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Upstream Oil And Gas News

19 Oct 2023

Deutsche Bank Sets Emissions Targets for Shipping Clients

© jeayesy / Adobe Stock

Deutsche Bank has set emissions reduction targets for loans to clients in the coal mining, cement and shipping sectors and now has a net-zero plan for 55% of its financed emissions, its chief sustainability officer told Reuters.A key funder to polluting sectors, Germany's biggest lender, like many of its peers, is under increasing pressure from policymakers and investors to push clients to curb climate-damaging emissions.Its corporate loan book stood at 107 billion euros ($112.72 billion) at the end of 2022."Once we have pathways…

14 Feb 2022

Liza Unity: Exxon's Second FPSO in Guyana Produces First Oil

 Liza Unity is Guyana's second FPSO in production. - Image Credit: SBM Offshore

Exxon Mobil Corp on Friday said it is accelerating output at its Guyana offshore oil development, starting a new production vessel that will bring total capacity to more than 340,000 barrels per day.An Exxon-led consortium started production in the South America country in 2019 and is responsible for all oil and gas output in Guyana. Exxon and partners Hess Corp and CNOOC Ltd. have discovered some 10 billion barrels of oil.Production at the Liza Unity floating, production, storage and offloading (FPSO) vessel is expected to reach 220,000 barrels of oil per day later this year, Exxon said.

01 Jun 2021

TMC's Air Compressors for JOIDES Resolution Research Drillship

Credit: Siem Offshore

Norwegian offshore vessel operator Siem Offshore has hired Oslo-based TMC Compressors (TMC) to deliver a new marine compressed air system to be retrofitted onboard the JOIDES Resolution research vessel.Former drillship JOIDES Resolution is a research vessel that drills into the ocean floor to collect and study core samples, to help scientists better understand climate change, geology, and Earth’s history.For this research vessel, TMC will supply a complete marine compressed air…

08 Jul 2020

PCCI Hires Carey as Chief Engineer

Todd Carey (Photo: PCCI)

PCCI, Inc. announce that Todd Carey has joined the company as a chief engineer based in Ventura, Calif. He will be responsible for providing engineering, design, installation and program/project management services to U.S. government and commercial clients in the ocean facility and offshore energy industries.Carey is a Mechanical Engineer with experience supporting U.S. Navy, and upstream oil and gas clients on the U.S. West Coast. He has 18-years of experience in the analysis…

23 Dec 2019

Bourbon Assets Taken Over by Creditor Banks

File image of a Bourbon offshore support vessel underway. CREDIT: Bourbon

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from Jan. 2, 2020.SPP is owned by BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France…

11 Dec 2019

Wison Begins Arctic LNG 2 Project

Wison Offshore & Marine (WOM), the upstream oil and gas division of Chinese conglomerate Wison Group Holding, announced the fabrication of Arctic LNG 2 Project (ALNG2 Project) commenced in Zhoushan Yard.The module fabrication contract was awarded by Technip France S.A., a wholly-owned subsidiary of TechnipFMC.Novatek, client of ALNG2 project, is the largest independent natural gas producer in Russia. ALNG2 project comprises three LNG trains at 6.6 million tons per annum each. WOM’s work scope is engineering, procurement, fabrication and commissioning of modules in train one with a total weight of 48,000 MT."With continuous support of Novatek…

18 Nov 2019

Wintermar Charters PSV Duo in Indonesia

© xmentoys / Adobe Stock

Wintermar announced on Monday it has secured contracts for two platform supply vessels (PSVs) to a major oil and gas company for a total of seven years including options.The PSVs will provide deck and cargo supply runs to support the drilling operations in Eastern Indonesia.Sugiman Layanto, Managing Director of PT Wintermar Offshore Marine Tbk said, "The project requires Dynamic Positioning 2 (DP2) operations while the vessels are approaching the rig. With our long experience in offshore deep water drilling campaigns since 2011…

30 Oct 2019

Oilfield Services Firms Moving Beyond Oil

Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling, well services and seismic – which don’t have much to offer outside the upstream oil and gas industry – are removed from the equation, activities outside of upstream accounted for nearly 30% of last year’s revenues,” says Audun Martinsen…

05 Jun 2019

Bourbon's Creditors Seal Restructuring Deal

(Photo: Bourbon)

 The creditors of indebted French marine services company Bourbon reached a restructuring deal that would give them control of the company, protect jobs and draw new liquidity.Bourbon has been hurt by market overcapacity and a fall in spending on services by upstream oil and gas companies, but the deal with its creditors lifted its shares.Bourbon's stock rose 24% in early session trading, although it is still down around 36% so far this year.The creditors said their restructuring deal would result in the conversion of around half of 2.7 billion euros ($3 billion) of debts into new capital for

14 May 2019

Global Energy Investment Totals $1.8trln in 2018

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States, where it was boosted by higher spending in upstream supply, particularly shale, but also electricity networks.

08 May 2019

800bln Undiscovered Barrels of Oil and Gas Exist Globally

Total greenfield project sanctioning, summed up to the present day, only accounts for 40% of estimated volumes of offshore projects ever being sanctioned, said Rystad Energy, the  energy research and consultancy headquartered in Norway."Likewise, the brownfield market has only begun, with total historical expenditures accounting for only about 20% of estimated brownfield spend over the projects lifetime, leaving 80% of brownfield spending to the future. And the decommissioning market is still in its nascent form,” says Audun Martinsen, head of oilfield services research at Rystad Energy.It estimates that around 800 billion undiscovered barrels of oil and gas equivalents exist globally…

19 Dec 2018

Neptune Energy Indonesia Gets New Managing Director

The oil and gas producer Neptune Energy has announced the appointment of Eko Lumadyo as Managing Director of its Indonesian business, based in Jakarta.Lumadyo will join Neptune from Mandala Energy Indonesia, where he is currently Country President and General Manager.Lumadyo has more than 30 years’ experience in upstream oil and gas exploration, development, planning, operations and commercial affairs. He started his career with Unocal as a geophysicist and progressed within the organisation from technical leadership through to Vice President of Deepwater Development.He held positions in Indonesia, Los Angeles and Texas. Subsequently he held senior roles with Black Gold Energy…

09 Dec 2018

Tower Resources Hires Vantage Drilling for Cameroon Well

UK-based Tower Resources has announced it has contracted US offshore driller Vantage Drilling International to provide drilling operations at the NJOM-3 well offshore Cameroon. The well is located in Tower’s 100%-owned Thali licence.The Topaz Driller is a Baker Marine Pacific Class 375 jack-up, which was recently mobilised to Cameroon by NewAge as operator for the Etinde license for two appraisal wells and is currently employed in Gabon, informed a press release from the upstream oil and gas company.As announced on 1 November 2018, the terms of the contract are confidential, however, the economics are consistent with Tower’s current drilling cost estimates…

05 Dec 2018

Aker Solutions, Siemens Join Forces To Strengthen Digital Offerings

Norway's Aker Solutions has forged an alliance with the German technology giant Siemens to further develop digital offerings in engineering, operations and services.The global engineering company based in Oslo said that the collaboration focuses on the creation of software applications and joint service offerings including the development of industrial digital twins that will drive efficiency throughout the entire plant lifecycle.In addition, the companies will further develop specific offerings for the oil and gas sector based on Siemens' Comos engineering platform. These solutions will help customers to reduce engineering and operational cost and enable improved decision making…

09 Nov 2018

Keppel to Upgrade KrisEnergy Production Barge

Singapore's Keppel Offshore & Marine said its wholly-owned subsidiary Keppel Shipyard has secured a contract worth about S$30 million (US$21.8 million) for the modification and upgrading of a production barge for SJ Production Barge Ltd, a wholly-owned subsidiary of compatriot upstream oil and gas company KrisEnergy.Keppel Shipyard's scope of work includes installation of a power generation module, electrical house, new accommodation units and other refurbishment works. The work is expected to conclude around the third quarter of 2019.Chor How Jat, Managing Director (Conversions & Repairs) of Keppel O&M and Managing Director of Keppel Shipyard…

11 Jul 2018

Chevron exits Indonesia's Makassar Strait block

Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising areas in the venture, Indonesian officials said on Wednesday.Indonesia's energy minister had issued a decree terminating Chevron's Makassar Strait production sharing contract (PSC) after it decided not to extend its operation of the block beyond 2020, upstream oil and gas regulator SKKMigas said."Chevron was not interested in requesting an extension," SKKMigas chairman Amien Sunaryadi told reporters.

08 Jul 2018

Equinor Acquires Energy Trader Danske Commodities

Norwegian oil and gas major Equinor, formerly Statoil, is acquiring the Danish energy trading company, Danske Commodities for EUR 400 million (USD 470 mln). "Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for EUR 400 million, with smaller contingent payments depending on DC’s performance over the next couple of years," said a press release from the company. This acquisition – of one of Europe’s largest short-term electricity traders – supports Equinor’s development towards becoming a broad energy company. DC is also active in short-term gas trading and provides energy market services. DC was founded in 2004 and is based in Aarhus, Denmark, with 284 employees.

01 May 2018

First Damen Fast Crew Supplier with Ampelmann Gangway

The partnership between Damen Shipyards Group and Ampelmann to extend the benefits of motion-compensated gangway systems to fast crew supply vessels has reached a major landmark. At the end of March, the first Damen fast crew supply (FCS) vessel to be fitted with an Ampelmann L-type system began operations in the Gulf of Guinea. This marks a significant step forward in the move towards bringing the latest advances in safe and flexible marine access to a wider array of oil and gas operations. Damen and Ampelmann have together been promoting their integrated solutions combining Damen’s FCS range and Ampelmann’s systems and now, thanks to the vision of Nigerian offshore services company LATC Marine and its client ExxonMobil Nigeria, the first has entered service.

23 Apr 2018

Alfa Laval's Volume, Profit Both Beat Street

Engineering group Alfa Laval reported quarterly earnings and order intake above market expectations on the back of an upturn in the oil and gas sector on Monday and forecast demand would remain at the same level in the second quarter. The company, a maker of products such as heat exchangers, separators and ballast water treatment equipment, reported order intake of 10.0 billion crowns, above the 9.6 billion seen by analysts. "Improved activity in upstream oil and gas, on shore, as well as in the off-shore sector contributed to both Energy and Marine reporting a somewhat better order intake than we had expected," it said in a statement.

18 Apr 2018

Oil Plus bags $1.5 mi Middle East Deals

Oil Plus has secured contracts worth more than $1.5m over the past three months and has significantly expanded its footprint in the Middle East. The company has also reported a strong start to the year with sales up by 285% compared to the last quarter of 2017. Due to the surge of new business, the Newbury-based company, which employs in excess of 30 people, plans to recruit another eight over the next 12 months. The contracts will see Oil Plus deliver reservoir souring modelling, production chemistry and iron sulfide studies for several international oil companies in Saudi Arabia, Kuwait, Brazil, Thailand and Europe. Oil Plus has gone from strength to strength under its new ownership and management team having achieved significant growth since it was acquired by Mark Cavanagh last year.

12 Dec 2017

ABS Partnership Enhances Safety in Ghana’s Offshore Industry

ABS, a leading provider of classification and technical services to the marine and offshore industries, formed a joint venture with Notabene Classification Limited to offer regulatory and technical support services, including key classification services to the upstream oil and gas market in Ghana. “This joint venture is an important milestone and demonstrates our strong commitment to advancing safety in all parts of the globe,” said ABS Executive Vice President, Global Offshore, Kenneth Richardson. The ABS and Notabene Classification Limited joint venture will operate under the name ABS Ghana Upstream Limited. With this joint venture, ABS continues to provide technical, integrity test and inspection services in the upstream oil and gas industry in Ghana as it has since 2010.

02 Oct 2017

Dong Energy Changes Name to Orsted

Following the profound strategic transformation from black to green energy and the recent divestment of the upstream oil and gas production, the name DONG Energy does not fit the company anymore. Consequently, DONG Energy has today called an Extraordinary General Meeting to ask the shareholders of the company to approve a change of the company name to Ørsted. Thomas Thune Andersen, Chairman of the Board of Directors, says: “DONG was originally short for Danish Oil and Natural Gas. With our profound strategic transformation and the divestment of our upstream oil and gas business, this is no longer who we are. “Our vision is a world that runs entirely on green energy.

23 Jul 2017

Mermaid Maritime Wins Subsea Charters

Thailand-based Mermaid Maritime, a subsea and offshore drilling services company, has  been awarded two subsea contracts with a combined estimated value of $4.6 million. The company press release said that the first contract award will involve a short ROV campaign for pipeline touchdown monitoring for an international EPCIC contractor offshore in the Middle East GCC. The second contract award, with work scheduled to commence in the fourth quarter of 2017, will involve use of a diving vessel with work class ROV carrying-out a subsea services project offshore East Kalimantan, Indonesia, for an international upstream oil and gas company.