Oil And Gas Projects News

30 Oct 2019

Oilfield Services Firms Moving Beyond Oil

Graph: Rystad Energy

Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling, well services and seismic – which don’t have much to offer outside the upstream oil and gas industry – are removed from the equation…

24 Sep 2019

Equinor to be ‘Offshore Wind Major’

Graph: Rystad Energy

The multi-billion capital investment by Equinor at its new Dogger Bank Offshore Wind Farm will see it rival its major oil and gas projects, according to Rystad Energy."The offshore wind project Dogger Bank in the UK North Sea will not only be Equinor’s largest project through 2026, it will also rank as the sixth largest offshore development project in the world during this period," said the energy research firm.UK authorities announced on Friday that Equinor and joint venture partner SSE have been chosen to develop the world’s largest offshore wind farm…

24 Sep 2019

Sovcomflot Elects New Chairman and New CEO

Sergey Frank (Photo: Sovcomflot)

On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.

29 Aug 2019

Revenues Soar at Russia’s PAO Sovcomflot

Sergey Frank, President and CEO, PAO Sovcomflot. Photo: Sovcomflot.

PAO Sovcomflot (SCF Group), which serves the energy shipping and offshore services to the oil and gas industries, reported in the first half of 2019 revenues rose 16.6% ($828m vs. $710.1m), TCE revenue rose 19.1% ($609m vs. $511.3m) and EBITDA rose 42.4% ($381.2m vs. $267.7m) as compared to the first half of 2018.Highlights from the first half included:• Korolev Prospect, Vernadsky Prospect and Samuel Prospect LNG-fuelled 114,000 DWT Aframax tankers added to the fleet.•In March 2019, the Group celebrated the 10th anniversary of the start of LNG shipments from the Sakhalin-2 project.

29 Jul 2019

Sovcomflot Orders 3 LNG MR Product Tankers

Image: Sovcomflot

Russian maritime shipping company PAO Sovcomflot approved transactions with Zvezda Shipbuilding Complex (Primorsky Region) and a subsidiary of JSC VEB Leasing to place orders for the construction of three new-generation MR product carriers using LNG as their main fuel.The vessels will be chartered to a subsidiary of PJSC NOVATEK under twenty year time-charter agreements, said a press release from the state-owned firm specializing in LNG shipping.Sergey Frank, President and CEO of Sovcomflot…

23 Jul 2019

Regulatory Crewing Challenges for Offshore Wind Vessels

Photo: © halberg/Adobe Stock

Every day we see more and more news about how the planning for new offshore wind projects continues to expand with the increasing investment from both domestic and foreign interests in these projects. This is resulting in both developers and contractors making logistics plans to secure vessels and crew for the purposes of meeting the demands necessary to crew and operate vessels in support of future wind farm operations. Unfortunately, there are challenges associated with the…

07 Jun 2019

Chinese, Russian Majors Ink Arctic LNG Deal

Photo: Sovcomflot (SCF Group)

Russia's second largest natural gas producer Novatek, Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot, Chinese state-owned shipping and logistics services supplier company COSCO Shipping Corporation Limited, and the Chinese government owned investment fund Silk Road Fund, signed a four-party agreement to establish a joint venture Maritime Arctic Transport LLC.The focus of the Maritime Arctic Transport joint venture is to manage an icebreaking tanker fleet of Arctic ice-class vessels…

14 May 2019

Global Energy Investment Totals $1.8trln in 2018

Pic: International Energy Agency

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States…

17 Apr 2019

Warren as Prez Would Ban New Offshore Drilling

Source: www.warren.senate.gov

U.S. presidential candidate Elizabeth Warren said she would ban all fossil fuel extraction on federal land and in coastal waters, setting herself apart from a crowded field of Democratic hopefuls who have made climate change a central campaign issue but have yet to outline specific policies. Warren said in a post on Medium that she would sign an executive order on her first day in office for a "total moratorium on all new fossil fuel leases including for drilling offshore and on public lands." "We must not allow corporations to pillage our public lands and leave taxpayers to clean up the mess…

24 Feb 2019

Oil and Gas Projects to Triple in 2019

Map: Rystad Energy

A surge in final investment decisions (FIDs) this year on new petroleum projects worldwide could see sanctioned volumes of oil and gas – excluding shale and tight oil and gas prospects – nearly triple compared to last year’s tally.The collective volumes could swell past 46 billion barrels of oil equivalent (boe), according to research conducted by Rystad Energy.“We expect global FID volumes in 2019 to triple over last year, and 2019’s megaproject awards could lead to billions of subcontracting dollars in coming years…

21 Jan 2019

US Oil and Gas Industry Confidence Surges

Frank Ketelaars, Regional Manager, the Americas, DNV GL - Oil & Gas. Photo: DNV GL

Senior oil and gas professionals in the United States are among the world’s most confident about the outlook for the sector in 2019, as companies prepare for significant increases in capital expenditure (capex) over the coming months.According to a new research published by DNV GL, 85% of sector leaders in the US are optimistic about the industry’s growth prospects in the year ahead, up sharply from 60% in 2018. This compares with three quarters (76%) reporting confidence among respondents globally.Full of confidence…

23 Dec 2018

Maurel & Prom Buys Shell's Stake in Venezuela

Image: Shell Global

Paris-based Maurel & Prom announced that it has acquired Shell Exploration and Production Investments' 40% interest as Shareholder B in Petroregional del Lago Mixed Company, which operates the Urdaneta West field in Lake Maracaibo, Venezuela.Maurel & Prom said further that all condition precedents have been satisfied and that the acquisition has been completed.The total consideration for the acquisition of Shell's shares in the Mixed Company is EUR70 million, funded from Maurel…

28 Aug 2018

DNV GL Raises the Standard for Thermoplastic Composite Pipes

TCP (Photo: DNV GL)

DNV GL has launched a new standard that allows operators to choose thermoplastic composite pipes (TCP) instead of steel or traditional flexibles, enabling substantial cost reductions throughout the project lifecycle.After the successful and wide adaptation of the recommended practice (RP) DNVGL-RP-F119 by the industry for qualification of TCP for various applications from dynamic to static applications since its publication in 2015, the RP has now been converted to an official DNV GL standard DNVGL-ST-F119.

19 Oct 2018

LNG Investment Set to Grow

“We’re starting to see a lot more investment in LNG, but if you want to be in you have to start now,” Jim McCaul of International Maritime Associates (IMA)

Following years in the pricing doldrums, LNG is hot again, with business prospects for floating production and regasification looking strong through 2023. We talk to Jim McCaul of International Maritime Associates (IMA) for his insights, as he is fresh off of a 12-month stint investigating the market in depth."We wanted to take a fresh look at the market, to identify opportunities both in the production and regassification of LNG" is how McCaul, founder of IMA, best describes his team’s 12-month effort to study and report on the industry.

24 Jul 2018

Beele Engineering Develops Fire Safe Plastic Transit System

Photo: Beele Engineering

Beele Engineering has developed a new range of HE plastic transit sleeves and frames to provide for the reliable and comfortable transit of cables and pipes and to provide for a fire-resistant, gas, smoke and watertight seal. The new transit sleeves and frames form part of the NOFIRNO system technology and can be used in various ways, including in sandwich panels.The HE plastic version enables Beele Engineering to offer solutions that are not only fire safe, but also light-weight.

04 Oct 2018

IMA Completes 12-month Study of the Floating Liquefaction and Regasification Market

© Wojciech Wrzesien / Adobe Stock

International Maritime Associates has just completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector.Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.

11 Oct 2018

LNG Report: Floating Liquefaction & Regasification

Prelude. Photo: Shell

International Maritime Associates has completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector. Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.

31 Jan 2017

SCF's New Icebreaker Named Gennadiy Nevelskoy

Photo: Eric Haun

Built by Arctech Helsinki Shipyard, the Russian flagged Gennadiy Nevelskoy (deadweight 3,000 metric tons) will home port in Saint Petersburg and was commissioned by SCF under a long-term agreement with Sakhalin Energy. She is the first of four vessels for operations at the Sakhalin-2 project; the other three are ice-breaking standby vessels (IBSBVs) that have a smaller deadweight (2,000 metric tons), but offer enhanced functionality and a higher people-on-board capacity. The agreement between Sovcomflot and Sakhalin Energy…

27 Feb 2017

Total in Talks to Buy Iranian LNG Project

Total is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves. The French oil major -- the first of its peers to strike deals in Iran after sanctions -- seeks entry into Iran LNG at a discount to the pre-sanctions price in exchange for reviving the stalled project, two sources with knowledge of the matter said. A third source confirmed Total was in the running for a stake, alongside several other oil majors, but any deal was still some way off. Total declined to comment. Iran's National Gas Export Co. (NIGEC), a central stakeholder in the project, did not respond to requests for comment by email and phone.

20 Mar 2017

Market Volatility Affects Sovcomflot

Tanker SCF Baltica. Photo:  PAO Sovcomflot

Sovcomflot is one of the world’s leaders in energy shipping as well as in servicing offshore upstream oil and gas projects. It has reported lower time charter equivalent revenue (TCE) of USD 1,142.2 million (2015: USD 1,240.1 million), EBITDA of USD 706.5 million (2015: USD 780.1 million) and net profit of USD 206.8 million (2015: USD 354.5 million). Sergey Frank, President and CEO of Sovcomflot said: “Sovcomflot has delivered a solid set of results for 2016, despite market volatility in a year that has severely tested our industry.

10 Dec 2017

CERCG Looking to Ship LNG from Australia's West to East

State-owned China Energy Reserve and Chemicals Group (CERCG) on Monday said it is investigating whether to ship liquefied natural gas (LNG) from Western Australia to the gas-hungry east coast market. The Chinese integrated energy firm, which runs oil and gas projects, processing plants and gas distribution, said in a press release to Reuters that subsidiary CERCG Australia is studying the viability of transporting LNG by road, rail and ship. CERCG Australia's business manager Kevin Gao said the company would use LNG container tanks which can maintain liquefaction for 110 days. "It should be possible for us to ship 100 or 200 of our 40-foot ISO containers, each containing 18 tonnes of LNG, from Australia's West Coast to customers on the East Coast," he said on Monday.

13 Feb 2018

Kvaerner Invests in New Quay at Stord

(Image: Kvaerner)

Kvaerner said it plans to invest NOK 370 million ($46.8 million) in a new quay at the company's facility at Stord. "The objective for this upgrade will be to make the facility more flexible. We invest now to strengthen our competitiveness, and this extension will position Kvaerner for deliveries of new solutions to both oil and gas projects and other market segments," said Kvaerner president & CEO, Jan Arve Haugan. The investment is subject to approval by Kvaerner's Board of Directors within a short period of time.

05 Dec 2018

Aker Solutions, Siemens Join Forces To Strengthen Digital Offerings

Image: Aker Solutions

Norway's Aker Solutions has forged an alliance with the German technology giant Siemens to further develop digital offerings in engineering, operations and services.The global engineering company based in Oslo said that the collaboration focuses on the creation of software applications and joint service offerings including the development of industrial digital twins that will drive efficiency throughout the entire plant lifecycle.In addition, the companies will further develop specific offerings for the oil and gas sector based on Siemens' Comos engineering platform.

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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