When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy
Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors, activists and regulators are demanding action to halt climate change.While Lundin's crude from the Norwegian Edvard Grieg field was certified as carbon neutral from exploration…
NOIA Elects Cobb, McCarroll to Board Leadership Roles
The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in their positions during a virtual Board Meeting today.NOIA President Erik Milito said, “As the offshore industry continues to navigate unprecedented energy uncertainty…
Lukoil Hits Milestone at Caspian Offshore
Russian oil company Lukoil has exceeded 15 million metric tons of cumulative output from its Vladimir Filanovsky field in the Caspian Sea.Moscow-headquartered multinational energy corporation said that full-scale commercial operation of the project started in the fall of 2016, i.e. eleven years after the field's discovery. The third-stage of infrastructure development is under way now. Lukoil has mounted the wellhead platform topside (mini-platform) on the bearing units in the Caspian Sea.
FPSO P-67 Starts Production at Lula
Petrobras announced Friday it has started producing oil and natural gas through the P-67 floating, production, storage and offloading unit (FPSO), in the deepwater Lula Norte area, in the pre-salt of Santos Basin offshore Brazil.The FPSO is located approximately 260 kilometers off Rio de Janeirot, at a water depth of 2,130 meters. With capacity to process up to 150,000 barrels of oil and 6 million cubic meters of natural gas per day, it will produce through nine production wells, in addition to being interconnected to its injection wells.
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea, one of the oldest offshore basins…
Britain Launches North Sea Frontier Oil, Gas Licensing Round
Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370,000 square kilometres (142,858 square miles) West of Scotland, the East Shetland Platform, the Mid North Sea High, South West Britain and parts of the English Channel, the OGA…
In Vote of Confidence, Oil Firms Mop Up New North Sea Blocks
The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licences to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years.Companies ranging from Royal Dutch Shell, BP and Norway's Equinor, to smaller independents including Siccar Point, Chrysaor and Premier Oil were awarded 229 blocks covering a total area of 26,659 square km, the OGA said in a statement."The OGA expects this round to lead very quickly to activity…
Rosneft, BP to Jointly Tap Arctic Oil & Gas
Russian energy giant Rosneft and its shareholder BP have agreed to jointly develop oil and gas deposits in Russian Arctic Yamal-Nenets region, Rosneft said on Thursday. The project "envisages the development of the traditional gas reserves of the Cenomanian deposit, pilot production and subsequent full-scale development of the Turonian deposit as well as oil production optimization and efficiency," it said. The deal covers the Kharampurskoe and Festivalnoye licence areas with total geological reserves exceeding 880 billion cubic metres of gas.
Europa – Farm-Out of Holmwood, Weald Basin
The wholly owned subsidiary of Europa Oil & Gas (Holdings) plc, UK and Ireland focussed exploration, development and production company announced that its has signed a Farm-Out Agreement (`FOA') in relation to a 12.5% interest in the PEDL143 licence in the Weald Basin with a wholly owned subsidiary of Angus Energy PLC (‘Angus’). Europa will retain a 20% interest in PEDL143 where a well targeting the 5.6 mmbo conventional Holmwood prospect (‘Holmwood’) is anticipated to be drilled in 2017.
Argentina Clinches Labor/subsidy Deal to Attract Energy Investment
Argentina has clinched a deal with labor unions and energy companies aimed at luring investors to the Vaca Muerta shale formation in Patagonia, one of the largest unconventional reserves in the world, the government said on Tuesday. As part of the pact, the country will offer a subsidized price of $7.50 per million British thermal units of natural gas produced at new wells through the year 2020. The government issued a statement calling the subsidized price "indispensable for attracting long-term investment".
Protests Expand in Peru's Oil-producing Amazon Region
Demonstrators in the Peruvian Amazon barricaded streets, hurled stones at local businesses and burned at least one vehicle to protest the government's decision to award a Canadian company a license to tap the country's largest oil block. The protesters, led by the region's governor, want the government to repeal its recently inked contract with Pacific Exploration and Production Corp and transfer control of block 192 to state-owned Petroperu.
Petroperu saw more risk, less profit in large oil block
Peru's state-owned energy company Petroperu opted not to take a stake in the country's biggest oil block as expected because the short-term contract signed this week would mean more risk and less profit, the firm said Friday. Petroperu said in June that it would likely exercise its option to take a stake of up to 25 percent in block 192 as allowed under a law designed to strengthen the company, which has not produced oil in more than 20 years.
First Subsea Supplies for Gina Krog FPSO
Subsea connector specialist, First Subsea, is supplying a relatchable bend stiffener connector to NOV Completion & Production Solutions for a flexible production riser for Statoil’s new Gina Krog, turret moored, Floating Storage and Offloading (FSO) vessel in the Norwegian sector of the North Sea. The API 17L-1 compliant, Type II bend stiffener connector (BSC) comprises a ball and taper connector attached to a bend stiffener, which is pulled into a pre-machined, compact J-tube built into the turret.
Cairn India Seeks to Export Oil Despite Ban
Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers. Cairn India…
Farm-Out of Tarbes Permit in France
Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas exploration and development company with a combination of producing and exploration assets in Europe, is pleased to announce it has signed a Farm-Out Agreement (‘FOA’) in relation to its 100% owned Tarbes Val d’Adour Permit (‘Tarbes’) onshore France with Vermilion REP SAS, a wholly owned subsidiary of Vermilion Energy Inc (‘Vermilion’) a Calgary, Alberta based international oil and gas producer.
Obama’s Budget Request Hurts Middle Class - NOIA President
NOIA President Randall Luthi issued a statement on the Obama Administration’s Budget Request, stating new taxes on energy will not bolster the American middle class. “The President has doubled-down on his perpetual proposals to impose billions in new taxes on American energy, which is in direct conflict with his ‘all-of-the-above’ energy rhetoric. The proposed budget simply doesn’t match energy reality and will burden the very Middle Class it is touted to bolster,” Luthi said.
ROXI's Operational Update
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of the deep discovery at its flagship BNG asset plus updates for the shallow wells at BNG and the Deep Well NK-31 at Galaz. The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010.
Flaring Rule Changes Limit N.D. Oil Production Growth
North Dakota's oil production rose less than expected in August due to stringent flaring-reduction standards and sliding oil prices, state regulators said on Wednesday. While production hit an all-time high, some energy companies in the second-largest oil-producing state held back in order to connect new wells to equipment that could process natural gas, a costly step mandated by new regulations. Despite those efforts, flaring rose slightly in August to 27 percent of produced natural gas, reflecting the stark challenge the industry faces.
Zargon Oil & Gas Provides Capital Budget Update
Zargon Oil & Gas Ltd. announces its 2015 capital budget and provides a Little Bow Alkaline Surfactant Polymer tertiary flood project update. Zargon's 2015 budget has been set at $46 million and includes $13 million of Little Bow ASP chemical costs, $2 million of phase 1 optimization costs, $6 million of Little Bow ASP phase 2 development costs, plus $25 million of conventional (non-ASP) field capital expenditures directed to existing oil exploitation projects.
Roxi Announces Operational Update
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of the deep discovery at its flagship BNG asset plus updates for the shallow wells at BNG and the Deep Well NK-31 at Galaz. The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010.
