Exxon Selling Stake in Terra Nova Oil Project
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.
Newfoundland to Take Offshore Stake
The Canadian province of Newfoundland plans to take a 10% stake in new oil and gas projects off its coastline, Forbes reported. The demand was contained in the provinces 35-year energy plan recently released. The province will take a 10% stake in future offshore oilfields if they meet long-term strategic objectives and will pay its share of exploration and development costs, he said. Last month the province reached an agreement with oil companies Chevron, ExxonMobil, PetroCanada and Norsk Hydro ASA, giving it a 4.9 pct stake in the offshore Hebron project. (Source: Forbes)
Gazprom, PetroCanada Eye LNG Cooperation
Russia's state-run energy giant Gazprom and integrated oil and gas firm PetroCanada confirmed their interest in long-term cooperation in the sector, on joint projects that are likely to focus on shipping Russian liquefied natural gas to North American markets. In October 2004 the two companies signed a memorandum of understanding to study opportunities for starting LNG deliveries to North America by 2009. They have also agreed to conduct a feasibility study into the construction of a gas liquefaction plant in Russia's Leningrad Region, of which St Petersburg is the center.
Triton XL38 ROV System Mobilizes in the GOM
Sonsub announced the mobilization of the Triton XL38 work class ROV system in the GOM. The Triton XL38, owned by Dominion Diving Limited in Halifax, Canada, has most recently worked on a long-term contract on the Terra Nova project for PetroCanada performing Drilling and Completion activities as well as being available for call-out work. Sonsub, based on a cooperation agreement with Dominion Diving, has chosen to mobilize the system here in the GOM in response to the high demand of subsea remote intervention support foreseen. The Triton XL38 workclass ROV system is rated 2,500 meters (except for the buoyancy and umbilical, limiting the system operability to 1…
