Oil Field News

14 Mar 2019

Equinor Extends Oceaneering Contract

Image: Oceaneering

Houston-based subsea engineering company Oceaneering International has secured a contract renewal from Equinor, the Norwegian multinational energy company, covering the provision of maintenance, reliability and integrity management.The oilfield provider of engineered services and products, primarily to the offshore oil and gas said in a press note that the contract, which was originally awarded to Oceaneering’s integrity business in 2005 and competitively tendered again in December 2013…

14 Mar 2019

GAC Bags Petronas Job

Image: GAC Marine

GAC Marine’s branch in Turkmenistan has been awarded two contracts by Petronas Carigali, a subsidiary of Petronas, to provide marine services for its development of the Garagol Deniz West (GDW) oil field.The service provider of full marine transportation to the offshore industry said in a press release that it will supply three anchor-handling vessels manned by experienced crew and kitted out with specialist onboard equipment to provide critical 24-hour support for the drilling…

13 Mar 2019

Repsol, Emerson Pact for Geoscience R&D

Emerson is enabling Repsol to accelerate time to first oil using digital transformation technology. Pic: Emerson

Emerson and Repsol announced they have established a strategic alliance to deliver advanced subsurface geophysical technologies to reduce the time to prospect and produce first oil.Emerson, a global engineering and technology company,  will work collaboratively with Spanish energy company Repsol to implement and deploy advanced subsurface imaging technologies, with core technologies developed by Repsol as part of Kaleidoscope, its 10-year innovation project."These advances will…

08 Mar 2019

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about to change.The Energy Information Administration (EIA) reported last week that the United States exported more crude and petroleum products than it imported.

06 Mar 2019

Oman: Gas Production to Surpass Oil by 2023

Graph: Rystad Energy

Oman’s gas production levels are set to surpass oil by 2023 thanks to an impressive surge in the development of gas fields in the sultanate, according to Rystad Energy, the independent energy research and consulting firm headquartered in Norway.“Gas is on the rise in the Arab country on the southeastern coast of the Arabian Peninsula in Western Asia, and this transition is very timely. Oil output declines over the last two years may indicate a point of no return for Omani oil…

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

Pic: Saipem

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative…

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 Feb 2019

Adnoc's Fleet to Add 25 Vessels

Photo: Adnoc

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, a member of Abu Dhabi's Executive Council and Supreme Petroleum Council and Chairman of the Abu Dhabi Department of Transport, inaugurated the latest addition to Adnoc Logistics & Services' shipping fleet.The Abu Dhabi-based provider of shipping, maritime, port, logistics and oil field services said that the acquisition of the 2,850 TEUs large feeder vessel, Al Reem 1, brings Adnoc L&S's fleet to 123 vessels.Adnoc L&S revealed its plan to acquire its first crude oil tankers…

19 Feb 2019

As Traders Tussle Turkmenistan Cuts Exports

© kamontad123 / Adobe Stock

A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations said.That happened after Turkmen producers decided to export oil via Russia with the help of Swiss trader Vitol and ditch the previous Azeri route…

10 Feb 2019

WellConnection Marks UK Debut

Image: WellConnection Group

Norwegian inspection, maintenance and repair (IMR) company WellConnection Group has acquired Scotland-based Independent Oilfield Services (IOS) in a deal which marked its entrance into the UK market.WellConnection Group with bases in Stavanger, Mongstad and Hammerfest in Norway have made a strategic investment in IOS, which since its inception in 2014 has quickly grown to become one of the market leaders in the UK within IMR services and storage.IOS changes name to WellConnection…

31 Jan 2019

Kirby Announces 2018 Q4/FY18 Results, Deal to Buy Cenac's Marine Fleet

Kirby Corporation announced a net loss attributable to Kirby for the fourth quarter ended December 31, 2018 of ($24.4) million, or ($0.41) per share, compared with earnings of $231.3 million, or $3.87 per share, for the 2017 fourth quarter. Excluding certain one-time charges, 2018 fourth quarter net earnings attributable to Kirby were $44.9 million, or $0.75 per share. Consolidated revenues for the 2018 fourth quarter were $721.5 million compared with $708.1 million reported for the 2017 fourth quarter.For the 2018 full year…

27 Jan 2019

Senegal Awards LNG, Oil Advisory Job to Doris Engineering

Image: Doris Group

French engineering services provider Doris Engineering has been awarded an advisor contract by the Senegalese ministry of petroleum and energies for the development of oil & gas projects offshore Senegal.This two-year mission consists in reviewing the optimization and the robustness of the field development performed on these projects to be in line with the Ministry expectations. It focuses on two projects: Grand Tortue Ahmeyim, operated by BP, and the SNE project, operated by Woodside.Grand Tortue Ahmeyim is located at the border between Senegal and Mauritania and lies in ultradeep-water.

27 Jan 2019

Abadan Ports Records 47% Growth in Exports

Pic: Director of Ports and Maritime Affairs of Abadan

Iran's Director of Ports and Maritime Affairs of Abada, Reza Safari,  announced a 47% increase in exports from Abadan, Arvandkenar and Chouebdeh Ports.During the last 10 months of this year, exports of goods and commodities from Abadan ports has increased by 47%, Reza said.The export volume of goods and commodities in the last 10 months of this year was 27 thousand 735 tons more than in the same period last year.Agricultural products, household appliances and light products, meat and meat products are among the most exported items from the three ports of Abadan, Arvandkenar and Chouebdeh.

28 Jan 2019

Weatherford Rolls Out ForeSite Optimization Platform

Available on any platform from a PC to a smartphone, Weatherford’s enhanced ForeSite offering now provides predictive failure analytics for ESP systems and complete optimization capabilities for plunger-lifted wells. (Photo: Weatherford)

Irish-domiciled multinational oilfield services company Weatherford said it has made a major enhancement to its ForeSite production optimization platform, which combines physics-based models with advanced data analytics to improve performance across wells, reservoirs, and surface facilities on a single, secure platform.Weatherford, which first introduced the ForeSite platform in May 2017, said the new release expands predictive failure analytics to electric submersible pumping…

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…

22 Jan 2019

Tanker Tech: TMC for Roncador Tankers

(Photo: Knutsen NYK Offshore Tankers AS)

TMC Compressors of the Seas (TMC) has signed a contract to supply complete marine compressed air systems for two shuttle tankers that Hyundai Heavy Industries (HHI) is building for Norwegian tank operator Knutsen NYK Offshore Tankers (KNOT).The two 153,000 DWT DP2 shuttle tankers will be built by Hyundai Heavy Industries at their shipyard in South Korea and delivered in 2020. Following delivery, the vessels will operate in Brazil, under a long-term charter with energy major Equinor ASA (formerly Statoil ASA).Under the contract…

20 Jan 2019

Finalists Revealed for 2019 Offshore Achievement Awards

Previous Offshore Achievement Award winners provided by Offshore Achievement Awards

Finalists for the Offshore Achievement Awards 2019 have been revealed last week.The annual awards, which are hosted by the Society of Petroleum Engineers (SPE) Aberdeen Section, give recognition to the best talent, performance and innovation in the offshore energy industry. The award is supported by principal sponsor TAQA.This year’s shortlist recognises exceptional companies, both large and small, ground-breaking technological developments and individuals who go above and beyond in the sector.Over 90 entries were received…

17 Jan 2019

Offshore Service Market to Outspace Onshore Shale

Graph: Rystad Energy

Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector are set to benefit from this trend reversal.At current oil price levels, spending on land rigs, fracking and other services for the shale industry is likely to stay essentially flat in 2019.

14 Jan 2019

Seacor Marine Acquires Three Fast Support Vessels

Pic: Seacor Marine

U.S. offshore vessel owner Seacor Marine  has acquired of three fast support vessels (FSVs) in exchange for the private placement of 603,872 shares of its common stock to domestic U.S. holders affiliated with the McCall family of Louisiana.The provider of global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide has operated the acquired vessels for the past ten years under a revenue sharing pooling agreement along with four of its owned FSVs of similar specification.As part of the transaction, this pooling agreement was terminated.

11 Jan 2019

Petrofac Secures Brunei Contract

Image: Petrofac

Oilfield services provider Petrofac and its partner Serikandi Oilfield and Services Sdn Bhd, have secured a multi-annual Engineering Design Services contract to support Brunei Shell Petroleum (BSP) and Brunei LNG (BLNG) in Brunei.Petrofac and partner Serikandi will provide engineering across all phases of the asset lifecycle for the entire portfolio of onshore and offshore assets for BSP and BLNG. All engineering and design work will be undertaken in Brunei, with the team located at offices in Kuala Belait.Mani Rajapathy…

08 Jan 2019

Forum Bags Mojave ROV Deal

(Photo: Forum Energy Technologies)

Oilfield products company Forum Energy Technologies said it has sealed a contract to supply a Mojave remotely operated vehicle (ROV) for the Norwegian firm ESEA Marine.Sub-Atlantic Mojave will also be used by ESEA Submarine’s sister company, ESEA Marine AS, which has customers that include fish farms, port authorities and insurance companies, said the international oilfield products company, serving the subsea, drilling, completion and  production sectors of the oil and natural gas industry.In addition…

06 Jan 2019

Moody's Says Global Oil and Gas Heads into 2019 on Steady Footing

Pic: OPEC

The global Oil and natural gas prices will be volatile, but also range-bound in 2019, Moody's Investors Service says in its annual report outlining key credit themes in oil and gas for the year ahead.While the recent announcement that OPEC and Russia will cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year are whether OPEC and Russia will maintain their production discipline and what might happen in June, when the current agreement expires.Moody's expects the medium-term price band for West Texas Intermediate (WTI) crude…

04 Jan 2019

Topaz Bags Wind Charter

Image: Topaz Energy and Marine

Dubai-based Marine logistics company Topaz Energy and Marine (Topaz) has signed an agreement with a north European contractor for the charter of Topaz's newbuild for offshore wind farms in the North Sea.The contractor will charter Topaz’s newbuild subsea vessel, Topaz Tangaroa, for work on renewable energy projects, primarily in support of offshore wind farms in the southern North Sea. The contract underlines the growing significance of offshore wind projects to Topaz.The oilfield…

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