For the second time in US records, natural gas eclipsed coal as the primary fuel for electricity generation.
Falkland Oil and Gas Limited, the exploration company focused on the South Atlantic, has said efforts to resolve equipment issues on its Humpback well took longer than expected and resulted in a revised drilling programme.
RoyalGate Energy said it will drill the Tulip Upper Isongo discovery and Tulip Massive Isongo prospect in Equatorial Guinea. The Z-1 well is set to be drilled in the first quarter of 2016 close to the location of previous offset wells and in the vicinity of known producers. Located to the north of Bioko Island and south of the Marathon Oil-operated Alba field, Block Z has estimated gas reserves of more than 3.6 tcf.
Electromagnetic Geoservices (EMGS) has signed a multi-client acquisition agreement with the Directorate General of Hydrocarbons (DGH) in India. The agreement grants EMGS a two year permit to acquire 3D EM data within a 325,000 square km area off the west coast of India. It will cross eight different tectonic provinces from Kutch-Saurashtra in the North to Ratnagiri in the South.
Highlands Natural Resources, the London listed oil and gas company, is set to join forces with Schlumberger to develop fracking technology.
Statoil has reduced the initial costs of developing the Johan Sverdrup oilfield in the North Sea by seven percent. The company has cut its estimate for the first phase of the development to 114 billion crowns ($13.42 billion) from 123 billion in nominal terms, its partner Det norske said in a statement. A spokesman said: “The updated estimate is showing reduced capital expenditures as a result of positive market response in contracts and purchase orders."
Strike Energy said production in its Southern Cooper Basin Gas project in Australia was significantly higher than previously achieved.
Australian oil and gas explorer FAR has entered into a farm-in option agreement with a subsidiary of Trace Atlantic Oil for the Djiffere block offshore Senegal.
Transerv Energy has revealed that its Warro onshore gas field in Western Australia could be bigger than first thought.
Hydrasun has confirmed plans to reduce its headcount by up to 97 employees. The move comes in the same week as both Technip and Dolphin Drilling revealed they were also in consultation over jobs. Hydrasun, which employs 338 people in the city, said it had entered into talks with staff. The firm has also proposed a potential pay reduction of 12% to some staff across all of its UK operations.
Representatives from energy companies including Shell and Statoil have joined forces to advise on making cleaner energy decisions. Shell Chairman Chad Holliday, Statoil Vice-President Bjorn Otto Sverdrup and RWE Chief Executive Peter Terium are among a list of commissioners acting in a personal capacity to advise governments on how to change their energy markets without damaging the environment.
Oil and gas skills body Opito has agreed to work more closely with the Engineering Construction Industry Training Board (ECITB) to avoid duplication of effort. The two engineering skills bodies have signed a memorandum of understanding (MOU) to deliver to their members a “common menu of skills solutions”, to collaborate on the collation of industry data around manpower trends and skills forecasting, as well as the creation of skills programmes that meet common industry needs. The collaboration will also build on work undertaken to date around the industry’s modern apprenticeship scheme.
Oil and gas industry veteran Jim Milne scooped a lifetime achievement gong at an awards ceremony in Aberdeen last night. Mr Milne, the founder and chairman of the Balmoral Group, was celebrated for his outstanding achievement to the north-east region at the annual Northern Star Business Awards. Another winner of one of the top awards on the night was CHC Helicopter West North Sea, which received the “overall business of the year” award.
They long stood in the shadows of state- owned Chinese energy giants, small in size and clustered in an eastern province along the coast. Now, independent refiners are wielding growing clout in the global oil market. Shandong Dongming Petrochemical Group, the biggest of dozens of privately owned refiners known as “teapots,” illustrates how such processors may be coming into their own after for years depending on state-owned companies for oil. It began importing supply on its own this year after hiring two crude traders in Singapore, according to Shen Fan, a deputy general manager at Pacific Commerce Holdings Pte, its trading unit. China is widening access for teapots as part of its drive to encourage private investment in its energy industry. That may boost imports into the world’s second-biggest oil user, helping counter a glut that’s cut benchmark prices by half in the past year. The small plants account for almost a third of the nation’s processing capacity, and if Shandong Dongming is a guide, may attract cargoes from Latin America to West Africa and Australia.
Staff at TransCanada have been told to expect more job reductions as part of a major restructuring of the company. Senior staff roles are also expected to be affected at the pipeline and power company as a result of the oil price. The company said the current environment was having a “profound impact” on customers and it would do what was necessary to reduce costs.
Rockhopper Exploration has reached an agreement to drill a further well on the Isobel/Elaine complex in the North Falkland Basin. The company said the re-drill well will target the Isobel Deep reservoir which has oil bearing in well 14/20-1 but could not be logged or sampled for mechanical reasons. This new well will be drilled 4km from the original bore and is also expected to encounter additional reservoir targets in the Elaine South and Isobel Shallow fans.
Oil and gas supply chain firms are being urged to be vigilant after evidence of a growing number of fraudsters trying to exploit online payment processing systems. KPMG said it had seen a rise in the number of businesses being targeted by criminals seeking to substitute their own bank details for those of genuine companies. The oil and gas industry, with its extensive and complex supply chain, is deemed to be particularly at risk as a variety of legal and illegal means are used to identify suppliers and their customers.
Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”
Just as gas export-terminals are preparing to start up along America’s Gulf Coast, the oil-price crash has made it unprofitable to send the U.S. fuel abroad, according to the North America head of power and natural gas supplier Engie. It costs about $2 to liquefy gas and another $3 to take it from the U.S. to Asia, said Zin Smati, president and chief executive officer of Engie’s GDF Suez Energy North America. Engie changed its name from GDF Suez SA in April. Those costs used to leave plenty of profit margin when the gap between LNG prices in Asia and natural gas in the U.S. was more than $14 per million British thermal units. Now, the spread is less than $5, according to data compiled by Bloomberg.
General Electric said it had struck an agreement with the Government to access export financing of up to 12 billion US dollars (£8 billion) in a deal that could create up to 1,000 jobs.
Statoil marked 20 years this week since the start of oil production from the Troll field which has been Norway’s largest oil producer for the last three years. In the past two decades more than one billion barrels has been produced with an income of NOK460billion. The Troll oil and gas adventure started with the awarding of the fourth licensing round in 1979. In July of that year, Borgny Dolphin began exploration drilling and four months later Troll was a fact.
Repsol SA, Spain’s biggest oil company, is exploring options including a sale of part or all of its stake in Gas Natural SDG SA to shore up its balance sheet amid low oil prices, according to people familiar with the matter. Repsol, whose 30 percent stake in the Spanish natural gas distributor is valued at about 5.2 billion euros ($5.9 billion), is discussing potential deal structures with advisers, the people said, asking not to be identified because the discussions are private. As well as a full or partial sale, which could come as soon as this year, options include selling shares in the market and finding partners to join Gas Natural’s shareholder structure, the people said.
Major oil and gas players will emerge from the global downturn leaner and greener sparking a new boom for firms in the supporting industries, a respected industry CEO believes.
The boss of Jersey Oil and Gas said the North Sea was still brimming with potential despite a sector-wide downturn.
Trinidid focused oil producer LGO Energy has released its first significant production results from a new well in the Goudron oil field in the Caribbean.