Exxon Ships Have Not Returned to Disputed Area off Guyana
Seismic research vessels hired by Exxon Mobil to explore for oil off Guyana's coast have not returned to the site of a December incident with Venezuela's navy, but they may in the future, Guyana's foreign minister said on Thursday.Guyana, with no history of oil production, has become the focus of intense interest since Exxon announced the discovery of over 5 billion barrels of oil and gas off its shores. That has reignited a century-old territorial dispute with neighboring Venezuela.
PetroVietnam: Maritime Tensions Weigh on Operations
Vietnam's state oil firm PetroVietnam said on Friday that tension in the South China Sea will continue to weigh on its offshore operations this year.The company, formally known as Vietnam Oil and Gas Group targets to produce 12.37 million metric tonnes of crude oil this year, down 11.45 percent from last year's output, it said in a statement.Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 percent of the potentially energy-rich maritime territory, which Vietnam calls the East Sea."The complicated developments in the East Sea have h
Repsol Lubricants Commits to Total Lubmarine Network
Repsol Lubricants, a member of the Total Lubmarine network for more than 50 years, has formally committed to extend its relationship with Total Lubmarine for a further three years, building upon a relationship that was first established between the two companies in 1962.The Total Lubmarine network is made up of a range of partners who are able to manufacture in strategic locations and help enable lubricants to be delivered to more than 1,000 ports worldwide."This renewed agreement will continue to ensure quality products for our customers in Spain…
Brazil Ship Collision Reveals Offshore Regulatory Gaps
Brazil has more than doubled the number of risky ship-to-ship oil transfers this year, but its monitoring of such offshore maneuvers is lax, to a point where a July 2017 collision between two tankers was not reported, according to a Reuters review of government and shipping records.Transfers are projected to keep rising as the country's deep-water discoveries have lured major companies including Exxon Mobil Corp and Royal Dutch Shell Plc to recent offshore auctions. During these maneuvers, ships pull alongside one another and oil is transferred to a vessel via high-pressure hoses.
Sapura Energy Wins Contracts in Mexico, Malaysia
Malaysia-based integrated oil and gas services Sapura Energy Berhad has strengthened its presence in Mexico and Malaysia with new contract wins valued at approximately RM1.75 billion (USD 410 mln).The new contracts have lifted the company’s orderbook to RM18 billion and total contract wins to-date for this financial year to RM7 billion (USD 1.68 bln).Sapura Energy has built capabilities and expertise that are critical to support its clients in their quest to meet global energy demand and as a result…
FERC Green Signal for Calcasieu Pass LNG
Venture Global LNG announced that the U.S. Federal Energy Regulatory Commission (FERC) has issued the final Environmental Impact Statement (EIS) for the company’s 10 MTPA Calcasieu Pass facility on the Gulf of Mexico.On August 31, 2018, FERC notified Venture Global LNG that it plans to issue a Final Order for the Calcasieu Pass facility and the associated TransCameron Pipeline no later than January 22, 2019, in line with the Notice of Revised Schedule for Environmental Review issued on May 18…
PGNiG, Venture Global LNG Deal for 2 MTPA of LNG
For a 20-year term, Polish Oil and Gas Company (PGNiG) will receive liquefied natural gas from the USA for domestic customers or for resale.The new contracts will provide a total of 2 MTPA of LNG, which is approximately 2.7 billion m³ of natural gas after regasification, and this equals – depending on the vessel capacity – over 25 cargoes a year.Under the agreements, PGNiG will purchase LNG on a free on board (FOB) basis starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility…
Guyana Puts Oil Auctions on Hold
Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Monday.Since 1999, Guyana has awarded a group led by Exxon Mobil Corp hundreds of oil blocks along Guyana's maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation, into one of Latin America's hottest prospects for oil investments.Exxon…
Okea Weighs Its Options for Grevling Oil Discovery
Norwegian oil firm Okea is looking at four options to develop its North Sea North Sea Grevling oil discovery, which in turn could impact on the company's valuation in a deal with Thai investor Bangchak Corporation PCL (BCP), it said on Tuesday.BCP has agreed to invest 939 million Norwegian crowns ($112.25 million) in Okea to partly finance the company's 4.5 billion crowns acquisition of Royal Dutch Shell's stakes in the Draugen and Gjoea fields.Okea, which plans to list on the Oslo stock market in the next 12 months, said the deal between BCP and Okea's majority owner, private equity firm Seacrest Capital, values the Norwegian oil firm at 860 million Norwegian crowns.The valuation could fall, however, to 778 million crowns, or rise to 940 million, depending on whether or not the company is
Repsol to Buy LNG from Venture Global
Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish, Louisiana, USA.Under this agreement, Repsol will purchase LNG on a free on board (FOB) basis for a 20-year term, starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility…
Algeria Extends TFT Gas Field License
Sonatrach, Total, Repsol and Alnaft (the National Agency for the Valorisation of Hydrocarbon Resources), have signed a new concession contract for a period of 25 years to extend the exploitation of the Tin Fouyé Tabankort (TFT) gas and condensate field. This new contract, which will become effective upon the approval by the relevant Algerian authorities, will give Total a 26.4% interest alongside Sonatrach (51%) and Repsol (22.6%). The companies have also signed a gas marketing agreement.
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner…
Vietnam Mulls Coast Guard 'Open Fire' Rules
Vietnam wants to give its coast guard more flexibility to open fire at sea, amid tension in the busy South China Sea waterway, a draft law released on Wednesday showed. The law, expected to be voted by lawmakers at the end of this year, would allow greater assertiveness in disputed waters by the coast guard, now armed with modern U.S. and Japanese patrol boats, in a policy likely to alarm neighbouring China. China claims almost all the South China Sea, through which about $3 trillion worth of sea-borne trade passes every year.
Satellite Images Show China's Show of Force in South China Sea
Dozens of Chinese naval vessels are exercising this week with an aircraft carrier in a large show of force off Hainan island in the South China Sea, satellite images obtained by Reuters show. The images, provided by Planet Labs Inc, confirm a Chinese carrier group has entered the vital trade waterway as part of what the Chinese navy earlier described as combat drills that were part of routine annual exercises. The Liaoning carrier group last week traversed the Taiwan Strait, according to the Taiwanese defense ministry.
Production Floaters Orders Are on the Rebound
Fifteen production floaters were contracted in 2017 – 11 FPSOs, two production semis, a wellhead TLP and an FLNG – and the number of deep water projects in the near-term planning queue indicates production floater orders are set to accelerate. This is a big change from 2016 when orders for new units totally dried up and the deepwater future looked pretty bleak. Here’s a round-up of contracts awarded last year and in January 2018. Tempera FPSO - Keppel in January 2017 received a contract from Dixstone Holdings…
Vietnam Scraps South China Sea Oil Drilling Project
Vietnam's state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its "Red Emperor" project off the country's southeastern coast following pressure from China, the BBC reported on Friday. It would be the second time in less than a year that Vietnam has had to cancel a major oil development in the South China Sea under pressure from China. The move comes as Repsol was making final preparations for commercial drilling. A rig, the Ensco 8504, was scheduled to depart from Singapore for the drill site on Thursday, the report said, citing an unnamed energy industry source. The cancellation could cost Repsol and its partners $200 million in sunk investment, according to the BBC. Repsol and PetroVietnam executives could not immediately be reached for comment.
Stena Drilling Signs Contract with Nexen Petroleum
Offshore driller Stena Drilling has signed a contract with Nexen Petroleum U.K. Limited for the Stena Spey drilling rig. Stena said in a press release that the drilling campaign will last around 110 days with a potential additional option well on the Golden Eagle field, UK Central North Sea. The drilling campaign will commence on completion of the current well with Repsol-Sinopec. "Stena Drilling is very pleased to be working with Nexen Petroleum U.K. Limited and this workscope presents another exciting new opportunity for the Stena Spey and the crews," said a statement.
Kvaerner Bags Two Contracts for Disposal of Platforms
Kvaerner has entered into an agreement with Allseas for the recycling of the topside and bridge of the 36-year-old Valhall QP platform when Allseas removes this installation for operator Aker BP in 2019. The structures will be deconstructed during winter 2019 and spring 2020. Kvaerner has also signed a contract with Saipem Uk for disposal of the Varg A installation. Saipem will remove the installation from the field on behalf of Repsol. Varg A was originally delivered by Kvaerner’s yard in Verdal, Norway in 1997.
Petrobras to join Oil and Gas Climate Initiative (OGCI)
Petróleo Brasileiro SA (Petrobras) has announced its intention to join the Oil and Gas Climate Initiative (OGCI). The company revealed that its CEO, Pedro Parente, has signed a letter of engagement so that the company can become an effective member of the voluntary initiative, which aims to lead the industry response to climate change. The OGCI is the CEO-led grouping of oil and gas companies that intends to lead the industry’s response to climate change, pooling knowledge and collaborating on action to reduce greenhouse emissions.
8 Energy Firms Commit to Reduce Methane Emissions
BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall have committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer – to do the same. The commitment was made as part of wider efforts by the global energy industry to ensure that natural gas continues to play a critical role in helping meet future energy demand while addressing climate change.
Capital Product Bags 3 MR Charters
Capital Product Partners, an international diversified shipping company, announced that it has secured new time charter employment for three Medium Range (MR) Product Tankers. The M/T 'Amadeus' (50,108 dwt, IMO II/III Eco Chemical/Product Tanker built 2015, Samsung Heavy Industries (Nigbo) secured employment with Repsol Trading for one year (+/- 30 days) at a gross daily rate of $14,500. The charterer has the option to extend the time charter for an additional year (+/-30 days) at a gross daily rate of $14,750. The new charter will commence in October 2017.
New Player Enters the Decommissioning Market
A new entrant to North Sea decommissioning, Well-Safe Solutions was established by a group of oil industry stalwarts Alasdair Locke, Mark Patterson and Paul Warwick, setting out to provide a new approach to the safe and cost-efficient decommissioning of subsea wells. The new start company, which aims to attract £200 million ($260 million) in investment and create 400 new jobs, will offer a specialist well abandonment service. Well-Safe has secured funding from Scottish Enterprise…
Repsol Suspends Drilling on Vietnam Oil Block Disputed by China
Spain's Repsol said it had suspended oil drilling in a block off Vietnam, where the prospecting in South China Sea waters claimed by China had infuriated Beijing and brought Chinese pressure on Vietnam to stop. Tension has been growing between Vietnam and China over energy development in the waterway, where extensive Chinese claims are challenged by five Southeast Asian countries and disputed by the United States. Repsol's chief financial officer, Miguel Martinez, said work had been suspended off Vietnam, according to the transcript of a conference call with analysts last week. "We are working with the PetroVietnam and with the Vietnamese authorities and the only comment is that right now, operations have been suspended," he said.