Chevron Posts Q3 Profit
Chevron on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results.Chevron and its peers have slashed spending budgets this year on plummeting demand and crude oil prices that remain about 40% below where they began the year. Royal Dutch Shell Plc and BP Plc also posted higher-than-expected quarterly results after deep expense cuts this year.The second-largest U.S. oil producer reported earnings of $201 million, or 11 cents per share, excluding one-time items.
Oil and Gas Demand to Peak in 2023 and 2034: DNV GL
The oil and gas demand will peak in 2023 and 2034, respectively, according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050However, new oil fields will be needed until at least the 2040s, while new gas developments will be required beyond 2050. DNV GL’s Outlook predicts that operators will favour production from a greater number of smaller reservoirs with shorter lifespans, lower break-even costs and reduced social impact compared to those currently in operation.“Most easy-to-produce…
EnerMech Obtains $24m Service Contract
EnerMech Get $24m Contract Lift. EnerMech has secured a cranes and lifting services contract with an international Operator in the North Sea along with an extension of many existing contracts worth just over $24m. The company will provide crane maintenance and crane management to three North Sea platforms on behalf of the new client. The five year contract includes offshore crane maintenance and operation, onshore support and repair facilities, crane spare parts, engineering, and consultancy support.
STATS Group Post 65% Profit Increase
Pipeline technology company STATS (UK) Ltd increased profits by 65 percent to £4.3 million ($6 million) while maintaining revenues of £30 million, ($41 million) according to its latest annual accounts lodged at Companies House.The accounts to December 31, 2017, show that despite the continued impact of low oil and gas prices, demand for the group’s isolation and intervention services remained solid with an upturn in project awards from new clients in the UK and internationally.The…
Statoil Raises Dividend, CapEx as Oil Sector Rebounds
Stock is best performer of European oil index. Norway's Statoil will raise its dividend, investments and exploration spending in 2018, it said on Wednesday, after higher oil prices helped it beat fourth-quarter earnings forecasts. Like other oil companies, Statoil is also benefiting from efficiencies it pushed through during the sector's downturn, when firms were forced to slash jobs, projects and investment. Its flagship project, the development of the Johan Sverdrup oilfield in the North Sea, now has a break-even price so low it challenges the efficiency of OPEC countries, said one analyst.
Tanzania raises power tariffs by 8.5%
Tanzania's energy regulator has approved a power tariff hike of 8.53 percent by the state-run utility, less than half of what the utility said it needed to stem losses. The Tanzania Electric Supply Company (TANESCO) had sought an 18.19 percent tariff increase to snap a loss-making trend and clear debts to independent power producers and fuel suppliers. The tariff hike takes effect from Jan. 1, the Energy and Water Utilities Regulatory Authority (EWURA) said in a statement on Saturday.
Doing Business Differently to Meet Sustainability Targets - DNV GL
ONS, Stavanger, Norway: Pressure is mounting on the global oil and gas industry to reduce environmental footprint at the same time as the industry is under significant cost pressure. Since business as usual is not an option, DNV GL has launched two papers to advise the industry on how and where to make impactful changes within financial constraints. The paper, ‘A cost-efficient approach to reducing environmental impact’ provides a framework for the industry on how to improve environmental sustainability by identifying the most cost-efficient mitigating measures.
DNV GL 7 JIPs in North America
In a concerted drive to find smart solutions to safely reduce complexities and cost in the North American oil and gas industry, DNV GL is leading seven new joint industry projects (JIP) from the region in 2016. The initiatives will support overall efficiency efforts in the pipelines, wells and subsea, umbilicals, risers, and flowlines (SURF) sectors. Key focus areas for DNV GL in 2016 will be centered around solving challenges around standardization, operations (OPEX services), safety, environment, regulations and performance.
ExxonMobil Starts Production in GoM's Julia Field
Oil production has started ahead of schedule at the Julia oil field in the Gulf of Mexico, Exxon Mobil Corporation said today. The first production well is now online and a second well will start production in the coming weeks. The Julia development is located approximately 265 miles southwest of New Orleans in water depths of more than 7,000 feet. The initial development phase uses subsea tie-backs to the Chevron-operated Jack/St. Malo production facility, reducing the need for additional infrastructure and enhancing capital efficiency.
Topaz Energy and Marine Net $ 20.8m Profit
Topaz Energy and Marine, a leading offshore support vessel company, today announces its results for the year ended 31 December 2015. * Net Profit for the period was US$ 20.8m before exceptional items, impairment charge of US$71 million on vessels and a one-off charge of US$8.3 million associated with debt re-financing. * The key Caspian region continued to perform strongly with robust core fleet vessel utilization of 96% (94% in 2014). Topaz signed long-term contracts with BP in the Caspian, further strengthening contract backlog and long-term earnings visibility.
O&G Sector Needs Cost Management Discussion: DNV GL
A majority of senior oil and gas professionals (56%) believe that the industry is repeating the mistakes of previous downturns and have concerns over the loss of jobs and experience and lack of efficiency, according to a new report published today by DNV GL, the leading technical advisor to the oil and gas industry. A new phase of cost management is needed, as nearly three quarters (73%) of senior oil and gas professionals globally are preparing their company for a sustained period of low oil prices.
Energy Firms Partner to Cut Costs in the North Sea
Petrofac, Faroe Petroleum and Eni Hewett have established a cost-saving partnership to drive efficiencies and commercial synergies across U.K. operations in the Southern North Sea. The tripartite agreement sees collaboration between Petrofac (Duty Holder) and the respective equity owners and operators of the Hewett, Schooner and Ketch gas fields to share logistics and accommodation services across the facilities. Faroe Petroleum is operator and 60 percent equity holder in the Schooner and Ketch fields, and Eni Hewett is operator and 89 percent equity holder in the Hewett complex.
Schlumberger, IBM Team Up to Boost Upstream Production
Schlumberger and IBM today announced that they have teamed up to provide integrated services to upstream oil and gas customers that will improve the business impact of production operations projects. The offering combines Schlumberger’s production optimization services, upstream expertise, and industry-leading Avocet* production operations software platform with IBM’s enterprise asset management and enterprise services to deliver an end-to-end service for optimizing integrated production operations.
Tumbling Prices Slam Profit at Exxon Mobil, Chevron
Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Friday, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Earnings at U.S. oil majors Exxon, which were the worst in a decade, and Chevron missed analysts' expectations, adding to concerns that perhaps executives had not acted quickly enough to mitigate the impact of an over-50-percent drop in oil prices since last summer. The results highlight how smaller and more nimble U.S.
Executive Changes at Transocean
Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately. Mr. Ikaheimonen has also resigned his company-appointed position as the Chairman of the Board of Directors of Transocean Partners LLC, a subsidiary of Transocean. Additionally, the company announced that Mr. Mark Mey has been appointed as Executive Vice President and Chief Financial Officer effective May 28, 2015.
Euronav Warns Against Speeding up Tankers
Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This answer is very much linked to how supply and demand balance one another in a bulk tramping market. Whilst there is no precise correlation between earnings and supply, it is critically important to understand that small changes can have major impact on the market as a whole. When the market is undersupplied with tankers…
Offshore Users Benefit from SACS Project Files
Distributed offshore engineering users of SACS V5.7 are benefiting from the extended information mobility provided through the software’s integration with the ProjectWise project delivery solution as well as enhanced integration with both MOSES and AutoPIPE. SACS software for the structural analysis and design of offshore structures, including oil, gas, and wind farm platforms, is part of Bentley’s offshore product line. Bentley’s VP of Offshore and Marine Phil Christensen said, “Our offshore users almost invariably work in highly geographically distributed engineering teams.
Caribbean Rex Drills Wells in South Erin Block
Rex International Holding Limited announced that its 98.4 percent owned license-holding company Caribbean Rex Limited, has completed the drilling of three wells in the South Erin Block in Trinidad & Tobago. The wells were drilled as part of a three-well drilling program that Caribbean Rex started in the South Erin license in May 2014. Oil-bearing sands were encountered in all wells, two of which are deemed to be commercial with substantial net pay sands. Caribbean Rex will consider putting the wells on production as soon as testing has been completed and approvals have been granted.
Puerto Rico's Power Still Up, Debt Crisis Continues
Puerto Rico managed to keep its electricity flowing this week - but creditors made it clear that the crisis enveloping the island's power utility is far from over. Banks, led by Citibank and Canada's Scotiabank , on Thursday agreed to a seven-and-a-half month extension of $671 million in credit lines the Puerto Rico Electric Power Authority (Prepa) needs to buy oil that is essential to keep it operating. But they also got Prepa to commit to appointing a chief restructuring officer next month…
LR Launches Offshore Drilling Software, ISIS
Lloyd’s Register (LR) launches its Integrated Software Intensive Systems (ISIS) notation to help prevent a range of safety and efficient issues which impact offshore drilling operators and can result in high non-productive downtime. Dr. Michael Dinh, Lloyd’s Register’s Data System Specialist and one of the authors of ISIS, along with his team based at the Lloyd’s Register Global Technology Centre in Singapore, worked to resolve a number of issues facing rig operators. These included project delays…
