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Wednesday, April 24, 2024

Oil And Gas News

22 Apr 2024

As Shale Oil Gains Slow, Deepwater Port Struggles for Customers

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As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.In April, Enterprise Products Partners' SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could load two supertankers, each of which can carry up to 2 million barrels of oil at a time.But multi-year regulatory delays, a loss of commercial backers and slowing U.S.

21 Apr 2024

Esgian Week 16 Report: Rigs on the Move

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Esgian reports on the many rig movements that occurred last week in its Week 16 Rig Analytics Market Roundup.Report SummaryContractsADES Holding Company has received a letter of award from an international oil company for a one-year firm drilling contract for a jackup offshore Qatar.TotalEnergies has exercised a three-well option for Transocean 12,000-ft drillship Deepwater Skyros offshore Angola at a rate of $400,000, keeping the rig working into December 2025.After initially beginning a short-term job in the US GOM in January 2024…

18 Apr 2024

Akastor’s Subsidiary Wins $101M Case Against Seatrium's Jurong Shipyard

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MHWirth, a subsidiary of Norwegian oil services investment firm Akastor, has received an arbitration award issued by a tribunal in a dispute with Seatrium’s subsidiary Jurong Shipyard over the termination of four drilling rig unit contracts.As part of the ruling, MHW has been awarded an amount of $101 million as payment of termination fees.In addition, MHW has been made eligible for the reimbursement of legal costs and certain suspension costs (totaling about $7 million), as well as interest.Although the drilling rig unit contracts are held by MHW…

16 Apr 2024

Allseas Makes Progress on Santos’ Barossa Gas Export Pipeline in Australia

Audacia pipelay vessel on Barossa assignment (Credit: Allseas)

Offshore installation contractor Allseas has made progress on the installation of the pipeline for Santos’ Barossa Gas Export Pipeline (GEP) project offshore Australia.Allseas’ Audacia pipelay vessel has installed her largest ever PLET in S-mode, concluding several years of in-house engineering, fabrication and testing, the Swiss-based contractor said.Due to the weight of the pipeline end termination structure, Allseas’ production crew had to install it separately to the connector head.Audacia vessels is being supported with four other vessels - Fortitude…

04 Apr 2024

Seatrium Scoops $259M Worth of Repairs and Upgrades Work

FPSO Pyrenees Venture (Credit: MODEC)

Singapore-based Seatrium has secured a series of major contracts for vessel repairs, upgrades and conversions, set for completion by the end of 2025.With an aggregate value of S$350 million ($259 million), the contracts have reinforced Seatrium’s reputation as a one of the market leaders in vessel repairs, upgrades and conversions.The diverse range of complex contracts secured by Seatrium Repairs and Upgrades include the upgrades and conversions of Floating Storage Regasification Units (FSRU)…

01 Apr 2024

Esgian Week 13 Report: Demand Shifts

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Esgian reports shifts in demand in its Week 13 Rig Analytics Market Roundup.Report overview:ContractsADES has received a Letter of Intent (LOI) from PTTEP Energy Development Company Limited for an 18-month jackup drilling contract in the Gulf of Thailand. Operations are expected to begin in the second half of 2024, with an unspecified jackup.Drilling Activity and DiscoveriesThe Norwegian Offshore Directorate (NOD) has granted Aker BP a drilling permit for an exploration well in…

24 Mar 2024

Esgian Week 12 Report: New Finds in Guyana, China and Norway

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Esgian reports fresh finds confirmed in Guyana, China and Norway in its Week 12 Rig Analytics Market Roundup.Report Outline:ContractsDolphin Drilling has announced the award of a $154 million drilling contract from India's exploration and production company, Oil India Limited (Oil India), to the 6,000-ft semisub Blackford Dolphin.Malaysian offshore drilling firm Velesto confirmed Friday it had recently secured long-term contract extensions for three of its jackup rigs with Petronas Carigali…

20 Mar 2024

Petrobras Exec Says Gas Export Possible from Colombia Project

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A promising area off Colombia's coast where Brazil state-run Petrobras is drilling this year could justify a large project to supply natural gas to the Andean country and for exports, Petrobras' head of exploration and production said on Wednesday.As oil production in Brazil's prolific presalt region is set to plateau in coming years, Petrobras is expanding its horizons to new frontiers including the Equatorial Margin, Colombia and Africa.At Colombia's Tayrona block, Petrobras…

18 Mar 2024

CEO Says Exxon Mobil Not Trying to Buy Hess

Source: Hess

Exxon Mobil CEO Darren Woods on Monday said his company is trying to establish it has rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself.In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess."We're basically standing up for what we believe is a fundamental right," Woods told Reuters at the CERAWeek energy conference in Houston.

15 Mar 2024

Ulstein Introduces New Subsea Vessel for Offshore Energy Market

Rendering of ULSTEIN SX232 vessel (Credit: Ulstein)

Norwegian shipbuilder and ship designer Ulstein has developed a new subsea vessel - ULSTEIN SX232 ‚Äď designed to service the offshore wind market for floating and fixed installations as well as offshore oil and gas industry.Designed for walk-to-work operations in the offshore energy market, the ULSTEIN SX232 features an optimizes hull based on the ULSTEIN TWIN X-STERN design.The vessel is equipped with smart power and propulsion system developed to minimize energy consumption during DP operations and an integrated energy recovery system utilizing all the waste heat in the machinery systems‚Ķ

15 Mar 2024

TotalEnergies Awards New Contracts to Siem PSV Pair in Brazil

Siem Atlans PSV (Credit: Siem Offshore)

Norwegian shipowner Siem Offshore has secured new contracts with TotalEnergies for two of its platform supply vessels (PSV) for work offshore Brazil.The contracts are for Siem Giant and Siem Atlas PSVs.The new duration for Siem Giant is three years firm with options up to four more years.For Siem Atlas, the new duration is nine months firm with options until the end of the second quarter in 2027.Both vessels will start the contracts in June 2024 in direct continuation of present contracts…

13 Mar 2024

Equinor Extends Drilling Contracts

Photo: Arne Reidar Mortensen / Equinor

Equinor, on behalf of the partners, is exercising two options to extend contracts with Archer AS, KCA Deutag Drilling Norway AS and Odfjell Operations AS for a total of four years.The options for drilling services on fixed installations on the Norwegian continental shelf provide jobs for 2,000 people per year and have an estimated value of NOK 18.4 billion.The contracts were signed in 2018 with three option periods of two years. The first two-year option was exercised in 2022.

12 Mar 2024

DOF Bags Shell’s Decommissioning Contract for Knarr and Gaupe Fields

Skandi Hera AHTS vessel (Credit: DOF Group)

Norwegian offshore vessel operator DOF Group has secured a ‚Äėsubstantial‚Äô subsea engineering procurement removal and disposal (EPRD) contract from Norske Shell in the Atlantic region.The contract outlines 100 combined days of utilization of DOF‚Äôs vessels Skandi Hera and Maersk Installer.DOF will deliver an integrated solution of project management, engineering, design, analysis and survey.Described as ‚Äėsubstantial‚Äô by DOF, this means that the contract is valued between $23.8 million and $47.8 million (NOK 250 million to NOK 500 million).The scope includes recovery and recycling of umbilicals‚Ķ

10 Mar 2024

Esgian Week 10 Report: Additional Backlog Secured

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Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte d‚ÄôIvoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drilling‚Äôs 250-ft jackup Rig 141 has secured a two-year‚Ķ

06 Mar 2024

MOL and Petrobras Sign Cargo Transfer Vessels Deals

Sealoader 2 (Credit: MOL)

Mitsui O.S.K. Lines (MOL) and Brazil’s state-owned energy giant Petrobras have signed a charter contract for cargo transfer vessel (CTV) SeaLoader 2, and agreed to start negotiations for a new CTV shipbuilding contract by the end of 2024.MOL signed the deal through its wholly owned subsidiary, SeaLoading Holding, which owns and operates CTVs.SeaLoading started a CTV agreement with Petrobras for SeaLoader 2 on a trial period in January 2022, and successfully completed more than 30 crude oil offloading operations from Petrobras' FPSOs located in the Santos Basin…

05 Mar 2024

Turkish Oil Terminal Halts Russian Oil Business

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One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.Turkey has become one of the biggest importers of Russian crude and fuel since 2022, after the West imposed sanctions on Moscow for the invasion of Ukraine. Russia responded by re-routing oil away from Europe and the U.S. to Asia, Turkey and Africa.Global Terminal Services' (GTS)…

01 Mar 2024

Green(er) Rigs Put Stena Drilling at Forefront of O&G Decarb Push

Image courtesy Stena Drilling

As the offshore oil and gas industry transitions to more sustainable practices, drilling rig operators are faced with demands to implement greenhouse gas (GHG) abatement measures as part of their workload. Being the owner of the first ever drillship that secured DNV‚Äôs Abate(P) notation, Scotland-based offshore drilling contractor Stena Drilling discusses everything the company is doing to make its drill-ships ‚Äėgreener‚Äô.The first step to reducing its carbon footprint for Stena‚Ķ

27 Feb 2024

Woodside and Kogas Agree LNG Supply Deal

Source: Kogas

Woodside has signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of LNG to Korea.The SPA provides for the supply of approximately 0.5 million tonnes per annum of LNG for a period of 10.5 years on a delivered basis, commencing in 2026 subject to customary conditions precedent.LNG delivered to KOGAS under the SPA will be sourced from uncommitted volumes across Woodside‚Äôs global portfolio, including the Scarborough Energy Project which is targeting first LNG cargo in 2026.Woodside CEO Meg O‚ÄôNeill said the SPA was significant as Woodside‚Äôs first l

25 Feb 2024

QatarEnergy Expanding North Field LNG Development

Source: QatarEnergy

QatarEnergy has announced that it is proceeding with a new LNG expansion project, the ‚ÄúNorth Field West‚ÄĚ project, to raise the nation‚Äôs LNG production capacity to 142 million tons per annum (MTPA) before the end of this decade.This represents an increase of almost 85% from current production levels.Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, made the announcement during a press conference on Sunday. He said that extensive appraisal‚Ķ

13 Feb 2024

Oil Industry, Green Groups Challenge Biden Offshore Drilling Plan

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Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration's five-year plan to offer drilling leases in the Gulf of Mexico.The petitions to a U.S. appeals court come four months after the Interior Department unveiled a congressionally-mandated plan for offshore leasing that included just three sales, the lowest since the government began publishing the schedules in 1980.The American Petroleum Institute, an oil and gas trade group…

12 Feb 2024

Altera Hires DOF to Install Voyageur Spirit FPSO Offshore Ivory Coast

Voyageur Spirit FPSO (Credit: Kishorn Port & Drydock)

Altera Infrastructure has hired DOF to install Voyageur Spirit floating production, storage and offloading (FPSO) unit as well as one floating storage unit (FSO) at Eni-operated Baleine oil field offshore Ivory Coast.The project includes the complete installation of seabed mooring systems, flowline between the FSO ‚Äď a converted shuttle tanker Nordic Brasilia - and the Voyageur Spirit FPSO, along with their associated equipment.The contract for the redeployment of the FPSO and the FSO was secured by Altera back in October 2023.Voyageur Spirit is a cylindrical-shaped FPSO‚Ķ

08 Feb 2024

Russia's Arctic LNG 2 Last Line is on Hold

Source: TotalEnergies

The third and the last train of the Arctic LNG 2 project in Russia has been put on hold but the second train is likely to be installed, the head of stakeholder TotalEnergies' said.The liquefied natural gas (LNG) project in the Russian Arctic has faced challenges from U.S. sanctions imposed on the project last November over the conflict in Ukraine, and subsequent force majeures by shareholders.At the end of 2023 Arctic LNG 2 started tentative production at its first train, which is yet to deliver a first cargo.

08 Feb 2024

DNV Updates ‚ÄėGo-To Standard‚Äô for Offshore Energy Operations

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DNV has published a substantial revision to the ‚Äėgo-to standard‚Äô, DNV-ST-N001, for the design and planning of marine operations for the transport, installation and removal of offshore wind farms, subsea cables and oil and gas assets.The new major changes reflect the changing nature of the offshore industry in line with its support of the energy transition, ensuring that the standard remains relevant and supports the development of cost-effective marine operations during a fast-evolving energy transition.DNV‚Ķ