPC contract covers new process units such as a vacuum distillation unit, a diese...

The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands

The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands   OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom won’t be at the top of the list. A devastating global pandemic and a reckoning with Wall Street appear to have broken the resolve of the shale wildcatters who turned the U.S. into the world’s biggest oil producer. Years of breakneck growth, at the expense of crude kin...

OGV Energy’s weekly oil and gas update

OGV Energy’s weekly oil and gas update   Jersey Oil and Gas PLC is taking full ownership of Licence P2170, which hosts most of the Verbier discovery and is one part of the Greater Buchan Area (GBA) development project. The company said the deal simplifies licence ownership ahead of the planned GBA farm-out process. Genel Energy PLC has declared ‘first oil’ at the Sarta field, where the company has a 30% stake alongside Chevron. First oil flowed from the Sarta-3 we...

Internal investigation of oil seepage to the ground at Mongstad

Internal investigation of oil seepage to the ground at Mongstad   Early in 2020, Equinor became aware of seepage of oily water to the ground, as well as further seepage of oily water to the overflow basin at the Mongstad refinery. The company has conducted an internal investigation of the incident, and the resulting report was submitted to the Norwegian Environment Agency today. “As soon as we became aware of the situation, Equinor quickly implemented measures to limit the co...

James Ferguson takes home SR Young and Inspiring Award

James Ferguson takes home SR Young and Inspiring Award   James Ferguson, Research and Development Engineer, at the European Marine Energy Centre (EMEC) in Orkney has won the Scottish Renewables Young and Inspiring Award at the 2020 Green Energy Awards. The awards ceremony was hosted virtually last night, 27th November 2020. Having graduated with a chemical engineering MEng from the University of Edinburgh, James joined EMEC in 2017 taking on the role of Hydrogen Research Enginee...

BP to invest more in Middle East’s ‘world-leading’ oil fields

BP to invest more in Middle East’s ‘world-leading’ oil fields   BP Plc said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions. The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab Emirates and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, acco...

Schlumberger workers in Norway to strike over pay and working conditions

Schlumberger workers in Norway to strike over pay and working conditions   Some 262 oil service workers at Schlumberger’s Norwegian entity plan to go on strike from 3 December if negotiations with employers over pay and working conditions fail. According to the Norwegian trade union Safe, the negotiations cover drillers, well service crews, divers, and other workers at oil industry subcontractors Baker Hughes, Vetco Gray, Weatherford, Oceaneering, Schlumberger, and Subsea 7....

6 former US oil executives sentenced in Venezuela

6 former US oil executives sentenced in Venezuela   Venezuela's Supreme Court on Thursday convicted six Americans of corruption and sentenced them to prison, Xinhua news agency reported according to local media. The six Americans, who were executives of US-based refining company Citgo, were arrested in Venezuela on charges of corruption on Nov 21, 2017. Five of them were sentenced to eight years and 10 months in prison while one of them received a 13-year sentence. Citgo...

U.S. drillers add oil and gas rigs for fourth month - Baker Hughes

U.S. drillers add oil and gas rigs for fourth month - Baker Hughes   U.S. energy firms added oil and natural gas rigs this week, boosting the oil count for the fourth month in a row as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June. The oil and gas rig count, an early indicator of future output, rose 10 to 320 in the week to Nov. 25, energy services firm Baker Hughes Co said in its closely followed report on Wednesday. This was...

ExxonMobil to lay off up to 300 people in Canada

ExxonMobil to lay off up to 300 people in Canada   The US oil major ExxonMobil has unveiled plans to cut up to 300 jobs in Canada by the end of next year. The redundancies are part of its restructuring efforts to trim operating costs as energy demand and crude prices plummeted after the Covid-19 pandemic. The job cuts will include positions at Imperial Oil, ExxonMobil Canada and ExxonMobil Business Centre Canada, the company’s affiliates in the country. In a statement,...

Repsol to cut upstream investments in 2021-2025

Repsol to cut upstream investments in 2021-2025   Spain's integrated Repsol is planning sharp cuts to investments in its core upstream business in 2021-2025 while maintaining production, to focus on low-carbon spending. The firm plans to invest around €1.6bn/yr ($1.9bn/yr) in its upstream business in 2021-2025, compared with €2.4bn in 2019 and the €2.6bn/yr announced in its previous 2018-2020 strategic update. Total spending in upstream over the period will ac...

Economic turmoil across oil & gas sector with confidence about 2021 remaining low, according to new report

Economic turmoil across oil & gas sector with confidence about 2021 remaining low, according to new report   Reduced activity levels, project cancellations and workforce cuts as a result of the coronavirus pandemic have slashed business confidence across the UK’s oil and gas sector, according to an industry report released today. The 32nd Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and K...

Tullow Oil to focus on West Africa

Tullow Oil to focus on West Africa   Tullow Oil is to focus on its producing assets in West Africa as part of a plan to boost cash generation and secure the troubled energy group’s future. The oil company — which in September warned that it could default on its debt if it did not address a potential liquidity shortfall — has told shareholders it expects to be able to generate $7bn of operating cash flow over the next decade. Of this $2.7bn will be invested back...

Houston offshore oil company wins two lease blocks in the U.S. Gulf of Mexico

Houston offshore oil company wins two lease blocks in the U.S. Gulf of Mexico   W&T Offshore won two blocks in the U.S. Gulf of Mexico during the last federal lease sale under the Trump administration held last week. The Houston offshore oil company was the apparent high bidder on two shallow-water properties spanning 8,800 acres called Eugene Island South Addition block 389 and Ewing Banks block 979. The company will pay about $518,000 for the two leases, which will last five...

ADNOC commits $122 billion to boost oil and gas output

ADNOC commits $122 billion to boost oil and gas output   The United Arab Emirates’ biggest oil producer is boosting investment to make good on pledges to increase output capacity, even as it struggles against OPEC+ restrictions on supply. The OPEC member’s top body for energy policy, Abu Dhabi’s Supreme Petroleum Council, approved a 448 billion dirhams ($122 billion) budget for spending on oil and natural gas over the next five years, state media reported on Sunda...

World Remaining Reliant on Gas and Petroleum Products by 2050

World Remaining Reliant on Gas and Petroleum Products by 2050   By 2050, world remains heavily reliant on gas and petroleum products concludes the BloombergNEF (BNEF) study. The ongoing COVID-19 pandemic has hit the industries hard, but perhaps the one industry which has taken the biggest hit is the global oil and gas industry. This situation has forced many oil and gas companies to either stop or slow down their operations, which has impacted production in both upstream and downst...

Drilling permit for wells 31/2-22 S and 31/2-22 A in production licence 090 I

Drilling permit for wells 31/2-22 S and 31/2-22 A in production licence 090 I   The Norwegian Petroleum Directorate has granted Equinor Energy AS a drilling permit for wells 31/2-22 S and 31/2-22 A, cf. Section 15 of the Resource Management Regulations. Wells 31/2-22 S and 31/2-22 A will be drilled from the West Hercules drilling facility in position 60°58’48.13″N and 3°30’17.16″E after concluding the drilling of wildcat well 31/1-2 S and appraisal w...

OGV Energy’s oil and gas news update

OGV Energy’s oil and gas news update   Bahamas Petroleum Company PLC this week told investors that the Perseverance-1 exploration well is on track to spud before the end of 2020. The company is advancing the high impact exploration project, with a target estimated at around 700mln barrels (upside case stated at 1.4bn barrels), on a 100%-owned basis and it noted that all material contracts are in place. Perseverance-1 will be drilled by the Stena IceMAX vessel which is desc...

Repsol Sinopec preparing for decommissioning of UK North Sea field

Repsol Sinopec preparing for decommissioning of UK North Sea field   Oil and gas company Repsol Sinopec has received approval from the UK authorities for preparation work scopes plan relating to the decommissioning of the Fulmar and Auk North installations located in the UK sector of the North Sea. Prior to formal approval of the Fulmar and Auk North Decommissioning Programmes (facilities) and DP (jacket), there are a number of decommissioning scopes that are required to be progres...

ADM Energy looking to growth opportunities as Aje field performs

ADM Energy looking to growth opportunities as Aje field performs   " OML 113 is well known to us and it is a fantastic asset that covers the spectrum of field types from current oil production to several appraisal plays. " Osamede Okhomina, ADM Energy chief executive What it owns Newly refocussed, restaffed and re-energised – ADM Energy Plc has emerged out of the remains of the MX Oil vehicle and its attentions are initially pointed on the OML 113 asset, which in...
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