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Gas Wells News

07 Dec 2023

Carbon Capture Chasm Exposed at Climate Summit

Copyright VectorMine/AdobeStock

Carbon capture and storage has emerged as flashpoint at the UN climate conference in Dubai about how big a role it is destined to play in reaching the target of net zero emissions.It has also prompted an unusual and bad-tempered confrontation between senior officials at the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).In the run up to the conference, the IEA called on oil and gas producers to let go of "the illusion that implausibly…

30 Aug 2023

Samsung Heavy and MISC Develop Floating CO2 Storage Unit

Source: MISC

Samsung Heavy Industries has received basic certification for a floating CO2 storage unit (FCSU) from DNV.The FCSU, jointly developed by Samsung Heavy Industries and MISC, is 330 meters long and 64 meters wide, and has a high-pressure tank capacity that can store 100,000 cubic meters of liquefied CO2 at -50 degrees Celsius or less.The injection module mounted on the upper part of the hull secures the ability to send five million tons (MTPA) of CO2 per year to the depths of the seabed.

20 Jul 2021

Perenco, SNH to Increase Utilization of Golar's Hilli Episeyo FLNG

FIle Photo: Keppel

Oil and gas company Perenco and Cameroon's national oil firm SNH have agreed with Golar LNG to increase the utilization of the FLNG Hilli Episeyo - Africa's first FLNG in operation and the world’s first converted FLNG. The Hilli Episeyo FLNG vessel moored offshore Cameroon and producing from SNH and Perenco's offshore gas fields, started producing in March 2018. The initial agreement was for the use of two of the four liquefaction trains and provided Perenco and SNH the option to increase liquefaction production.Back on March 31…

17 Jun 2020

Maersk Drilling Joins Offshore CO2 Storage Project

Image Credit: Maersk Drilling

Danish offshore drilling company Maersk Drilling has joined a consortium whose aim is to develop an offshore storage solution for CO2 captured in Danish onshore facilities.Maersk Drilling said Wednesday it was joining a new CO2 storage consortium formed by INEOS Oil & Gas Denmark and Wintershall Dea. "The consortium is maturing one of the most progressed carbon capture and storage projects inside Danish jurisdiction and targets the development of CO2 storage capacity offshore Denmark based on reusing discontinued offshore oil and gas fields for permanent CO2 storage…

19 Sep 2019

Aramco Uses Renewables in Gas Wells

Saudi Arabian national petroleum and natural gas company Saudi Aramco said that using renewable energy at unconventional well sites in Wa’ad Al-Shamal provides multiple benefits to the company."Not only is it a reliable and less expensive way to power the remote wells, but it also reduces carbon emissions and helps to save hydrocarbons for export by providing natural gas for the region’s power generation," Saudi Arabian Oil Company said.A new collaboration between the Power Systems Renewables Department (PRSD) and Unconventional Resources (UR) is not only saving costs while creating value, but is also reducing Saudi Aramco’s environmental…

30 Apr 2019

65,000 Wells will be Drilled in 2019

Rystad Energy forecasts that the number of onshore and offshore oil and gas wells drilled globally will increase to around 65,000 in 2019.Activity levels are then projected to remain around this level through 2023, the energy research and business intelligence company said.Rystad Energy also forecasts that more than 1 million kilometers of new oil and gas wells will be drilled over the next five years. The collective depth of these wells is the equivalent of 25 times around the equator – or 2.5 times the distance to the moon.As the global oil and gas industry gets back into high gear – thanks in no small part to higher commodity prices – demand for steel is set to increase.

22 Apr 2019

Petrobras Extends BassDrill Beta Contract

Atlantica Tender Drilling, a provider of management and contract drilling services for oil and gas wells for the offshore tender assist market worldwide, announced that Petrobras has extended the rig BassDrill Beta by 180 days."Petrobras exercised its right to extend the Beta contract by 180 days commencing in September 2019 through March of 2020," said a press release from theAtlantica has two semi tender units are secured on long-term development contracts. Atlantica's “BassDrill Beta” is a semi-submersible tender assist vessel built by Dalian Shipbuilding Industry. It is a Platform registered and sailing under the flag of Panama.BassDrill Beta has a operational displacement of 21,530 metric ton and total operational payload of 4,500 metric ton.

17 Mar 2019

Vantage Drilling Sinks Into the Red

Texas-based offshore drilling contractor Vantage Drilling International reported a net loss of  $52.2 million for the three months ended December 31, 2018 as compared to a net loss of $36.6 million for the three months ended December 31, 2017.For the year ended December 31, 2018, Vantage reported a net loss of $141.5 million or as compared to a net loss of $149.8 million for the year ended December 31, 2017.Vantage, a Cayman Islands exempted company, issued $350 million of new senior secured notes using proceeds to repay its first and second lien debt and to acquire the Soehanah jackup for $85.0, including transaction costs.Ihab Toma, CEO, Said: "We refinanced two tranches of debt thereby extending maturities to 2023.

22 Feb 2019

Global Decommissioning Set for Record Levels in 3 Years

With the global offshore decommissioning industry expected to reach $36bn over the next 3 years, several hundred offshore oil and gas wells could cease production by 2021 in the face of today’s bearish oil market.As a consequence, so-called decommissioning obligations in the global oil and gas industry rose to $11.7 billion last year and are projected to hold steady at an average of about $12 billion per year from 2019 through 2021, according to Rystad Energy.“2018 was an all-time high, and the next years are set to break this record,” said Rystad Energy partner Audun Martinsen. “To put this into context, the global oil and gas industry…

29 Nov 2018

Transocean Shareholders OK Ocean Rig Acquisition

Transocean, international provider of offshore contract drilling services for oil and gas wells, has announced that its shareholders approved the acquisition of Ocean Rig UDW, by approving the proposals presented at Transocean’s Extraordinary General Meeting. Switzerland-based offshore drilling contractor quoted its President and CEO Jeremy Thigpen in a press release, as saying: "We are extremely pleased that our shareholders have overwhelmingly approved our acquisition of Ocean Rig. Through this combination, Transocean further enhances our industry-leading fleet of high specification floaters, thus improving our competitive position."Thigpen…

31 Oct 2018

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. In particular, 127 producing gas wells were drilled at the Chayandinskoye field, the linchpin of the Yakutia gas production center. Also underway is the installation of the gas field’s core process equipment…

28 Sep 2018

Petrobras Extends Transocean Contract

The  international provider of offshore contract drilling services for oil and gas wells Transocean announced that the ultra-deepwater drillship Petrobras 10000 was awarded a 790-day contract extension offshore Brazil with Petrobras.The contract is extended through October 2021 and includes a blend and extend modification to the previous contract dayrate, effective September 2018. The additional net contract backlog is approximately $185 million, including cost escalations.Additionally, Transocean will receive a 5% royalty per day, totaling approximately $16 million, estimated to be from October 2018 to October 2021 associated with the…

13 Aug 2018

Global FPSO Market to Exceed USD 115 bln by 2024.

Global FPSO Market is anticipated to witness growth of 19% and exceed USD 115 billion by 2024. Rising demand of hydrocarbons and increase drilling activities for exploration and production will drive the industry growth.Increase in the conversion of vessel to FPSO to augment the productivity and minimize the capital expenditure may complement the business growth, said a report from Global Market Insights.Converted FPSO market is witnessed to grow over 18%. Comparison with new built, converted FPSO requires low capital cost that drives the business growth.Reduced project execution timeline will increase the redeployed FPSO market share with a valuation over USD 700 million in 2015 followed by the expansion rate of over 22% by 2024.

08 Aug 2018

Deep Casing Tools Re-enters Canada

Aberdeen-based oil field technology firm Deep Casing Tools (DCT), which specialises in the design and manufacture of casing and completion tools, has agreed a pact with a Canadian distributor, ProTorque Connection Technologies (PTCT).The partnership with ProTorque, a tubular running service business, will see Deep Casing Tools re-enter the Canadian market, which historically was a successful region for the company.Deep Casing Tools previously had an office in Alberta, Canada, but during the more challenging times of the oil and gas industry downturn and a reduction in drilling activity, took the decision pull out of the region.Following…

18 Jul 2018

Transocean Signs 11 Well Contract with Chevron Australia

The international provider of offshore contract drilling services for oil and gas wells Transocean announced that the ultra-deepwater semisubmersible GSF Development Driller I was awarded an 11-well contract (approximately 955 days) commencing offshore Australia in the first half of 2019 with Chevron Australia.The estimated firm contract backlog, excluding integrated services, is approximately USD 158 million. Additionally, the contract includes four one-well options.Two days ago, Transocean announced that the midwater semisubmersible Transocean 712 was awarded a 13-well contract (approximately 580 days) commencing in March 2019 in the U.K. North Sea with ConocoPhillips.The estimated firm contract backlog is approximately $75 million. Additionally, the contract includes a one-well option.

22 Mar 2018

New Addition to DNV GL’s Veracity Platform

DNV GL will add a new third party software solution to Veracity, its open industry data platform, that is based on cleaned data collected from 80 000 oil and gas wells. AGR, the leading well design and drilling project management firm, has agreed to host its iQx software on the platform, which contains information that is vital to companies selecting locations of wells. Users, such as drilling engineers, can access information on numerous metrics including geology and bit performance, enabling them to make smarter and more efficient operational decisions. AGR has drilled more than 500 wells and developed the solution in reaction to the inefficiencies created by the lack of standardized, high quality information on comparable wells.

16 Feb 2018

Transocean Amends Drilling Contract

Transocean announced that an agreement has been reached with the incumbent customer to amend the drilling contract on the harsh environment semisubmersible Transocean Leader. The rig experienced equipment breakdown that could not be repaired timely, providing the customer with the right to cancel the contract. However, given the otherwise efficient performance of the rig, the customer elected to complete its program with the Leader and Transocean agreed to amend the drilling contract, signed today and effective January 13, 2018, whereby the dayrate and contract duration were modified. The rig is currently in the shipyard for these repairs and will not earn a dayrate during the first quarter of 2018.

30 Jan 2018

Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms

© flyingrussian / Adobe Stock

Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater sale will attract tens of billions of dollars of investment to turnaround a slump in the country's oil output. Seven previous auctions drew investment pledges of $61 billion.

30 Dec 2017

Govt Approves Yamal LNG Train

OAO Yamal LNG was granted State permission to commission the main technological facilities of the LNG plant’s first stage, including the first liquefaction train, 58 gas wells and the respective infrastructure. Evgeniy Kot, General Director, Yamal LNG, stated: “Obtaining permission to commission the first LNG train is the cumulative result of many months of hard work and dedication by thousands of construction workers, installers, and engineers who have worked and continue to work in Sabetta. We not only maintained our strict project deadlines, but we also expect to launch the second and third LNG trains ahead of schedule”. The design capacity of the first LNG train is 5.5 million tons per annum. Yamal LNG plans to begin shipping LNG before the end of 2017.

22 Dec 2017

Transocean Gets Statoil Contracts

Transocean announced  that the harsh environment semisubmersible Transocean Spitsbergen was awarded a 22-well contract with an estimated duration of 33 months; plus two one-well options in the Norwegian North Sea with Statoil Petroleum ASA. The estimated firm backlog associated with the contract is approximately $286 million, which excludes opportunities for performance incentives. The contract is expected to commence in the third quarter of 2019. “We are extremely pleased to have once again contracted the Transocean Spitsbergen with Statoil,” said Jeremy Thigpen, President and Chief Executive Officer. “This contract is a testament to the capability…

17 Oct 2017

Search Suspended for Worker Missing in US Oil Platform Blast

The U.S. Coast Guard has suspended the search for a worker missing from an oil production platform in Louisiana's Lake Pontchartrain that exploded and caught fire late on Sunday. Missing is Timothy Morrison, 44, of Katy, Texas, the Coast Guard said in a statement. Seven other workers were sent to hospital with injuries in the incident. "The decision to suspend a search is never an easy one," Commander Zac Ford said in the statement. Coast Guard rescue crews battled 4 foot to 5 foot (1.2 meter to 1.5 meter) waves during the search, and a helicopter joined them at daybreak after overnight efforts failed to locate Morrison, officials said at a briefing on Monday.

17 Oct 2017

Transocean Wins BHP Work

Transocean announced that the ultra-deepwater drillship Deepwater Invictus was awarded a two-year contract plus three one-year priced options with a subsidiary of BHP Billiton. The backlog associated with the firm contract is approximately $106 million. The contract is expected to commence in the second quarter of 2018. “We are extremely pleased to continue working with BHP,” said President and Chief Executive Officer Jeremy Thigpen. “Since we welcomed the Invictus into our fleet in 2014, the combination of BHP, Transocean and the Invictus has delivered industry-leading performance; and, we look forward to extending our productive relationship through this multi-year contract,” Jeremy added.

07 Nov 2017

Vantage Gets Extension of Contract for the Emerald Driller

Vantage Drilling International announced that it has been notified that its drilling services contract for the Emerald Driller will be extended for two years, beginning in May 2018. Ihab Toma, the Company’s Chief Executive Officer, commented, “We are very pleased that we will continue to work with one of our esteemed clients and keep our rigs working in this challenging environment. Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships, four premium jackup drilling rigs and one standard jack-up drilling rig. Vantage's primary business is to contract drilling units…