Equinor, Aker BP, Vaar face rising project costs, Norway budget shows
The Norwegian government announced on Monday that Aker BP, Equinor and Vaar Energi had raised their estimates of costs for major oil and natural gas development projects in the Norwegian continental shelf. The government's fiscal budget documents revealed that the cost of Equinor Johan Castberg is expected to rise from 80.3 billion crowns, which was estimated a year ago. Aker…
Suriname oil and gas project worth $10 billion to be approved by TotalEnergies and APA
TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production. The small South American nation wants to follow the example of its neighboring Guyana. In 2019, a consortium led Exxon…
NEO Energy reduces UK investment plans due to fiscal and regulatory uncertainty
NEO Energy announced on Monday that it would slow down its investment in all of its portfolios due to the uncertainty surrounding fiscal and regulatory issues in the British oil sector. NEO is the owner of half the Buchan Horst project in the UK North Sea. Serica Energy, Jersey Oil & Gas and NEO are the joint venture partners. They own 30% and 20% respectively. The British government…
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 hits demand for gas turbines."We are very excited about what the company…
Atlantic Offshore Wind: Favorable Winds for Maritime
Now that the United States finally can envision steady winds blowing from the Atlantic Seaboard due to a pipeline of offshore wind farms on the horizon, the maritime industry can finally step up and earn some of the benefits. This includes shipbuilding, port construction, and worker training. This article reviews the key developments and forecasts the growth in maritime jobs.The…
Exxon Mulls FEED for Far East LNG Project
Exxon Mobil's Russian unit may take a decision this year on the Front End Engineering Design (FEED) for its Far East Liquefied Natural Gas project with Rosneft, Alexander Popov, vice president at Exxon Neftegaz, said on Wednesday.The company is continuing to hold talks on gas supplies from the Sakhalin 1 oil and gas project to Sakhalin 2, a project which needs gas in order to expand its LNG production, Popov said at an LNG conference organised by Vostock Capital.(Re
Highlands Natural Resources Completes Six Well
Highlands Natural Resources said six new wells on the East Denver shale oil and gas project in Colorado have been completed, with flowback starting on three of the six.The London-listed natural resources company said in a stock exchange annoucement that the existing Powell well has started production, and the Wildhorse well is being prepared to resume production in the near future.Provisional data from the three new wells flowing back…
Russia Details Conditions of 2017 Settlement with Exxon on Sakhalin-1
Russia's government has disclosed conditions of an out-of-court settlement signed in 2017 between Russia's finance ministry, the Russian subsidiary of U.S.
Offshore Cape Three Points Begins Gas Delivery to Ghana
Vitol said that the Offshore Cape Three Points (OCTP) integrated oil and gas project offshore Ghana has commenced delivery of gas from the Sankofa field to Ghana National Petroleum Corporation (GNPC).Both Vitol and GNPC are partners in the OCTP project alongside operator Eni. The offshore project is expected to provide stable supplies of cost effective and environmentally friendly…
McDermott Wins Shell Contract for Gulf of Mexico
McDermott International announced a contract from Shell Exploration and Production Company, a subsidiary of Royal Dutch Shell (Shell) plc, for subsea umbilical and flowline installation at the Perdido development, located 230 miles south of Galveston, Texas, in the Gulf of Mexico."This award strengthens McDermott's relationship with Shell as we work together to safely and competitively deliver this next-generation deepwater energy project…
LOC Names Cummins Energy Projects Development Director
International marine and engineering consulting firm LOC has appointed ex-Head of Engineering at BP, Ian Cummins as its new Energy Projects Development Director. Ian will focus on the oil and gas and renewables markets, and help to identify and develop new and innovative engineering opportunities to progress the business.Cummins brings extensive major project management and engineering experience to LOC…
Russia Signs Out-of-court Settlement with Exxon on Sakhalin-1
Russia and U.S. oil major Exxonmobil have signed an out-of-court settlement agreement regarding a legal dispute over the Sakhalin-1 oil and gas project, Russia's finance ministry said in a statement on Thursday. "The sides have reached a mutually beneficial compromise," the ministry said, adding that the agreement was signed on Sept. 12. Russian President Vladimir Putin said on Sept. 7 that the dispute had been resolved.
Shell Approves New Gulf of Mexico Project
Royal Dutch Shell has given the go-ahead to develop its Kaikias deepwater field in the Gulf of Mexico, the first such project the oil and gas company has approved in 18 months. Oil companies around the world are emerging from one of the longest downturns in recent decades amid warnings that the drop in investment in recent years may lead to a supply deficit by the end of the decade.
Shell Starts Oil Production from Malikai Deep-water Platform in Malaysia
Shell has started oil production from the Malikai Tension-Leg Platform (TLP), located 100-kilometers off the coast of the Malaysian state of Sabah. Located in waters up to 500-meters deep, Malikai is Shell’s second deep-water project in Malaysia, following the successful start-up of the Gumusut-Kakap platform in 2014. Malikai is expected to have a peak production of 60,000 barrels per day.
Russia Floats Idea of Gas Exports to China from Exxon Venture
Russian Energy Minister Alexander Novak said on Friday that Exxon Mobil's oil and gas project on the Russian Pacific island of Sakhalin may secure rights to export natural gas to China. U.S. energy giant Exxon is an operator of the Sakhalin-1 offshore deposits being jointly developed with Russian state-owned Rosneft under a production-sharing agreement (PSA) formulated in the 1990s.
Exxon CEO back in Russia after Two-year Hiatus
Exxon Mobil Chief Executive Rex Tillerson is to attend a major investment forum in Russia this week, two industry sources said, ending a two year absence from the event that began when sanctions were imposed on Russia over the crisis in Ukraine. Tillerson is due to attend a session at the St. Petersburg International Economic Forum where Igor Sechin, head of Russian state oil firm Rosneft, is listed as keynote speaker.
West Africa Oil Projects Face Yet Longer Delays
Oil firms have put major projects in West Africa on hold because of low prices - as they have across the globe - but when the market finally picks up, development is likely to recover much more slowly in the region than elsewhere. High costs bedevil the region, which includes established producers such as Nigeria and newer entrants like Ghana. Add to this long-standing problems of poor infrastructure…
Chevron Wants VAT Cut on Indonesian Crude Sales
Chevron has offered to sell 125,000 barrels per day of crude oil to Indonesia from two of its domestic oilfields on condition of an exemption from a 3 percent value added tax, the country's oil and gas regulator (SKKMigas) said on Tuesday. The regulator will propose the tax break to the tax directorate at the finance ministry, SKKMigas chairman Amien Sunaryadi told reporters on Tuesday…
Aker Bags Rotan Subsea Contract
Aker Solutions has been awarded a contract from Murphy Sabah Oil Co., Ltd. (Murphy) to deliver the subsea production system for the Rotan deepwater natural gas development offshore Malaysia. The delivery includes hardware for four subsea wells, a hub manifold, in-line tees, a connection system and production control system. First deliveries are scheduled for the second quarter of 2016. The contract will be booked as part of the company's third-quarter order intake.
OMV to Sell UK North Sea Rosebank Project Stake
Austrian oil and gas company OMV has put up for sale a 30 percent stake in the Rosebank oil and gas project in the British North Sea, banking sources said, as it trims its budget in the face of lower oil prices. The sale process of the asset stake located west of Shetland is being run by Barclays and could fetch as much as $500 million, the sources added. OMV currently owns a 50 percent stake in Rosebank…
