Premier Oil Mulls Longer-Term Hedging
Premier Oil will look at extending the timeframe for oil price hedges beyond 12-18 months to protect its balance sheet and return on investments which might take years to start operating fully, Finance Director Richard Rose said. "One concern in the industry has been the depth of this bear market... I think extending the timeline is something we will look at, to put some small hedges on beyond the 12 to 18 months period," Rose told Reuters on Wednesday.
Sapura Commences Production at B15 Gas Field
Sapura Exploration and Production (Sarawak) Inc., a wholly-owned subsidiary of Sapura Energy Berhad (SEB), informed that it has commenced production at the B15 field. The B15 gas field development is a maiden gas development project for Sapura E&P and the first gas milestone was achieved within two years of the sanction of its Field Development Plan (FDP). The B15 field was discovered in December 2010 and is located within the SK310 Production Sharing Contract (PSC) area, offshore Sarawak, East Malaysia.
Total Acquisition of Maersk Oil to Close this Week
Total Patrick Pouyanne said on Monday he expected his company's acquisition of Maersk Oil to close on March 8. Speaking at CERAWeek, Pouyanne also said Total's Phase 11 South Pars gas field development in Iran was progressing as planned. Reporting by Ron Bousso
Norway Expects 5-10 New Oil, Gas Field Development Plans in 2018
Oil firms will probably file between five and ten applications to develop new oil and gas fields off Norway in 2018 compared with around ten expected this year, the country's oil minister said on Wednesday. "It'll be somewhat fewer than in the current year but more than last year," Terje Soeviknes told Reuters on the sidelines of an energy conference. This is the first time the minister gave an estimate of development plans to be expected next year. Reporting by Henrik Stolen, writing by Terje Solsvik
Total Wins Iran Gas Field Deal
French oil major Total said on Monday it had signed a contract with Iran to develop the giant South Pars gas field, marking the first major Western energy investment since sanctions against Tehran were lifted. Total and the National Iranian Oil Company (NIOC) signed a deal to develop phase of 11 of South Pars, which is the world's largest gas field. The project will have a production capacity of 2 billion cubic feet per day or 400…
BP to Develop Gas Project offshore Trinidad
BP announces two major discoveries in Trinidad and Tobago; new project to offset BP's declining production in country. BP has given the go-ahead for its $500 million Angelin offshore gas field development in Trinidad and Tobago to help offset declining production in one of the company's main hubs. Drilling at the Angelin field, some 60 kilometres off the south-east coast of Trinidad in a water-depth of approximately 65 metres, is set to begin in the third quarter of 2018.
Solstad CSV Serviced ahead of Australian Deployment
Gibraltar shipyard Gibdock said a surge in offshore vessel repair and maintenance work has included a special project for Norwegian offshore vessel owner and operator Solstad, to ensure that Normand Reach meets the hull cleanliness standards set by Australia’s National Biofouling Management Guidelines for commercial vessels. The 120.85-meter-long Solstad CSV entered the yard for a special wash and brush up on its way to Western Australia…
Qatar Restarts Huge Gas Field Development
Qatar has lifted a self-imposed moratorium on development of the world's biggest natural gas field, the chief executive of Qatar Petroleum said on Monday, as the world's top LNG exporter looks to see off an expected rise in competition. Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha time to study the impact on the reservoir from a rapid rise in output.
NYK Buys Stake in EMAS Chiyoda Subsea
NYK has acquired a 25 percent share of EMAS Chiyoda Subsea Limited (ECS), based on an agreement signed on June 10 with Ezra Holdings Limited (Ezra) and the Chiyoda Corporation (Chiyoda). ECS is a global player in the engineering, procurement, construction, and installation (EPCI) of subsea facilities — essential components in offshore oil and gas field development. After this acquisition, ECS’s shareholding structure will shift to Ezra 40 percent, Chiyoda 35 percent, and NYK 25 percent.
BP, Eni Make Gas Discovery off Egyptian Coast
Energy majors BP and Eni on Thursday announced a significant natural gas discovery off the Egyptian coast. The discovery is in the Baltim southwest exploration prospect in the East Nile Delta. It is 10 km north of the Nooros gas field which was discovered in July last year and has a production rate of 65,000 barrels of oil equivalent per day, the companies said. Italy's Eni, through its subsidiary IEOC, holds a 50 percent stake in the licence of Baltim South and BP holds the other 50 percent.
For BP and Shell, North Sea Remains a Hard Sell
High costs, decommissioning hamper deals. When it comes to the North Sea, there is no such thing as an easy sale, even for oil giants Royal Dutch Shell and BP. More than any other region in the world, the North Sea has suffered greatly over the past two years as a 60 percent drop in oil prices, high operating costs, dwindling reserves and a tough tax regime has hit operators hard. As a result, producers ranging…
Dana Gas Profit Up 15%
Dana Gas PJSC, the Middle East's leading publicly listed natural gas company, today reported its preliminary unaudited financial results for the year ended 31 December 2015. The Company’s full year net profit increased 15% to $144 million (AED528 million), compared to $125 million (AED457 million) in 2014. The Company reported Gross Revenues and Gross Profit of $417 million (AED1.5 billion) and $126 million (AED463 million) respectively…
Keppel Wins $88.5M in Floating Production Contracts
Keppel Offshore & Marine Ltd (Keppel O&M)'s local and overseas subsidiaries continue to win support from repeat customers by securing four contracts worth a total of about $88.5 million. In Singapore, Keppel O&M's wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) secured two conversion contracts - the first is for a Liquefied Natural Gas (LNG) Floating Storage Unit (FSU) vessel awarded by Armada Floating Gas Storage Limited…
SapuraKencana Nets 16% Profit
SapuraKencana Petroleum Berhad announced its third quarter results for the period ended 31 October 2015 (for financial year ending 31 January 2016). Revenue for third quarter of RM2,891 million, year-to-date revenue of RM7,952 million. Profit before tax for the quarter (excluding provisions for impairment on property, plant and equipment, oil and gas properties, investments and changes in provision) of RM463 million with a profit before tax margin of 16.0%. Current orderbook of RM21 billion.
Koryakin to Head Gazprom Dobycha Urengoy
Alexander Koryakin is appointed Director General of Gazprom Dobycha Urengoy. Alexander Koryakin was born in Chelyabinsk in 1968. He graduated from Perm Polytechnic Institute in 1992, majoring in Oil and Gas Field Development. Alexander Koryakin has an MBA degree. He has been employed at Gazprom for 22 years. Between 1992 and 1993 – oil and gas production operator of the 5th grade, oil and gas production foreman…
GLNG Starts LNG Production
Santos today announced the Gladstone liquefied natural gas (GLNG) project has started producing its first liquefied natural gas (LNG) on Curtis Island, Queensland, on schedule and within budget. LNG is currently being produced from Train 1 ahead of the first cargo, which is expected to be shipped to Asian markets in the coming weeks. Work on the second train is continuing to progress well, with Train 2 expected to be ready for start-up by the end of the year.
Umbilicals International Invests in Dynamic Cable Production
Umbilicals and cables specialist, Umbilicals International, part of the Seanamic Group, has invested over $2M in new cable manufacturing lines at its Houston production facility. The two lines will streamline cable production, and marks a significant expansion of the company’s dynamic cable manufacturing capability. Umbilicals International (UI) designs and manufactures high performance cable, hose and umbilical systems for subsea oil and gas field development…
Koryakin Heads Gazprom Dobycha Krasnodar
Alexander Koryakin is appointed Director General of Gazprom Dobycha Krasnodar. Born in Chelyabinsk in 1968, Alexander Koryakin graduated from Perm Polytechnic Institute in 1992, majoring in Oil and Gas Field Development. Alexander Koryakin has an MBA degree. He has served with Gazprom for 22 years. Between 1992 and 1993 – oil and gas production operator of the 5th grade, oil and gas production operator of the gas production operations and control service at the Nadymgazprom Production Association.
Krokha to Head Gazprom Dobycha Shelf Yuzhno-Sakhalinsk
Vladimir Krokha was born in the Bashkir ASSR in 1973. He graduated from Tomsk Polytechnic University in 1995, majoring in ‘oil and gas field development and operation’. He has an MBA degree. Between 1991 and 1999 – he went up the career ladder, starting from the oil and gas production operator and moving to the position of the Lead Geologist at Kholmogorneft Oil and Gas Production Directorate. Between 1999 and 2011 he occupied various positions, i.e.
Dana Gas Gets $100m for Gas Field Development
Dana Gas, the United Arab Emirates energy firm, secured $100 million of financing to develop an offshore gas field in the north of the country, with the first gas production expected early next year, it said on Tuesday. The four-year credit facility from banks comprises the debt component of the financing for the Zora gas field development, Dana said in a statement. The company has spent about $49 million so far as part of the project's equity financing.
