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BP makes oil discovery at Puma West prospect in US Gulf of Mexico

BP makes oil discovery at Puma West prospect in US Gulf of Mexico   BP and its partners have made an oil discovery at the Puma West prospect on the Green Canyon Block 821 in the deepwater US Gulf of Mexico. Located in in 4,108ft of water depth, the Puma West well was drilled to a total depth of 23,530ft, at which it intersected oil pay in a high-quality Miocene reservoir. The oil...

BP Finds Oil at Puma West Prospect in Deepwater U.S. Gulf of Mexico

BP Finds Oil at Puma West Prospect in Deepwater U.S. Gulf of Mexico   BP PLC said it has discovered oil at the Puma West prospect in the deepwater U.S. Gulf of Mexico. The well, drilled by BP on behalf of co-owners Chevron U.S.A. Inc. and Talos Energy, is located west of the BP-operated Mad Dog field and is about 131 miles off the coast of Louisiana in 4,108 feet of water, the company said Tuesday. The well was drilled to a depth of 23,530 feet, it said. BP said preliminary data...

Banks must clean up their financing of fossil fuels

Banks must clean up their financing of fossil fuels   G7 finance ministers and central bank heads met last week to discuss expanding the private sector’s role in climate finance before COP26 in November. It follows a damning report by NGOs that revealed banks have provided US$3.8tn to fossil fuels since the signing of the Paris Agreement five years ago. The meeting, held on April 6 and chaired by UK chancellor Rishi Sunak, saw the G7 members examine their role in driving forw...

INEOS sells Norwegian oil and gas interests to support clean energy strategy

INEOS sells Norwegian oil and gas interests to support clean energy strategy   Subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance, the deal includes all INEOS Oil & Gas interests in production, licences, fields, facilities and pipelines, on the Norwegian continental shelf (NCS). Approval is expected later this year. INEOS E&P Norge AS produces around 33,000 barrels of oil equivalent (boe) per day from the Norwegian Se...

Saipem adds $350m to Qatargas project backlog

Saipem adds $350m to Qatargas project backlog   Italian offshore engineering specialist Saipem has secured additional scope of work on Qatargas’ North Field Production Sustainability Offshore Project. Saipem said the new deal Qatargas excercised as an option is worth approximately $350m and is related to rerouting of the hydrocarbons from an existing wellhead platform through the new facilities as an existing pipeline is being decommissioned. Under the contract, Saipem wil...

Total keen to participate in bid for entering North Field East (NFE) project with QP: Matthieu Bouyer

Total keen to participate in bid for entering North Field East (NFE) project with QP: Matthieu Bouyer   French broad energy company Total, which has been present in Qatar since 1936, looks forward to participate in the bid for entering the multi-billion dollar North Field East (NFE) project with QP, said Matthieu Bouyer, managing director, Total E&P Qatar and Total country chair in Qatar. In February, Qatar Petroleum (QP) took the final investment decision for developing the $2...

China Sets World Record For Deep-Sea Drilling In Disputed South China Sea

China Sets World Record For Deep-Sea Drilling In Disputed South China Sea   China has set a world record for deep-sea drilling in the South China Sea, Chinese state media reported, while tensions in the disputed area are rising. According to the Xinhua news agency, Chinese scientists aboard a marine research vessel drilled on Wednesday 2,060 meters (6758 feet) under the seabed to obtain a sediment core. China’s drilling system Sea Bull II is the world’s only seabed dril...

Aramco to sell 49% stake in crude pipelines unit to EIG-led consortium for $12.4bn

Aramco to sell 49% stake in crude pipelines unit to EIG-led consortium for $12.4bn   Saudi Aramco has agreed to divest a stake of 49% in newly-formed entity Aramco Oil Pipelines for about $12.4bn to a consortium led by EIG Global Energy Partners. The parties have entered into a lease and lease-back agreement in this connection. Aramco Oil Pipelines is the holding company of all the existing and future stabilised crude pipelines of Saudi Aramco in Saudi Arabia, which connects oil...

Total, CNOOC reach final agreements on Uganda, Tanzania projects

Total, CNOOC reach final agreements on Uganda, Tanzania projects   French major Total said on Monday and its partners have concluded final agreements to launch the Lake Albert resources development project in Uganda and Tanzania. Total and partner China National Offshore Oil Corporation plan to exploit oil reserves in Lake Albert in Uganda and construct a $3.5 billion East African Crude Oil Pipeline (EACOP) to neighbouring Tanzania for export. “These agreements open the wa...

Saudi Aramco in $12.4 billion oil pipeline deal with EIG-led group

Saudi Aramco in $12.4 billion oil pipeline deal with EIG-led group   Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG), one of the world’s leading energy infrastructure investors, to optimise its assets through a lease-and-lease-back agreement involving its stabilised crude oil pipeline network. Upon closing, Aramco will receive upfront proceeds of around US$12.4 billion, further strengthening its balance sheet through one of the largest energ...

OGV Energy project updates

OGV Energy project updates   Awards NAGA 4 secures Shell Malaysia jackup campaign MALAYSIA: Velesto has received a Letter of Award (LOA) from Shell for a contract for jackup NAGA 4 for a seven-well drilling campaign commencing in late third quarter 2021. The contract is valued at USD 17.68 million with a duration of approximately nine months. The wells have an expected commencement date between 15 August 2021 to 15 October 2021. NAGA 4 is an independent-leg cantilever jackup tha...

Enwell Energy makes good production progress in first quarter

Enwell Energy makes good production progress in first quarter   Enwell Energy said on Friday that overall production volumes in the first quarter were up around 1.5% compared with the first quarter of 2020, to 4,576 barrels of oil equivalent per day. The AIM-traded firm said that was the result of new production volumes from the SV-54 and SV-25 wells in the Svyrydivske (SV) field, which began production in May 2020 and February 2021, respectively, offset by natural field decline....

China's CNOOC hunts for three missing after Bohai blaze doused

China's CNOOC hunts for three missing after Bohai blaze doused   China’s offshore oil and gas major CNOOC Ltd has put out a fire at a production platform in Bohai Bay and is focusing its efforts on searching for three people who went missing, the firm said on Friday. In a filing to the Hong Kong stock exchange, the company said Monday’s fire at the V29 well of its V platform off China’s northern coast was put out the following day. The blaze broke out as CN...

'World first': SSE and Equinor plot major blue hydrogen power plant in Scunthorpe

'World first': SSE and Equinor plot major blue hydrogen power plant in Scunthorpe    Partnership will explore whether SSE's under-construction Keadby 2 gas-fired power station could be ‘progressively decarbonised’ through hydrogen blending SSE and Equinor have unveiled plans for a 'clean power hub' near Scunthorpe, comprised of a blue hydrogen-fuelled power station alongside a fossil gas power plant equipped with carbon capture technology, with...

Following a series of contract awards; Legasea expansion underway

Following a series of contract awards; Legasea expansion underway   Aberdeenshire based start-up, Legasea, has begun 2021 with their strongest quarter to date, and further expansion is underway, with several new roles being created in response to increased industry activity. The business started with a team of three in April 2019 and this has since gradually increased, in line with the organisation’s growing client base. In order to support further growth, Legasea has crea...

Drilling consent for UKOG’s Turkish well

Drilling consent for UKOG’s Turkish well   UK Oil & Gas (UKOG) has announced the Turkish energy ministry has granted formal drilling consent for the Basur-3 well. In a statement to shareholders, UKOG said construction of the well site in the Resan licence in south east Turkey was expected to be completed by the end of May 2021. It said the Basur-3 well was the “first key step towards establishing the commerciality of the Basur-Resan Mardin oil pool”. UKO...

Rigs report: global jack-up drilling hits yearly high in volatile oil market

Rigs report: global jack-up drilling hits yearly high in volatile oil market   Brent crude oil appears to have settled into a trading range of between US$60 and US$65 per barrel. Oil was up fractionally by US$0.24 to US$62.98 per barrel at 4:03 GMT on 7 April, driven by an improving outlook for Covid-19 vaccinations and falling crude inventories in the US. While President Biden announced that vaccinations will be open to all adults as of 19 April, this news was balanced by increasing...

Block Energy plans to drill two wells in 2021 as it sets out objectives for the year

Block Energy plans to drill two wells in 2021 as it sets out objectives for the year   Block Energy PLC is seeking to drill two wells, each targeting initial production of 600 barrels of oil equivalent per day (boepd), and spud a third well by the end of 2021, the company said as it set out its objectives for the year. Its current production rate across all of its licences (excluding WR-16aZ well, which is undergoing intervention) is 555 boepd, based on a 30-day average, the compan...

Green hydrogen to cost less than natural gas by 2050

Green hydrogen to cost less than natural gas by 2050   Green hydrogen, produced from renewable sources, will cost less than natural gas by 2050, as the cost of solar power continues to decline, according to new research by BloombergNEF. The cost of green hydrogen will decline in comparison with natural gas on an energy-equivalent basis in 15 of 28 markets surveyed by BNEF. The countries studied accounted for a third of global gross domestic product in 2019. The cost of green...

Petrobras to take over BP’s ultra-deepwater assets off northern Brazil

Petrobras to take over BP’s ultra-deepwater assets off northern Brazil   Brazilian oil major Petrobras has struck a deal with BP to assume control over its entire stakes in six blocks in ultra-deep water in northern Brazil. The six blocks in the agreements are: FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127, which were acquired by the consortia in the eleventh bidding round of blocks of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which o...
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