BP to Sell Petrochemicals Business to Ineos for $5B
British oil major BP will sell its global petrochemicals business to Ineos for $5 billion, a transaction delivering BP's divestments target a year earlier than originally scheduled.Brian Gilvary, BP’s chief financial officer, said: “With today’s announcement we have met our $15 billion target for agreed divestments a full year ahead of schedule, demonstrating the range and quality of options…
Renewables: Ingeteam Gets DNV GL Approval in India
Ingeteam, an independent global supplier of electrical conversion equipment, announced today that it received DNV GL’s “Shop Approval in Renewable Energy” certification for the wind converter manufacturing facility recently established by the company in the Tamil Nadu region. Ingeteam’s new facility is the first-ever wind converter factory to receive such a certificate in India. DNV GL’s Shop Approval is awarded upon successful completion of a comprehensive audit…
Well-Centric Develops Compact Milling Tool
Well-Centric, an independent specialist in well integrity and production technology solutions for the oil and gas industry, will launch a new compact milling tool at the SPE ICOTA Well Intervention Conference this month. The Well-Centric Gate Valve Milling Tool is a milling tool designed to provide access to restricted wells by drilling through stuck gate valves or other blockages. Stuck valves can result in a well being out of action for months…
OPEC Should Heed Achnacarry Lessons: Kemp
OPEC members are struggling to protect their revenues in the face of renewed competition from U.S. shale producers and other suppliers outside the organisation. OPEC's revenues from petroleum exports have fallen to just $446 billion in 2016 from $1.2 trillion in 2012 ("Annual Statistical Bulletin", OPEC, 2017). But past experience strongly suggests OPEC's effort to stabilise oil inventories and prices while protecting its market share will fail.
Norway Wants Oil Companies to Use Technology to Boost Output
Norway wants oil companies to look into using specialised technology to pump more crude and natural gas, the country's petroleum regulator said on Thursday, potentially producing billions of extra barrels as well as tax revenues. Enhanced oil recovery (EOR), such as injection of polymers or carbon dioxide into reservoirs, could help to produce an additional 320-860 million cubic metres (2-5.4 billion barrels) of oil equivalents from the 27 largest fields offshore Norway…
ROCOL, TTS Syncrolift Ink Lubricants Supply Deal
Global technology leader and lubricant manufacturer, ROCOL, has secured a key agreement with the world’s leading shiplift company. TTS Syncrolift, which manufactures 90% of all shiplifts worldwide, has appointed ROCOL as its recommended lubricant manufacturer. Norway-based TTS Syncrolift is part of TTS Group, a global organisation that designs, develops and supplies equipment solutions and services for the marine and offshore industries.
Shah Deniz Partners Award Subsea Installation Deal
The Shah Deniz consortium today announced the award of a $1.5 billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 to the BOS Shelf LLC, Saipem Contracting Netherlands B.V. and Star Gulf FZCO consortium. The scope of work of the contract is for the management and operation of the new-build Subsea Construction Vessel (SCV) Khankendi…
ARENA Boost for Australia’s Mega Bio-energy Project
An $800 million bio-energy project in Queensland could become a reality thanks to early stage funding support from the Australian Renewable Energy Agency (ARENA). ARENA is providing $3 million support for Renewable Developments Australia (RDA) to build the business case for a renewable biofuel production facility at Pentland, near Charters Towers in North Queensland. ARENA CEO Ivor Frischknecht…
MHI Bags Okochi Memorial Technology Prize
A technology developed by Mitsubishi Heavy Industries, Ltd. (MHI) to capture carbon dioxide (CO2) from flue gases (so called "KM CDR Process") has received the Okochi Memorial Technology Prize at the 62nd annual Okochi Memorial Awards from the Okochi Memorial Foundation. The process's groundbreaking technology was recognized for its superior reliability and economy, its excellent track record in commercial applications…
Energy Industry Faces a Tough Reality -Statoil CEO
Global challenges and new opportunities in the energy market will create a turning point for the industry, says Statoil CEO Eldar Sætre at the Statoil Autumn Conference. In his speech to the Norwegian Prime Minister and other guests at the annual Autumn Conference, Sætre emphasized that the energy world is changing and the oil and gas industry is currently facing a tough reality, as global upstream investments are estimated to fall by 20 percent in 2015.
A Tough Reality for Industry - Statoil
Global challenges and new opportunities in the energy market will create a turning point for the industry, says Statoil CEO Eldar Sætre at the Statoil Autumn Conference. In his speech to the Norwegian Prime Minister and other guests at the annual Autumn Conference, Sætre emphasized the fact that the energy world is changing and the oil and gas industry is currently facing a tough reality, as global upstream investments are estimated to fall by 20% in 2015.
Aker Solutions Update on Company Hive-Off
Aker Solutions informs updated unaudited financial information for the two companies - the new Aker Solutions and Akastor - that will be formed following the split of the business at the end of September. Previous pro forma financial information was disclosed in the information memorandum of July 11, 2014, and the second-quarter 2014 results published July 17 this year. The updated financial…
Kongsberg, KBC Enter Upstream Partnership
Kongsberg Oil & Gas Technologies AS and KBC Advanced Technologies, a provider of consulting and software solutions to the hydrocarbon processing industry, announced they will collaborate in key areas focused on improving production solutions for upstream operators. To reinforce the relationship, Kongsberg made an investment in the recent KBC share placing to demonstrate interest in KBC’s growth strategy in upstream oil and gas.
Shale Revolution Reverses Global Energy Flow
The United States has replaced OPEC as the marginal petroleum supplier to the world thanks to the shale revolution and improvements in automotive fuel efficiency. Net U.S. imports of crude and products have halved over the last five years, or by an amount equivalent to the entire daily crude exports of Saudi Arabia. Net imports totalled 5.2 million barrels per day at the start of 2014, down from 11.2 million at the beginning of 2009, according to the U.S.
