Oil And Gas News

22 Feb 2019

Global Decommissioning Set for Record Levels in 3 Years

Graph: Rystad Energy

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.

21 Feb 2019

Oi: Tracking 50 Years of Ocean Innovation

Marine Technology Reporter published a supplement to celebrate the 50th anniversary of Oceanology International. Photo: MTR

As Oceanology International celebrates its 50th Anniversary, Marine Technology Reporter explores half a century of subsea technology development and discovery. Oceanology International Americas runs February 25-27, 2019 in San Diego.When Oceanology launched in 1969 in the seaside resort of Brighton the world was a very different place. For a start, Brighton was home to the mods and rockers, who would square off against each other on the town’s elegant seafront. The British currency included shillings and ha’ pennies and man had yet to step foot on the moon.More crucially…

21 Feb 2019

Norway 203040 Names Haugland CEO

Bjørn Kjærand Haugland announced as new CEO of the climate network Norway 203040.

Bjørn Kjærand Haugland announced as new CEO of the climate network Norway 203040.“It is extremely motivating for me to lead this business-led climate initiative that gathers companies with the most ambitious climate commitments in Norway to take a leading role in the transition to the low-emission society,” said CEO Bjørn Kjærand Haugland in Norway 203040. “Here in Norway there’s a strong focus on green growth, and the maritime sector promises to be a key area of transformation and job creation…

21 Feb 2019

Rotterdam Port Fund Acquires Stake in ExRobotics

Image: Rotterdam Port Fund

Rotterdam Port Fund has invested in remote inspection robotics company ExRobotics, specialising in robots to operate in high risk environments such as oil and gas facilities.The Dutch robotics firm manfacturers modular robots that can carry out remote inspections of oil and gas facilities more efficiently and with a lower safety risk than those carried out by humans.ExRobotics will be working on the further development of this technology in close collaboration with knowledge institutes…

20 Feb 2019

Keppel Delivers Jack-up Rig to Grupo R

Image: Keppel Corporation

Singapore's Keppel FELS has delivered the jackup rig, Cantarell IV, to Grupo R with a perfect safety record.The wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) said that as part of the deal, Grupo R has entered into a sale and leaseback agreement with FELS Asset, another wholly-owned subsidiary of Keppel O&M.FELS Asset will purchase the rig from Grupo R for US$179m which is equivalent to the balance contract value of the rig. Cantarell IV will be leased back to Grupo R on a bareboat charter at competitive day rates over five years.

19 Feb 2019

Nakilat, McDermott Form Fabrication JV

Image: Nakilat

Qatar's Nakilat and McDermott are establishing a 60:40 joint-venture (JV) company that provides offshore and onshore fabrication services in Qatar."The strategic partnership aims at increasing productivity levels at Nakilat’s world-class Erhama Bin Jaber Al Jalahma Shipyard and developing local construction capabilities to support the increasing demand for the construction of offshore and onshore structures in Qatar," said the Qatari marine company providing the essential transportation…

19 Feb 2019

2021 to See 33 More FPSOs

Graph: Rystad Energy

A total of 33 floating production, storage and offloading (FPSO) vessels will be sanctioned between now and 2021 as oil and gas activity picks up in the offshore sector.Norwegian oil and gas intelligence firm Rystad Energy reports that 15 of the FPSOs will require production capacity of more than 80,000 barrels per day.Rystad said that the high capacity demand would come mainly from the developments in Guyana and Brazil where operators such as ExxonMobil, Equinor, and Petrobras…

17 Feb 2019

Anadarko, Bharat Petroleum Sign LNG Deal

Pic: Anadarko Petroleum Corporation

American petroleum and natural gas exploration and production company Anadarko, on behalf of the Mozambique Area 1 partners, signed a deal with Bharat Gas Resources (BGR) for the supply of liquefied natural gas (LNG) volumes from the Mozambique LNG development.The sale and purchase agreement (SPA) is for 1 million tonnes per annum (MTPA) for a term of 15 years. BGR is a wholly owned subsidiary of Government of India controlled  oil and gas giant Bharat Petroleum Corporation Ltd.

15 Feb 2019

Oil & Gas M&A Deal Value Up in 2018

 Pic: EY

Global oil and gas total deal value increased by US$ 79.7b during 2018 to reach US$426.8b, despite a decrease of 18% in deal volume, said EY Global oil and gas transaction review 2018.It said that while the first two quarters of 2018 saw greater deal appetite aided by rising oil prices, caution returned in the second half of the year due to a decline in the oil price to 2015 levels.Looking ahead, the 2019 mergers and acquisitions (M&A) environment will likely be shaped by lower commodity prices…

15 Feb 2019

GasLog: LNG Demand Grew 9% in 2018

Image: GasLog

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.

14 Feb 2019

Chevron in LNG Supply Deal with GS Caltex

Image: Chevron Corporation

American multinational energy corporation Chevron signed a new sales and purchase agreement with South Korean oil refiner GS Caltex Corporation for the delivery of liquefied natural gas (LNG) to South Korea.As a joint venture between Chevron and GS Energy, GS Caltex has signed a long-term agreement and will begin receiving LNG in October 2019, said a press release from the U.S. oil and gas major.Chevron’s President of Global Gas, Hugh Connett stated the agreement is another indication…

14 Feb 2019

Udenna Backs-out from EMAS Rescue

Image: EMAS Offshore Limited

Philippine's Udenna Corporation has broken off negotiations over a potential investment of $73 million in struggling Singapore-based offshore vessel company Emas Offshore.The ailing Singaporean contractor Emas Offshore announced in a regulatory filing that Udenna had informed the company that it would no longer be injecting $73.29 million into the offshore services provider. No reasons were given in the announcement for Udenna's decision.Dennis Uy-led Udenna is the parent company of Pheonix Petroleum and Chelsea Logistics Holdings.Udenna and Emas inked a non-binding term sheet last October…

14 Feb 2019

Norway's Snow Crab Ruling Boosts Oil Claim

© Suvorov Aleksey / Adobe Stock

A court delivered a painful nip to European Union fishermen on Thursday by tightening Norway's grip on snow crab catches in the Arctic, a ruling that may also let Oslo claw more control of oil and gas from other nations.Fishermen from the European Union must ask permission from Oslo to catch snow crab — whose meat is a delicacy for gourmets from Canada to Japan — in Arctic waters north of Norway, the Norwegian Supreme Court said in a unanimous ruling.The court dismissed an appeal…

14 Feb 2019

Sentinel Midstream Mulls Offshore Terminal

Image: Sentinel Midstream

Dallas-based oil and gas company Sentinel Midstream is planning to develop a deepwater crude oil export terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two  Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys.

14 Feb 2019

Höegh RoRo Transports 112MT Transformer

Image: Höegh Autoliners

Transporting a 112MT transformer across the world is no simple task. The stakes are even higher when the sophisticated cargo is destined for an oil and gas plant and time is of utmost importance.Global Freight Forwarder Kintetsu World Express (KWE) and CG Holdings Belgium NV Systems Division chose Höegh Autoliners, with its direct RoRo service, global agency network and breakbulk competence, to transport its 112 MT Transformer trailer from Antwerp to Dammam."With the customer’s tight deadline…

12 Feb 2019

INPEX Selects NAPA for LNG Carrier Fleet

Image: NAPA

Japan's largest oil and gas exploration and production company INPEX Corporation has installed ClassNK-NAPA GREEN for monitoring operations on three of its liquefied natural gas (LNG) carriers.NAPA said that Inpex awarded a deal to the company for the provision of a solution for monitoring and follow-up of ship operations on two LNG carriers built to service the Ichthys project and one LNG carrier for Shell’s Prelude FLNG project.With the core motivation of accurately verifying the technical performance of these highly complex carriers…

12 Feb 2019

MOL, Total Make Refueling Europe Easier

Pic: MOL Group

Japanese logistics giant Mitsui O.S.K. Lines (MOL) and French multinational integrated oil and gas company Total S.A. signed an agreement which will make travelling across Europe easier for their corporate customers.The agreement provides for acceptance of MOL Group Cards by Total in its network of stations in France, Belgium, Luxembourg, The Netherlands and Germany. At the same time, the Total fuel cards will be accepted in the MOL’s and Slovnaft’s network of stations in Hungary…

12 Feb 2019

Eni, SABIC Form Gas Venture

Image: Eni

Italian multinational oil and gas company Eni and Saudi Arabian chemical giant SABIC have signed a Joint Development Agreement to further develop an innovative technology for natural gas conversion into synthesis gas that can be further transformed into high value fuels and chemicals, such as methanol.The partnership is set to involve the construction of an Industrial Demonstration Plant that will be built and operated inside an Eni industrial premise.The development project will advance the technology…

08 Feb 2019

U.S. Coast Guard Looks beyond Mooring Lines

Strength, Safety and Sustainability are at the heart of this Homeland Security stakeholder’s mission set.For over 30 years, high performance fiber rope manufacturer Phillystran has worked with the U.S. Coast Guard to supply mooring and towing lines. As innovations in fiber rope technology have enabled lighter and stronger ropes, the Coast Guard has not been slow to take advantage of these and other developments.In step with most maritime stakeholders, NAVSEA approved fiber ropes are widely used by the U.S. Coast Guard.

05 Feb 2019

Anadarko Shell Deal for Mozambique LNG

Image: Anadarko

US company Anadarko Petroleum has signed a major long-term contract to shore up its proposed liquefied natural gas (LNG) terminal in Mozambique.The Woodlands-based oil and gas company said that  Mozambique LNG1 Company, the jointly owned sales entity of the Mozambique Area 1 co-venturers, has signed a Sale and Purchase Agreement (SPA) with Shell International Trading Middle East. The SPA is for 2 million tonnes of LNG per annum (MTPA) for a term of 13 years. "We are very pleased to announce this SPA with Shell…

05 Feb 2019

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain."The drilling operation will continue, and a comprehensive data collection program will be performed to determine the size and quality of the discovery," Aker BP said in a statement.When reserves are found to stretch across the British-Norwegian offshore border, the two nations…

04 Feb 2019

Equinor Gets Extension for Norne FPSO

The Norne FPSO in the Norwegian Sea. Image: Equinor (Photo: Anne-Mette Fjærli)

The Norwegian Petroleum Directorate (NPD) has granted consent to Equinor for the extension of production on Norne FPSO with associated facilities for the Norne, Urd and Skuld fields in the Norwegian Sea.Lifetime extension granted for FPSO is for four years to March 2026, as the operator eyes additional 132m barrels from Norwegian Sea field.In its application for extension, operator Equinor has described an improved drainage strategy for the Norne field and the nearby Urd and Skuld fields.The Norne, Urd, Skuld, Alve and Marulk fields are tied in to the Norne ship.

04 Feb 2019

Proserv Acquires SGC Metering

Photo: Proserv

The  global energy services company has announced the acquisition of SGC Metering from Petrofac.SGC Metering is a specialist in the design and manufacture of flow computer metering systems for the oil and gas industry. It provides expertise right across the full life cycle of a metering project, including conceptual design through to installation, operations and maintenance.The firm was established in 1988 and its wide array of systems allows the measurement of all the important metrics associated with hydrocarbon production…

Maritime Reporter Magazine Cover Feb 2019 - Ferry Builders

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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