Verus Petroleum Mulls 12-Fold Production Growth
Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum exploration and production services provider said that it has recently completed three significant acquisitions; an interest in the Babbage gas field acquired from Premier Oil on 6th December, on the back of completing transactions…
Europe Small Scale LNG Market to Grow by 11.8% to Reach USD 6.58 bln
The demand for Europe small scale LNG market is projected to grow from 1.9 billion Euros in 2020 to 5.8 billion (USD 6.58 bln)Euros by 2030, while actuating at an estimated CAGR of 11.8% from 2020 to 2030.Europe is likely to experience faster growth as compared to other regions in the global market owing to the mandate set by European Union on sulphur emmsions. For instance, the sulphur emmsions cap for marine fuel is set as 0.5% by the year 2020, said a report by Energias Market…
Panoro Energy Buys OMV Tunisia
London-based E&P company Panoro Energy said its Norwegian subsidiary Panoro Tunisia Production has reached an agreement with OMV Exploration & Production GmbH to acquire 100 percent of the shares of OMV Tunisia Upstream GmbH.According to the Oslo-listed company, the acquisition is for a cash consideration of $65 million.OMV Tunisia Upstream holds a 49 percent interest in five oil producing concessions in Tunisia with net 2P reserves of 8.1 million barrels, and net production of approximately 2…
Gazprom 95% Completes TurkStream Gas Pipeline's Offshore Section
Russian oil and gas giant Gazprom is progressing a number of gas pipeline stretching across the Black Sea projects with three major projects already 95.5 percent complete, the company claimed.The TurkStream will soon see the completion of its offshore section, bringing closer a consistent the supply of Russian gas to Turkey and its neighbours."The Company continues to pursue the extensive Eastern Gas Program and to build facilities associated with supplying gas to domestic consumers and to China.
ABS Awards AIP to HHI’s Deepwater FLNG Hull
ABS granted Approval in Principle (AIP) to Hyundai Heavy Industries’ (HHI) Deepwater Floating Liquefied Natural Gas (FLNG) hull design.HHI advises the Newbuilding Conversion FLNG hull design for offshore application can be constructed for about 80 percent less than the cost of a conventional FLNG hull. It is based on LNG carrier designs combined with the requirements for FLNG production, such as structural reinforcements to take topside module load and a hull designed to allow…
Hoegh LNG Vessel to Leave Egypt Before Weekend
Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week, a day after Norway's Hoegh LNG said Egypt was to give up one of its two floating liquefied natural gas (LNG) terminals.The minister, Tarek El Molla, told Reuters the other vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.Hoegh said Egypt Natural Gas Holding (EGAS), having decided to end its charter early…
Total, Sonatrach Strengthen Cooperation in Natural Gas
French energy group Total and Algerian state-owned firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture.The new concession contract to jointly develop the Erg Issouane gas field located on the TFT Sud permit, signed by Sonatrach, Total and Alnaft (the National Agency for the Valorization of Hydrocarbon Resources).The TFT Sud permit is located south of the Tin Fouyé Tabankort (TFT) field, of which Total is a long-standing partner.
Total Buys out Chevron Denmark
French oil and gas major Total has agreed to take all of Chevron’s share capital in the Danish Underground Consortium (DUC), which will increase its stake in the project and expand its North Sea presence."Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline. The transaction remains subject to approval of partners and the relevant authorities…
Ocean Installer Wins First Contract in China
Ocean Installer has been awarded a contract for 3rd Party Verification and Engineering Support work for the Liuhua 29-1 Gas Field Development located in the South China Sea.The work scope encompasses 3rd party verification of detailed design and subsea construction engineering, as well as various other support functions to the client’s engineering team.This is the company’s first job in China, and Ocean Installer will conduct the work as a subcontractor to COOEC Subsea Technology Co.…
Equinor to Boost Drilling to Extend Norwegian Shelf Life
Oil producer Equinor aims to boost the recovery rate from its Norwegian fields to well above the global average to extend production from the mature basin beyond 2030.Equinor announced plans on Tuesday to drill up to 3,000 wells offshore from its native Norway in coming decades - almost as many as it has drilled since its startup in 1972 - to mitigate declining output from older fields, and extend the production lifetime of more than 20 installations.The company said it remained on track for to keep profitable oil and gas production in Norway towards 2030…
India Cuts Iranian Oil Imports Ahead of Sanctions
Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to data from industry and shipping sources.The United States in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia…
LNG to Benefit Philippines, Says ADB Energy Expert
The Philippines stands to benefit from introducing liquefied natural gas (LNG) to support power generation and making it part of its energy mix, the government's Philippine News Agency reported quoting an energy sector expert for the Asian Development Bank (ADB). “Right now and the foreseeable future, natural gas and LNG is much cheaper today compared to two to three years ago, so there is a chance for the Philippines and for the countries in Asia to benefit from LNG and this is window of opportunity I think,” ADB chief of energy sector group Dr.
CNOOC Developing New Deep Sea Gas Block in South China Sea
China's offshore oil and gas producer CNOOC has started developing a new gas field in the South China Sea, the official Xinhua News Agency reported on Tuesday.The Lingshui 17-2 gas field is the first deep sea gas block fully operated by a Chinese company, Xinhua said citing CNOOC officials.The deep sea project, which was discovered in 2014, is 150 km (94 miles) south of China's southern Hainan island, with an average operational depth of 1,500 metres, according to a Reuters report from that year.CNOOC is ready to start building a subsea level platform used for drilling, Xinhua said.(Reporting by Meng Meng and Aizhu Chen; Editing by Tom Hogue)
ExxonMobil Considers Importing LNG to Australia
ExxonMobil Corp, southeastern Australia's biggest gas supplier, is considering importing liquefied natural gas (LNG) to help plug a looming gas shortage from 2021 and protect its market share.The move would compete with plans by both Australia's no.2 energy retailer AGL Energy to start importing LNG by 2021 and a consortium involving Japan's JERA to start imports from 2020.ExxonMobil is also stepping up exploration off the coast of Victoria and considering developing a gas field called West Barracouta close to an existing field…
Algeria Extends TFT Gas Field License
Sonatrach, Total, Repsol and Alnaft (the National Agency for the Valorisation of Hydrocarbon Resources), have signed a new concession contract for a period of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas and condensate field. This new contract, which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%). The companies have also signed a gas marketing agreement.
Phoenix Petroleum, CNOOC Partner for LNG Terminal
Philippine fuel retailer Phoenix Petroleum said it had agreed to partner with a subsidiary of state-owned China National Offshore Oil Corp (CNOOC) to explore building a receiving terminal for liquefied natural gas in the country.The Philippines is seeking investors to build a storage and distribution facility for imported LNG as it moves to replace its Malampaya gas reserves, expected to be depleted by 2024.Phoenix Petroleum, owned by a local businessman who helped bankroll President Rodrigo Duterte's 2016 election campaign…
SOCAR Inks Deals for Caspian Fields with Equinor
Azeri state oil company SOCAR and Norway's Equinor on Wednesday signed a risk service contract for the development of the Karabakh offshore oil and natural gas field in the Caspian Sea.The two companies also signed a product-sharing agreement for Ashrafi, Dan-Ulduzu and Aypara exploration area."The agreements signed today represent a natural next step in the region. This will strengthen our position in a prolific basin and develop growth options," Equinor Chief Executive Eldar Saetre said in a statement.To operate the licences, Equinor and SOCAR will form a 50-50 joint operating company.
Cyprus-Egypt Gas Pipeline to Cost $800 mln-$1 bln
A pipeline connecting Cyprus' Aphrodite gas field to Egypt's liquefied natural gas (LNG) facilities will cost between $800 million and $1 billion, Egyptian petroleum minister Tarek El Molla said on Monday. Egypt has rapidly increased its production of natural gas and is hoping to become a hub for exporting to Europe after making a series of big discoveries in recent years. Molla, speaking at a joint news conference with Cyprus energy minister Yiorgos Lakkotrypis, said Cypriot gas would be used in part for domestic consumption and in part for export. Lakkotrypis said a final agreement on the pipeline would be signed as quickly as possible but did not specify when. Egypt is hoping to halt gas imports by 2019 and achieve self-sufficiency.
First LNG Transhipment at Zeebrugge Terminal
For the first time liquefied natural gas from Sabetta on the Siberian peninsula Yamal, was transhipped simultaneously in Zeebrugge from an ice class vessel (ARC7) into a conventional LNG carrier for further transport to Asia on May 01 Tuesday. The Russian ice class vessel ms Eduard Toll transfered simutaneously LNG into the ms Pskov via shore pipes. The operation takes place at quays 615 and 616 of the Fluxys terminal in the outer port. In 2015 the terminal of Fluxys was selected as transhipment hub for liquefied Siberian natural gas from the Yamal gasfield.
Production Floaters Orders Are on the Rebound
Fifteen production floaters were contracted in 2017 – 11 FPSOs, two production semis, a wellhead TLP and an FLNG – and the number of deep water projects in the near-term planning queue indicates production floater orders are set to accelerate. This is a big change from 2016 when orders for new units totally dried up and the deepwater future looked pretty bleak. Here’s a round-up of contracts awarded last year and in January 2018. Tempera FPSO - Keppel in January 2017 received a contract from Dixstone Holdings…
Near Record Low Arctic Ocean Ice a Boost for Shipping
Winter sea ice on the Arctic Ocean covered the second smallest area on record this year, part of a thaw that is opening the region to shipping and oil exploration and may be disrupting weather far to the south, scientists said on Friday. The extent of floating ice likely reached an annual maximum of 14.5 million square kilometers (5.6 million square miles) on March 17, fractionally bigger than a record set in 2017, the U.S. National Snow and Ice Data Center (NSIDC) said. Sea ice around the North Pole freezes to its biggest at the end of the winter in March…
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.
NOVATEK wins Payutskiy License, Gydan
PAO NOVATEK announced that OOO NOVATEK-Yurkharovneftegas, a wholly owned subsidiary, won the bid for a geological survey, exploration and production license for the Payutskiy subsoil area. The Payutskiy license area has estimated hydrocarbon resources of 354 million barrels of oil equivalent according to the Russian resource classification system and contains the Nanadyanskoye gas field. The license term is 27 years and the auction resulted in a one-time payment for the subsoil use in the amount of RR 66 million rubles.