Oil Equivalent News

07 Jan 2020

Norwegian PM Opens Johan Sverdrup Field

Image: Equinor

Norway's prime minister Erna Solberg has opened the Johan Sverdrup field center, and the Minister of Petroleum and Energy, Sylvi Listhaug, also attended the opening.Since Equinor and the Johan Sverdrup partners Lundin Norway, Petoro, Aker BP and Total started the field on 5 October last year, production has increased to a level well above 300,000 barrels per day.Johan Sverdrup is expected to yield a total production revenue exceeding NOK 1 400 billion and more than NOK 900 billion…

27 Dec 2019

Offshore Energy Outlook for 2020

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past. As of this writing, Brent oil was hovering around $62 per barrel, and analysts expect prices will remain in this range for some time into the future.On top of this…

27 Nov 2019

US Nearing Energy Independence

Graph: Rystad Energy

In just a few months, the U.S. will be fully energy independent and by 2030, the country's total primary energy production will outpace primary energy demand by 30 percent.According to the Norwegian market research consultancy Rystad Energy, this milestone follows a strong period of growth in both hydrocarbon and renewable resources."We forecast that the US will have primary energy surplus – and not a deficit – by February or March 2020, depending on the intensity of the winter season…

26 Nov 2019

Qatar Ups LNG Production by 64% to 126 MTPA by 2027

Pic: Qatar Petroleum

Qatar Petroleum has announced that it will raise Qatar’s LNG production capacity to 126 million tons per annum (mtpa) by 2027, representing an increase of 64% from the current 77 mtpa.The announcement was made by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, at a press conference held in Doha, during which he also announced that new studies have revealed that the North Field’s productive layers extend well into Qatari land in Ras Laffan…

25 Nov 2019

GoM Oil Output Set for Record Year

Graph: Rystad Energy

The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, despite massive cuts in investment.According to Rystad Energy, most of this growth coming from deep water projects.“2020 is expected to be another record year with average production above 1.9 million barrels per day,” says Joachim Milling Gregersen, an analyst on Rystad Energy’s upstream team.Oil production in the Gulf of Mexico has grown every year since 2013, with an average of 104,000 barrels per day added annually.

29 Oct 2019

Orca-1 is Largest Gas Discovery of the Year

Image: Kosmos Energy

On 28 October 2019 oil giant BP announced a major gas discovery, Orca-1, exploration well in the BirAllah area off the coast of Mauritania.“The deepest and largest discovery so far this year, Rystad Energy estimates Orca-1 holds around 1.3 billion barrels of oil equivalent (boe) of recoverable resources,” says Palzor Shenga, a senior analyst on Rystad Energy’s upstream team.Offshore continues to dominate exploration in 2019, both in terms of the number of discoveries and the volume of resources unearthed.

01 Sep 2019

Novatek Wins Arctic Gas Field

Pic: Novatek

Novatek said that its wholly-owned subsidiary Arctic LNG 1 has won an auction for a geological survey, exploration and production license for the subsoil area including the Soletsko-Khanaveyskoye gas field.The license is located on the Gydan peninsula in Yamal-Nenets Autonomous Region, said the natural gas producer in Russia.The license area has estimated hydrocarbon resources of 2,183 billion cubic meters of gas and 212 million tons of liquids, or 16 billion barrels of oil equivalent…

16 Aug 2019

Gazprom Lead Oil and Gas Growth Worldwide

Graph: Rystad Energy

Russian giant Gazprom saw the most production growth among world’s exploration and production (E&P) companies during the five-year span from 2014 through 2018.It’s followed by Chinese player PetroChina Company Limited and U.S. shale company EQT Corporation ranking second and third, respectively, said energy research firm Rystad Energy.Onshore resources – whether conventional or unconventional – are a major driver of growth, it said.“Gazprom, the clear leader in production growth…

15 Aug 2019

Saudi Aramco, World’s Most Profitable Co, Again

Image: Saudi Aramco

Saudi Aramco announced that its net income was $46.9 billion for the first half 2019, compared to $53.0 billion for the same period last year. That easily outstripped corporate titans such as Apple Inc, Amazon.com Inc and other big oil producers, many of which suffered larger declines in profit as output and crude prices fell. Saudi Aramco President & CEO Amin H. Nasser, said: “Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance…

01 Aug 2019

MOL Group On Track to Meet 2019 Guidance

Pic: MOL Group

Hungarian international oil and gas company MOL Group delivered an EBITDA of USD 1.15bn in H1 2019, exactly half of the full-year 2019 guidance.Upstream EBITDA was 10% lower in H1 2019 at USD 553mn, as higher volumes were more than offset by lower oil and gas prices. The segment remained the largest free cash flow generator of the Group. Average daily hydrocarbon production was 111.8 barrels of oil equivalent per day (boepd) higher by 2% year-on-year.Downstream Clean net income EBITDA amounted to USD 403mln in H1 2019, 18% lower year-on-year.

16 May 2019

10,000th LNG Loading by ​​Qatargas

Photo:?? Qatargas

The world's largest liquefied natural gas company Qatargas announced that Qatargas Ras Laffan Terminal Operations (RLTO) has safely loaded the 10,000th cargo shipment of non-LNG product in Ras Laffan Industrial City (RLIC).Since starting operations in 2006, the dedicated teams at Qatargas have efficiently and reliably loaded more than four billion barrels of product to customers all over the world. With demand continuing to grow for the vast array of products produced in RLIC…

03 May 2019

Wintershall, DEA Complete Merger

Image: Wintershall Dea

The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and production company in Europe.Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East. Regulatory approvals have been granted by nine countries including Germany, Norway, the UK and Russia.“We are a European champion and are making an important contribution to Europe’s energy security…

25 Apr 2019

Gas Production Set to Triple in Iraq

Graph: Rystad Energy

Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position," said a statement from the energy research and business intelligence company.New developments are on track to triple the country’s gas production from just over 1 Bcfd in 2017 to about 3 Bcfd in 2022, according to Rystad Energy.It forecasts that gas developments in Iraq will overtake oil projects in 2019…

11 Apr 2019

Total, Exxon Sign for Papua New Guinea LNG Project

Map: Total

French energy giant Total and its partners ExxonMobil and Oil Search have signed the Gas Agreement with the Independent State of Papua New Guinea defining the fiscal framework for the Papua LNG Project.The Papua LNG project Gas Agreement allows the partners to enter the Front-End Engineering Design (FEED) phase of study that will lead to the Final Investment Decision in 2020.“The finalization of the Gas Agreement is a major milestone for Papua LNG project that confirms the commitment of all partners and the Government of Papua New Guinea to make the project a success for all stakeholders”…

09 Apr 2019

Oil & Gas Discoveries on the Rise in 2029

Graph: Rystad Energy

Oil and gas exploration is off to a flying start in 2019, with majors taking a bigger bite of the conventional resources discovered in the first quarter, according to Rystad Energy.Global discoveries of conventional resources in the first quarter reached a robust 3.2 billion barrels of oil equivalent (boe). Most of the gains were recorded in February, posting 2.2 billion barrels of discovered resources – the best monthly tally on record since August 2015.“If the rest of 2019 continues at a similar pace…

25 Mar 2019

Exxon, Chevron Accelerate Shale Production

Graph: Rystad Energy

The two biggest U.S. oil companies Chevron and ExxonMobil plan to significantly ramp up production in the US shale heartland as the oil behemoths are seeking to go from shale to scale in the Permian.Rystad Energy’s shale team analysed as to which operator holds the best potential in the prolific basin spanning parts of Texas and New Mexico and announced that Chevron has the better opportunity to continue to grow post 2030.ExxonMobil will have to drill about twice as many new wells as Chevron to reach the communicated production goal.

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…

23 Jan 2019

Offshore Upswing: CNOOC Spend Highest Since 2014

© xmentoys/AdobeStock

China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10.3 billion to $11.8 billion) on exploration and production, CNOOC said in a press release on Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.Beijing has called…

17 Jan 2019

Novatek Production Rose 6.9% in 2018

Pic: Novatek

Russia's largest independent natural gas producer Novatek said that total hydrocarbon production during 2018 increased by 6.9%, and had increased sales of gas."In 2018, Novatek’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017…

21 Dec 2018

Aker Solutions Wins Jotun FEED Contract

Jotun. Photo: VĂĄr Energi AS

The newly formed exploration and production (E&P) company Vår Energi is progressing the redevelopment of the Balder and Ringhorne area offshore Norway and a FEED contract for the Jotun FPSO life extension has now been signed with Aker Solutions.In total, about 20 billion NOK ($2.3 billion) will be invested in the redevelopment of the area, which includes the first NCS license area, PL 001 from 1965, said the largest independent E&P company on the Norwegian continental shelf (NCS).Part of the redevelopment, is the Balder X Project.

19 Dec 2018

SHI Delivers Johan Sverdrup Offshore Platform On Schedule

Johan Sverdrup offshore platform leaving SHI Geoje shipyard. Photo: Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries (SHI) has successfully completed the processing platform (P1) for Johan Sverdrup Field development and delivered it to Equinor according to the scheduled delivery date stated in the original contract.SHI has secured Contract worth 650 billion won ($ 5.84m) from a Norwegian energy company Equinor in 2015 to build the large oil production platform, measuring 136m long, 69m wide and 72m high, and weighing 28,100 tonnes.Reflecting…

16 Dec 2018

Qatar Buys Eni's Mexican Oil Stakes

Photo: Qatar Petroleum

Qatar Petroleum (QP) signed an agreement with Italy’s Eni SpA to acquire a 35% stake in three offshore oil Fields in Mexico.The agreement cover the Amoca, Mizton, and Tecoalli offshore oil fields, which lie in Area 1 in Mexico’s Campeche Bay, said a press statement from the Arab country's government-owned energy company.The agreement is subject to customary regulatory approvals by the government of Mexico. Following such approval, both Eni and Qatar Petroleum will jointly hold 100% interest in the Area 1 production sharing contract.Commenting on this agreement…

11 Dec 2018

Verus Petroleum Mulls 12-Fold Production Growth

Alan Curran. Photo: Verus Petroleum

Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum exploration and production services provider said that it  has recently completed three significant acquisitions; an interest in the Babbage gas field acquired from Premier Oil on 6th December, on the back of completing transactions…

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