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Oil & Gas

Eni and Korea Gas Corp strike out for second time in Cyprus

26/03/2015

Eni and Korea Gas Corp have failed to find exploitable hydrocarbons off Cyrpus. It is the second time the energy companies have been unsuccessful in what was being considered as a promising region. Cyprus's energy ministry said a consortium between the two had failed to find gas on their second round of drilling in the offshore block.

Australasia

KDM Marine International appoint new regional manager for eastern hemisphere

26/03/2015

KDM Marine International have appointed a regional manager for their work in the eastern hemisphere. The company, which is part of the James Fisher Group, has appointed Faisel Chaudry as their new regional manager for the eastern hemisphere. Faisel, who has more than eight years' experience in the oil and gas and offshore renewables industries, is tasked with growing the market-leading company's presence in regions like the Middle East, India, North Africa and Asia Pacific.

Americas

EMGS scoop two new contracts worth $4 million

26/03/2015

Electromagnetic Geoservices ASA (EMGS) has entered into two new contracts with two oil companies to provide data from their library in the Barents Sea. The two new licensing agreements will provide 3D electromagnetic data from EMGS's multi-client data library in the Barents see, and together the agreements are worth an estimated $4 millio

Oil & Gas

UAE oil port beyond Hormuz sees expansion on storage demand

26/03/2015

Oil storage companies are refinancing debt and planning borrowing to expand terminals at the United Arab Emirates port outside the Hormuz Strait to help traders manage an oil glut with Middle East borrowing rates near a record low. Fujairah Oil Terminal FZC, a joint venture between China Petroleum & Chemical Corp. and a Singaporean partner, is seeking to refinance a construction loan, according to two people with direct knowledge of the situation. Gulf Petrochem FZC, which operates another storage terminal nearby, is considering financing to expand capacity, according to Paul Nix, general manager for terminal operations.

Oil & Gas

Oil magnate predicts return of $100 oil

25/03/2015

The price of oil could reach $100 a barrel by the end of next year, according to an industry expert. T.Boone Pickens had previously said he expected a barrel of oil to sell for $80 to $90 within the next year.

Oil & Gas

LR Senergy and EnergyOne AS announce strategic partnership

25/03/2015

LR Senergy and EnergyOne AS have joined forces in a strategic alliance aimed at supporting business development in the energy sector in Norway and internationally. By joining together and working in collaboration, the two organisations hope to offer significant subsurface resources through the local presence EnergyOne provides, as well as the global competencies of LR Senergy.

Oil & Gas

BP could sign pipeline deal within ‘next few months’

25/03/2015

Oil major BP is expected to sign a deal with the Trans-Anatolian Natural Gas Pipeline (TANAP) project within the next few months. According to reports the move is in a bid to lessen its reliance on Russian gas. BP country manager in Georgia, Chris Schlueter, said the deal was “very, very close” with good progress over the past week. According to reports the move is in a bid to lessen its reliance on Russian gas.

Africa

Shells completes $1.7billion sale of Nigerian assets

25/03/2015

Shell has completed the sale of its OML (Oil Mining Lease) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta for $1.7billion. The subsidiary, the Shell Petroleum Development Company of Nigeria, said its interests have been assigned to Aiteo Eastern E&P company limited. The divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the federal government of Nigeria’s aim of developing the country’s upstream oil and gas business.

Africa

Fugro sets up base in Ghana

25/03/2015

Fugro has continued its expansion into Africa with the establishment of a new base in Ghana. The company has set up a base in Accra, which will provide it with support as it extends its business into the oil and gas market in West Africa. Fugro has also established a partnership with Lima Oil Services in the region.

Oil & Gas

Petroceltic and Hess withdraw from Dinarta licence

25/03/2015

Petroceltic and Hess have withdrawn from the Dinarta licence in the Kurdistan region of Iraq. The move comes after a review into drilling operations on the Shireen-1 exploration well which faced "significant operational challenges" last year. A spokesman said the decision was made following the change in oil price, as well as lack of conclusive well results to date and the limited time remiaing within the Production Sharing Contract (PSC).

Oil & Gas

The 20 million barrels of pure profit sitting in US oil tanks

25/03/2015

Just as Wall Street says the U.S. is running out of room to store oil, it turns out there’s another 20 million barrels of empty space. Where? Right at the top of the tanks. A supply glut has dragged US crude for May delivery almost $10 a barrel below contracts a year out. This market structure, known as contango, has encouraged traders to shove the most oil in 80 years into storage so they can sell it for more in the future.

Oil & Gas

Alberta to target oil shock with budget boosting taxes

25/03/2015

When Alberta Premier Jim Prentice took office in September, oil was at $90 a barrel and he was pledging to balance the books and pour billions into new schools and roads. The oil collapse has changed everything. Prentice is poised to release one of the harshest budgets in a generation on Thursday, filled with spending cuts, new user fees and income-tax increases to fill a C$7 billion ($5.6 billion) budgetary hole sparked by plunging oil prices. “There are no easy answers,” Prentice said last week, responding to questions about how his government will tackle the shortfall.

Oil & Gas

Iran has a little surprise for the oil market

25/03/2015

Lifting oil sanctions on Iran could hit global markets long before the nation starts pumping more crude. That’s because the OPEC member has been stockpiling oil onshore and in supertankers in the Persian Gulf, according to data compiled. While estimates of the hoard by shipbrokers and government officials vary from as little as 7 million barrels to as much as 35 million, Barclays Plc and Societe Generale SA predict this crude would be first to be sold abroad if there’s an agreement on Iran’s nuclear program.

Oil & Gas

Plexus boss hails Budget measures as a bighelp to the North Sea industry

25/03/2015

The “welcome and long-awaited” oil and gas tax measures unveiled in the Budget will help drive new investment in North Sea exploration and production, the boss of Aberdeen firm Plexus Holdings said yesterday. Plexus stands top gain from the tax cuts and incentives announced by Chancellor George Osborne last week, Ben van Bilderbeek, the oilfield technology company’s founder and chief executive, added. Particularly helpful is the new cluster allowance to support the development of high pressure, high temperature (HP/HT) projects and encourage exploration and appraisal activity nearby, he said.

Oil & Gas

West of Shetland gas developments get the go-ahead from UK Government

25/03/2015

A new gas project west of Shetland shows there is still a bright future for the UK North Sea industry, Energy Minister Matt Hancock said last night. He was speaking after French energy giant Total announced it had received Department of Energy and Climate Change approval for its £990million Edradour and Glenlivet field development plans (FDPs). The decision to invest was taken by Total last May. UK Government sanction for the FDPs allows Total, which has an 80% stake, and Danish partner Dong Energy (20%) to progress to development.

Oil & Gas

Apache snaps up rig for Carnarvon

24/03/2015

Apache have contracted a semi-submersible rig from Diamond Offshore to drill the Levitt-1 exploration well in the northern Carnarvon Basin. Karoon Gas Australia said it had been advised by the operator of the move which will see the Ocean America rig used to drill in the exploration permit WA-484-P. The Levitt-1 exploration well is expected to spud during May 2015.

Oil & Gas

Asia readies for Iran oil bargains on potential nuclear deal

24/03/2015

Asian oil buyers taking their pick of supply from Iraq to Mexico amid a global glut are preparing for the pool of potential bargains to expand if Iran boosts exports. As world leaders seek an accord on Iran’s nuclear program, at least six Asian refiners including India’s Mangalore Refinery and Petrochemicals Ltd. and Japan’s Cosmo Oil Co. are anticipating more supply from the Middle East producer if sanctions against the nation are lifted. While global producers seek to defend market share as oil prices trade near a six-year low, buyers in Asia are diversifying their crude sources by shipping cargoes from as far as Colombia.

Oil & Gas

Skills Development Scotland targets energy sector recruits

23/03/2015

More must be done to attract young people and women to work in Scotland’s energy industry, a new report concludes. Attracting new entrants will be key to ensuring the future of the country’s oil, gas and renewable sectors, according to Skills Development Scotland (SDS). It has published an updated skills plan for the industry, setting out priorities for developing the workforce against the backdrop of a fall in oil prices.

Oil & Gas

Technip and FMC Technologies create new subsea venture

23/03/2015

FMC Technologies and Technip have signed an agreement to form an alliance and launch a joint venture. The companies have created Forsys Subsea which they say will “redefine” the way subsea fields are designed, delivered and maintained. It will focus on early involvement in the concept selection phase of front-end engineering and design, integrated life of oil field well surveillance, monitoring and data interpretation and joint R&D to drive innovation.

Oil & Gas

Asco scoops BP contract worth more than £100million

23/03/2015

Asco has won a contract with BP worth more than £100million to help support the oil major’s North Sea operations. The five-year deal will see the Aberdeen-based company provide services for supply-base and warehouse operations, waste management and freight forwarding services. Last month Asco was awarded the contracts for supply based and warehousing services for Statoil’s Mariner field in the North Sea.

Oil & Gas

Work hours call to offshore staff

23/03/2015

Offshore workers are being urged to opt back into regulations aimed at limiting the working week to 48 hours. The Rail, Maritime and Transport (RMT) union said any potential job losses could be minimised if staff were covered by the Working Time Directive. Union members are to be balloted on industrial action over issues including shifts, sick pay and jobs amid the slump in oil prices.

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