Egypt reiterates its 42% renewable energy target for 2030 but calls on international assistance
The Egyptian government still aims to have renewable energy make up 42% of the mix for electricity generation by 2030. However, this goal is at risk if international support does not increase, said Prime Minister Mostafa Mdbouly on Tuesday, speaking at the COP29 Conference. According to a cabinet report from July, the current share of solar, wind and hydropower in Egypt's power generation is only 11.5%. The country relied heavily on gas in recent years, and defended it during the United Nations' COP27 Conference in 2022. It was a net gas exporter at that time.
PGNiG Inks Exploration Deal with ERU
Poland's dominant gas firm, state-run PGNiG, said on Monday it was signing a contract with Ukraine's ERU Management Services on cooperation on oil & gas extraction and exploration in Ukraine."This contract makes us an active player in the region's gas market and also contributes to the safety of Poland and all countries," said Polish presidential aide Krzysztof Szczerski during a press conference to announce the agreement.(Reporting by Anna Koper, writing by Alan Charlish)
PGNiG Ups Stake in Duva Field, Norway
PGNiG Upstream Norway bought 10 percent shares in the PL636 and PL636B licenses in the North Sea from Pandion Energy, thus increasing its ownership in the Duva field to 30 percent.Duva oil and gas field (formerly Cara) is located in the Norwegian sector of the North Sea at a water depth of 360m. The field is jointly owned by Idemitsu Petroleum Norge (30%), Neptune Energy Norge (30%, operator), Pandion Energy (20%) and Wellesley Petroleum (20%).“Increasing our share in the deposit, which is close to starting production, brings us nearer to achieving the goal of implementing our strategy for natural gas extraction on the Norwegian Continental Shelf…
ORCA Hub Readies Drones for Offshore Energy
A consortium of five universities, including Heriot-Watt University, working with 35 industrial and innovation partners, has unveiled the latest results from its research collaboration.The largest academic center in the world for research into robotics technology for offshore energy infrastructure, the ORCA Hub’s aim is to advance robotics and Artificial Intelligence technologies for the inspection, repair, maintenance and certification of offshore energy platforms and assets.Creating solutions to some of the most challenging, hard to reach and hazardous real-world problems in the energy sector, ORCA Hub was launched in October 2017.
Cheap Gas Killing US Coal -Rystad
A new study revealed that coal power is being replaced by cleaner energy sources in the US – primarily due to an abundance of cheap natural gas.According to Rystad Energy, new renewable energy capacity from solar and wind is on the rise in the US, and April 2019 marked the first month when more electricity was generated in the country from renewable sources than from coal.However, the growing renewable energy sector alone is not wholly responsible for the on-going retirement of coal-fired power plants and the essential moratorium on the construction of new coal plants.“The US thermal coal industry is in severe trouble.
UKCS Investments On the Rise
North Sea operators and contractors are investing across people, R&D, technology and new markets to support continued growth, said a new report.The 30th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG UK, pointed out that around 45% of contractors have increased investment spend in the UK Continental Shelf (UKCS) in the past 12 months.Almost half (47%) report they have either started to use artificial intelligence or will do so in the next five years.The survey…
BP Plans to Exit China's Shale Gas
European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results. Its departure leaves the sector firmly in the hands of domestic companies.In March 2016, BP agreed with China National Petroleum Corp (CNPC) to explore and produce natural gas from shale rock formations in the Neijiang-Dazu block in Sichuan…
SOCAR Installs New Platform at Bulla-Deniz
A new stationary drilling platform was commissioned on Monday at the Bulla-Deniz offshore field in Azerbaijani sector of the Caspian Sea.The platform was built by SOCAR Oil and Gas Construction Trust and projected by the in-house Oil & Gas Research and Design Institute. It was designed for drilling of one exploratory and four production wells. The platform was constructed in 30-meter sea depth and its deck is 12 meters above the sea.The average depth of wells will be 6,300 meters. After commissioning of the wells the platform is expected to produce 2.5 million cubic meters of natural gas and 500 tons of condensate per day.
ExxonMobil Shelves Canada LNG Export Project
U.S. oil major Exxon Mobil Corp has withdrawn its WCC liquefied natural gas (LNG) export project in Canada from an environmental assessment, it said on Thursday, signalling that the project has been shelved.The decision to pare its LNG project portfolio follows the decision by a Royal Dutch Shell-led group to build a giant LNG project in British Columbia to supply Asian customers, and Exxon's focus on LNG projects in Asia, the Middle East and the United States.Exxon's West Coast Canada (WCC) LNG export project in British Columbia was expected to produce around 15 million tonnes per year of LNG…
ExxonMobil Shelves Canada LNG Export Project
U.S. oil major ExxonMobil has withdrawn its WCC liquefied natural gas (LNG) export project in Canada from an environmental assessment, it said on Thursday, effectively signalling that the project has been shelved.The so-called WCC LNG export project in Canada's British Columbia was expected to produce around 15 million tonnes per year of LNG, with plans for further expansion up to 30 million tonnes per year.Legislation in British Columbia requires large projects to obtain an Environmental Assessment Certificate before they can be developed.An examination of this project by the Canadian Environmental Assessment Agency has been going on since Feb.
Britain's Cuadrilla Extracts First Shale Gas at English Fracking Site
Cuadrilla extracted its first shale gas from its site in northwest England, it said on Friday, after it began fracking operations there just over two weeks ago.Cuadrilla said the gas flows were small but coming at such an early stage of the project were evidence of the potential of the site."This is a good early indication of the gas potential that we have long talked about," Cuadrilla Chief Executive Francis Egan said in an emailed statement.Fracking, or hydraulically fracturing, involves extracting gas from rocks by breaking them up with water and chemicals at high pressure.The practice, which started at the New Road site on Oct.
YPF to Spend Billions to Boost Oil and Gas Output
Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters on Friday.It plans to raise production by between 5 percent and 7 percent per year, with the largest increase in the Vaca Muerta formation, one of the world's largest reserves of shale oil and gas.The company intends to invest $3.6 billion on infrastructure in Vaca Muerta over the next five years, Gonzalez said, adding that the company is looking to speed up shale oil and gas extraction…
Scottish Government Wins Fracking Case Against Ineos
Scotland's highest court has ruled in favor of a government ban on fracking which had been challenged by energy giant Ineos, the Scottish government said on Tuesday."This decision vindicates the extensive process of research and consultation which the Scottish government has undertaken since 2015," Scottish business minister Paul Wheelhouse said in a statement. "Our preferred position is not to support unconventional oil and gas extraction in Scotland (fracking), and that position remains unchanged."The devolved government said a moratorium on fracking - gas extraction via hydraulic fracturing of the ground - was in place.
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 reached the highest Technology Readiness Level (TRL) 7 with both trains surpassing 10,000 operating hours. The subsea facility demonstrated an availability close to 100 percent - the very few interruptions were caused by failure of the power supply from the vessel.
UK Mulls Revisiting Oldest North Sea Blocks
Britain wants oil and gas drillers to recover pockets of gas that are more difficult to reach in a part of the North Sea where drilling for fossil fuels started over 50 years ago. Britain's oil regulator, the Oil and Gas Authority (OGA), said on Thursday that some 3.8 trillion cubic feet (tcf) of tight gas remain in the southern North Sea, one of the world's oldest offshore gas extraction areas that has produced more than 40 tcf. Drilling activity in Britain's North Sea has been at a record low for two years as weak oil prices make projects less attractive.
EU Lawmakers Reject Call for Ban on Arctic Oil Exploration
The European Parliament rejected a call to ban Arctic oil and gas exploration on Thursday, in a symbolic vote seen as a barometer for future moves by Brussels to regulate to protect the region. Lawmakers who back the ban, which had drawn the ire of Norway, say the European Union needs a strategy for future developments in a region being transformed by climate change. Lawmakers voted 414-180 to reject the non-binding motion calling for the European Commission and member states to work with international forums towards "a future total ban on the extraction of Arctic oil and gas".
FLNG Production Bows out as US Exports Roil Market
Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices. FLNG projects - mega tankers fitted with gas extraction and liquefaction facilities - allow producers to tap offshore gas wells and ship LNG without having to build costly pipelines to onshore plants. Owners can move the vessels to new fields when production at an old one ends, slashing asset end-of-life costs.
Norway Oil Firms Raise 2017 CapEx Forecasts
Norway's oil companies have increased their 2017 investment plans in the last three months, signalling a smaller-than-expected contraction for the industry, a survey by the statistics office showed on Thursday. Investments in oil and gas extraction and pipeline transport were still expected to fall for the third year in a row as companies cut the spending after oil prices fell by more than 50 percent over the last two-and-a-half years. The country's oil companies now plan to invest 149.4 billion crowns ($17.87 billion) next year in oil and gas extraction and pipeline transport…
US Energy Jobs Rise as Higher Prices Boost Oil Drilling
U.S. oil and natural gas producers added jobs in December and January as drillers continued to return to the well pad with crude prices holding near 18 month highs, according to U.S. jobs data on Friday. Oil and gas extraction jobs increased by 100 to 177,400 in January, while support services jobs increased by 600 to 195,200 in December, its second increase in a row, according to U.S. Bureau of Labor Statistics (BLS) data. The energy data was contained in a Labor Department report that also said U.S. nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, while the unemployment rate rose one-tenth of a percentage point to 4.8 percent.
Scotland Launches Consultation on Fracking
Scotland has launched a consultation on whether to allow unconventional oil and gas extraction such as fracking, its government said on Tuesday, with a vote expected at the end of the year. Substantial amounts of shale gas are estimated to be trapped in underground rocks and the British government wants to exploit it to help offset declining North Sea oil and gas output. However, hydraulic fracking - which involves extracting gas obtained from rocks fractured at high pressure - has faced opposition from environmentalists and local campaigners and was banned in Scotland in January 2015 while the government there gathered information on its potential impacts.
