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OPEC expects surge in global production next year

The Organization of the Petroleum Exporting Countries (OPEC) is expecting supplies from other producers to increase by the most in five years in 2019, with the increasing in the United States’ production alone sufficient to meet the growth in global demand. The economic crisis in Venezuela and the renewed sanctions against Iran continue to represent a challenge for the international organizat...

Equinor gets regulatory nod for Barents Sea exploration drilling

Norway's Petroleum Safety Authority (PSA) has granted Equinor consent for exploration drilling in two blocks in the Barents Sea. Equinor will investigate a prospect it calls Skruis with exploration well 7220/5-3 in production license 532. The site is 215 km northwest of Sørøya in Finnmark and 150 km northwest of the Goliat field in water depth of 409 m. Drilling activity estimated to last 27 days is scheduled to begin in August. The well will be drilled by the semi-submersibl...

Total closes the acquisition of Engie’s upstream LNG business

Total has announced the closing of the acquisition of Engie’s portfolio of upstream LNG assets for an overall enterprise value of US$1.5 billion. Additional payments of up to $550 million could be payable by Total in case of an improvement in the oil markets in the coming years. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access t...

Norwegian strike would have to last month to hit output.

A four-day oil workers strike in Norway that may escalate on Monday would have to last a month to impact Aker BP’s production from the Valhall field in the North Sea, the Norwegian energy company said on Friday. Chief Executive Karl Johnny Hersvik said activity at the Valhall IP water injection and Valhall DP drilling platforms would stop if the strike is escalated. “If the strike is prolonged it will have later in the year impact on when wells are back in production ... if that is goi...

Norwegian strike would have to last month to hit output.

A four-day oil workers strike in Norway that may escalate on Monday would have to last a month to impact Aker BP’s production from the Valhall field in the North Sea, the Norwegian energy company said on Friday. Chief Executive Karl Johnny Hersvik said activity at the Valhall IP water injection and Valhall DP drilling platforms would stop if the strike is escalated. “If the strike is prolonged it will have later in the year impact on when wells are back in production ... if that is goi...

Will crude oil prices hit $120 per barrel?

Oil prices could jump steeply to cross $120 per barrel in a not-to-be ruled out scenario of zero Iranian exports combined with Opec's lack of preparedness to offset the huge supply deficit, market analysts said.  Iran, the fourth-largest oil producer, accounts for five per cent of global oil supply and cutting its exports to zero could push oil up by $50 barrels per day (bpd) if Saudi cannot keep up, said analysts at BofA Merrill Lynch Global Research.  Oil is now a game of c...

United States hints at sanctions waivers on Iran oil

 The Trump administration’s top diplomat has indicated the United States might grant waivers to some countries allowing them to continue importing Iranian crude when sanctions snapback in November. “There will be a handful of countries that come to the United States and ask for relief,” Secretary of State Mike Pompeo said on Tuesday in a television interview with Sky News Arabia. “We’ll consider it.” In a separate briefing for reporters travelling with the secretary, a senior Stat...

DSME shortlisted for Chevron’s Rosebank FPSO project

The race to win Chevron’s $2 billion offshore project has been narrowed down to South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (DSME) and a Singaporean rig builder. According to industry sources on Monday, DSME and Singapore-based Sembcorp Marine were shortlisted for the bid from the U.S. energy major to build a floating production storage and offloading (FPSO) vessel. The unit is part of Chevron’s Rosebank project to develop oil fields located 175 kilometers northwest...

Almansoori Delivers Facilities For Kenya’s First Oil Wells

AlMansoori Specialized Engineering, the leader in oilfield services in the Middle East, has successfully contributed to the Early Oil Pilot Scheme (EOPS) launch leading to Kenya’s first oil production and export programme by providing facilities for the landmark project. The $15 million contract with Tullow Oil, part of Kenya’s EOPS, included the provision of degassing facilities for three well pads and an early production facility (EPF) for oil and water separation, stabilization, storage...

Subsea 7 Celebrates Build Milestone And Announces Vessel Name

The keel laying ceremony for Subsea 7’s new reel-lay vessel took place at Royal IHC in Krimpen aan den IJssel (Netherlands) today, 5 July. In line with this major milestone Subsea 7 announced the vessel will be named Seven Vega, which is the winning suggestion of an employee vessel naming competition.Stuart Fitzgerald, Executive Vice President Strategy and Commercial Subsea 7 said: “The vessel marks an important investment for the future. When delivered, Seven Vega will be one of the most capabl...

Eni begins gas production from OCTP project

Eni’s Offshore Cape Three Points project (OCTP project), an integrated oil and gas development in offshore Ghana, has commenced production of non-associated gas from the Sankofa field. According to the Italian energy company, the OCTP project will produce 180 million standard cubic feet per day (mmscf/d) for a minimum of 15 years. The non-associated gas produced from the integrated oil and gas project will be adequate to meet the half of the Ghana’s power generation requirements from gas.&n...

ROVOP reports record year and growth in challenging market

Aberdeen 5th July 2018 – ROVOP Limited, (“Rovop”) an independent operator of underwater remotely operated vehicles (ROVs), has marked a major business achievement after reporting record revenues and employee numbers for the company. ROVOP has also reported its best ever EBITDA (Earnings before Interest, Taxes Depreciation and Amortisation). ROVOP Limited, the UK trading business of ROVOP, last year boosted its turnover by 39% to £19.7m, despite very challenging market conditions and continu...
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