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Gas Developments News

19 Jun 2023

Inside the “Hot Demand” for Subsea Construction Vessels

© Arild / Adobe Stock

A rising tide lifts all boats, as the saying goes, and while the offshore industry is currently experiencing a wide-ranging surge, there are vessel types and specific market segments that are expected to benefit more than others.One such segment is the offshore construction vessel (OCV) types, which to an increasing degree have found themselves in hot demand from both oil and gas developments as well as offshore wind activities.While vessel definitions and abbreviations in this space can vary…

13 Mar 2023

Biden Administration to Designate 2.8 Million Acres in Arctic Ocean off-limits for Oil and Gas Leasing

©DOI

The U.S. Department of the Interior said Monday that President Biden would take action to designate about 2.8 million acres in the Arctic Ocean nearshore the National Petroleum Reserve-Alaska (NPR-A) as indefinitely off-limits for future oil and gas leasing. This action will complete protections for the entire Beaufort Sea Planning Area, building upon President Obama’s 2016 withdrawal under the Outer Continental Shelf Lands Act to protect the Chukchi Sea Planning Area and the majority of the Beaufort Sea…

21 Oct 2020

Huisman to Deliver Giant Skyhook Crane to Norway

Credit: Huisman

Dutch crane specialist Huisman has signed a letter of intent with Norway-based Wergeland and PSW for the delivery of its Skyhook quayside crane at the Gulen Industrial Harbour, Norway.The crane - dubbed the largest Slewing Jib Quayside Crane in the world - will be deployed at the Gulen Industrial Harbour, the base of Wergeland and near PSW Group in Mongstad, providing the additional potential for both decommissioning works as well as for outfitting the next generation deepwater semi-submersibles in the port’s 100 meters wide dock.

02 Jul 2020

Grant Awards Target Safer Shipbreaking

© saintmichel85 / Adobe Stock

Engineering X – an international collaboration founded by the Royal Academy of Engineering and Lloyd’s Register Foundation – has awarded nearly £1 million ($1.2 million) in grants to six projects in the U.K. and overseas aimed at tackling the complex social, environmental and engineering challenges of decommissioning ships and offshore structures.From training to improve worker safety in ship recycling facilities in Bangladesh, to assessing the risks of structural failure of decommissioned offshore structures…

21 Apr 2020

Two U.S. Warships in South China Sea Amid China-Malaysia Standoff

Two U.S. warships are operating in the South China Sea, the Navy said on Tuesday, with three regional security sources saying they were near an area of a standoff between China and Malaysia.The Haiyang Dizhi 8, a Chinese government research ship, was spotted last week conducting a survey close to an exploration vessel operated by Malaysia’s state oil company Petronas, months after it undertook a similar patrol off Vietnam.The incident prompted the United States to call on China to stop its “bullying behavior” in the disputed waters, citing concern over Beijing's provocative actions towards offshore oil and gas developments there.The U.S.

20 Apr 2020

U.S. Tells China to Stop 'Bullying Behavior' in South China Sea

The United States called on China on Saturday to stop "bullying behavior" in the South China Sea and said it was concerned by reports of Beijing's "provocative actions" aimed at offshore oil and gas developments in the disputed waters.Three regional security sources told Reuters on Friday that a Chinese government survey ship was tagging an exploration vessel operated by Malaysia's state oil company Petronas in those waters.The vessel Haiyang Dizhi 8 was earlier this week spotted off Vietnam, where it had last year conducted suspected oil exploration surveys in large expanses of Vietnam's exclusive economic zone."The United States is concerned by reports of China's repeated provocative actions aimed at the offshore oil and gas development of other claimant states," the U.S.

24 Sep 2019

Equinor to be ‘Offshore Wind Major’

The multi-billion capital investment by Equinor at its new Dogger Bank Offshore Wind Farm will see it rival its major oil and gas projects, according to Rystad Energy."The offshore wind project Dogger Bank in the UK North Sea will not only be Equinor’s largest project through 2026, it will also rank as the sixth largest offshore development project in the world during this period," said the energy research firm.UK authorities announced on Friday that Equinor and joint venture partner SSE have been chosen to develop the world’s largest offshore wind farm, Dogger Bank, with an expected $11 billion in capital investments from 2020-2026.Audun Martinsen…

07 May 2019

DNVGL: New Mooring Line Solution for Offshore Ops

DNV GL has developed a solution that is designed to reduce the risk of offshore floating vessel mooring line failure going undetected by replacing physical sensors with a machine learning algorithm that accurately predicts line failure in real time.The Norwegean company's Smart Mooring solution addresses growing industry concern about the high frequency of mooring line failure, and a vessel’s subsequent loss of station. Over the past two decades, more than 20 incidents have been reported globally involving failure of permanent mooring systems on floating structures.In the most severe cases, vessels have drifted and risers have ruptured…

25 Apr 2019

Gas Production Set to Triple in Iraq

Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position," said a statement from the energy research and business intelligence company.New developments are on track to triple the country’s gas production from just over 1 Bcfd in 2017 to about 3 Bcfd in 2022, according to Rystad Energy.It forecasts that gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, flying in the face of historical norms for the upstream industry in the country.“Rystad Energy sees gas as the clear frontrunner in the region over the next four years…

06 Mar 2019

Oman: Gas Production to Surpass Oil by 2023

Oman’s gas production levels are set to surpass oil by 2023 thanks to an impressive surge in the development of gas fields in the sultanate, according to Rystad Energy, the independent energy research and consulting firm headquartered in Norway.“Gas is on the rise in the Arab country on the southeastern coast of the Arabian Peninsula in Western Asia, and this transition is very timely. Oil output declines over the last two years may indicate a point of no return for Omani oil, but the country’s sliding oil production is set to be replaced by gas,” said Rystad Energy analyst Aditya Saraswat.At peak production in 2016, Oman’s oil output reached 900…

26 Nov 2018

UK Ambassador Visits Energean's Offshore Facilities

United Kingdom Ambassador to Greece Ms. Katherine Smith visited Energean offshore drilling facilities at Prinos.The Delegation of the British Embassy toured by boat the Prinos Oil Field Platforms and “Energean Force”, the Energean owned drilling rig, which is currently drilling an extended reach well into the Epsilon Oil Field. The Delegation circumnavigated the jack-up rig “GSP Jupiter”, which is currently drilling the first of the three vertical development wells in the Epsilon Oil Field.After concluding her visit to Prinos, British Ambassador Katherine Smith stated: “I would like to thank Energean team for the opportunity of the visit; exciting and informative.

24 Oct 2018

Oil and Gas Demand to Peak in 2023 and 2034: DNV GL

The oil and gas demand will peak in 2023 and 2034, respectively, according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050However, new oil fields will be needed until at least the 2040s, while new gas developments will be required beyond 2050. DNV GL’s Outlook predicts that operators will favour production from a greater number of smaller reservoirs with shorter lifespans, lower break-even costs and reduced social impact compared to those currently in operation.“Most easy-to-produce, ‘elephant’ oil and gas fields have been found and are already in production. Smaller reservoirs will likely be harder to explore and develop commercially.

09 Sep 2018

Global Oil Demand to Peak in 2023

While DNV GL’s model predicts global oil demand to peak in 2023, demand for gas will continue to rise until 2034. New resources will be required long after these dates to continue replacing depleting reserves. DNV GL’s 2018  Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050, predicts global upstream gas capital expenditure to grow from USD960 billion (bn) in 2015, to a peak of USD1.13 trillion in 2025. Upstream gas operating expenditure is set to rise from USD448 bn in 2015 to USD582 bn in 2035, when operational spending will be at its highest.“The energy transition will be made up of many sub-transitions. Our Outlook affirms that the switch in demand from oil to gas has already begun.

10 Mar 2017

Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys

Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases, which were disclosed in its annual report, and the company declined to comment further. But oil trading sources say Iranian oil is often too expensive and in any case remaining sanctions make dealing with the Islamic Republic a legal minefield. As an example of sanctions-related difficulties, Shell's filings showed it had to disclose payments of only a few hundred dollars when its employees bought tickets with Iranian airlines.

30 Dec 2016

FMC and Technip to Complete Merger in January

USA subsea equipment firm FMC Technologies and French engineering company Technip have jointly announced that they expect their merger to be formally complete by January 16. Houston-based FMC and Paris-based Technip will form a new entity called TechnipFMC. Their planned amalgamation was first announced in May. The parties also announced the filing of a Delaware certificate of merger pursuant to which FMC Technologies and a subsidiary of TechnipFMC will merge effective immediately after the merger between Technip and TechnipFMC on January 16, 2017, which will complete the business combination between FMC Technologies and Technip. Trading of the TechnipFMC shares is expected to begin on January 17, 2017, on Euronext Paris at 9:00 a.m. (Paris time) and on the NYSE at 9:30 a.m.

06 Jul 2016

BP Awards Bibby Combined Diving Campaign

Bibby Offshore, a subsea services provider to the oil and gas industry, says it has secured a 15-day project with BP, due to commence in August 2016. The contract will see diving support vessel Bibby Topaz, working on four BP operations across three of its North Sea assets. The platforms involved include Central North Sea-based asset Bruce, east of Shetland-based Magnus, and the Mirren field, which is part of the Eastern Trough Area Project (ETAP), one of the largest and most complex North Sea oil and gas developments of the past 20 years. The project, managed by the Bibby Offshore team, involves the supply of air and saturation diving support to perform operations including spool and flowline disconnection…

13 Aug 2015

Harding to Supply Lifeboats for Johan Sverdrup

Photo courtesy of Harding

Statoil has awarded Harding a contract for delivery of the nine free-fall lifeboats needed for the first phase of the Johan Sverdrup North Sea development. The contract comprises nine FF1200- lifeboats, with nine corresponding LA 1200 SU davits, and constitutes a relatively large order on Harding's scale. The nine lifesaving systems will be delivered during 2017, and will then be installed on the living quarters platform for Johan Sverdrup. Both the lifeboats and the davit system have been developed by Harding in Norway.

29 Jul 2015

Next Wave of FLNG Projects on the Horizon

There will be significant growth in both investment and activity in the FLNG market over the next seven years, with Douglas-Westwood (DW) forecasting total expenditure of $58.3 billion in its new market report. Sixty-one percent of this spend is attributed to liquefaction infrastructure, with the remainder from import and regasification facilities. Report author, Ben Wilby, commented, “The industry is about to see the installation of the first floating liquefaction projects. The application of LNG technology offshore has been proposed and studied within the industry for more than 30 years so there is intense industry interest in the first applications. The success of these first pioneering projects will no doubt impact future commitments by operators to FLNG developments.

14 Feb 2015

Aker Solutions Post 4Q 2014 Results

*EBIT margin ex. Aker Solutions revenue rose 21 percent to NOK 9.2 billion in the fourth quarter of 2014 from a year earlier, helped by strong progress on major projects across the global business. Earnings before interest and taxes (EBIT) climbed to NOK 557 million in the quarter from NOK 486 million a year earlier. The EBIT margin narrowed to 6.1 percent from 6.4 percent amid a slowdown in the Norwegian maintenance, modifications and operations (MMO) market and as some major subsea projects are still in a start-up phase. This was partly offset by strong project execution at the U.S. umbilicals plant, improved capacity utilization in the engineering area and reduced overhead costs in MMO. The EBIT margin, excluding one-off items, was 6.8 percent.

29 Apr 2015

Aker Solutions 1Q 2015 Revenue Up

Aker Solutions announced their Financial Results for the first quarter of the current calendar year. * EBIT margin ex. Aker Solutions' revenue rose 14 percent to NOK 8.5 billion in the first quarter of 2015 from a year earlier, boosted by progress on major projects from Angola to Brazil and Norway. Earnings before interest and taxes (EBIT) fell 22 percent to NOK 409 million in the quarter from a year earlier. The EBIT margin in the same period narrowed to 4.8 percent from 7 percent. Earnings were impacted by costs of overcapacity in the maintenance, modifications and operations (MMO) workforce, a NOK 52 million provision to cover lease costs for vacated office space and a NOK 26 million write-off on some subsea technology.

15 Aug 2014

Kvaerner & KBR Ally on Offshore Rig Topside Bids

Kvaerner ASA says it is to establish a joint venture with KBR Inc. to bid competitively on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore platforms with KBR's competence as a leading international offshore oil and gas contractor. The Johan Sverdrup field is one of Norway's largest offshore oil and gas fields, and it is expected that the first development phase will include four offshore platforms for a new field center. "KBR sees Kvaerner as one of this industry's most experienced EPC contractor, particularly for demanding projects in Norway, including the Johan Sverdrup field," said Stuart Bradie, KBR President and Chief Executive Officer.

15 Aug 2014

Kvaerner, KBR Partner for Johan Sverdrup Contracts

Kvaerner and KBR, Inc. will establish a joint venture to competitively bid on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway, the companies announced. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore platforms with KBR's competence as an international offshore oil and gas contractor. "KBR sees Kvaerner as one of this industry's most experienced EPC contractor, particularly for demanding projects in Norway, including the Johan Sverdrup field," said Stuart Bradie, KBR President and Chief Executive Officer. The Johan Sverdrup field is one of Norway's largest offshore oil and gas fields, and it is expected that the first development phase will include four offshore platforms for a new field center.

08 Oct 2014

Cost Blowouts on Norway's New Oil Developments

Goliat FPSO, Photo courtesy of Eni

Several key oil and gas developments in Norway will cost much more than earlier expected and fields with approved development plans are now seen 10 percent more expensive than originally planned, the oil and energy ministry said on Wednesday. Costs in Norway's offshore oil sector, already one of the most expensive in the world, have soared in recent years, weighing on the budget which provides generous tax breaks during the development phase. The government has already said it would reduce tax breaks for new developments and the oil ministry launched an investigation into why costs soar.