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The COVID-19 Pandemic is Shaking Up Energy Markets in the Western Hemisphere

The COVID-19 Pandemic is Shaking Up Energy Markets in the Western Hemisphere   The COVID-19 pandemic may be doing what persistently low oil prices couldn’t—sparking the long-awaited merger mania in the American Oil Patch. In late October, ConocoPhillips said it would buy Concho Resources in an all-stock deal worth $9.7 billion, making it the largest shale deal since the p...

New Kongsberg – MySep alliance

New Kongsberg – MySep alliance   Kongsberg Digital AS and MySep Pte Ltd have formed an alliance to provide fully rigorous separator modelling within K-Spice® dynamic simulation tool, the process twin in the Kognitwin Energy solution.  Customers with process optimisation or operator training requirements will be able to license MySep Engine directly from Kongsberg Digital. The Kongsberg - MySep alliance brings development of links between the K-Spice® simulator an...

OGUK responds to extension of furlough scheme

OGUK responds to extension of furlough scheme   Commenting on the Chancellor’s announcement today that the furlough scheme will be extended until the end of March 2021, OGUK’s workforce engagement and skills manager, Dr Alix Thom said: “We welcome the support the Chancellor is providing today as it may provide a vital lifeline to many of our members enabling them to retain hundreds of workers in our industry whose skills and capabilities we will need to deliver de...

Iberdrola to invest £67 billion in 'energy revolution' by 2025

Iberdrola to invest £67 billion in 'energy revolution' by 2025   Spanish wind energy group Iberdrola plans to invest 75 billion euros (67.7 billion pounds) in its renewable energy production, grids and retail operations by 2025 to capitalise on growing global demand for clean power, it said on Thursday. Countries and companies the world over are seeking to cut emissions to combat climate change, buoying renewables-focused companies including Iberdrola. Pursuing the...

Texas Oil Industry May Have Left The Worst Of The Downturn Behind

Texas Oil Industry May Have Left The Worst Of The Downturn Behind   Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity index in Texas declined for the 19th month in...

Knocked down by COVID-19, does US oil and gas have the juice to rally again? Fuel for Thought

Knocked down by COVID-19, does US oil and gas have the juice to rally again? Fuel for Thought   The US oil and gas industry is flat on its back, with the fewest rigs in the field since consistent records were kept. The shale boom — an all-American oil and gas frenzy fueled with cheap money funding pricey horizontal drilling rigs that produced record supply — is now a bust, cut off at the knees as the world retreats into its living room to wait out the coronavirus pandem...

Oil and gas groups buoyed by fading fears of US ‘blue wave’

Oil and gas groups buoyed by fading fears of US ‘blue wave’   US oil and gas stocks rose while those of renewable energy producers fell on Wednesday, as traders gambled that even if Joe Biden wins the White House, Democrats’ likely failure to gain control of Congress would kill plans for a clean-energy revolution. Mr Biden has proposed $2tn of spending in the next four years to decarbonise American electricity by 2035 on the way to hitting net-zero carbon emission...

Petrogas award 3 well contract to Maersk

Petrogas award 3 well contract to Maersk   Maersk Drilling has secured a contract from Petrogas E&P Netherlands B.V. for the harsh environment jack-up rig Maersk Resilient to drill three wells at the B13 and A12 fields in the Dutch sector of the North Sea. The contract is expected to commence in November 2020 and has an estimated duration of 110 days. The firm contract value is approximately USD 9.4m. The parties have further agreed that Maersk Drilling will be given exclusive...

OGV Energy's Europe Energy Review – November 2020

OGV Energy's Europe Energy Review – November 2020   Europe’s energy sector news over the past month featured an oil workers’ strike in Norway, a plan to make the UK a world leader in green energy, strategy updates from oil majors, and a lot of renewable energy deals. Oil & Gas France’s oil and gas major Total confirmed its ambition to get to Net Zero by 2050 and reduce emissions. Total aims to reduce the Scope 3 emissions of its European customers...

Petrofac Completes Mexico Sale

Petrofac Completes Mexico Sale   Petrofac Limited announced Tuesday that the group has completed the sale of its remaining 51 percent interest in its upstream operations in Mexico to Perenco Energies International Limited. Following the deal, which includes Santuario, Magallanes and Arenque, Perenco now owns 100 percent of the operations in Mexico. The transaction “largely completes” the group’s program to dispose of non-core assets, Petrofac noted. In total, P...

Outlook darkens for North Sea oil and gas industry

Outlook darkens for North Sea oil and gas industry   Two oil and gas majors provided votes of confidence in the North Sea last week but these may only provide cold comfort as the outlook for the sector gets ever bleaker. On Tuesday BP underlined its belief in the exploration potential of the North Sea as it announced that it had returned to profit in the third quarter. The giant included its successful bid for new North Sea exploration licences in a list of highlights for the th...

GDI land Decommissioning contract with North Sea Operator

GDI land Decommissioning contract with North Sea Operator   Aberdeen headquartered company GDI have recently announced a successful contract award through competitive tender for the provision of services to support a decommissioning project with a North Sea operator.  Located on the city’s Queens Road and with a growing staff base of over 60 employees, GDI provide efficient technology and safety driven solutions to their clients. Their philosophy is to leverage technolo...

Subsea UK to postpone Subsea Expo in light of current COVID restrictions

Subsea UK to postpone Subsea Expo in light of current COVID restrictions   The world’s largest underwater engineering event - Subsea Expo - which was shaping up to be the sector’s first post-pandemic, large scale physical event, is to be postponed due to the current coronavirus-imposed restrictions. Organisers, Subsea UK, announced today that the three-day conference and exhibition, along with the annual Subsea Awards dinner, will now take place on 25-27 May 2021. Ne...

Offshore oil and gas leaks up by almost a quarter

Offshore oil and gas leaks up by almost a quarter   The number of oil and gas leaks in the North Sea increased by almost a quarter last year, a report has said. Figures from industry body Oil and Gas UK (OGUK) showed hydrocarbon releases - mainly gas - rose from 101 in 2018 to 125. However, the number of releases classed as major actually fell from six to three. It comes after the sector was warned about the number of releases by the Health and Safety Executive (HSE). Last...

OGUK reveals J+S Subsea as 2020 finalists for annual awards following challenging year for industry

OGUK reveals J+S Subsea as 2020 finalists for annual awards following challenging year for industry    The shortlist for this year’s prestigious OGUK Awards has just been revealed and J+S Subsea have been selected as finalists in the Excellence in Decommissioning category. The annual awards ceremony celebrates the brightest and best talent from across the country’s offshore oil and gas industry and finalists represent the hard work, innov...

OGV Energy's Middle East Energy Review – November 2020

OGV Energy's Middle East Energy Review – November 2020   OPEC warned of a fragile economic growth recovery in the near term and pledged to be proactive in ensuring oil market stability, while countries and companies in the Middle East announced new contracts, project start-ups, and investments in oil and gas—these were the highlights of Middle East’s oil and gas scene over the past few weeks.     Global Recovery from COVID-19 is Fragile ...

Film-Ocean drives forward its inspection and asset integrity strategy with the appointment of an Inspection Manager

Film-Ocean drives forward its inspection and asset integrity strategy with the appointment of an Inspection Manager   Film-Ocean Ltd, a leading ROV specialist company, continues with its delivery of providing excellent inspection and integrity support to its clients with the appointment of George Gair as Inspection Manager. George Gair joined the business in early September and since starting has already met with many key clients to gain an insight about their inspection needs and...

40,000 Jobs over 30 years in the North Sea Revolution

40,000 Jobs over 30 years in the North Sea Revolution   The future of the North Sea is worth 40,000 more jobs and £20bn to the UK economy by 2050 - through a clean energy revolution A leading think tank report suggests that the net rise in jobs would come through diversifying to renewables and takes into account a long-term decline in the North Sea's oil and gas industry. The think tank Policy Exchange says that the government must put the North Sea at the heart of its...

Expansion plans for AFS Technologies

Expansion plans for AFS Technologies   Aberdeen headquartered energy services firm AFS Technologies has recently acquired the assets of Gastech to expand into Mechanical Joint Integrity training. As part of their expansion plan AFS Technologies now run Mechanical Joint Integrity (MJI) training services to expand on their current ECITB approved training portfolio of Small Bore Tubing (SBT), Process Operations and Instrumentation & Control. Luke Gascoigne, former owner of Gast...

OGV Energy daily updates

OGV Energy daily updates   Oil & Gas Daily Flow Non-Independent Research; Marketing & Sales Commentary - MiFID II exempt information – see disclaimer below Click for PDF   Market Update: Tuesday 3 November 2020  Bahamas Petroleum (LON:BPC): Comprehensive trading update Premier Oil (LON:PMO): Chrysaor merger receives required creditor support Trinity Exploration & Production (AIM:TRIN): Acquisition of seismic and well log...
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