Takeover talks for Salamander Energy are still ongoing, after the board of Ophir Energy confirmed it has sent a letter outlining its vision for a potential deal. Ophir Energy said it there is a “compelling strategic logic” for the two businesses to work together. In a statement the company said a deal would create enhanced operating capability in both Africa and South East Africa.
At the time of writing this article, the Brent crude oil price benchmark had fallen to $85 from $115 in June on concerns of abundant global oil supply and weakening demand. Goldman Sachs, the international investment bank, earlier in the week released a price prediction of $80 for 2015 having reduced this from $100 previously. Markets are spooked and bearish sentiment is plaguing the energy sector. Concerns are that the cost and operational challenges we have witnessed in 2014 in the UKCS, compounded with commodity price reductions, could spell a difficult time for investment and activity in our home market.
Irish explorer Falcon Oil and Gas has been awarded a shale gas exploration licence in South Africa’s Karoo Basin. The company announced its application had been approved by the Petroleum Agency of South Africa (PASA). In December 2012, the company announced it would be working exclusively with Chevron Business Development South Africa for a period of five years on jointly obtaining exploration licences.
Technip has been awarded an engineering and procurement contract by Sasol for eight furnaces at its ethane cracker and derivatives complex in Louisiana. The award is for proprietary Ultra Selective Conversion (USC) furnaces which will be used at Lake Charles in the Southern state. The company’s operating centre in Houston will execute the project.
Fairfield Energy has awarded a £4million contract to Can Group to provide asset integrity services on its North Sea Dunlin platform. The Aberdeen-based Can has also announced international expansion. The three-year contract with Fairfield Energy will be led by Engteq, the group’s integrity engineering division, that will provide services such as inspection management and data analysis, with Can’s operations division providing inspection execution and ancillary services on the pressure systems and structures. The Aberdeen-based Can has also announced international expansion. The three-year contract with Fairfield Energy will be led by Engteq, the group’s integrity engineering division, that will provide services such as inspection management and data analysis, with Can’s operations division providing inspection execution and ancillary services on the pressure systems and structures.
Businesses interested in offshore wind will have the chance to get involved in a technology innovation programme. A seminar in Inverness will look at how companies in the Highlands and Islands can collaborate and tackle the high costs affecting the industry. The organisers of the event are Energy North, the Carbon Trust and Scottish Development International.
Chevron's profits have risen for the third quarter income for the first time in three years. The oil major credited refining costs as one of the key factors in boosting their revenue. However the company did see a slight drop in its sales and operating revenues for the third quarter, pulling in $52billion, compared with $57billion last year.
The Press and Journal's energy editor Jeremy Creswell provides a preview of the latest features and analysis set to feature in the November edition of our sister publication, the Energy supplement.
A deal has been struck been struck at the China International Diving, Salvage and Offshore Summit for a new Cooperation Framework Agreement. It was signed by the International Marine Contractors Association (ICMA), the Association of Diving Contractors International (ACDI), and the China Diving and Salvage Contractors Association (CDSA).
Following the announcement by Shell that production on the Brent Alpha and Bravo platforms will finally cease from November 1, Energy Voice takes a look back on its 40 year history in the North Sea.
Australian explorer Oilex has announced significant progress at its Cambay Field in India. The company said the hydrocarbon liquid to gas ratio (LGR) found during flowback at the Cambay Field was an estimated 250% higher than expected. During flowback it has been 100 bbls (oil barrels) of liquids per MMscfd (Million Standard Cubi Feet Per Day) of gas.
Centrica, the UKs biggest energy supplier, has announced its managing director of international downstream Chris Weston, will leave the company in December. Mr Weston has been with company for the past 11 years, leading a number of businesses in both North America and the UK.
Oil and gas students have one final chance to enter into an industry wide competition and meet Scottish Energy Minister Fergus Ewing and more than 150 senior representative from across the industry. In the run up to skills week Opito has been engaging with people across the industry by giving them the chance to submit a photo with the caption #Iamoilandgas when posting a photo on Facebook or Twitter.
The new managing director of Opito said there are “significant parallels” between the RAF and the oil and gas industry.
Philippe Sauquet has been appointed as the new president of refining and chemicals with Total, following Patrick Poyanne’s promotion to chief executive officer. His appointment follows the death of Total boss Christophe de Margerie earlier this month in Russia.
Eni has announced its third quarter results alongside the discovery of up to one million barrels of oil in the Congo. The company posted its third quarter results, which showed net profit of €1.71billion was down by 57% since the same time last year.
Cairn Energy confirmed a strong financial position as it prepares to carry out work in the North Sea. Group cash for the year so far has tallied up to $953million. The firm also confirmed it was fully funded to a free cash flow for the next two years. The firm's Catcher and Kraken development in the UK North Sea are poised for first oil in 2016 and 2017, according to the firm.
North American Petroleum (NAP) has seen production from its Shoats Creek Project increase by a third. The company holds a 35% interest in the area alongside Northcote Energy with 35% and Springer Oil and Gas with 30%.
Norwegian oil, gas and renewables engineering and construction firm Aibel is set to cut 300 jobs. The company said the employees in Stavanger, Oslo, Haugesund and Stjordal would be affected by the move.
Oil giant Shell is set to bring its production from the Brent Alpha and Bravo platforms in the North Sea to an end. The company, which has more than 35 years of oil and gas productions on the platforms, will call time on it this weekend.
Roc Oil Company (ROC) has announced its third quarter results with production dropping by 6% following platform shutdowns. The company recently announced it would be taken over by Fosun International in a $441million deal.
Floating production ship contractors BW Offshore have been given a two year contract extension for the lease of their vessel the Berge Helene. The deal with PETRONAS Carigali Mauritania 1 will now end in 2017, rather than the second quarter of 2015.
UK Oil and Gas (UKOG) has submitted a bid for a 200km area covering the Southern part of the Isle of Wight as part of the UK 14th landward licence round. The company said its board had drawn the first $1million of a new $10million unsecured debt facility to submit its application.
Technip has been awarded a substantial contract by Chevron Indonesia for the Bangka development. The French energy company will provide a range of services including procurement, construction, installation and commissioning.
Oil major Chevron will invest an estimated $6billion in the development of the Hess Corporation operated Stampede project in the Gulf of Mexico. The company’s subsidiary, Union Oil Company of California (Union), will run the deepwater subsea development which will be tied back to a newly constructed Tension Leg platform.