Multinational Oil News

Norwegian offshore service and supply ship shipping company Solstad Offshore announce it has secured a new contract for one of its construction support vessels (CSV) with Petrobras offshore Brazil. Financial details of the deal were not disclosed. The 2002-built CSV Normand Flower will be contracted with the state-owned Brazilian multinational oil and as company from April 2022 for a period of three years firm, with 475 days options thereafter, Solstad Offshore said.Normand Flower will sail under REB Flag…

Indonesia offshore vessel operator Wintermar has secured five-year contracts for two of its offshore support vessels with an unnamed multinational oil and gas firm in Indonesia.Under the contracts, the two Anchor Handling Tug Supply vessels will support production at an oil field off the northern coast of East Java.The vessels will support an FPSO unit in a producing field. The total contract value is $22 Million. As at May 24, Wintermar's contract backlog stood at $76.7 million. Sugiman Layanto, Managing Director of PT Wintermar Offshore Marine Tbk said:"This long-term contract underlines the Indonesian government commitment to invest heavily to raise the country's output of oil and gas after some years of decline.

SBM Offshore forecast that 2021 core earnings will be slightly below market expectations, the multinational oil firm said on Thursday, noting 2020 challenges will spill into 2021 as many of its clients had to cut budgets.The Dutch company, which supplies floating oil and gas production vessels, forecasts earnings before interest, tax, depreciation, and amortization (EBITDA) of around $900 million in 2021, missing a company-provided consensus for an EBITDA of $926 million."COVID-19 affected our clients and the wider energy market and impacted our operations and projects…

Spanish multinational oil and gas company Compañía Española de Petróleos (Cepsa) has renewed its agreement with ExxonMobil for the manufacture, distribution and supply of Mobil-brand marine lubricants in more than 130 ports in Spain, Portugal and Gibraltar.Cepsa produces MobilGard lubricants at its plant in San Roque (Cadiz). The company serves as an official distributor in the Iberian market for a variety of marine vessels, including ocean-going vessels, coastal navigation vessels, merchant ships, fishing and recreational vessels.Cepsa sells more than 90 products within the Mobil lubricants range and supplies nearly a thousand marine vessels annually.ExxonMobil’s marine lubricants offer a complete range of high-quality products that help protect engines and equipment…

The multinational oil and natural gas service company Weatherford International announced it has signed an $80 million liner-hanger frame agreement with Norwegian oil and gas company Equinor.The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford, said the Irish-domiciled company.Mark Hopmann, President of Completions for Weatherford said, “Weatherford is the market leader for liner-hanger technology across the North Sea. Guided by a principle of flawless execution, we deploy our liner hangers for reduced operating expenses and superior performance reliability.”Originally developed for the North Sea, Weatherford liner-hanger systems offer durability in routine and quality-critical applications throughout the world.

Neptune Energy East Sepinggan, subsidiary of the European exploration and production company Neptune Energy has agreed to acquire interests from the Eni East Sepinggan Limited, a unit of Eni in the Kutei basin production sharing contracts (PSC) offshore Indonesia.According to a press release from the Italian multinational oil and gas company, it  will continue to be the Operator of the area which is located in the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes Merakes development and Merakes East discovery. The agreement is subject to the necessary authorizations from Indonesia’s authorities.The release pointed out that Eni and Neptune Energy are already partners in the Muara Bakau area…

Italian multinational oil and gas company Eni announced that it had signed agreements with Algerian state-owned Sonatrach to extend its gas supply pact.The agreement covers almost 15% of the gas imported into Italy. The agreement extends the 40-year partnership until 2027, with the option of extending an additional two years to 2029.These agreements follow in the steps of a partnership on gas supply and transportation that was established more than 40 years ago, encompassing major pipeline projects and many decades of successful supply to Italy.Eni's Ceo, Claudio Descalzi, commented: "I am particularly pleased with the renewal of the gas supply contract and the level of the strategic partnership with Sonatrach which spans from the exploration and production sector…

Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a "prepackaged" Chapter 11 bankruptcy - after more than four years without making a profit.Weatherford expects to implement the Restructuring Agreement through a "pre-packaged" Chapter 11 process and expects to file U.S. chapter 11 and Irish examinership proceedings. As part of this process, Weatherford intends to continue engaging in discussions with, and begin soliciting votes from, its creditors in connection with a proposed Plan of Reorganization prior…

British multinational oil and gas company BP, Nouryon (formerly AkzoNobel Specialty Chemicals), and the Port of Rotterdam have joined forces to explore the opportunity of making “green hydrogen” via water electrolysis for BP’s refinery in Rotterdam, the Netherlands, which has the potential for significant reductions in CO2 emissions.The refinery currently uses hydrogen made from hydrocarbons, to desulphurize products. Replacing this entirely with green hydrogen produced from water using renewable energy could potentially result in a reduction of 350,000 tonnes of CO2 emissions per year based on current circumstances.The parties have signed a memorandum of understanding to study the feasibility of a 250-megawatt water electrolysis facility to produce up to 45…

Italian multinational oil and gas company Eni has activated the Inertial Sea Wave Energy Converter (ISWEC), offshore Ravenna, capable of converting energy generated by waves into electricity, which will in the future enable Eni to convert mature offshore platforms into renewable energy generation hubs.The pilot plant was installed at the Ravenna offshore site by Eni’s Central Northern District and has been integrated into a hybrid smart grid system featuring photovoltaics and energy storage.It reached a peak power output of over 51 kW, or 103% of its nominal power. This technology is suitable for powering medium and large offshore assets and…

Italian multinational oil and gas company Eni and Saudi Arabian chemical giant SABIC have signed a Joint Development Agreement to further develop an innovative technology for natural gas conversion into synthesis gas that can be further transformed into high value fuels and chemicals, such as methanol.The partnership is set to involve the construction of an Industrial Demonstration Plant that will be built and operated inside an Eni industrial premise.The development project will advance the technology, which is based on the Short Contact Time Catalytic Partial Oxidation (SCT-CPO) of natural gas, to further sustain the Eni and SABIC…

British multinational oil and gas company BP and Italian oil and gas giant ENI have signed a heads of agreement with the Ministry of Oil & Gas of Oman to explore Block 77 in central Oman.In addition, Eni has signed with the Ministry of Oil & Gas and with BP a Head of Agreement (HoA) that sets up the principles for the acquisition of the Exploration and Production rights of Block 77 onshore.Block 77, with a total area of almost 3,100 km2, is located in central Oman, 30 km east of the BP-operated Block 61 which contains the already-producing Khazzan gas project as well as the Ghazeer project, currently under development.Under the HoA,…

Energy giant BP has taken its first oil from the Clair Ridge mega-project in the U.K. North Sea in a “major milestone” that is the culmination of many years of work.Clair Ridge, the second phase of the development of the Clair Field, 75 kilometers west of Shetland, is one of the biggest developments in the history of the basin, requiring huge investments in new platforms and pipelines in harsh waters west of Shetland.Clair Ridge is BP’s sixth major project start-up in 2018 following seven last year, which are expected to increase the company’s production by 900K boe/day by 2021. It has an estimated seven billion barrels of hydrocarbons.According to a press release from the British multinational oil and gas company…

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…

A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said.The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons.Under the restrictions, Pyongyang is limited to importing 4 million barrels of crude and 500,000 barrels…

CFD simulations of offshore oil and gas platforms are used to predict the maximum wind loads acting on the structure of the platform topsides (the upper half of the platform, above sea level and outside the splash zone, including the oil production plant, the accommodation block and any drilling equipment). The wind loads are used as waves and current loads to design the mooring of the structure, and can be significant in specific ocean areas. Because platform topside geometries were traditionally considered too complex to mesh in high detail…

Lifting and marine product specialist Rigmarine said it has recently supplied a bespoke winch system for a multinational oil and gas company, a key customer in the Caspian Sea region. The riser pull-in system comprises 38t and 12t winches, in addition to key components such as hydraulic power units, tensiometers and multiple sheave assemblies. The winches will be used intermittently over a five-year period for riser and cable pull-in activities. They will be fixed onto an offshore platform upon delivery but can be relocated in line with the requirements of the project.

Eni USA R&M subsidiary of Eni S.p.A. (seventh largest integrated  multinational oil and gas company headquartered in Italy present in 90 countries) plans to go beyond its historical business area of Quebec, Ontario, eastern Pennsylvania, New Jersey and New York boroughs where it has sold its high quality lubricants since 1987. In the last two years, Eni USA R&M changed its business model by selling its products mostly through distributors instead of direct selling to its customers.

O3b Networks announced that the company has signed a multi-year, multi-million dollar deal with Netcom Africa, a provider of satellite and wireless broadband solutions to provide low latency, high capacity broadband connectivity to ships and offshore platforms in Nigeria utilizing O3bs Medium Earth Orbit technology. Nigeria is one of the world’s largest oil producing nations with most multinational oil and gas corporations operating in the region. Despite the availability of multiple submarine cable networks on the coast of the country, service providers have struggled to meet the unique needs of the oil and gas sector. The bandwidth will be delivered over the city of Lagos, the Niger Delta region as well as the offshore oil rigs that comprise approximately 50 platforms.

Brazil's state oil giant Petrobras said on Thursday that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent. Petrobras said the discoveries in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels. The finds were made in four mature fields where production was thought to be declining. "In these basins, with infrastructure already installed and paid off, the costs are low and the deposits are quickly developed," Petrobras said in a statement. The finds were made in one offshore block in the Sergipe-Alagoas basin and three onshore blocks in the Espirito Santos, Reconcavo Baiano and Potiguar basins.

Germanischer Lloyd held its first-ever “GL Tanker Forum” on March 1, 2004. The meeting was convened at the classification society’s head office in Hamburg and featured presentations by GL experts on a range of topical tanker industry issues to some 20 invited representatives of tanker shipping companies and shipyards. The event was the latest in an ongoing series of “Forum” meetings organized by GL. An open discussion session with attending industry representatives once again proved to be a valuable part of the proceedings. Papers presented by the GL experts covered “Permanent Means of Access”, “Legal Aspects of Anti-Fouling Systems (TBT-free Systems)” and “CAP Condition Assessment Program for Tankers”.

Two recent shipping incidents in BC Canada waters have heightened the fears of the Gitga’at First Nation facing the prospect of the world’s largest oil-tankers passing right past their village of Hartley Bay. Enbridge has teamed up with other multinational oil giants to build the Northern Gateway Pipeline to carry oil from Alberta’s tar sands to a port in Kitimat where it would be loaded onto tankers roughly double the size of the infamous Exxon Valdez. The shipping lanes proposed by Enbridge plunge straight through the heart of the Great Bear Rainforest and prime whale habitat. In the first incident, a cruise ship docked in Vancouver with a dead Fin whale impaled on its bow. This second largest animal on Earth, is especially vulnerable to being struck by ships.

PT Wintermar Offshore Marine Tbk (WINS) joins with PACC Offshore Services Holdings Ltd (POSH) for Indonesian oil and gas joint venture. The joint venture will own and operate two units of Indonesian flagged 100+ tons bollard pull AHTS, “WINPOSH Rampart” and “WINPOSH Resolve”, both of which have been awarded contracts to support drilling activities for a multinational oil and gas company for up to two and half years. This joint venture will consolidate WINS' market share as one of the leaders in the offshore support services industry in Indonesia…