Gazprom Neft, Mubadala Sign Tech Pact
Gazprom Neft, is the third largest oil producer in Russia, and Mubadala Petroleum (Abu Dhabi, UAE) have entered into a memorandum of understanding in the field of technological cooperation.The partners agreed to work together to create new technologies that include the development of innovative solutions in oil production and digitization of production processes.Gazprom Neft and Mubadala Petroleum are partners in the Gazpromneft-Vostok joint venture, which manages the development of 12 fields in the Tomsk and Omsk regions of Western Siberia. This joint venture is also involved in implementing a technological project — the “Paleozoic…
Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession
Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company with 15 percent interest.The transactions were approved during a ceremony in Sharm El Sheik by the Egyptian Government represented by the Egyptian Petroleum Minister, Eng. Tarek El Molla.
Cepsa Appoints Musabbeh Al Kaabi as Chairman
Spanish multinational oil and gas company Cepsa announced that Musabbeh Al Kaabi was named as Chairman in succession to Suhail Al Mazrouei at a meeting of the Board of Cepsa.This follows the appointment by Mubadala, as sole shareholder, of Saeed Al Mazrouei, Ahmed Saeed Al Calily and Bakheet Al Katheeri as members of the Board for a statutory period of four years.The three new board members, all senior executives of the Mubadala group, have distinguished backgrounds and broad experience and knowledge of the energy sector.Musabbeh Al Kaabi, Alyazia Al Kuwaiti and Ángel Corcóstegui were re-elected for a period of four years, while Pedro Miró will continue in his position as board member…
Asian Oil, Gas Producers Stepping up Activity after Long Lull
Asia's oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis. Spending has so far been driven mainly by state oil companies such as India's ONGC, Thailand's PTTEP and PetroVietnam, which need to produce more oil and gas to ensure their countries' energy security, executives said this week during an industry event in Kuala Lumpur, Malaysia. Asia is by far the biggest, fastest-growing consumer of oil, yet its output is falling faster than in any other region.
Abu Dhabi Puts Fujairah LNG Terminal On Hold
Citing sources familiar with the matter, Bloomberg reports that Abu Dhabi is delaying the construction of the UAE’s first land-based LNG import terminal after contracting a floating liquefied natural gas unit. The Abu Dhabi National Oil Company has secured the services of an FSRU due to commence operations later in the year. The vessel will reportedly be based at Ruwais, to the west of Abu Dhabi, where there is an oil refinery and crude-loading port. The EmiratesLNG partnership was unavailable for immediate comment. The Fujairah LNG plant was scheduled for completion in 2018. The company is also going over options additional options for the onshore facility in the port of Fujairah.
Songa Offshore: Fleet Disposition Update
Songa Dee achieved an operational efficiency of 100% and an earnings efficiency of 99% during the month working for Statoil in Norway. Songa Delta achieved an operational efficiency of 100% and an earnings efficiency of 100% working for Statoil in Norway. Songa Trym achieved an operational efficiency of 95% and an earnings efficiency of 94% during the month working for Statoil in Norway. The rig has been on rig move between two locations and the down time is related to in-between well maintenance prior to deployment of the BOP. Songa Venus achieved an operational efficiency of 100% and an earnings efficiency of 96% in the period 1 to 6 May 2014, working for Mubadala Petroleum in Malaysia.
Offshore Thailand Drilling Contract for 'Atwood Orca'
An Atwood Oceanics subsidiary awarded drilling services contract by Mubadala Petroleum. The Atwood Orca, currently under construction at PPL Shipyard in Singapore, will have a rated water depth of 400 feet, 1.5 million pound hook load capacity, accommodation for 150 personnel and significant offline handling capabilities. The agreement is for a firm duration of two years. The Atwood Orca is expected to be delivered from the PPL shipyard in early May 2013, ahead of its scheduled June delivery after which it will mobilize for a period of approximately ten days to its first location offshore Thailand. This contract adds $116 million in revenue backlog, bringing Atwood's total revenue backlog to approximately $2.6 billion as of January 22, 2013. Atwood Oceanics, Inc.
