Monday, December 23, 2024

Upstream Oil And Gas News

China's CNOOC sold US assets to Britain’s INEOS

CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has…

Indonesia targets increased liquefied gas production, regulator says

Indonesia wants to increase its liquefied gas production by 1 million tons per year in order to reduce the amount of cooking fuel imported, said the head of Indonesia's upstream oil regulator on Tuesday. The new president Prabowo Subianto has pledged that he will achieve…

Indonesia approves Eni's Geng Nord gas project development plan

SKK Migas, Indonesia's upstream oil-and-gas regulator, said Friday that Indonesia had approved the plan of developments (POD) of the first phase for Geng North, an Italian Eni gas field in the Makassar Strait. SKK Migas confirmed that the POD approval included development of Gehem.

SLB Launches Cement-free System to Cut CO2 Footprint of Well Construction

©SLB

Oilfield services giant SLB, until recently known as Schlumberger,  on Monday introduced the EcoShield geopolymer cement-free system that it says minimizes the CO2 footprint of a well’s construction." This innovative technology eliminates up to 85 percent of embodied…

Indonesia Produced 104.8 LNG Cargoes in Jan-June Period

Image for illustration - Credit: Altin Osmanaj/AdobeStock

Indonesia produced 104.8 standard cargoes of liquefied natural gas (LNG) from its Bontang and Tangguh LNG plants in between January to June. Susana Kurniasih, upstream oil and gas regulator SKK Migas' spokeswoman told Reuters.79 cargoes of LNG were exported and 25.8 cargoes were sold domestically in first half of 2020.

Shell to Write Down $22B in Wake of Coronavirus

Shell Logo / Image by Alexandr Blinov - AdobeStock

Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050…

Offshore to Constitute 25% of Wind Demand

Offshore wind will constitute 25% of total wind demand in 2028, up from 10% in 2019 and will narrow the gap with offshore upstream oil and gas in terms of capital expenditure deployment, said the analyst firm Wood Mackenzie.The possibility of offshore wind becoming cheaper than coal…

Wison Begins Arctic LNG 2 Project

Wison Offshore & Marine (WOM), the upstream oil and gas division of Chinese conglomerate Wison Group Holding, announced the fabrication of Arctic LNG 2 Project (ALNG2 Project) commenced in Zhoushan Yard.The module fabrication contract was awarded by Technip France S.A.…

Indonesia Inks 20-year PSC for Corridor Block

(Photo: ConocoPhillips)

Indonesia's government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.The contract will extend by 20 years the current contract with the same companies that will expire

Sandvik to Supply OCTG for ADNOC

(Photo: Sandvik)

Sandvik, a developer and producer of advanced stainless steels, special alloys, titanium and other high-performance materials, said it has entered into a long-term agreement with Tenaris to supply Oil Country Tubular Goods (OCTG) following its award from the Abu Dhabi…

West of Shetlands Ups Offshore Production

West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS)…

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.

Wintershall Dea Trims Norway Portfolio

Wintershall Dea is currently developing its operated Dvalin field on the Norwegian continental shelf (Photo: Wintershall Dea)

Wintershall Dea has agreed to sell its stakes in Norway's Nyhamna gas processing terminal and the Polarled gas pipeline to CapeOmega and Solveig Gas to focus on its upstream oil and gas activities, the German oil and gas company said on Tuesday.Cape Omega will acquire a 5% interest in the Nyhamna terminal…

Var Energi Buys Exxon's Norway Assets for $4.5 Bln

ExxonMobil's stake in the Equinor-operated Grane field is one of more than 20 picked up by Vår Energi in a $4.5 billion deal. (Photo: Øyvind Hagen / Equinor)

ExxonMobil said on Thursday it will sell its Norwegian upstream oil and gas assets to independent exploration and production company Vår Energi for $4.5 billion as part of an ongoing large-scale global divestment plan.The deal, which is expected to close in the fourth quarter…

Wood Promotes Leonard in Americas Role

Paul Leonard (Photo: Wood)

Engineering firm Wood said it has appointed Paul Leonard as President of Operations Services in its Americas business to succeed Tim O’Leary, who is retiring from the company after a 20-year tenure.Wood’s Operations Services business complements the company’s capital projects businesses through the provision of operations…

Exxon's Cepu Production May Exceed Capacity

The Central Processing Facility of Banyu Urip field located in Bojonegoro, East Java.  (Photo: ExxonMobil)

Crude output from Exxon Mobil Corp's Cepu block may exceed its capacity of 220,000 barrels per day (bpd) this year, to reach 235,000 bpd, upstream oil and gas regulator SKK Migas told reporters on Thursday.Potential reserves at the block are bigger than initially estimated after a reevaluation and Exxon is currently conducting a

Ocean Monarch Mobilises to Otway

Australian upstream oil and gas exploration and production company Cooper Energy  announced the semi-submersible drilling rig Ocean Monarch, operated by Diamond Offshore, has commenced mobilisation from the Gippsland Basin to the Otway Basin where it is to drill 2 offshore gas exploration wells.According to a press release…

ADNOC, Pertamina Ink Development Pact

(Photo: ADNOC)

The Abu Dhabi National Oil Company (ADNOC) signed an agreement on Wednesday with Indonesia's state-owned energy company PT Pertamina for oil and gas collaboration in both countries and globally, ADNOC said in a statement.The comprehensive strategic framework (CSF) agreement was signed on the sidelines of an official visit to Ind

Indonesia Extends Corridor Block Contract

Indonesia has agreed to extend the production sharing contract for the Corridor natural gas block with ConocoPhillips, Spain's Repsol SA and Pertamina, Deputy Energy Minister Arcandra Tahar said on Monday.The existing contract will expire in December 2023 and the ministry…

Masela Development Approval Nears

The Indonesian government is set to approve Japanese Inpex Corp's revised plan of development for the Masela natural gas block next week, the chairman of the country's upstream oil and gas regulator SKK Migas said on Wednesday.The government is expecting Inpex to submit the plan for the $20 billion gas project this week, Dwi Soe