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Tullow Oil to sell West African assets to Panoro for $180m

Tullow Oil to sell West African assets to Panoro for $180m   Tullow Oil has agreed to sell its oil producing assets offshore Equatorial Guinea and the Dussafu asset in Gabonese waters to Panoro Energy for a total of up to $180m. In this connection, the parties have signed two separate sale and purchase agreements. Panoro Energy will acquire a stake of 14.25% in Block G in the terr...

EMEC to explore Franco-Scottish wind/hydrogen collaboration

EMEC to explore Franco-Scottish wind/hydrogen collaboration   Following a competitive tender, The Scottish Government has awarded the European Marine Energy Centre (EMEC) a contract to explore opportunities for floating offshore wind and hydrogen supply chains in Scotland and France. EMEC will partner with French engineering firm INNOSEA and London-based Renewables Consulting Group (RCG) to carry out research to understand the technical status of floating wind and hydrogen in Scotl...

Petrofac to deploy global decom expertise in Australia, in contract first

Petrofac to deploy global decom expertise in Australia, in contract first   Petrofac’s Engineering and Production Services (EPS) business has strengthened its presence in Australia, having secured a Well Project Management contract in the country with PTT Exploration and Production (PTTEP). Under the terms of the agreement, Petrofac will provide all project manpower to enable the execution of plug and abandonment operations on two of PTTEP’s remaining subsea wells in th...

Bahamas Petroleum completes drilling of Perseverance #1 well in Bahamas

Bahamas Petroleum completes drilling of Perseverance #1 well in Bahamas   BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development, and exploration assets across the region, provides the following update on the drilling of its Perseverance #1 well in The Bahamas Highlights The Perseverance #1 well in The Bahamas has encountered hydrocarbons, successfully validated the structural model and the petroleum system, and drilled a...

Total plots rebrand as TotalEnergies, confirms $7.2bn 2020 loss

Total plots rebrand as TotalEnergies, confirms $7.2bn 2020 loss   French oil major Total plans to rebrand as TotalEnergies, in a move it says will underscore its shift towards cleaner energy over the coming decade and its long-term goal of reaching net-zero emissions by 2050. Sales of oil products in the company’s business are expected to fall over the next ten years from 55% to 30%, with future energy growth focused on liquefied natural gas (LNG) and renewables. The name...

Fennex deploys industry-first Digital Safety Observation Solution to Noble Global Offshore Fleet

Fennex deploys industry-first Digital Safety Observation Solution to Noble Global Offshore Fleet   An Aberdeen-based technology company has developed a ground-breaking digital solution combining artificial intelligence and machine learning to optimise safety observations across the energy sector. The app, developed by intelligent digital solutions specialists Fennex Ltd, has been successfully deployed across the offshore global fleet of international drilling contractor Noble Holdi...

Ithaca Energy recommences production at FPF-1 offshore platform in North Sea

Ithaca Energy recommences production at FPF-1 offshore platform in North Sea   Ithaca Energy has recommenced production from its FPF-1 offshore platform in the North Sea, following shutdown two weeks earlier due to Covid-19. With crew members testing positive for Covid-19 last month, Ithaca closed down production at its offshore platform. The UK-focused oil firm owned by Israel’s Delek Group then stated it would recommence production only in a safe and controlled way. I...

Mage Control Systems devises innovative solutions for Covid challenges

Mage Control Systems devises innovative solutions for Covid challenges   The Scottish engineering firm’s versatile, collaborative approach to product development has helped them create innovative solutions to Covid-19 challenges. Like many businesses in Scotland, engineering firm Mage Control Systems faced numerous challenges when the coronavirus (Covid-19) crisis hit. By staying alert to new opportunities and using their technological expertise to solve emerging problems, th...

Restrata begins rollout of covid-safe technology for offshore industry

Restrata begins rollout of covid-safe technology for offshore industry   British Technology Company Restrata has today announced that its renowned COVID-Safe Platform is available for use by companies in the offshore energy industry. This follows the announcement of the ATEX approved BLE wearable tag - used in conjunction with the Restrata Platform + COVID-Safe Solution - for use in offshore environments. The Restrata Platform has been widely used by the international sport, busine...

Independent Oil and Gas Names New COO

Independent Oil and Gas Names New COO   Independent Oil and Gas (IOG), and oil and gas company focused on the UK North Sea, has has appointed David Gibson as its new Chief Operating Officer. "David has extensive relevant North Sea engineering and project management experience over a near 30-year energy industry career, culminating in a number of executive management positions over the past decade," IOG said. Having started his industry career at Foster Wheeler Wood Gro...

Subsea Industry Cautiously Optimistic for 2021

Subsea Industry Cautiously Optimistic for 2021   The turbulent year 2020 upended the plans of exploration and production (E&P) companies which hastened to cut capital expenditures and defer or even cancel offshore drilling contracts amid the coronavirus pandemic and the crash in oil prices. The supply chain throughout the world, including in the UK North Sea, felt the impact of the reduced capex. Some areas of the UK supply chain, such as drilling and wells contractors and the...

The blue economy and its ocean of opportunities

The blue economy and its ocean of opportunities   The new year and beyond will not be without challenges. Indeed 2021 has not had the most auspicious start but, with the vaccine roll-out, we will start to recover this year and must take an optimistic, positive, and forward-thinking approach to the opportunities which lie ahead and what the future holds for the subsea industry. For much of our industry, that future will be blue – in a good way. As the blue economy increasin...

Subsea Superintendent - Derek Dargie

Subsea Superintendent - Derek Dargie   How did you get into the Energy Sector and how long have you been working in it? I commenced my career in the oil industry in 1984 as a welder which involved being on a project on the Sedco 704. I then moved onto Vetco Gray after a few years within fabrication. I subsequently progressed to become a Field Service Engineer, on Surface and Subsea equipment installation. After a few years’ rotation (28 x 28) I was 3 years residential in Ango...

Equinor given consent to drill wildcat well in production licence 532

Equinor given consent to drill wildcat well in production licence 532   The Norwegian Petroleum Directorate has granted Equinor a drilling permit for well 7220/7-4. Well 7220/7-4 will be drilled from the Transocean Enabler drilling facility in position 72°25'4.32"N and 20°8'25.73"E after drilling development wells on the Johan Castberg field. The drilling programme for well 7220/7-4 relates to the drilling of a wildcat well in production licence 532. Eq...

Big Oil’s huge losses raise prospect of mega mergers

Big Oil’s huge losses raise prospect of mega mergers   When Exxon struck the biggest deal of a $300bn wave of oil mergers during the brutal late-1990s crude price collapse, Mobil chief executive Lou Noto gave a warning to the industry. “We need to face some facts,” he said as he announced his company’s takeover. “The world has changed, the easy things are behind us. The easy oil, the easy cost savings, they’re done. So all of us are now looking f...

Chevron proposes Noble Midstream acquisition

Chevron proposes Noble Midstream acquisition   Chevron Corporation has announced that it has submitted a non-binding proposal to the Board of Directors of Noble Midstream GP LLC, the general partner of Noble Midstream Partners LP, to acquire all of the publicly held common units representing limited partner interests in NBLX not already owned by Chevron and its affiliates (the ‘common units’). Chevron is proposing to acquire the common units through a merger transaction...

Valaris plc Announces Amended Restructuring Support Agreement and Backstop Commitment Agreement

Valaris plc Announces Amended Restructuring Support Agreement and Backstop Commitment Agreement   Valaris plc ("Valaris" or, together with certain of its affiliates, the "Company") today announced that, on February 5, 2021, the Company, certain holders ("Noteholders") of the Company's outstanding unsecured notes (the "Senior Notes") and certain bank lenders ("Bank Lenders") under the Company's revolving credit facility (the &qu...

Crown Estate accused of pushing up renewables prices

Crown Estate accused of pushing up renewables prices   Oil giant BP is among the businesses to win the rights to build new wind farms in UK waters, it announced on Monday, as questions were raised about how the sites were allocated. The Crown Estate, which manages the Queen’s property and land, said it had auctioned off eight gigawatts of potential new offshore wind capacity to help the UK meet its demand for renewable electricity. However, the system it used to run the au...

UK to see six new offshore windfarms in drive toward net zero

UK to see six new offshore windfarms in drive toward net zero   Britain’s first major auction of offshore wind farm leases in over a decade has seen Orsted, RWE, BP and Total awarded contracts, the Crown Estate said this morning. With six projects, the venture will represent nearly eight gigawatts (GW) and could provide enough power to fuel around 7m homes. Chief executive of The Crown Estate Dan Labbad said: “With a net zero goal, some of the best offshore wind reso...

South Korea's KNOC Hires Maersk Drilling's Drillship

South Korea's KNOC Hires Maersk Drilling's Drillship   South Korean national oil company KNOC has booked the Maersk Viking drillship to drill one exploration well in Block 6-1 offshore South Korea. Maersk Drilling, the owner of the offshore drilling rig, said Monday the would begin in June 2021, in direct continuation of the rig’s previous work scope, with an estimated duration of 45 days. The contract value is approximately USD 14.5m, including mobilization and de...
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