Egypt's Petroleum Ministry ties arrears payment to production boost amid decreasing gas output
According to a statement from the petroleum ministry on Monday, Egypt plans to link arrears payment to increased production as part of its plan to settle outstanding debts with international oil companies. The statement said that the ministry recently introduced an incentive package to encourage partners to increase output above current levels. Additional revenue generated by this increase will be used to reduce existing debt.
Egypt's President and Eni CEO discuss gas production
Eni, an Italian energy company, said that Egypt's President met with its CEO on Monday in order to discuss measures aimed at boosting gas production. The meeting came after Egypt was forced to use the LNG market to meet domestic demand. Egypt had planned to be a major exporter of gas after Eni found the huge Zohr offshore gas field in 2015. However, domestic gas production has fallen since 2021 and reached a six-year minimum this year.
Perenco will acquire mature gas fields from BP
BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement. It said that the agreement includes undeveloped resources in the Parang field. All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day. According to the agreement…
Energean Power FPSO Hull Leaves China
Mediterranean Sea-focused oil and gas company Energean Oil and Gas has informed that its Energean Power FPSO Hull sailed away from the COSCO yard in China on Friday, April 3, 2020.The hull will now be towed to the Sembcorp Marine Admiralty Yard in Singapore, where the topsides will be integrated before the completed FPSO is towed to the Karish field in Israel for installation and hook-up.
Wintershall Noordzee Starts Gas Production from Sillimanite Field
Wintershall Noordzee has started gas production from its operated Sillimanite field in the North Sea area between the UK and the Netherlands.The company, a joint venture of Wintershall Dea and Gazprom EP International, said Thursday the unitized gas field, discovered in June 2015, had been brought online.The offshore gas field sits approximately 200 kilometers off the coast of Den Helder. Hugo Dijkgraaf, Chief…
African LNG to Attract $103Bln in 2019
With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential, said Gas Exporting Countries Forum (GECF).Africa is an exciting frontier in the global natural gas sector. The continent holds 7.1 percent of proven global gas reserves and is expected to contribute…
Woodside Boosts Spending for Next Leg of Growth
Australia's Woodside Petroleum Ltd on Thursday flagged higher-than-expected investment spending for 2019 as it steps up early work on the two big natural gas developments that will drive its growth in the next decade.Australia's largest independent gas and oil producer plans to spend between $1.6 billion and $1.7 billion in 2019 on projects, significantly higher than an estimate from UBS of $1.2 billion.At the…
Bahr Essalam Phase Two to Finish by End 2018
Seven remaining wells are expected to be online at Libya's Bahr Essalam offshore gas field by the end of the year, the Libyan National Oil Corporation (NOC) said in a statement on Sunday.The statement came after a meeting between NOC Chairman Mustafa Sanalla and Eni CEO Claudio Descalzi.
Hoegh LNG Vessel to Leave Egypt Before Weekend
Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week, a day after Norway's Hoegh LNG said Egypt was to give up one of its two floating liquefied natural gas (LNG) terminals.The minister, Tarek El Molla, told Reuters the other vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.Hoegh said Egypt Natural Gas Holding (EGAS)…
Boskalis Wins Subsea Contract at Tyra Gas Field
Royal Boskalis Westminster N.V. has been awarded the Tyra Redevelopment Subsea Installation Phase II contract by Total E&P Denmark.The sizable contract includes subsea engineering, procurement, fabrication and installation for the Tyra Redevelopment project in order to extend the operational lifetime of the Tyra offshore gas field by at least 25 years.Boskalis will provide a broad range of specialist subsea contracting…
Baker Hughes to Bid for Petrobras Production-sharing Contract
General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields.Reuters reported in June that Baker Hughes was considering a bid, while Halliburton Co and Schlumberger NV were already preparing them, seeking to clinch Petrobras' first-ever tender for a production sharing deal with an oil services company."It's a lot of work.
Eni Ramping up Production at Zohr Field
Production from Egypt's huge Zohr offshore gas field in the Mediterranean will reach 2.9 billion cubic feet per day by mid-2019, Italy's Eni said on Monday. Speaking at an industry event in Cairo, CEO Claudio Descalzi said the goal was to reach output of 1.8 bcf to 2 bcf per day by the end of 2018 and then ramp up to 2.9 bcf per day by mid-2019. Discovered in 2015 by Eni, the field contains an estimated 30 trillion cubic feet of gas. Descalzi confirmed that by mid-2019, seven trains would be operating.
BP North Sea Field to Test U.S. Iran Policy
Serica acquires Rhum field from BP, co-owned by Iran; seeks U.S. licence to operate in Rhum field. A small gas field on the edge of the British North Sea could become a litmus test for U.S. policy towards Iran. London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the ageing offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran's national oil company. For Serica, the $400 million deal will increase its production sevenfold.
A BP North Sea field to test U.S. policy on Iran
A small gas field on the edge of the British North Sea could become a litmus test for U.S. policy towards Iran. London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the ageing offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran's national oil company. For Serica, the $400 million deal will increase its production sevenfold. It nevertheless hinges on the British company receiving a licence from U.S.
Total Opens Washington Office as Iran Risks Loom
Total has opened an office in Washington in a bid to strengthen relations with the U.S. administration as the French oil and gas company prepares to invest billions in Iran. In July, Total became the first Western energy firm to sign a deal with Iran since the easing of international sanctions in 2015, agreeing to develop Phase 11 of the South Pars offshore gas field with a total investment of $5 billion. But…
BP, SOCAR to Ink Caspian Sea Exploration Deal
Azeri state energy company SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block, D-230, in the North Absheron basin of the Caspian Sea before the end of 2017, a source at SOCAR said on Thursday. BP and SOCAR signed a memorandum of understanding on joint exploration of this block in May 2016 in a move that reflected efforts by SOCAR and foreign companies to make new discoveries in the oil-rich country.
Baker Hughes Clinches Contract for PNG Gas Field
Baker Hughes, now part of General Electric, has won a major contract to provide a wide range of services to develop Papua New Guinea's first offshore gas field which is sees as a new model to help producers adapt to a world of low oil prices. GE Oil and Gas completed its merger with Baker Hughes last month to become the world's second largest oilfield services company, bringing together traditional drilling and pumping gear with technology such as software, sensors and three-dimensional printing.
Iran: Qatar Crisis Not to Impact Work at South Pars Gas Field
Iran's Oil Minister said on Wednesday Qatar's regional isolation will not affect Tehran's plans to develop its vast South Pars offshore gas field that it shares with the Arab Gulf country, state TV reported. "We will continue our work as planned. There is no problem," Bijan Zanganeh said. In a heightened crisis between Arab states, Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar on Monday and closed their airspace to commercial flights…
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.
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.
