Oil & Gas

Americas

Subsea 7 wins Gulf of Mexico contract

17/12/2014

Subsea 7 has been awarded a contract by the Hess Corporation for installation work on the Stampede Project in the Gulf Of Mexico. The deal includes work on flowlines, steel catenary risers, umbilicals, jumpers and associated subsea architecture which will tie-back two drill centres to a tension leg platform. The company said production would be via two 10-inch flowlines from each drill centre.

Oil & Gas

Oil services firm admits making corruption payments

17/12/2014

An oil services firm has admitted making corrupt payments to secure contracts in Kazakhstan. Aberdeen-based International Tubular Services (ITS) benefited from bribes made by a former employee to procure work from a customer in the oil-rich central Asian country, prosecutors said. The corruption was uncovered when the engineering company was being sold last year and the Crown Office said today its civil recovery unit had seized £172,000 under proceeds of crime laws.

Oil & Gas

Technip wins €100million terminal contract in India

17/12/2014

Technip has won a €100million contract to build an onshore terminal in India as part of the intergrated development of the Vashishta and S1 fields. The award, from the ONGC (Oil and Natural Gas Corporation Limited), is one of the critical componenets in the development of the fields. The contract will include basic design, detailed engineering, procurement and fabrication of the new onshore terminal facilities which will be integrated into the existing terminal.

Oil & Gas

Nigeria oil unions set for government talks amid strike

17/12/2014

Nigeria’s two oil unions are set to meet with government officials for talks today as an indefinite strike aimed at curbing local fuel supply and exports entered a third day in Africa’s biggest crude producer. The impact of the strike has been restricted to domestic fuel supply with oil lifting and export terminal operations unaffected at the moment, Francis Johnson, president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, or Pengassan, said from Lagos, the commercial capital. Union leaders will hold talks with the authorities today in Abuja, the capital, he said.

Oil & Gas

Aluminium company’s systems used on BP Clair Ridge project

BLOBA Glasgow aluminium company owned by the former owner of Rangers Football Club said its systems had been successfully installed an accommodation module to be used on successfully installed on the BP Clair Ridge project. Bellshill-based Alphastrut, owned by Sir David Murray’s private investment firm, said its decking has saved BP around 54 tonnes in weight following the completion the seven figure installation deal.

Oil & Gas

Prime Minister defends tax breaks for North Sea oil

17/12/2014

Prime Minister David Cameron has defended plans to give new tax breaks to North Sea oil and gas firms - describing the industry as "valuable and vital". The UK Government announced a series of measures in this month's Autumn Statement to boost the offshore sector as it struggles to cope with falling prices and rising costs. Mr Cameron, the Conservative leader, was questioned at yesterday's liaison committee about how the tax cuts squared with the government's environmental targets.

Oil & Gas

Second stage of Siberian gas field begins

16/12/2014

The SeverEnergia joint venture involving Russian company Novatek and state-run Gazprom Neft has launched the second stage of the Urengoyskoye field. It lies within the Samburgskiy area and includes the second train of the gas condensate de-ethanization unit.

Oil & Gas

Statoil approves $610million North Sea development

16/12/2014

Statoil and its partners have decided to develop the Rutil discovery in the Gullfaks Rimfaks valley in the North Sea. The company said it could provide close to 80 million barrels of oil equivalent and extend the lifetime of the Gulfaks A platform. Investment costs involved with the project are estimate to be around $610million.

Middle East

Iran said to discount light crude to Asia to deepest in 14 years

16/12/2014

Iran is said to be offering its main crude grade to customers in Asia at the deepest discount in 14 years, taking a cue from Saudi Arabia in trimming price differentials. National Iranian Oil Co. cut its official selling price for January shipments of light crude to Asia to a discount of $1.80 a barrel below the regional benchmark as Middle Eastern producers vie to keep selling in the region, according to four people with knowledge of the decision. An official at NIOC’s crude-marketing department in Tehran declined to comment.

Oil & Gas

Subsea Expo 2015: Event to address some of the industry’s current challenges

16/12/2014

The chief executive of Subsea UK said next year’s event will allow the sector to address some of the on-going challenges within the industry. The event will be held in Aberdeen in February and expects to attract more than 6,000 delegates and around 200 exhibitors. Neil Gordon said there were “challenging times” ahead caused by the drop in commodity price and spiraling costs.

Oil & Gas

Senex finalises Surat Basin asset swap

16/12/2014

Australian firm Senex Energy has completed the Surat Basin asset swap. The firm has exchanged its minority interests in the QGC operated eastern Surat Basin gas permits ATP 574 and PL 171 for a 100% interest in and operatorship of three QGC JV western Surat Basin permits.

Oil & Gas

Fall in oil prices hits Armada Oil

16/12/2014

Armada Oil has terminated the terms of its existing credit facility amid the recent decline in oil price. The firm said it was working with its current lender to secure an extension of the terms of its existing credit facility and expects a resolution before the ed of the year. The loss of its financial facility has also halted work on the Bear Creek #1 project.

Oil & Gas

Woodside Petroleum delays Browse FLNG schedule

16/12/2014

Woodside Petroleum has pushed back its schedule for the Browse FLNG (Floating Liquefied Natural Gas) project as it looks to take advantage of lower costs. The company said a revised schedule had been agreed. Woodside has already completed basis of design and key preparation work for the proposed development.

Oil & Gas

Shale veteran takes on Argentina’s $6 billion energy shortfall

16/12/2014

Argentina is depending on two things to reverse a three-year energy shortfall that’s costing $6 billion a year: a shale formation bigger than Massachusetts and Miguel Galuccio, who has worked on drilling operations from North Dakota to Poland and India. President Cristina Fernandez de Kirchner appointed Galuccio chief executive officer of YPF SA (YPF) in 2012 after she seized control from Spain’s Repsol SA. Since then, Galuccio has tripled investment in the state-run oil company in an effort to reverse a decline in output that’s led to crippling energy shortages and drove Argentina’s energy imports to record highs. As oil prices plunge below $60 a barrel and global producers revise their spending, Galuccio is sticking with a strategy for the Vaca Muerta shale formation that relies on foreign partners with a long-term view.

Oil & Gas

Magnum Hunter Resources Ohio well hit by blowout

15/12/2014

Magnum Hunter Resources said it experienced a blowout of a well in Ohio. The company had previously drilled the Stadler 3UH wel, in the Utica shale, before temporarily plugging and abandoning it in preparation for the drilling of three additional Utica horizontal wells. However a spokesman said the it began to flow uncontrollably while recommencing operations.

Oil & Gas

Camac Energy wins seismic contract in Gambia

15/12/2014

Camac Energy Inc has been awarded a contract for the acquisition of a 3D seismic survey to Polarcus Limited. The survey will cover approximately 1,504 km2 in the Company’s A2 and A5 blocks offshore Gambia. The objectives of the seismic survey are to enhance the definition and maturation of potential prospects in the blocks and provide high-quality sub-surface images that allow high-resolution characterization of reservoirs.

Oil & Gas

Nigeria’s oil unions start strike they say will curb exports

15/12/2014

Nigeria’s two oil unions began an indefinite strike that they say will curb exports from the West African nation responsible for pumping more than a quarter of the continent’s crude. “You will soon begin to see shutdowns of our oil flow,” Emmanuel Ojugbana, a spokesman of the Petroleum and Natural Gas Senior Staff Association of Nigeria, said. Ohi Alegbe, an Abuja-based spokesman for the Nigerian National Petroleum Corp. and the Oil Ministry, declined to comment on exports. Any reduction in pumping would coincide with a collapse in the price of Nigeria’s biggest source of revenue.

Oil & Gas

Technip acquires German polymer business

15/12/2014

Technip has entered into an agreement with Air Liquide Global E&C Solutions Germany to purchase all of its Zimmer polymer technology business. The French services company said the deal will diversify and strengthen its portfolio of downstream technologies in its onshore division. It follows the announcement by Technip that its bid for CGG was unsuccessful.

Oil & Gas

Huntington field production delayed further

15/12/2014

Norwegian Energy Company ASA (Noreco) said production at the Huntington field has been further delayed. Work had been due to resume this month but the company said there had been an incident during restart of the CATS riser platform. A spokesman said it would be closed until at least Thursday.

Oil & Gas

Amec Foster Wheeler scoops North Sea contract

15/12/2014

Amec Foster Wheeler has been awarded a FEED (Front End Engineering Design) contract by Chevron to work on its Captain EOR (Enhanced Oil Recovery) development in the North Sea. The newly merged company said the contract award has not yet been announced for the work on the field, which is 68 miles offshore north of Aberdeen. The scope of the work includes FEED design of the proposed Bridge Linked Platform (BLP) which will be used to store, mix and pump polymer.

Oil & Gas

LGO hits promising production rate at Goudron field

15/12/2014

LGO Energy said its most recently completed well is producing at a rate of more than 1,000 bopd. The GY-670 well, at its Goudron field in Trinidad, was perforated earlier this month over a 177-foot interval of oil pay in the c-sands. During the last 48 hours the well has flowed at an average rate of 1,104bpd and the initial open-hole flow rate calculated for the well exceeds 6,000 bopd.

Oil & Gas

IGas sees signs of shale gas at UK site

15/12/2014

The onshore hydrocarbon producer, IGas, has encountered signs of shale gas at its Ellesmere Port exploration well in the North West of England. The company spudded the well last month and reached total depth ahead of schedule two days ago. IGas said the vertical exploration well encountered a thick section of the coal measure interval as well as a shale sequence, before penetrating the key Dinantian limestone geophysical marker.

Oil & Gas

Aker Solutions wins hook-up contract for Mariner development

15/12/2014

Aker Solutions has secured a £120million contract for work on the Mariner oilfield development in the UK North Sea. The agreement will see the company provide engineering, construction and commissioning services during the development’s hook-up phase. Aker will carry out the work on behalf of Daewoo Shipbuilding and Marine Engineering on the development. The deal comes in addition to a five-year maintenance and modification service contract awarded by Statoil in June.

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