Soldier-run PDVSA and AWOL Oil Output
Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos de Venezuela SA, or PDVSA.The career military officer, who for the past year has been boss at the troubled state-owned oil company, was at no ordinary mass. The gathering, rather, was a ceremony at which he and other senior oil ministry officials asked God to boost oil output."This place of peace and spirituality…
AGR, First Geo to Merge
Norwegian offshore oil and gas consultancy and services companies First Geo (owned by Akastor), and AGR Bidco are set to merge."Akastor AS (Akastor), has entered into agreements with Silverfleet Capital, DNB Bank ASA and Nordea Bank Abp, filial i Norge (together the AGR stakeholders) to combine AGR Bidco AS (AGR) with First Geo AS," said a press statement.The Transaction will be carried out primarily as an asset deal, whereby assets in the current AGR legal structure and three legal entities will, together with First Geo, be transferred to a new legal structure, which in turn will be transferred to Akastor to establish the merged company.The merged company will be named AGR. Akastor will hold 100% of the shares in the company and 55% of the economic interest.
Cheap Oil Slows Move to LNG as Bunker Fuel
Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market. The global shipping sector is under pressure from governments to reduce harmful emissions from vessels, including sulphur oxides (SOx), nitrogen oxides (NOx) and carbon dioxide (C02), by using cleaner fuels such as liquefied natural gas (LNG) rather than traditional heavy fuel oil and diesel sources. The momentum has increased since December's global climate deal in Paris, but industry officials say it will take time for LNG to grow as a bunker fuel because the infrastructure needed requires heavy investment at a time when companies are slashing budgets.
Magma Products Opens Aberdeen Office
Oil & Gas UK chief executive, Malcolm Webb, has officially opened the new Aberdeen offices of oil and gas consultancy Magma Products. Magma, which provides specialist offshore commissioning and start-up services, has grown from a business employing six people in 2011 to one with an 85-strong team today. It has moved from small city centre premises to its new offices at The Spires Business Park, just off Mugiemoss Road. They can accommodate around 60 people, with many Magma personnel based on site at client projects.
Technip Awarded North Sea Contract by RWE Dea
Technip was awarded a full EPIC(1) contract by RWE Dea, for the Clipper South gas field development in the North Sea. The field is located 70 kilometers North-east of the Bacton gas terminal in 25 meters of water. The contract covers full project management, detailed pipeline design, installation and tie-in of a 15.5 kilometer 12" production line and 3" methanol piggyback line from the new Clipper South platform to the existing LOGGS (Lincolnshire Offshore Gas Gathering system) platform.
