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Energean greenlights offshore Egypt subsea tieback project

Energean greenlights offshore Egypt subsea tieback project   Energean PLC announced a Final Investment Decision has been taken on the North El Amriya and North Idkunea (“NEA/NI”) concession subsea tieback project in offshore Egypt. The NEA concession contains two discovered and appraised gas fields (Yazzi and Python) while the NI concession contains four discovered gas field...

Wood to provide late life solutions for Morecambe Bay fields offshore UK

Wood to provide late life solutions for Morecambe Bay fields offshore UK   Engineering services company Wood has received a $130m contract from oil firm Spirit Energy to deliver late life solutions for its Morecambe Bay offshore gas fields in the UK. The Morecambe Hub comprises three fields in the East Irish Sea including North Morecambe, South Morecambe, and Rhyl. The fields are located approximately 25km south-west of Walney Island, across blocks 110/2a, 110/3a, 110/8a, and 11...

Over 100 oil and gas companies went bankrupt in 2020

Over 100 oil and gas companies went bankrupt in 2020   More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation. Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankrup...

Brent crude passes $56 as market shows signs of strength

Brent crude passes $56 as market shows signs of strength   Brent oil extended gains above $56 a barrel, rising with other assets on hopes of more U.S. economic stimulus and a weaker dollar. While crude prices have largely undulated with the American currency in recent days, the oil market’s structure is also pointing to renewed strength. U.S. crude’s closest contract is near the most expensive versus those for six months out in more than a year. There’s a simil...

Energy agency forecasts lower demand for oil as Covid cases surge

Energy agency forecasts lower demand for oil as Covid cases surge   World oil demand will be lower than forecast this year as a surge in new coronavirus cases looks likely to keep restrictions on the global economy in place, the International Energy Agency has said. The agency warned that a string of new lockdowns across big economies will keep a lid on oil demand over the first months of the year, before the impact of Covid-19 vaccines begins to take effect in the second half....

Equinor awarded 17 new production licences on the Norwegian continental shelf

Equinor awarded 17 new production licences on the Norwegian continental shelf   Equinor has been awarded 17 new production licences by Norway’s Ministry of Petroleum and Energy in the 2020 Award in Predefined Areas (APA) – 10 licences as operator and 7 licences as partner. “We are pleased about the awards that will be an important supplement to our exploration portfolio and form the basis for future discoveries to be realized in line with Equinor’s climate r...

Norway awards oil and gas exploration rights to 30 firms

Norway awards oil and gas exploration rights to 30 firms   Norway awarded 61 offshore exploration blocks to 30 oil firms in its latest pre-defined areas (APA) licensing round, Energy Minister Tina Bru said on Tuesday. Firms that won acreage included Equinor, Shell, ConocoPhillips, Total, Lundin Energy, Aker BP and Eni's Vaar Energi. "These companies have shown great interest in gaining access to new exploration acreage, illustrating the industry's confidence in cont...

ADNOC Cuts Short Two Shelf Drilling Rig Contracts

ADNOC Cuts Short Two Shelf Drilling Rig Contracts   UAE-based firm ADNOC Drilling has decided on the early termination of two jack-up rig contracts with drilling contractor Shelf Drilling. Shelf Drilling, a company with one of the largest jack-up rig fleets in the world, said Monday that the customer had decided to terminate the contracts for the High Island VII and Compact Driller jack-up rigs early. "The contract end date for both rigs has been updated to August 2021.&nbs...

Exxon Mobil fails to encounter oil at Hassa-1 exploration well

Exxon Mobil fails to encounter oil at Hassa-1 exploration well   Exxon Mobil has reportedly failed to find hydrocarbon resources following drilling at the Hassa-1 exploration well in the Stabroek block offshore Guyana. Covering 6.6 million acres, the Stabroek Block is owned and operated by ExxonMobil affiliate Esso Exploration and Production Guyana with a 45% stake while Hess Guyana Exploration and CNOOC Petroleum Guyana respectively hold 30% and 25% interests. So far, 18 discov...

WEEKLY ENERGY RECAP: A mixed week for oil with investors regaining confidence

WEEKLY ENERGY RECAP: A mixed week for oil with investors regaining confidence   It was a very mixed week, with oil prices remaining relatively steady despite mixed bearish developments. The commodity market is seeing renewed confidence from investors who have pushed oil prices more than 40 percent since the end of October 2020 after a series of coronavirus vaccine breakthroughs, which raised expectations for a sustained recovery in oil consumption. On the week closing, Brent crude...

Former senior Petrofac executive pleads guilty to bribery offences

Former senior Petrofac executive pleads guilty to bribery offences   In connection with the SFO’s ongoing investigation into Petrofac Limited and its subsidiaries (Petrofac), David Lufkin, a British national and the former Global Head of Sales at Petrofac, has today pleaded guilty at Westminster Magistrates’ Court to three counts of bribery. The offences relate to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the...

Dana Petroleum cancels one-well contract with Maersk Drilling

Dana Petroleum cancels one-well contract with Maersk Drilling   Maersk Drilling has received notice of early termination for convenience of a one-well contract with Dana Petroleum Denmark B.V. The contract was first announced in Maersk Drilling’s May 2020 Fleet Status Report. Maersk Drilling expects to receive compensation in the form of a termination fee. The contract had previously been deferred from the date of originally expected commencement. Maersk Drilling has also...

UK Oil & Gas gets government greenlight in Turkey

UK Oil & Gas gets government greenlight in Turkey   UK Oil & Gas PLC told investors it has received government approval for its proposed acquisition of a 50% stake in the Basur-Resan oil appraisal and exploration licence in Turkey. The project spans some 305 square kilometres and has been estimated to contain some 37mln barrels of discovered recoverable oil. Success in the appraisal project would potentially unlock rapid monetisation of the Discovery's success case,...

IFR Signs Letters of Intent for Investment and Drilling Services With Simmons Edeco for up to $7 Million USD

IFR Signs Letters of Intent for Investment and Drilling Services With Simmons Edeco for up to $7 Million USD   International Frontier Resources Corporation (“IFR” or the “Company”), is pleased to announce that IFR and Tonalli Energia (“Tonalli”), a joint venture between Mexican petrochemical leader Grupo Idesa and IFR, (“IFR Group”), have signed a Letter of Intent with Simmons Edeco, a Canadian based oilfield services corporation and its...

Equinor and YPF partner with Shell in the CAN 100 block offshore Argentina

Equinor and YPF partner with Shell in the CAN 100 block offshore Argentina   Equinor and YPF have today entered into an agreement with Shell to jointly farm-down 30% non-operated interests in the CAN 100 block, located in the North Argentinian Basin, offshore Argentina. In October 2019, Equinor farmed in to the YPF CAN 100 block and agreed to take over the operatorship. Equinor and YPF currently both hold 50% equity in the license, and will after the transaction hold 35% each, with...

Total and Apache make fourth discovery offshore Suriname

Total and Apache make fourth discovery offshore Suriname   Total and Apache Corp. have made a new significant oil and gas discovery at the Keskesi East-1 well, in Block 58 off the coast of Suriname. This follows previous discoveries at Maka Central, Sapakara West and Kwaskwasi. The well was drilled by a water depth of about 725 m and encountered a total of 63 m net pay of hydrocarbons, comprised of 58 m net black oil, volatile oil, and gas pay in good quality Campano-Maastrichtian...

BP plugs and abandons disappointing Ironbark well

BP plugs and abandons disappointing Ironbark well   Rig working on BP’s Ironbark-1 well offshore Australia has completed the work scope on the well and departed the location of the well earlier this week. Cue Energy, BP’s partner in the well, said on Wednesday that the Ocean Apex drilling rig completed its work scope and plugged and abandoned the Ironbark-1 well and left the location at midnight on Monday, 11 January 2021. The well was drilled to a total depth of 5,6...

Premier Oil shareholders vote for merger with Chrysaor

Premier Oil shareholders vote for merger with Chrysaor   As reported by Reuters, Premier Oil shareholders have voted in favour of a reverse takeover of private equity-backed Chrysaor to create the British North Sea’s biggest oil and gas producer, in which Premier shareholders will hold about 5.5%. Premier Oil's creditors approved the merger in November last year. “Shareholder approval for the Transaction has now been received,” said Premier, which will be r...

Third of oil and gas workers faced pay cut in 2020 due to pandemic, survey shows

Third of oil and gas workers faced pay cut in 2020 due to pandemic, survey shows   Almost one in three workers in the oil and gas industry faced pay cuts in 2020, a worldwide survey showed on Tuesday, as the coronavirus crisis drove down fuel demand and prices. Oil and gas workers are still among the highest paid in the world, but a majority of those questioned said they felt less secure about their jobs than a year ago, as the shift to low-carbon energy sources pushed down investm...

Subsea 7 announces the death of a Director

 Subsea 7 announces the death of a Director   The Board of Directors of Subsea 7 S.A. announces with sympathy that Mr. Allen Stevens, Non-Executive Director and Senior Independent Director, passed away on 10 January 2021. Mr Stevens started in the shipping industry in financial planning at Sea Land Service Inc. and subsequently served as Treasurer of McLean Industries Inc. from 1972 to 1988. As the right-hand man for Mr Malcolm McLean, he was instrumental in building Sea Land...
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