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ConocoPhillips completes $9.5B acquisition of Shell’s Permian assets

ConocoPhillips completes $9.5B acquisition of Shell’s Permian assets   ConocoPhillips this week completed its acquisition of Shell Enterprises LLC’s Delaware Basin holdings for $9.5 billion in cash, which had been announced in September. The assets purchased include 225,000 net acres and producing properties in West Texas as well as more than 600 miles of operated crude,...

Petronas Awards FEED For Third Floating LNG Project

Petronas Awards FEED For Third Floating LNG Project   Malaysian oil and gas giant Petronas has awarded two contracts as part of an international dual Front End Engineering Design (FEED) design competition for a nearshore liquefied natural gas (LNG) project in Sabah. Petronas stated that the first contract was awarded to a consortium of JGC Corporation and Samsung Heavy Industries while the other was given to Italy’s Saipem. The project, with a minimum capacity of 2.0 mill...

Perth-based energy giant wins bank backing for windfarm

Perth-based energy giant wins bank backing for windfarm   SSE has won backing from financiers for a £3 billion phase of a windfarm project in a success that underlines the appeal of the sector to investors, although this hasn’t provided the expected boost to jobs in Scotland. Perth-based SSE said it had secured the financing required for the third phase of the Dogger Bank windfarm which it is developing with international oil majors Equinor and Eni. Chief executive A...

Siccar Point Energy underlines importance of Cambo for UK energy security

Siccar Point Energy underlines importance of Cambo for UK energy security   Siccar Point Energy confirms that its partner in the Cambo development Shell has taken the decision to not progress its investment at this stage. Jonathan Roger, CEO of Siccar Point Energy said: “Cambo remains critical to the UK’s energy security and economy.  Whilst we are disappointed at Shell’s change of position, we remain confident about the qualities of a project that will not o...

OMV books Maersk rig for HPHT well in North Sea

OMV books Maersk rig for HPHT well in North Sea   Danish offshore rig owner Maersk Drilling has secured a one-well contract with OMV (Norge), which will employ the low-emission jack-up rig Maersk Intrepid to drill a high-pressure, high-temperature exploration well off Norway. The rig will drill in the Oswig prospect in Block 30/5C of the Northern North Sea basin offshore Norway, Maersk said on Friday. The contract is expected to start in mid-2022 and Maersk Drilling and OMV (Norge)...

Chevron unveils its $15bn investment plan for 2022

Chevron unveils its $15bn investment plan for 2022   The US oil giant Chevron has unveiled its plans to invest $15bn in new oil and gas projects in 2022 to help raise shareholder returns. The new investment plan, which is at the low end of the firm’s earlier guidance range of $15bn-$17bn, marks an increase of over 20% from the 2021 anticipated levels. Chevron said that the new capital programme will support its aim for higher returns and lower carbon emissions. It will...

Oil prices could hit $125 per barrel next year and up to $150 in 2023, JPMorgan says

Oil prices could hit $125 per barrel next year and up to $150 in 2023, JPMorgan says   Brent, the benchmark for more than half of the world’s crude oil, is likely to "overshoot" $125 a barrel next year and $150 in 2023, in large part because Opec's spare capacity is below market expectations and impedes its ability to respond to high oil prices, according to JPMorgan. Underinvestment in the sector over the past 18 months caused by the coronavirus pandemic has hi...

Equinor stepping up on fusion investment

Equinor stepping up on fusion investment   Equinor Ventures (EV) is increasing its investment in Commonwealth Fusion Systems (CFS) as part of the Series B funding round raising more than USD 1.8 billion to commercialise fusion energy. Fusion is the process that releases energy by merging two or more lighter atoms, typically hydrogen, into a larger one. This requires high temperature, high density, and sufficient confinement. Fusion energy has the potential to play a material global...

Saipem seals $750m EPC contract for Saudi gas project

Saipem seals $750m EPC contract for Saudi gas project   Saipem, a leading engineering and construction company, has been awarded a $750 million contract by global energy giant Aramco for the Jafurah gas project in Saudi Arabia. The EPC (engineering, procurement, construction) contract includes the engineering, supply of materials, construction, and commissioning of approximately 835 km of pipelines for the transportation of gas, condensate and production water, said a statement fro...

Ashtead Technology enters into a global partnership with Whitecap Scientific Corporation

Ashtead Technology enters into a global partnership with Whitecap Scientific Corporation   International subsea equipment rental and solutions specialist Ashtead Technology has entered into a global partnership with Whitecap Scientific Corporation, developers of ROV3D Recon. ROV3D Recon is a ‘plug and play’ computer vision solution that transforms subsea video collected by remotely operated vehicles (ROVs) into real-time 3D data. ROV3D Recon allows any ROV with two came...

Proserv and Houston’s Trendsetter Engineering pen MoU to expand offering

Proserv and Houston’s Trendsetter Engineering pen MoU to expand offering   Leading global controls technology company Proserv Controls and Trendsetter Engineering, a premier provider of specialised subsea solutions for oil and gas companies around the world, have signed a Memorandum of Understanding (MoU) relating to the joint marketing and supply of integrated subsea hardware and controls. The mutually beneficial arrangement will see Proserv and Trendsetter utilise their com...

EXCLUSIVE Shell eyes return to Libya with oil, gas, solar investments

EXCLUSIVE Shell eyes return to Libya with oil, gas, solar investments   Royal Dutch Shell is considering a return to Libya with a plan to develop new oil and gas fields and infrastructure, as well as a solar project, two sources said, a decade after exiting the North African country because of unrest. The plan, details of which were seen by Reuters, marks a rare new oil and gas foray by the energy major as it seeks to cut fossil fuel investment and slash greenhouse gas emissions....

SBM Offshore And Petrobras Sign Deal For Mero FPSO

SBM Offshore And Petrobras Sign Deal For Mero FPSO   FPSO operator SBM Offshore has signed contracts with Petrobras for the 22.5 years lease and operation of FPSO Alexandre de Gusmão for work offshore Brazil. FPSO Alexandre de Gusmão will be deployed at the Mero field in the Santos Basin offshore Brazil, approximately 100 miles from Arraial do Cabo, Rio de Janeiro state. The FPSO will be the fourth vessel of its kind in the definitive system for the Mero field. Mer...

Sinopec commits $470m to 300MW hydrogen electrolyser in China

Sinopec commits $470m to 300MW hydrogen electrolyser in China   State-owned oil giant Sinopec has started construction on an electrolyser to produce 20,000 tonnes of green hydrogen per year in China. Chinese state media has reported that the project would draw power from a new 300MW solar installation, with 618GWh annual capacity. The project will cost $470m (CNY3bn), and include power transformation, hydrogen storage, and transport facilities. Photovoltaic modules, electrolyser co...

Nordic oil producer Lundin Energy contemplates $10bn sale

Nordic oil producer Lundin Energy contemplates $10bn sale   Nordic oil producer Lundin Energy is reportedly looking to sell the company in a transaction that could value it $10bn. The company is engaged with an advisor to examine strategic alternatives, people familiar with the matter told Bloomberg. The Swedish oil and gas exploration company is continuing deliberations and there is no assurance that they could result in a deal, the publication said. Lundin Energy could also...

Oil slips on Covid vaccine efficacy concerns – Rystad Energy Oil Market Notes

Oil slips on Covid vaccine efficacy concerns – Rystad Energy Oil Market Notes   Oil prices are falling today as concerns over the Omicron Covid-19 variant and the effectiveness of existing vaccines against the strain trigger bearish sentiments on global demand. Here is Rystad Energy’s daily market comment from our Senior Oil Markets Analyst Louise Dickson: The looming shadow of the Omicron Covid-19 variant is growing darker over global oil markets today following con...

MDL spread supports TFMC double lay campaign

MDL spread supports TFMC double lay campaign   Maritime Developments (MDL) flex-lay spread has completed two SURF installations for two of TechnipFMC’s North Sea projects. The MDL 4-track tensioner, Generation 2 Reel Drive System and 3.5m overboarding chute were mobilised on board the Deep Arctic to execute a 70.4mm umbilical installation in the UK North Sea in September. After the mission, the vessel entered into Norwegian waters where the spread was deployed to lay a 5&rdq...

Rigs report: jack-up drilling climbs, Saipem adds ultra-deepwater drill ship

Rigs report: jack-up drilling climbs, Saipem adds ultra-deepwater drill ship   Westwood Global Energy’s RigLogix reported there were 354 offshore jack-up rigs contract for week 48, a gain of two units week-on-week. Southeast Asia had 38 offshore jack-ups under contract, a move of two units week-on-week. Jack-up drilling in the North Sea and Middle East remained steady. Dubai-based Shelf Drilling received an award for a three-year contract for jack-up rig Ron Tappmeyer from Oi...

Supply chain alliance supports Buzzard Phase II achieve first oil

Supply chain alliance supports Buzzard Phase II achieve first oil   Subsea 7 has been working collaboratively with AGR Well Management, Baker Hughes, COSL Drilling Europe AS and Worley, as part of a supply chain alliance, to deliver CNOOC Petroleum Europe Limited’s (CPEL) Buzzard Phase II (BPII) development, which commenced production on Monday 22 November. The alliance was formed to offer an integrated and outcome-focused approach for the development. The alliance and CPEL h...

Seanovent and Strohm join forces to deliver green hydrogen transfer solution for renewable energy sector

Seanovent and Strohm join forces to deliver green hydrogen transfer solution for renewable energy sector   Seanovent Engineering AS and Strohm have entered a memorandum of understanding (MOU) to collaborate on offshore wind-to-hydrogen developments to support a reliable, faster and cheaper green energy transition around the world. The partnership will focus on developing safe and dependable hydrogen transfer solutions which enable and improve the distributed green hydrogen concept,...
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