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Repsol Is First Oil Major to Pledge Zero Emissions by 2050

Repsol Is First Oil Major to Pledge Zero Emissions by 2050   Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals, saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050. The Spanish giant’s exploration and production unit will focus on value instead of output growth, according to a statement from the company on Monday. It also revised its long-term view of the value...

Husky Energy cuts capital spending by $500 million over next two years in bid to increase cash flow

Husky Energy cuts capital spending by $500 million over next two years in bid to increase cash flow   Canadian oil and gas producer Husky Energy Inc said on Monday it would lower its capital spending by $500 million over the next two years when compared to its 2019 outlook in a bid to increase free cash flow. Oil producers have been under pressure from investors to cut activities and use the cash to improve shareholder returns through dividends and buybacks. The company said it exp...

Iranian Drilling Company Spuds 81 Oil, Gas Wells in 8 Months

Iranian Drilling Company Spuds 81 Oil, Gas Wells in 8 Months   NIDC Deputy CEO for drilling operations Mohammad Ale-Khamis said the company had spudded 81 oil and gas wells during the 8 months, adding the figure entailed 25 development and 6 appraisal wells as well as 49 workovers. He said from a different perspective, 60 wells were ordered by the National Iranian South Oil Company (NISOC), 9 others by the Iranian Offshore Oil Company (IOOC), 9 wells by the Petroleum Engineering an...

HVAC & Refrigeration specialists prepared for new climate change regulation that comes into effect 1st January 2020

HVAC & Refrigeration specialists prepared for new climate change regulation that comes into effect 1st January 2020   HVAC & Refrigeration Engineering Ltd (HVAC&R), part of Nucore Group, has recently expanded its Services Division with two new roles within its refrigeration and compliance division, ahead of new climate change regulations that take effect from 1st January 2020.  Guidance and compliance advisory service is a core service provided to the oil and gas sect...

Leading companies employing drones in the oil and gas industry, revealed by GlobalData

Leading companies employing drones in the oil and gas industry, revealed by GlobalData   Drone makers are collaborating with oil and gas companies to develop custom drones with data collection technology to obtain real-time insights, according to GlobalData, a leading data and analytics company. The company’s report, ‘Drones in Oil & Gas – Thematic Research’, reveals that British oil major BP was one of the early adopters of drones, conducting pilot stud...

Transfer of Wisting operatorship to Equinor

Transfer of Wisting operatorship to Equinor Equinor and OMV have agreed on transferring the operatorship for the Wisting license and development phase in the Barents Sea as of 1 December. "We are pleased to continue developing the Wisting field and will concentrate on finding the best development solution for the field development," says Geir Tungesvik, senior vice president for project development in Equinor. In June, the two companies signed a memorandum of understanding (...

OPEC+ to Consider Deeper Output Cuts, Iraq Oil Minister Says

OPEC+ to Consider Deeper Output Cuts, Iraq Oil Minister Says   The OPEC+ alliance will consider deeper cuts to crude production when oil producing nations meet in Vienna on Dec. 5, Iraq’s oil minister Thamir Ghadhban said. The reduction could be about 400,000 barrels a day, he told reporters in Baghdad on Sunday, adding that Iraq complied with its commitment to lowering output in November. "This figure has been discussed and reached between OPEC ministers as a result of...

Equinor and partners to drill wildcat well for Northern Lights project

Equinor and partners to drill wildcat well for Northern Lights project   The Norwegian Petroleum Directorate (NPD) said that Equinor and its partners are set to drill an exploration well 31/5-7 Eos in the North Sea as part of the Northern Lights project, a carbon capture and storage (CCS) project located south of the Troll field. The drilling of the exploration well will mark the first time where the goal is not for finding any hydrocarbons, said NPD. Instead, the wildcat well 31/5...

Chevron puts two Nigerian offshore blocks up for sale

Chevron puts two Nigerian offshore blocks up for sale   Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows, as the company seeks to dispose of aging assets to focus on its fast-growing U.S. production. A Chevron spokesman confirmed the sale process. The U.S. energy giant is offering its 40% stake in the shallow-water Oil Mining Lease (OML) 86 and OML 88, which produce around 6,200 barrels of oil equivale...

McDermott completes first two jackets for North Field expansion project

McDermott completes first two jackets for North Field expansion project   McDermott International has completed fabrication work for the first two jackets needed for offshore facilities as part of Qatar Petroleum’s North Field expansion project (NFE Project) in the Persian Gulf. The work is part of the engineering, procurement, construction and installation (EPCI) contract won by McDermott in April 2019 from Qatargas, a subsidiary of Qatar Petroleum (QP). Under the contract,...

Aker Solutions to supply maintenance services for Vår Energi assets

Aker Solutions to supply maintenance services for Vår Energi assets   Norwegian engineering company Aker Solutions has secured a contract to provide maintenance and modification services for Vår Energi’s North Sea assets. The contract has a duration of three years and covers operation, maintenance, modification and engineering services. It will have an option for a total of two additional years. Aker will provide services for Vår Energi’s Jotun, Balder...

Cairn Energy offloads Norway operation Capricorn Norge for $100m

Cairn Energy offloads Norway operation Capricorn Norge for $100m   Cairn Energy had entered into an agreement to dispose of the entire share capital of Capricorn Norge, its wholly-owned subsidiary in Norway, it announced on Wednesday. The FTSE 250 company said that, with effect from 1 January, Solveig Gas Norway would acquire all of the shares in Capricorn Norge by paying $100m (£77.92m), plus customary working capital adjustments on completion, including an adjustment for th...

Rystad: Brazil offshore to make Petrobras leading oil producer by 2030

Rystad: Brazil offshore to make Petrobras leading oil producer by 2030   State-controlled Petroleo Brasileiro S.A. (Petrobras) did most of the bidding during Brazil’s largest-ever auction of oil deposits in November. With oil major interest low, Petrobras gained nearly full control of oil resources in the Buzios field. The Petrobras win in the giant Buzios deepwater field and other discoveries in the Aram area in the Santos basin mean Brazil is set for US$70Bn in offshore cap...

US set to be energy independent

US set to be energy independent   In a pivotal shift, the US is only months away from full energy independence. By 2030, total primary energy production will outpace primary energy demand by about 30%, according to Rystad Energy’s latest forecast. “This milestone follows a strong period of growth in both hydrocarbon and renewable resources, and we forecast that the US will have primary energy surplus – and not a deficit – by February or March 2020, depending...

Top upstream companies in predictive maintenance in oil and gas, revealed by GlobalData

Top upstream companies in predictive maintenance in oil and gas, revealed by GlobalData   Several companies in the oil and gas industry, including Shell, ExxonMobil and BP, are using predictive maintenance to evaluate the condition of their operational equipment and predict maintenance requirements, according to GlobalData, a leading data and analytics company. The company’s latest report, ‘Predictive Maintenance in Oil & Gas’, reveals the recent advancements...

No profit from Wintershall Dea’s minor oil discovery in Norwegian Sea

No profit from Wintershall Dea’s minor oil discovery in Norwegian Sea   German oil and gas company Wintershall Dea has concluded the drilling of a wildcat well located in the Norwegian Sea. The discovery is not considered to be profitable. The wildcat well 6611/1-1 is located in production license 896, where Wintershall Dea is the operator. The well was drilled in the northern part of the Norwegian Sea, about 150 kilometers northeast of the Norne field and about 150 kilome...

Total E&P Denmark Awards Emerson Contract for Monitoring Technology on Tyra Field

Total E&P Denmark Awards Emerson Contract for Monitoring Technology on Tyra Field   Total E&P Denmark A/S has awarded Emerson a contract to provide wellhead pressure monitoring technology to enhance safety during the multi-year redevelopment project to extend the life of Denmark’s biggest gas field. The Tyra field in the Danish part of the North Sea has been in production for more than 30 years but is today suffering from seabed subsidence. Since production started in...

TGS to begin 3D seismic survey in MSGBC Basin offshore Africa

TGS to begin 3D seismic survey in MSGBC Basin offshore Africa   Norwegian survey service firm TGS is set to start a new seismic survey in the Mauritania, Senegal, Gambia, Guinea Bissau and Guinea Conakry (MSGBC) Basin, offshore north-west Africa. The Senegal North Ultra-Deep offshore three-dimensional (3D) survey covers an area of more than 5,100km² equipped with an advanced broadband acquisition set-up. Supported by Senegalese national oil company Petrosen, TGS has partner...

Data centers provide pivotal role in data processing and warehousing in the oil and gas industry, says GlobalData

Data centers provide pivotal role in data processing and warehousing in the oil and gas industry, says GlobalData   Data management has become an important theme in the oil and gas industry as the volumes of data generated by the industry have increased significantly, thus driving the demand for high-performance data storage and processing solutions. The upstream sector, in particular, is contributing to the bulk of the data generated from oil and gas processes. In order to facilitate...

RGU Law School host AIPN Decommissioning Event

RGU Law School host AIPN Decommissioning Event   Robert Gordon University’s Law School hosted the Association of International Petroleum Negotiators (AIPN) event on Thursday 21st at the Sir Ian Wood Building where over 70 delegates were present to hear two fascinating insights into the Decommissioning market. Entitled “Decommissioning of Offshore Petroleum Installations – A comparative view”, the event, which was hosted by Uisdean Vass – Head of O...
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