Offshore Energy Outlook for 2020
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.
Siemens Plans to List Energy Unit in 2020
Siemens plans to list its energy unit by around September next year, the head of its gas and power division said on Tuesday.The German conglomerate said in May that it was spinning off its gas and power business, which has dragged on the German engineering firm's performance as the rise of renewable power…
Tullow Oil Cuts Output Guidance
Tullow Oil downgraded its 2019 output guidance to 90,000-98,000 barrels of oil per day (bpd) due to problems at its Ghana fields and sees final go-aheads for its Uganda in the second half while its Kenya project timeline was "ambitious"."(Ghana) performance was below expectations due to gas compression constraints…
BP Invests $6 Bln in Offshore Azerbaijan Project
The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day.
Shell to Boost Ormen Lange Field Output
Royal Dutch Shell aims to boost output and recoverable reserves from its Ormen Lange gas field off Norway by installing subsea compressors, the head of its Norwegian operations said on Wednesday.Output from Shell-operated Ormen Lange, Norway's second-largest gas field and one of the key external gas supply sources for Britain…
Eelectrification: Re-engineering a Low-carbon O&G Industry
Cleaner and greener: Azeez Mohammed, president & CEO of GE's Power Conversion business, discusses the key role of electrification technology in decarbonizing the oil and gas value chain.The renewables revolution is in full swing. However, renewable energy alone will not be sufficient to meet EIA’s forecast[1] of a 28 percent increase in world energy use to 2040.
Integrated Gas Compression: A Natural Fit for North America
Natural gas abounds in North America. At the end of 2016, Canada and the U.S. shared 414 trillion cubic feet of proved reserves, with the U.S. the world’s largest producer and Canada the fourth largest. Unsurprisingly, there’s a keen appetite for developing LNG facilities across the continent.In recent years…
Newbuild Kreuz Challenger Mobilized for Brunei Shell Contract
Subsea services company Kreuz Subsea has mobilized the recently delivered newbuild dive support vessel, Kreuz Challenger, as part of its seven-year contract with Brunei Shell Petroleum Company Sdn. Bhd. (BSP).The contract, which runs until 2022, includes supporting BSP with inspection, repair and maintenance…
FPSO Moored at Catcher Field
Premier Oil’s Catcher project remains on pace to achieve first oil before the end of this year with the arrival and hook up of the Floating Production Storage and Offloading (FPSO) vessel BW Catcher last week in the U.K. North Sea. BW Catcher arrived at the Catcher field on October 18, and the hook up of…
Wison Launches Buoyant Tower Solutions with Storage
Wison Offshore & Marine has developed a new Buoyant Tower solution with condensate or oil storage, adopting Wison’s proprietary Buoyant Tower technology. This floating concept provides a new economic and reliable option for the oil and gas development in the shallow to medium-depth waters. Originally invented by Ed Horton and Lyle Finn…
MAN’s Subsea Compressors Reach Field Proven Status
Both subsea compression trains at Statoil’s Åsgard field have achieved more than 25,000 operation hours with an availability close to 100 percent. The world’s first subsea gas compression facility features two MAN Diesel & Turbo HOFIM motor-compressor units. The Åsgard subsea compression system has officially…
UEC Presents Industrial Gas Turbine Equipment in Algeria
Russian United Engine Corporation (UEC) (www.UECrus.com), a company offering solutions for development, mass production and maintenance of gas turbine engines for customers engaged in oil and gas, power generation and aerospace, as well as marine and railways, for the first time participates in the 50th…
Tosibox Technology Improves ANGI Energy Systems' Operations
Tosibox, maker of secure industrial communication technology and the world’s first remote access device with Plug & Go technology, is expanding its partnership with ANGI Energy Systems, a U.S.-based manufacturer of engineered gas compression equipment and a supplier of compressed natural gas (CNG) fueling equipment and systems.
30 years of Gullfaks oil - Statoil
Gullfaks was something of a final exam for Statoil – the first field where the company was both developer and operator. Since production started on 22 December 1986, 2.6 billion barrels of oil have passed the loading buoys. "Gullfaks is a prime example of the best that this industry has achieved in Norway…
Running like a clock on the Seabed
The world’s first subsea gas compression system has now been in operation for one year on the Åsgard field. The system has been running like a Swiss clock with practically no stops or interruptions. It was in September 2015 Statoil and its partners started up the world’s first subsea gas compression system on the Åsgard field in the Norwegian Sea.
NPD’s IOR Prize Awarded to Åsgard Licence
Director General of the Norwegian Petroleum Directorate (NPD), Bente Nylund, announced at the ONS 2016 Tuesday that the Åsgard licence was awarded the NPD’s prize for improved oil recovery (IOR) for their Åsgard subsea gas compression effort. “The IOR prize has been given in recognition of their creativity…
NOV, GE to Provide Integrated Solutions for FPSOs
National Oilwell Varco, Inc. (NOV) and GE Oil & Gas has agreed to collaborate on delivering integrated solutions for Floating Production Storage and Offloading (FPSO) vessels. The agreement brings together the product offerings and engineering capabilities from the two companies to optimize engineering design and supply comprehensive topside solutions for FPSO projects.
Caterpillar Acquires M2M Expanding Cat Connect Suite
Caterpillar Oil & Gas has announced it has completed the acquisition of M2M Data Corporation (M2M). Headquartered near Denver, Colorado, M2M offers turnkey hosted solutions enabling customers to monitor their assets, perform remote diagnostics and streamline maintenance and dispatch to achieve operational excellence.
Bankers Try Bond after Lackluster Response to Pemex Asset Loan
Banks are marketing a 15-year bond of around US$500m in size to finance KKR's purchase of Pemex assets after failing to attract sufficient interest in a previous loan deal, sources told IFR. Morgan Stanley is left-lead on the bond, which could price as soon as next week, with Credit Agricole, Mizuho and SMBC also participating as bookrunners, the sources said.
FPSOs Sit Unprecedentedly Idle
The 20 year four-fold growth pattern in the world’s FPSO fleet stalls out in 2016 with a record number of FPSOs idle and available for redeployment – or perhaps to be forced into other uses, lay up or scrap. FPSO redeployments typically are far more complex, costly and risky than for (say) drillships and…
