Amec Foster Wheeler has been awarded a contract from BP worth more than $73million to provide maintenance and project support for the Forties pipeline system in the North Sea.
The deal includes work on the Unity offshore platform and onshore pumping stations in Aberdeenshire and Perthshire, as well as the Central Area Transmission (CATS) terminal in north-east England.
It will run until January 2020 and will be managed from Amec Foster Wheeler's Aberdeen offices.
Canada is seeking new customers for its crude oil as a U.S. review of the Keystone XL pipeline drags on and oil prices languish near $50 a barrel, the country’s Natural Resources Minister Greg Rickford said.
Canada sells nearly all of its oil and natural gas to the US, a partnership that amounts to a $140 billion a year business, Rickford said Tuesday at the Bloomberg New Energy Finance Future of Energy Summit in New York.
A downturn that has seen oil prices fall about 50 percent will cost Canada $40 billion a year, according to data compiled by Bloomberg.
“Ninety nine percent of our oil goes to the United States right now - 98 percent of our natural gas,” Rickford said. “I don’t think anyone in business would want just one customer.”
Shale drillers will see production drop sooner than expected under a US government forecast, a momentum change that hints at an eventual price rally.
Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since US officials began weighing output in 2013.
The projected production drop is small, just 1 percent. Yet investors took note, pushing oilfield stocks to the top five spots in the Standard & Poor’s 500 Index on Tuesday, led by rig operators Ensco Plc and Diamond Offshore Drilling Inc.
Ceona has entered into a joint venture as it expands operation in West Africa.
The partnership with Seaweld Engineering will support the Surf contractor in delivering products for deepwater construction work in Ghana.
Bumi Armada Bhd has won contracts worth $300million to provide a floating storage unit to ElectroGas Malta.
The deal will last for 18 years and 2 months from 2016.
Attacks in and around Baghdad have killed at least 14 civilians, as Iraqi security forces repelled an attack by the Islamic State group on the country’s largest oil refinery, officials said.
Seven people were killed when a car bomb exploded in a commercial area in the town of Mahmoudiyah, about 20 miles south of Baghdad, police said.
The car was parked in a mainly Shiite section of town near a bakery and went off as people were standing in line to buy bread.
Another 13 civilians were wounded in the attack, police said.
Hours later, another car bomb exploded in a car park outside Baghdad’s Yarmouk Hospital, killing four civilians and wounding 10, a police official said.
Lundin Petroleum has achieved first oil from the Bertram field in Malaysia.
The Swedish explorer said its subsidiary, Lundin Malaysia, has commenced production from four pre-drilled development wells.
The remaining production wells will be drilled sequentially and put onstream throughout the rest of the year.
DualEx Energy has ceased natural gas production from one of its fields in Hungary.
The company said production from its Peneszlek field in the north east of the country was stopped due to a natural depletion of two remaining wells.
Gulfsands Petroleum has removed its chief executive.
Mahdi Sajjad has been replaced by Alastair Beardshall as executive chairman with immediate effect.
The oil and gas company, which operated in the North African region, said Sajjad would remain as a director of the company.
French company Bourbon said three of its crew members were kidnapped from a crew boat off the coast of Nigeria.
The incident happened on the Surfer 1440 after pirates boarded the vessel on April 8.
A spokesman for the company said:"The 3 crew members of Nigerian nationality have been kidnapped. An emergency unit based in Nigeria has been immediately activated.
Wood Group PSN (WGPSN) has been awarded a five-year contract from EnQuest to provide engineering, design, construction, procurement and commissioning services in the North Sea.
The work will be carried out on the Thistle, Heather and Northern Producer offshore assets.
EnQuest said the terms of the contract reflected the company’s ongoing focus on reducing costs and improving the efficiency of its North Sea offshore operations.
Yemen halted output and exports from the country’s sole liquefied natural gas plant, citing security concerns, as clashes between Shiite Houthi rebels and a Saudi Arabia-led Sunni coalition in the country worsens.
Yemen LNG Co. declared force majeure, a legal clause meaning circumstances make it impossible to meet contractual obligations, according to an e-mailed statement Tuesday.
Tribal fighters seized posts outside the city of Balhaf in southeastern Yemen near the plant after soldiers fled, said Abu Bakr al-Awlaki, a local resident who witnessed the clashes.
“Due to further degradation of the security situation in the vicinity of Balhaf, Yemen LNG has decided to stop all LNG producing and exporting operations and start evacuation of the site personnel,” according to the statement. “The plant will remain in a preservation mode.”
Technip has been awarded a brownfield subsea contract by Dana Petroleum for work in the North Sea.
The agreement is for work on the Triton floating production storage and offloading (FPSO) vessel which is located 193 kilometres east of Aberdeen.
It produces oil and gas from different fields including Bittern, Guillemot West and North West, Clapham, Pict and Saxon, which are tied back to the FPSO vessel via subsea facilities.
Bill Morrice, managing director of Technip in the UK, said: “The scope of the 2015 campaign was defined by Dana and its Triton partners, as a result of a successful detailed riser life extension study executed by Technip in the UK late 2014.
North Sea oil and gas company Ithaca Energy said yesterday it had completed a successful final development well test on the Stella field.
The five wells drilled achieved a combined maximum flow test rate of more than 53,000 barrels of oil equivalent (boe) per day.
Aberdeen and Calgary-based Ithaca said this “significantly de-risks” a project – the Greater Stella Area (GSA) – which is expected to produce about 30,000boe per day, including 16,000 for its own 54.66% stake.
Aberdeen energy service firms Hydro Group and EnerMech are to work together in launching an new hydraulics hose product for the oil and gas industry.
It is believed the tie-up could generate in the region of £500,000 over the next year.
Graham Wilkie, sales director at Hydro Group, which designs and manufactures cables and connectors for subsea and onshore use, said: “Collaboration, diversification and innovation are key to surviving in challenging markets.
Total has pulled out of a deepwater block in offshore Oman.
Nasser Al Aufi, undersecretary at the Ministry of Oil and Gas, did not provide any details regarding the French company's decision.
The company has signed an exploration and production-sharing agreement in December 2013 for Block 41, which lies off the Omani coast, north-west of Muscat.
UK government bonds fell, pushing 10-year yields to the highest level in almost a month, as investors’ outlook for inflation increased before a report that economists said will show consumer prices stagnated in March.
The UK 10-year break-even rate, a measure of the outlook for inflation derived from a difference in yield between gilts and index-linked bonds, climbed to the most in two weeks.
Oil prices have jumped 30 percent since touching a six-year low in January, reducing the risk of consumer prices falling. Yield increases have so far been limited by prospects of the Bank of England keeping interest rates at a record low for the rest of the year.
“Though the consensus is for a flat reading, there could be a sense that there might potentially be an upward surprise because of higher” fuel prices during March, said Vatsala Datta, a UK rates strategist at Royal Bank of Canada in London.
A number of oil explorers drilling in the Falkland Islands have axed plans to drill a second well in the south and east of the country following the oil price decline.
Noble Energy, Falkland Oil and Gas (FOGL) and Edison International have said they will continue drilling in other parts of the region.
The move is in line with a number of companies who have scaled back costs following the drop in oil price within the last nine months.
Atlas Knowledge has secured a contract to deliver safety training for workers involved in the Trans Adriatic Pipeline (TAP) project.
The deal will see a total of 11 courses delivered to almost 300 onshore personnel working on the planned construction of the pipeline.
It will bring natural gas across Greece, Albania and Italy through the Southern Gas corridor.
Karoon Gas Australia has made a discovery at its Echidna-1 exploration well in the Santos Basin.
The company said the well intersected an oil bearing section in Paleocene sands, and mudlogs showed an elevated gas reading and oil florescence in sandstone.
Wirelogging will now be conducted to ascertain the extent of the gross and net columns, Karoon Gas said.
Aker Solutions and Fjords Processing have formed an alliance to develop technology and capabilities for wellstream separation and treatment solutions for the subsea and topside market.
The WellSep alliance will apply Aker Solutions' subsea processing experience and testing facilities and Fjords' topside and onshore separation technologies.
Rune Fantoft, chief executive of Fjords Processing, said:"This is a great opportunity to further develop our key technologies with one of our most important partners, Aker Solutions.
"Developing our competence in a joint initiative will enable us to increase our focus on produced water and separation technology."
The former chairman of PetroChina Co. who went on to head the agency overseeing China’s state-owned assets went on trial for corruption, the first case linked to the nation’s former security chief Zhou Yongkang to be brought to court.
Jiang Jiemin is charged with taking bribes, holding assets from unidentified sources and abusing his position as an executive with state-owned firms, Hubei’s Hanjiang Intermediate People’s Court said today on its verified microblog.
Jiang’s lawyer, Li Fabao, couldn’t immediately be reached for comment. The court didn’t say how long the trial might last.
Statoil has made a second gas discovery in the Roald Rigg prospect in the Norwegian Sea.
It marks the second discovery in the Aasta Hansteen area this year.
Last month, well 6706/12-2 was drilled by Transocean Spitsbergen and proved a 105-metre gas column in the Nise Formation.
Irene Rummelhoff, senior vice president exploration Norway in Statoil, said:“Statoil has completed a targeted two-well exploration programme around Aasta Hansteen which aimed to test additional potential in the area and make the Aasta Hansteen project more robust.
Oil held gains after a fourth weekly increase as skepticism among US lawmakers over a nuclear deal with Iran signaled a recovery in the OPEC producer’s crude exports may be delayed.
Futures were little changed in New York after rising 5.1 percent last week.
President Barack Obama is dispatching three cabinet members to brief lawmakers as a Senate committee prepares to take up a bill that will give Congress 60 days to review any final agreement with Iran.
Trans Energy has sold off Marcellus assets in West Virginia for $71.3million.
The deal include 5,159 net acres and 12 producing Marcellus wells.
President of Trans Energy, John Corp, said the move signaled the hard work and strategy the company had but in, in the region.
