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Energy Transition Threatens $14 Trillion In Oil And Gas Assets

Energy Transition Threatens $14 Trillion In Oil And Gas Assets   The energy transition is putting as much as $14 trillion worth of oil and gas assets at risk, Wood Mackenzie said today, as quoted by Reuters, in the latest doomsday scenario for the energy industry. Over the short term, the future looks good for oil and gas, according to the consultancy. Demand for oil and gas will reb...

Shell exits Philippine gas field in $460 mln deal

Shell exits Philippine gas field in $460 mln deal   Royal Dutch Shell has agreed to sell its stake in an offshore gas field in the Philippines for $460 million as part of its strategy to narrow its oil and gas operations. Shell sold its 45% stake in Service Contract 38 (SC38), a deep water licence which includes the producing Malampaya gas field, to a subsidiary of the Udenna Group which already holds a 45% stake in the project. The base consideration for the sale is $380 millio...

Exxon forced to decom Bass Strait by 2027

Exxon forced to decom Bass Strait by 2027   The National Offshore Petroleum Safety and Environmental Management Authority published notices warning ExxonMobil's Australian subsidiary Esso to get its house in order, and plan to decommission its Bass Strait operations. In documents made public today, NOPSEMA issued three improvement notices to Exxon around corrosion of oil infrastructure including pipelines, platforms and other pieces of vital infrastructure used across its opera...

Transocean Stock Is Ready To Awaken Here

Transocean Stock Is Ready To Awaken Here   Offshore oil and gas drilling giant Transocean stock is starting to awaken after years of brutal selling from a high of $163 in 2015 to lows of $0.65 in 2020. The global decarbonization movement and migration towards clean energy solutions has not been a favorable environment for the oil drillers. In fact, many drillers have shut down or gone bankrupt amid falling day rates. Transocean has survived despite a heavy debt-load in a war of attri...

Westwood: record number of FPSO licenses set to expire in 2022

Westwood: record number of FPSO licenses set to expire in 2022   New analysis from Westwood Global Energy Group (Westwood) reveals the number of FPSO leases set to expire in 2022 is significantly higher than the yearly average of ~3 since 2015, with the potential of 30 units becoming available by end of 2022. Westwood’s Global Floating Production Systems (FPS) report notes under a scenario where no contract extensions are taken on current leased FPSOs, 14 additional units wou...

ONGC: Three barges and one drillship adrift as cyclone blasts India

ONGC: Three barges and one drillship adrift as cyclone blasts India   Hundreds of workers were rescued and some are still missing after three construction barges and one drillship working for ONGC in fields off Mumbai, India went adrift as a cyclone hit the Arabian Sea. According to a statement by ONGC on Tuesday, cyclone Tauktae hit the Arabian Sea off the coast of Mumbai in the early hours of 17 May 2021 where the company’s major production installations and drilling rigs a...

Energy groups must stop new oil and gas projects to reach net zero by 2050, IEA says

Energy groups must stop new oil and gas projects to reach net zero by 2050, IEA says   Energy groups must stop all new oil and gas exploration projects from this year if global warming is to be kept in check, the International Energy Agency said. The proposal is one radical aspect of a scenario outlined by the Paris-based institution in a report released today on ways to achieve net zero carbon dioxide emissions by 2050, the level required to keep temperatures from rising above 1....

Equinor cost cuts tied to safety issues

Equinor cost cuts tied to safety issues   The new CEO at troubled state oil company Equinor has conceded that the cost-cutting program he led during the last oil crisis may have weakened safety at some company facilities. Now the state is also toughening up on some of Equinor’s accounting and reporting procedures. There seems to be no end to the criticism directed at Equinor, Norway’s largest company. The company has previously claimed there’s been no direct conne...

Spain passes climate bill banning new oil, gas exploration

Spain passes climate bill banning new oil, gas exploration   Spain has become the latest European country to set a date for a ban on oil and gas exploration as part of the country’s climate change and energy transition bill. Spain’s Congress on May 13 approved the bill which outlines its decarbonization objectives through to 2050 and approved a Eur1.7 billion ($2.06 billion) investment plan to promote own-consumption and behind-the-meter battery systems, among others. T...

Cairn identifies $70 billion of Indian assets for seizure to recover dues

Cairn identifies $70 billion of Indian assets for seizure to recover dues   UK's Cairn Energy has identified $70 billion of Indian assets overseas for potential seizure to collect $1.72 billion due from the government. The move, if successful, will put India in league with Pakistan and Venezuela, which faced similar enforcement action over failure to pay arbitration awards. The assets identified range from Air India's planes to vessels belonging to the Shipping Corporation...

Chevron halts production at Tamar field offshore Israel

Chevron halts production at Tamar field offshore Israel   Chevron has closed the Tamar field located off the Israel coast in accordance with an order issued by the country’s energy ministry, as the Gaza conflict escalates. Chevron was reported by Reuters as saying: “In accordance with instructions received from the Ministry of Energy, we have shut in and depressurised the Tamar Platform.” However, the energy giant will continue to operate the other offshore fie...

Wood expands downstream work in Australia with new bp contract

Wood expands downstream work in Australia with new bp contract   Wood has secured a new contract with bp Castrol Australia to provide engineering, procurement and construction (EPC) services to two Castrol lubricant blending, filling, and manufacturing facilities in Spotswood, Victoria and Fremantle, Western Australia. The contract will enable bp to streamline their project delivery interface and collaborate with Wood to introduce innovative solutions and drive consistency from the...

Upstream spending, cut by $285 billion in two years, will struggle to recover to pre-pandemic levels

Upstream spending, cut by $285 billion in two years, will struggle to recover to pre-pandemic levels   The toll of the Covid-19 pandemic on upstream investments in the first two years of the downturn is estimated at a whopping $285 billion, and although spending will slowly start to rise from 2022, it will not reach pre-crisis levels in the coming period, according to a Rystad Energy report. The shale sector has been the most affected, with conventional exploration and investments in...

McDermott receives design contract for Trion field offshore Mexico

McDermott receives design contract for Trion field offshore Mexico   McDermott International has secured a design contract for the Trion field development in the deepwater Gulf of Mexico offshore Mexico. The contract has been awarded by BHP Petróleo Operaciones de México, S De RL De CV (BHP), in partnership with Pemex. Under the contract, McDermott will provide pre-front-end engineering design (pre-FEED) services for a floating production unit (FPU), which will hav...

Investigation of the fires at Tjeldbergodden and Hammerfest now concluded

Investigation of the fires at Tjeldbergodden and Hammerfest now concluded   Equinor’s internal investigations following the fires at Hammerfest LNG and Tjeldbergodden have now been concluded and the results submitted to the Petroleum Safety Authority. The fire at Hammerfest LNG occurred on 28 September, while the fire at Tjeldbergodden took place on 2 December 2020. “Both fires at the onshore facilities in 2020 were very serious. These incidents have made a deep impr...

Kosmos drilling offshore Ghana, Equatorial Guinea

Kosmos drilling offshore Ghana, Equatorial Guinea   Kosmos Energy has provided an update on its development projects across West Africa. The drillship Maersk Venturer has finished drilling a new production well at the Jubilee field offshore Ghana, and will now drill a water injector. Following completion of both wells, production from the field should rise by 15,000-20,000 b/d of oil. Offshore Equatorial Guinea, the Okume upgrade project is nearing completion. This involves s...

Former BP director jailed, ordered to pay more than S$6 million for taking bribes

Former BP director jailed, ordered to pay more than S$6 million for taking bribes   A former director of BP Singapore was jailed for 54 months and ordered to pay a penalty of about S$6.22 million on Tuesday (May 11) for taking bribes. Clarence Chang Peng Hong had suggested that Koh Seng Lee set up Pacific Prime Trading, a petroleum and petroleum products wholesaler, to be a trading counterpart of BP. This was "on the understanding that Chang would advance the business inter...

Transocean and Suncor fined over offshore fluid spill

Transocean and Suncor fined over offshore fluid spill   Canadian offshore petroleum regulator has fined oil company Suncor Energy and rig provider Transocean over an unauthorized fluid discharge from the Transocean Barents rig back in 2018. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) said on Thursday it had applied Administrative Monetary Penalties (AMPs) of $40,000 to Suncor Energy and $52,000 to Transocean in response to an unauthorized discharge of E...

Total Starts Production at Angolan Oil Project

Total Starts Production at Angolan Oil Project   French energy group Total has started production at its Angolan Zinia Phase 2 project, which has estimated resources of 65 million barrels of oil, the company said May 6. Total added that development of the project was carried out according to schedule and for capital expenditure more than 10% below budget, representing a saving of $150 million. The project includes the drilling of nine wells and is expected to reach production o...

Norwegian oil companies, labour unions agree wage deal

Norwegian oil companies, labour unions agree wage deal   Norwegian oil companies have come to a wage agreement with employees, three labour unions and an industry association said on Wednesday, preventing the potential outbreak of a strike among workers later this year. Norway is western Europe's largest oil and gas producer, pumping about 2.1 million barrels of oil liquids per day (bpd) while gas production amounts to around 2 million barrels of oil equivalent per day (boed)....
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