Produce Oil News

COP28 has concluded with agreement on a text named The UAE Consensus that aims to set out a climate agenda to keep 1.5°C within reach. The UAE Consensus calls on parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions, includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.The UAE Consensus followed a year of inclusive diplomatic engagements and two weeks of intense negotiations.

Amogy, developer of emission-free ammonia power solutions, on Tuesday announced it will open a new manufacturing facility in the energy and maritime hub city Houston.The Brooklyn-headquartered company said it will invest more than $40 million to renovate a 53,000-square-foot manufacturing facility that was formerly used to produce oil and gas equipment. The site is located within four acres of space that Amogy leases.Set to be operational in early 2024, the facility will be used for the assembly manufacturing of Amogy’s “powerpack” clean energy solution…

Dutch FPSO specialist SBM Offshore on Tuesday announced the arrival of the FPSO Prosperity at the Stabroek Block offshore Guyana.The FPSO traveled just over 11,000 nautical miles – or just over 20,000 kilometers - from Singapore to Guyana in just under 50 days.On track for first oil later this year, Prosperity becomes Guyana’s third FPSO, joining two other SBM Offshore-delivered FPSOs, the Liza Destiny and Liza Unity.The FPSO will be spread moored in water depth of about 1,900 meters and is designed to produce 220…

Singapore's Keppel Offshore & Marine said Wednesday it was on track to deliver a "mega" floating production, storage, and offloading vessel (FPSO) to SBM Offshore in the first quarter of 2023. This is the third FPSO that Keppel Shipyard is delivering to SBM Offshore and will be chartered to the consortium of ExxonMobil, CNOOC, and Hess, to operate in the Stabroek Block, offshore Guyana. The vessel was named Prosperity FPSO by Guest of Honour,  Arya Ali, the First Lady of the Co-operative Republic of Guyana at a ceremony held Wednesday at Keppel Shipyard.

Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects, including some in the remote iceberg waters far off Canada's Atlantic coast.Surging oil prices are encouraging the investments, along with Europe's mounting energy demand as the Ukraine-Russia war drags on. Offshore production sites are more expensive to build than onshore shale, the last decade's investment darling. But once they are up and running…

FPSO specialist SBM Offshore has shared a video showing the lifting and installation of the first topside module batch for the Prosperity FPSO at the Keppel O&M yard in Singapore. The hull of the FPSO Prosperity, which will be Guyana's third offshore production unit after the Liza Destiny and Liza Unity, has recently left the dry dock in preparation for topside installation works, which have now started.The Prosperity FPSO hull arrived in Singapore last year from China where it was built.

The hull of the FPSO Prosperity, which will be Guyana's third offshore production unit after the Liza Destiny and Liza Unity, has recently left the dry dock in Singapore, in preparation for topside installation works.The hull arrived in Singapore last year from China where it was built. In Singapore, Keppel will install the topside modules and all other major structures, after which the vessel will set sail for Guyana, to be deployed at ExxonMobil's giant Stabroek Block.When the hull arrived in Singapore in August 2021…

Oil and gas major ExxonMobil on Wednesday announced two new oil discoveries offshore Guyana, at Fangtooth and Lau Lau wells, adding to previous recoverable resource estimate of 10 billion oil-equivalent barrels.The Fangtooth-1 well, drilled with the Stena DrillMAX drillship, encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. The Lau Lau-1 well, drilled by the Noble Don Taylor drillship, hit around 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs.

This article will focus on U.S. sanctions on Russia/Ukraine. The Russia/Ukraine sanctions program is a complex mix of comprehensive, noncomprehensive and “sectoral” sanctions. It includes both primary sanctions aimed at U.S. persons and secondary sanctions aimed at non-U.S. persons. It encompasses broad sectors of the Russian economy and significant dealings with sanctioned individuals and entities, while generally permitting most transactions with Russia. Accordingly, it stands alone in U.S.

Delivery of the FPSO destined for Equinor's Johan Castberg field in the Barents Sea is expected to be delayed after the company found issues with the weld quality and fatigue calculations program.The FPSO hull was ordered by Equinor (then known as Statoil) back in 2017 from Singapore's Sembcorp Marine and it was at the time said that the construction of the hull was "the most time-critical delivery for the completion of the Johan Castberg project," first production from which…

Germany’s largest universal port is again on a growth path, achieving a distinct advance in the first quarter of 2019 with seaborne cargo throughput ahead by 6.0 percent at 34.6 million tons.Both general cargo throughput at 23.9 million tons - up 5.4 percent- and bulk cargo throughput at 10.7 million tons - up 7.5 percent – rose substantially in the first three months.The gratifying 6.4 percent increase in container handling to 2.3 million TEU is primarily attributable to four liner services new to Hamburg and linking the Hanseatic City with ports in the USA, Canada and Mexico.A total 121,000 TEU for container transport with the USA represented an almost fourfold jump, catapulting the USA into second place among Hamburg’s top trading partners on container traffic.

Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business.

Teekay Offshore Partners L.P. announced that its jointly owned floating production storage and offloading (FPSO) unit, the FPSO Pioneiro de Libra (Libra), has achieved first oil and commenced its 12-year charter contract with a group of international oil companies, including Petrobras, Total, Shell, CNPC and CNOOC Limited, on the Libra oil field where it will perform early well tests. The Libra FPSO unit is the first unit to produce oil on the giant Libra block, which covers more than 1,500 square kilometers in the Santos Basin.

Teekay informs that the FPSO Pioneiro de Libra arrived May 17 in Brazilian territorial waters. The FPSO unit, owned through a 50/50 joint venture between Odebrecht Oil & Gas and Teekay Offshore, will be the first to produce oil in the Libra Block which covers more than 1,500 square kilometers in the Santos Basin and has estimated reserves of 8-12 billion barrels of recoverable oil. The first oil is scheduled for July. The unit can operate at water depths of up to 2,400 meters…

THE top three international employers and training providers shortlisted to compete to be crowned winners at the annual OPITO Safety and Competency Awards in Kuala Lumpur have been announced today (28th September, 2016). Shell Nigeria, Oil Spill Response Limited (OSRL) and McDermott are shortlisted in the Employer of the Year category, while PT Sampson Tiara, Wild Geese and Grupo Stier have been named in the OPITO approved Training Provider of the Year section. The winning companies in each category will be unveiled during the 2016 OPITO Safety & Competency Conference (OSCC), in partnership with PETRONAS, at The Royale Chulan, Kuala Lumpur, Malaysia, on Wednesday 16th November.

Former BP PLC Chief Executive John Browne said fellow FTSE 100 giant Royal Dutch Shell PLC is risking its long term reputation and finances by deciding to drill n the Arctic, the BBC reported. Both Browne and Shell Chief Executive Ben van Beurden gave interviews to BBC for a Radio 4 documentary concerning climate change, where Browne said Shell should not be prioritising the Arctic as an area for exploration for a variety of reasons, especially in the current downturn. "I'm not chairman of Shell. But I think [Arctic drilling] is very expensive and I would always go for hydrocarbons which have less cost and effort involved. Some companies will genuinely believe - they may be right - that they can produce oil safely and environmentally securely in extraordinary conditions" said Browne.

Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore. Statoil has received certain authorisations from the Norwegian authorities to continue its participation in the projects described above, RIA Novosti reports. Last year, Norway upheld economic sanctions that the European Union and the United States imposed on the Russian energy sector.

Floating production has been one of the most significant achievements in the upstream oil and gas industry over the past four decades. There are two basic types of floating production systems: oil/gas production units and LNG/gas processing units. Common to both is the use of a floating facility to support an oil and/or gas processing plant to monetize oil and/or gas deposits. •    Floating oil/gas production systems:  These production systems are positioned on offshore fields and used to produce oil and gas contained in subsea reservoirs.

Offshore exploration is a history of man v. Prospecting for oil is a dynamic art. From a lake in Ohio, to piers off the California coast in the early 1900s, to the salt marshes of Louisiana in the 1930s, to the first “out-of-sight- of-land” tower in 1947 in the Gulf of Mexico, the modern offshore petroleum industry has inched its way over the last roughly 75 years from 100 ft. of water ever farther into the briny deep, where the biggest platform today, Shell’s Perdido spar, sits in 8,000 ft. of water. As a planet, we have two unquenchable thirsts – for water and for oil.

A consortium developing Kazakhstan's huge Kashagan oilfield said on Monday it did not expect to produce oil in the offshore field this year due to leaking pipelines. "The current assessment, based on the results of an investigation, is that both the oil and the gas pipelines might have to be fully replaced," the consortium also said. The North Caspian Operating Company (NCOC) consortium includes Eni, Exxon Mobil, Royal Dutch Shell , China's CNPC, Japan's Inpex and Kazakh state-run KazMunaiGas.

Innovative LNG fueled drillship project will promote energy efficiency and environmental sustainability in offshore operations. ABS, a provider of classification services to the global offshore industry, has entered into a joint development project (JDP) with South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) to develop the industry's first LNG fueled drillship. The JDP will address challenges associated with storing and managing cryogenic LNG safely by combining DSME's experience developing and applying LNG technology to floating structures with ABS' technical standards and experience working on a number of gas-fueled, LNG and regasification unit projects.

Profit at Petrobras, Brazil's state-led oil company, could be reduced by $15 billion between 2014 and 2018 if it had to suspend oil platform contracts with Holland's SBM Offshore NV, the company said in a securities filing. The potential reduction in profit is based on an estimate of the amount of lost oil and natural gas output and additional spending needed if Petrobras had to stop using the floating oil production platforms leased from SBM, it said in the Saturday filing. The estimate was made in response to a request by Brazil's Office of the Comptroller General (CGU), Petrobras said in the filing. The CGU is the Brazilian federal-government agency responsible for the protection of public property.

Last Friday (10/31) Petrobras and PPSA (Pré-Sal Petróleo S.A.) signed a Production Individualization Agreement (PIA) for the Tartaruga Mestiça field, in the southern part of the Campos Basin. This Agreement sets out the rules for joint production of oil and natural gas and the development of operations in the area, as well as the interest of each party. PPSA is representing the Brazilian Federal Government in the Agreement, in accordance with Law no. 12.351 /10, since the non-contracted shared area is inside the Pre-Salt Polygon. Part of the shared Tartaruga Mestiça is located in the BM-C-36 concession area (operated by Petrobras, with a 100% interest) and part in the non-contracted area of the Pre-Salt Polygon.