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Oil & Gas

Repsol wins approval from Canadian regulators to export LNG

14/09/2015

Repsol has received approval from Canadian regulators to begin exporting liquefied natural gas (LNG) from its Canaport import facility. The National Energy Board of Canada granted a 25-year permit to import as much as 312 billion cubic feet of natural gas per year by pipeline from the US and western Canada. It will then be converted to six million metric tons of LNG at a new on-site facility.

Oil & Gas

UK Oil & Gas in positive estimate of Markwells oil field resources

14/09/2015

UK Oil & Gas Investments said a competent persons report (CPR) by Xodus Group of the company’s onshore Markwells Wood oil field has calculated more than 1million barrels of recoverable oil. The company has a 100% interest in the oil field which is located in the UK licence PEDL126 in the west of the Weald Basin. The Markwells Wood oil field is 60km to the southeast of the company’s Horse Hill oil discovery.

Oil & Gas

Amec Foster Wheeler wins LNG contract

14/09/2015

Amec Foster Wheeler has been awarded an engineering contract by Felguera IHI for the expansion of the Zeebrugge Liquefied Natural Gas (LNG) Terminal in Belgium. The contract will be delivered over the next 15 months with the company’s scope including detailed engineering of the boil-off gas recovery system and associated facilities. The LNG Terminal is owned and operated by Fluxys LNG from Belgium.

Oil & Gas

Oil and gas firms guilty of overspending, KPMG says

14/09/2015

A KPMG audit of UK oil and gas industry contracts has revealed widespread overbilling at the same time as firms are trying to slash costs. The professional services firm said 70% of the 10,000 deals it looked at were not properly complied with, leading to regular overcharging. KPMG put the cost of unnecessary spending at between 1% and 5% of “high-risk” investments, meaning a significant level of unnecessary spending on a supply chain worth up to £35billion a year.

Europe

Full speed ahead for Hurricane’s Lancaster plans

14/09/2015

Hurricane Energy is cracking on with plans to extract oil from 4,000 feet beneath the seabed after its North Sea Lancaster asset was officially designated as an oilfield. The Surrey-based company was founded in 2005 by chief executive Robert Trice to discover and develop oil from naturally fractured “basement” reservoirs in rock that was formed more than 2billion years ago. It has just achieved official oilfield status for Lancaster, located west of Shetland, from the Oil and Gas Authority (OGA).

Market info

Oil Search cancels meeting with Woodside to discuss takeover bid

13/09/2015

A meeting to discuss Woodside Petroleum Ltd.’s $8 billion takeover bid for Oil Search Ltd. was called off amid speculation that the offer for the Papua New Guinea- focused explorer is too low to succeed. The meeting scheduled for Sunday was postponed at Oil Search’s request, according to a statement from Woodside, the Australian oil producer. Oil Search is expected to reject Woodside’s bid as early as Monday, the Australian Financial Review reported Sunday, without citing sources.

North Sea

It’s time to address the gender imbalance, lawyer says

13/09/2015

An Aberdeen lawyer says there has never been a better time to address a gender imbalance in the UK oil and gas industry. Offshore employment expert Kate Williams, an Aberdeen-based partner in legal firm Pinsent Masons, wants to see a greater effort to recruit more women, and insists the law can be used to boost their numbers. The proportion of women in the industry is reported to be 23%, compared to a 47% national average. The imbalance worsens when narrowed to offshore workers, with just 3.6% of them women.

Americas

Petrobas spending plan already obsolete – new cuts likely

11/09/2015

Brazil's state-run oil company Petrobras, which slashed its five-year spending plan by 40% in June, will likely cut back further as growing debt costs, falling oil prices and a weak currency have already made the plan obsolete, two company sources have revealed.

Oil & Gas

$20 oil possible for Goldman as forecasts cut on global glut

11/09/2015

The global surplus of oil is even bigger than Goldman Sachs Group Inc. thought and that could drive prices as low as $20 a barrel. While it’s not the base-case scenario, a failure to reduce production fast enough may require prices near that level to clear the oversupply, Goldman said in a report e-mailed Friday. The bank cut its forecast for Brent and WTI crude through 2016 on the expectation that the glut will persist on OPEC production growth, resilient non-OPEC supply and slowing demand expansion. “The oil market is even more oversupplied than we had expected and we now forecast this surplus to persist in 2016,” Goldman analysts including Damien Courvalin wrote in the report. “We continue to view U.S. shale as the likely near-term source of supply adjustment.”

Oil & Gas

Faroe Petroleum well comes up dry

11/09/2015

Faroe Petroleum will plug and abandon a well after it came up dry. The company said the Portrush exploration well encountered no hydrocarbons in well 6407/10-5. The well was drilled to a vertical depth of 2,850 metres below sea level and was terminated in the objective interval.

Oil & Gas

Oil price decline may lead to “decommissioning glut”

The oil price crash is expected to usher in a “decommissioning glut” in the North Sea, new research has revealed. Delegates at Offshore Europe this week heard that there has been little evidence so far of early decommissioning of North Sea fields rendered uneconomic by the falling price of a barrel of oil. But research firm Wood Mackenzie has estimated that there will be 50 fields facing early shutdown and dismantling due to low oil prices over the next five years. This is above and beyond the estimated 139 fields what have been scheduled for dismantling as they reach the end of their natural lives.

Oil & Gas

Kvaerner wins Johan Sverdrup contract

11/09/2015

Statoil has awarded Kvaerner Verdal a contract win for the delivery of the steel jacket for the Johan Sverdrup drilling platform. It comes after the companies signed a letter of intent which focused on the importance of cooperation based around further standardisation and simplification of work. Weighing 22,500 tonnes, the drilling platform jacket will be the second largest of the jackets to be constructed during the first phase of the Johan Sverdrup project.

Oil & Gas

Shale producers clobbered by oil rout face added Iran supply

11/09/2015

Shale oil producers already awash in a supply glut face added crude as early as next year after an agreement to ease sanctions on Iran cleared a Senate obstacle. A Senate vote Thursday paved the way for President Barack Obama to ease financial penalties for doing business with Iran. Democrats kept Republicans’ disapproval resolution from advancing in a 58-42 procedural vote, with 60 required. That may allow additional Iranian exports to hit the market as early as the first quarter of 2016.

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