Exxon withdraws from talks with Guyana about shallow water oil blocks, says the government
Exxon Mobil, a U.S. oil company and its partners pulled out of negotiations on Thursday with Guyana’s government over terms for exploring and developing an oil block in shallow water. Exxon, Hess of the United States and CNOOC from China won the offshore block S8 during a bid round that was launched by President Irfaan Ali in late 2022 to diversify Guyana’s energy industry.
Norway's oil and gas sector invests record amounts due to inflation
A survey by the Norwegian National Statistics Office (SSB) showed that investment in oil and gas projects in Norway will reach a new record in 2018. It may even increase in 2025, as inflation increases costs for development. Norway has sanctioned new fields in recent years as companies have taken advantage of tax breaks during the pandemic to accelerate projects. This is part of a strategy to increase oil and gas production over decades.
Italy's largest insurance company expands its oil and gas exclusion list
Generali, an Italian insurer, will not provide new insurance to companies that are involved in the transportation, processing, and distribution of oil and gas if their energy transition plans are inadequate, according to a statement posted on its website. Generali has announced that it will not provide insurance policies to cover risks associated with "midstream" or "downstream" oil-and-gas projects…
Malaysian PM: Petronas exploration in South China Sea to continue
Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo. Anwar stated, "We will continue to discuss with all countries.
Markets: The Challenges of Developing Floating Wind at Scale
Tens of gigawatts of floating wind projects are slated for development in this and the next decade, but many obstacles remain.There has been much focus on the emerging floating wind market of late.The U.K. is forging ahead with commercial scale floating wind developments through the Scotwind and INTOG awards of at least 24 gigawatts (GW) of floating wind capacity representing close to 1…
Exxon Banks Record $56B Profit in '22
Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion.
Video: The Floating Production Market Faces Headwinds, But Opportunities Exist
There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation and the outlook for oil and gas doesn’t seem too bright. Still, around 60 units are expected to be ordered by 2025, per…
Rystad: 2020 Biggest Year for Offshore Wind Jackets
The global offshore wind farms (OWF) that are set for start-up this year will make 2020 the year with the highest ever use of steel jacket foundations for new developments, Norwegian energy intelligence firm Rystad Energy said in a report on Thursday.The trend of using this type of foundations - a lattice steel framework, with three or four anchors set on…
Russia Leads E&P Race in Arctic Region
Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report…
US Offshore Wind Capacity to Reach 20GW by 2030
Installed offshore wind capacity in US waters could reach 20 gigawatts by 2030 and annual investments in the sector could surpass $15 billion by the mid-2020s, according to new research by Rystad Energy.According energy research and business intelligence company, such a trajectory means capital expenditure in US offshore wind will likely exceed those in US…
Oil, Gas Players Optimistic on Profits
Companies in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL.While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies from the past five years…
Oilfield Services Firms Moving Beyond Oil
Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling…
Airswift Eyes APAC Growth
Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, announced two senior hires to build upon recent successes in the Asia Pacific (APAC) region. Fueled by the region’s energy and infrastructure markets, the appointments follow 20% year-on-year growth for the company.Based in Brisbane, Ryan Carroll has been appointed as Regional Director…
Equinor to be ‘Offshore Wind Major’
The multi-billion capital investment by Equinor at its new Dogger Bank Offshore Wind Farm will see it rival its major oil and gas projects, according to Rystad Energy."The offshore wind project Dogger Bank in the UK North Sea will not only be Equinor’s largest project through 2026, it will also rank as the sixth largest offshore development project in the world during this period…
Woodside H1 Profit Slumps
Woodside Petroleum flagged a challenging near-term outlook on Thursday as it grapples to win over its partners to back $34 billion worth of new oil and gas projects amid a souring global environment.Australia's biggest independent oil and gas producer reported a worse than expected 23% drop in first-half profit, hurt by extended maintenance at its Pluto LNG plant…
Eni, Sonatrach Push Algeria Projects
Algeria's energy giant Sonatrach and Italian multinational oil and gas company announced the intention to accelerate the development of new oil and gas projects in North Berkine Basin in the Algeria, that will lead to a significant increase in national production.Sonatrach and Eni Chief Executive Officers, Rachid Hachichi and Claudio Descalzi, met in Algiers…
Chinese, Russian Majors Ink Arctic LNG Deal
Russia's second largest natural gas producer Novatek, Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot, Chinese state-owned shipping and logistics services supplier company COSCO Shipping Corporation Limited, and the Chinese government owned investment fund Silk Road Fund, signed a four-party agreement to establish a…
Global Energy Investment Totals $1.8trln in 2018
Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row…
Oil and Gas Projects to Triple in 2019
A surge in final investment decisions (FIDs) this year on new petroleum projects worldwide could see sanctioned volumes of oil and gas – excluding shale and tight oil and gas prospects – nearly triple compared to last year’s tally.The collective volumes could swell past 46 billion barrels of oil equivalent (boe), according to research conducted by Rystad Energy.“We expect global FID volumes in 2019 to triple over last year…
BP to Expand Emissions Disclosure
BP has agreed to broaden its disclosure on greenhouse gas emissions to show how it thinks future investments in oil and gas align with U.N.-backed climate goals, it said on Friday.Following talks with a large group of investors, BP also agreed to back a shareholder resolution on the measures at its annual general meeting (AGM), further evidence of the way…
