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Oil & Gas

Public perception will be key in innovation of new deepwater technologies

07/10/2015

Public confidence in technologies being used in deepwater will be one of the key components to the success of the Subsea Systems Institute (SSI), according to its director. The institution was set up earlier this year with funding from the RESTORE Act on the back of the Deepwater Horizon disaster in 2010. The federal statute was signed into law by President Barack Obama in 2012 after the incident which killed 11 workers and caused significant environmental, ecological and economic damage in the Gulf of Mexico.

Oil & Gas

Norwegian withdrawal from sovereign fund marks ‘radical change’

07/10/2015

A decision by the Norwegian minority government to start making withdrawals from the country’s sovereign fund could mark a “radical change” for the region. Leading expert Professor Jon Kleppe, from the Norwegian University of Science and Technology in Trondheim, said the sovereign fund has risen from NOK 6300billion at the start of the year to NOK 7000billion. He said the increase was largely down to the weakening of the Norwegian Kroner next to the US dollar.

Oil & Gas

IMF downgrades global economic growth forecast

06/10/2015

China’s slowdown and tumbling commodity prices will push global economic growth this year to the lowest level since the recession year 2009, the International Monetary Fund has predicted. In a report in advance of the IMF-World Bank annual meetings in Lima, Peru, this week, the fund said the world economy will grow 3.1% this year, down from a July forecast of 3.3% and from 3.4% growth last year. “The risks seem more tilted to the downside than they did just a few months ago,” IMF chief economist Maurice Obstfeld told reporters. Mr Obstfeld downplayed the risk of a global recession, however.

Oil & Gas

Petrolia obtains permit for Quebec well

06/10/2015

Petrolia said it has obtained a completion permit which will allow it to carry out the cleaning of the well at Haldimand 4 in Quebec and start a long-term production test. The company have already removed the pump installed last year in order to prepare the well for the cleaning operations.

Oil & Gas

Gazprom to half capacity of TurkStream gas pipeline project

06/10/2015

Russian oil producer Gazprom has almost halved the planned capacity of its TurkStream gas pipeline project, according to the company’s chief exec. The expected capacity has been reduced from 63billion cubic metres (bcm) to 32bcm. Chief executive Alexei Miller said Gazprom now plans to supply a smaller amount because it also wants to expand the Nord Stream gas pipeline which runs on the bed of the Baltic Sea to Germany.

Oil & Gas

Oil surges to one-month high as output drop seen balancing market

06/10/2015

Oil climbed to the highest level in a month amid speculation that falling crude production will ease the global supply glut. Futures rose as much as 5.6 percent in London and 5.1 percent in New York. The first signs of recovery in the oil market are beginning to appear, Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden said at an industry conference in London Tuesday, though the company still plans for a long period of low prices. U.S. crude output fell 120,000 barrels a day in September, the Energy Information Administration said. Oil has held near $45 a barrel for more than four weeks after plunging to a six-year low in August amid speculation a global glut will be prolonged. U.S. crude stockpiles remain about 100 million barrels above the five-year average, while OPEC continues to pump above its collective quota.

Oil & Gas

Freeport-McMoRan reviews oil and gas business, makes changes to board

06/10/2015

Freeport-McMoRan is set to review its strategic alternatives for oil and gas business as well as making changes to its board. The company said the move had been taken after “constructive” discussions with shareholders. Freeport will now evaluate alternative courses of action designed to enhance value and achieve self-funding of the company’s oil and gas business.

Oil & Gas

Lockheed Martin makes redundancies from Aberdeen base

06/10/2015

An energy firm has cut jobs at its Aberdeen base. Lockheed Martin confirmed 27 posts have been made redundant. The US-led firm acquired its city base as part of a deal to take over Amor Group two years ago. A company spokesman said “the majority” of the 27 job losses were in the Aberdeen office.

Oil & Gas

Fugro and Diavaz win $13million Pemex contract extension

06/10/2015

Fugro has been awarded an extension on the ongoing offshore geophysical and geotechnical campaign being led by Pemex in a deal worth $13million. The company is working in conjunction with Diavaz on the project which will support exploration drilling activities in the Bay of Campeche and deepwater locations in the Perdido area.

Oil & Gas

Baby Norwegian oilco born into slump starts out with $200m PE war-chest

A brand new oil company has been launched in Norway, despite the current industry slump. Okea is the second to be born in the country since the summer of 2015 when Origo was rolled out at Offshore Northern Seas. And it is the fourth over this period if the two UK companies Verus (derived from Bridge Energy) and Siccar Point are included. All have private equity funding underpinning them. In the case of Okea, Seacrest Capital Group has got behind the newly created oil & gas development and production company headquartered in Trondheim.

Oil & Gas

After nine-year gap, two RGU grads set up subsea company despite downturn

Two Robert Gordon University (RGU) graduates have set up their own company specialising in developing innovative underwater products for the energy industry. Ben Grant, 30, who studied electrical and electronic engineering and Alastair McLennan-Murray, 31, an artificial intelligence and robotics graduate, set up Impact Subsea in February, around the time that oil prices hit rock bottom prior to what turned out to be a small and temporary partial recovery. Impact Subsea offers products and solutions to oil & gas, offshore renewables and scientific markets. Its products are used on remotely operated and autonomous underwater vehicles and in “stand-alone” applications. Given the nature of what they offer, the hope is that they can exploit the current crisis.

Oil & Gas

Acquisition by Global Energy reinforces Middle East push

Aberdeen-based Rigfit Offshore (UK), the specialist accommodation outfitting arm of Global Energy Group can now press ahead and expand into the Middle East as a result of taking over Seven Seas International. The deal to acquire manufacturing facilities in Dubai and Bahrain for an undisclosed sum significantly enhances the Rigfit offering and adds to its existing operations in Sharjah, UAE. Moreover, it fits precisely with Global Energy’s strategy of creating a family of hubs around the world to drive internationalisation of the Scottish group.

Oil & Gas

North-east firms share £5million cash injection

06/10/2015

Two energy service firms will share the spoils of a £5million investment by the Scottish Loan Fund (SLF), it was announced yesterday. North Sea well integrity specialists Meta Downhole and Read Cased Hole (RCH) will use the cash to support their international growth ambitions, SLF said. Meta and RCH, both based in Bridge of Don, Aberdeen, are trading companies of Read Well Services Holdings.

Oil & Gas

Fabritech spin-off up and running in Aberdeenshire

06/10/2015

Two north-east businessmen have launched a new engineering firm targeting the subsea, drilling and renewable-energy sectors. Stuart Mackie and Innes Smith, managing director and engineering manager respectively at Aberdeenshire manufacturing and fabrication company Fabritech UK, have invested more than £500,000 in machinery, tooling and software for their new venture. They have called it Engineering Solutions and Rental (ESR) and initially based it at Fabritech’s headquarters at Insch Business Park.

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