Lundin Petroleum has sold its assets in Indonesia in an agreement with Medco Energi International in a $22million deal. The assets include the non-operate interest in the producing Singa gas field and the operated interest in the South Sokang and Cendrawasih VII Blocks, as well as the joint study agreement in respect of the Cendrawasih VIII Block.
McDermott International has been awarded a brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation of four wellhead jackets. The company said the installation of two jackets in the Bul0Hanine field offshore Doha has been scheduled to be completed by December next year.
From Oslo to Doha, Riyadh to Moscow, governments that rode crude’s historic rise to unprecedented wealth are now being forced to start repatriating their rainy- day funds just to make ends meet. The halving of oil to less than $50 a barrel has the potential to alter one of the most powerful economic and political forces of the past half century: the rise of the petrostate. These countries led a surge in state investments in the U.S. and Europe that now totals about $7.3 trillion globally, according to the Sovereign Wealth Fund Institute. During the last boom, the oil countries flaunted their wealth abroad by buying stakes in iconic companies such as Barclays Plc as well as trophy assets including Manhattan hotels, European soccer clubs and London luxury homes, often in the face of opposition from the local public. Such swagger is fading.
Petrofac has terminated a contract with ZPMC over alleged issues with the its performance in construction of the design of a deepwater multi-purpose vessel. The international service provider said the move was “regrettable” but “necessary”.
Kemp says low oil price will lead to ‘greater emphasis’ on cost reduction but will curtail new investment
Leading oil and gas economist Professor Alex Kemp said a continued low oil price could lead to a "greater emphasis" on cost reduction, but was also likely to curtail investment in new fields and exploration. Prof Kemp made the analysis after Asco chief executive Alan Brown exclusively told Energy Voice he thought a continued oil price of $50 a barrel could be a "very good" thing for the North Sea. Brown said it would force greater collaboration between the operators and supply chain as companies were forced to work more closely together.
Natural gas bulls are herding together. Eight of 12 analysts surveyed by Bloomberg said they’re bullish about prices heading into next week. Contracts have rebounded 2.7 percent on the New York Mercantile Exchange since reaching a three-year low on Oct. 1. Futures may have fallen about 20 cents in the last month, weighed down by a glut of domestic shale supplies and forecasts for a mild winter that could curb demand for the heating fuel. But traders and analysts say that’s old news.
Oil headed for the biggest weekly gain since August amid speculation an increase in demand will ease a global glut. Futures climbed as much as 1 percent in New York and are up 9.4 percent this week. A “new capital discipline” in the industry will allow consumption to catch up with supply, boosting prices, Gary Ross, the founder and chairman of PIRA Energy Group, said Thursday. World oil use will expand more than forecast this year, according to Abdalla Salem El-Badri, the secretary-general of the Organization of Petroleum Exporting Countries.
China has nearly tripled the size of proven reserves at its Fuling project, by far the country's largest shale gas find, according to an official from investor Sinopec Corp and an industry report.
Saudi Arabia is ordering a series of cost- cutting measures as the slide in oil prices weighs on the kingdom’s budget, according to two people with knowledge of the matter.
Lion Energy said it has made a gas discovery in the Seram Non-Bula block in Indonesia. The company said the estimates are based on analysis of available data including 2D seismic coverage and data acquired from the Lofin-1 and Lofin-2 wells.
Oil prices will rise again by 2018 and reinvigorate economic activity in the North Sea, according to a billionaire Scottish Government adviser. Jim McColl, who sits on the Scottish Government’s Council of Economic Advisers, told Holyrood’s Economy Committee his own Clyde Blowers’ engineering investment firm is “holding out quite well” in the economically-depressed North Sea and he predicted the downturn will reverse in the next two years. Increased oil and gas production contributed to the 0.7% rise in the UK economy announced yesterday but this has yet to feed through to the Scottish onshore economy, leaving Scotland’s GDP lagging behind at just 0.1% growth.
Statoil said a spill has been discovered during the loading of oil from the Statfjord A platform tanker offshore Norway. The company said loading to the tanker has been stopped and supply to the pipe and loading system from Statfjord A has been closed. A spokesman said production from Statfjord A is operating normally in the meantime.
CHC has confirmed 18 employees have been made redundant after a consultation took place over roles. The company said it had been able to minimise the loss to its North Sea operations. In August CHC began a consultation with staff estimating 50 positions could be affected at its Aberdeen base.
Encana has reached an agreement to sell its Denver Julesburg (DJ) Basin assets in Colorado for $900million.
An Aberdeen-based marine and offshore consultancy and safety firm yesterday said it had struck deals worth more than £2.5million – and is launching a recruitment drive to support its growth. Seacroft Marine Consultants put the recent successes down to its efforts to provide better value for money at a time when North Sea clients are scrambling to cut costs amid the oil price slump. While some of the agreements were with customers who have been with Seacroft since it was founded in 1995, several new operators have also handed it work.
Ocean Rig said two rigs from its fleet will be coming out of employment soon with no immediate job opportunities on the horizon. The company said the semi-submersible Eirik Raude will finish up in the Falkland Islands in January while semi-submersible Levi Eiriksson will have completed work in Norway by March 2016. Ocean Rig said the current intention is for both to be cold stacked while disposing of or scrapping the rig is put under consideration.
The Mexican Government should add further transparency to the process of its offshore bidding rounds as they approach the deepwater phase, according to new analysis. Consulting firm GlobalData said the step should be taken after the government received higher than expected bids in the most recent round. Earlier this year Mexico opened its energy market up to investors for the first time in more than 70 years.
Oil Search has completed a drilling update on two of its wells in Papua New Guinea and the Kurdistan Region of Iraq (KRG). The company said the Taza 3 ST1 oil appraisal well in KRG has been plugged and abandoned with the rig being demobilised. The forward plan is to evaluate the results of the drilling, together with the recently proposed seismic, prior to making further drilling decisions.
GE Oil & Gas has launched a new programme for gas compression packagers with Houston-based manufacturing specialist AFGlobal the first participant.
Norwegian Energy Company (Noreco) has revealed net production for September is estimated at 3,186 barrels of oil equivalents (boe) per day, down from August's 3,561.
Offshore marine and engineering consultancy Aqualis Offshore has opened an office in Kuala Lumpur, Malaysia, as part of ongoing international expansion.
Eurasia Drilling today confirmed it a had been approached about a possible merger.
Frontera Resources said the amount of gas-in-place at the Mtsare Khevi gas and Taribani field complexes in Georgia could be more than 10 times higher than previously thought.
Tullow Oil has reached an agreement with the Gabon government allowing the producer to regain its 7.5% stake in the Onal Complex fields and the Ezanga block.
Oilfield services firm RMEC has nearly doubled its yard size in response to a growing rental appetite amid a market decline.