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Latest news - International

Aker BP now sees Johan Sverdrup Phase 2 output in December

Aker BP now sees Johan Sverdrup Phase 2 output in December   Norway's giant Johan Sverdrup oilfield is expected to start Phase 2 production in December, Aker BP, a partner in the Equinor-operated field, said on Wednesday. Phase 2 is expected to increase the field's production capacity by 220,000 barrels of oil equivalent per day (boepd) as the European Union's ban on Russian seaborne crude imports comes into an effect in December. The company revised its oil and gas...

Sinopec Announces Major Discovery of Shale Gas in Sichuan Basin: First Breakthrough in Cambrian Qiongzhusi Formation

Sinopec Announces Major Discovery of Shale Gas in Sichuan Basin: First Breakthrough in Cambrian Qiongzhusi Formation   Sinopec Southwest Oil & Gas Company of China Petroleum ("Sinopec Southwest") & Chemical Corporation (HKG: 0386, "Sinopec") has discovered new shale gas reserves in the Jinshi 103HF exploratory well deployed in the Sichuan Basin.  With a daily natural gas production reaching 258,600 cubic meters and an evaluated resource capacity of 387...

Schlumberger Rebrands to SLB in Focus on Clean-Technology Shift

Schlumberger Rebrands to SLB in Focus on Clean-Technology Shift   Schlumberger, the world’s biggest oilfield services provider, changed its name to SLB and rebranded itself as a technology company to go after more work in the clean-energy space. The Houston- and Paris-based company plans to continue operating its legacy oil and gas business while expanding in technologies that will help companies curb emissions of carbon dioxide and methane. The new name, the same as the comp...

Shell takes 9% stake in QatarEnergy gas field expansion

Shell takes 9% stake in QatarEnergy gas field expansion   Shell PLC and QatarEnergy on Sunday announced that Shell will take a 9.375% in a huge gas field extension offshore Qatar for an undisclosed sum. The North Field South expansion project is expected to have capacity for 16 million tonnes per year of liquefied natural gas. The overall North Field expansion project, which also includes North Field East, is "the industry's largest ever LNG project", QatarEnergy s...

Shell Resumes 500,000BPD Crude Oil Export Operations at Forcados Oil Terminal

Shell Resumes 500,000BPD Crude Oil Export Operations at Forcados Oil Terminal   Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline went in for weeks. The SPDC’s media relations manager, Abimbola Essien-Nelson, confirmed this in Lagos. This addition 500,000 barrels per day (bpd) of crude oil to Nigeria’s daily output will by the end of November earn more revenue to finance the 2...

First well in Black Sea drilling campaign uncovers multiple potential gas zones

First well in Black Sea drilling campaign uncovers multiple potential gas zones   Canada’s oil and gas producer Trillion Energy has drilled the first well in its 2022 – 2023 drilling campaign on a natural gas field in the Black Sea off Türkiye. This well has identified numerous potential gas zones on logging. Back in February 2022, Trillion Energy hired a rig for its multi-well drilling programme on the SASB natural gas field, when its subsidiary, Park Place Energy...

No New Drilling Might Limit Rise In Future Crude Oil Production

No New Drilling Might Limit Rise In Future Crude Oil Production   The reduction in drilled but uncompleted (DUC) wells may limit increases in future crude oil production growth without more drilling. According to the U.S. Energy Information Administration’s (EIA) Drilling Productivity Report (DPR), the number of wells completed monthly has outpaced the number of wells drilled since July 2020, resulting in fewer DUC wells in the United States. Although the number of active oi...

Neptune Energy: Dutch energy security at risk without investment allowance

Neptune Energy: Dutch energy security at risk without investment allowance   Neptune Energy today called on the Dutch government to introduce an investment allowance in its plans to raise levies on energy companies, to avoid risks to the country’s energy security and net zero targets. The government intends1 to significantly increase levies under the Mining Act for the energy sector in 2023 and 2024, with additional tax revenues helping finance support for Dutch homes and bus...

Technip Energies eyes exit from Arctic LNG 2 project in H1 2023

Technip Energies eyes exit from Arctic LNG 2 project in H1 2023   Technip Energies expects to fully exit the liquefied natural gas project (LNG) Arctic LNG 2 led by Moscow-listed gas producer Novatek next year, the French oil and gas services provider said on Thursday. The group, which said in March it was renouncing new business opportunities in Russia, had expected Western sanctions enacted against Russia after its invasion of Ukraine to reduce the company's involvement in Ar...

STRYDE, RAF and Newcastle University collaborate on geothermal exploration

STRYDE, RAF and Newcastle University collaborate on geothermal exploration   The world’s smallest and lightest nodal seismic imaging system has been deployed by Newcastle University at RAF Leeming as part of a research experiment to support the RAF’s drive to net zero. STRYDE, which helps organisations from around the globe to acquire an understanding of the subsurface, has partnered with Newcastle University and the Ministry of Defence to establish a ViTAL Living Lab...

Biden to release 15M barrels from oil reserve, more possible

Biden to release 15M barrels from oil reserve, more possible   President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more oil sales are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month’s midterm elections. Biden will deliver remarks Wednesday to announce the draw...

DNV joins new European Fund launched by global investment firm Energy Impact Partners to accelerate push towards net zero

DNV joins new European Fund launched by global investment firm Energy Impact Partners to accelerate push towards net zero   DNV, the independent assurance and risk management provider, has joined a group of mission-driven companies as part of a European Fund (The Fund) that has been launched by Energy Impact Partners (EIP), a global venture capital firm supporting the transition to a sustainable future. EIP brings together entrepreneurs and many of the world's most forward-looking...

Cyber Resilience for National Security and the Energy Sector

Cyber Resilience for National Security and the Energy Sector   Brought by International Advisors 2020 Partners, in conjunction with local company OSP Cyber Academy and RGU, came a seminar series of the highest calibre. International speakers from the United States shared insights into the global threat landscape that affects every aspect of business life, focusing on our critical infrastructure and the threats to our energy secto     Welcome and Keynote Speak...

Oil prices to hover around $90 a barrel on supply concerns

Oil prices to hover around $90 a barrel on supply concerns   Oil prices will hover around $90 a barrel despite global recession fear, cut in demand and growing supply concerns in the wake of looming European Union sanctions on Russian oil, experts say. Analysts and energy experts see volatile oil market in near future and said crude prices will fluctuate on geopolitical tensions, Russia-Ukraine crisis, potentially tight supply due to US refinery maintenance and two million barrels...

Russia Removes Exxon From Major Oil And Gas Project

Russia Removes Exxon From Major Oil And Gas Project   Russia has removed Exxon as a shareholder from the Sakhalin-1 oil and gas project and transferred its stake to a Russian business entity. Exxon said this amounted to expropriation and that it had pulled out from Russia as a whole, the Wall Street Journal reported. Exxon had a 30-percent stake in Sakhalin-1 but a week ago President Vladimir Putin signed a decree with which a new entity was set up to manage the operations of th...

China's Sinopec taps large shale gas reserve in Sichuan exploration well

China's Sinopec taps large shale gas reserve in Sichuan exploration well   China's Sinopec Corp has struck a high-yielding shale gas exploration well in southwestern Sichuan basin with daily gas flow of 258,600 cubic meters, the state oil and gas major said on Tuesday. The success of the Jinshi-103HK well could potentially lead to another sizeable shale gas field with geological reserves of 387.8 billion cubic meters, Sinopec said in a statement, without specifying the exac...

Aramco teams with McDermott and NPCC to set up two offshore fabrication yards

Aramco teams with McDermott and NPCC to set up two offshore fabrication yards   State oil giant Saudi Aramco is establishing two offshore fabrication yards in collaboration with McDermott International international and National Petroleum Construction Company (NPCC), part of Abu Dhabi’s National Marine Dredging Company (NMDC). The new yards are being constructed in Ras Al Khair with the aim of delivering a more than 200% increase in Saudi Arabia’s offshore fabrication c...

BP acquiring landfill RNG company Archaea for $4.1B

BP acquiring landfill RNG company Archaea for $4.1B   BP intends to acquire Archaea Energy, a major producer of renewable natural gas from waste, in a deal that could close by the end of this year pending regulatory approval. The transaction is being valued at approximately $4.1 billion based on a price of $26 per share and $800 million of net debt. Once the deal is finalized, Archaea is expected to operate as a subsidiary within BP. Texas-based Archaea currently operates 50 RN...

Prosafe eyes another contract in Brazil

Prosafe eyes another contract in Brazil   Offshore accommodation provider Prosafe has submitted the most competitive offer in a bidding process for a 650-day firm period contract by Petrobras in Brazil. Prosafe informed on Saturday that the contract value is approximately $73 million (equivalent to $112,500 per day). As explained by Prosafe, the contract award and timing are subject to a formal clarification process during which Petrobras is under no formal obligation to conclud...

How Americans In Chinese Tech Firms Might Have To Choose Between US Citizenship And Job

How Americans In Chinese Tech Firms Might Have To Choose Between US Citizenship And Job   Under the latest US technology export rules, US citizens working in Chinese firms might face a tough choice — quit their jobs or risk losing US citizenship. The latest tech export rules by the Joe Biden administration are an attempt to further regulate the flow of technological know-how from the United States to China and to affect the Chinese ability to produce semiconductors —com...
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