Central Petroleum has reached an agreement with Power and Water Corp for the early sale of gas under a gas sale and purchase agreement.
The new arrangement will allow the company to begin selling approximately 2TJ/day of gas from its Palm Valley Gas Field in advance of the commencement of the Dingo Gas field.
The company said the sale of early gas from Palm Valley will be incremental to the current gas production already occurring from Palm Valley under a sale agreement with Santos.
Dyna-Mac has secured a Letter of Award (LOA) worth $60million for the construction of six units of FPSO (Floating Production Storage and Offloading) topside modules from Armada Cabaca Ltd.
The scope of the work includes detailed engineering and fabrication of the units which will be deployed at Eni’s Block 15/06 East Hub field in waters off the coast of Angola.
The topsides FPSO modules are scheduled to be delivered progressively to the owner within the first quarter of 2016.
Russian stocks gained for a fifth day and the ruble strengthened after oil’s biggest weekly advance in four years and as talks on a ceasefire in Ukraine continued.
The Micex Index of stocks rose 2% to reach the highest level since April 2011 with food retailer Magnit leading the advance. The ruble jumped 2% against the dollar. Government bonds climbed after central bank governor Elvira Nabiullina said policy makers are unlikely to reverse last month’s surprise interest rate cut.
Russian assets have been pummeled by falling oil prices and intensifying fighting in Ukraine. Today’s rebound follows a rally in the price of Brent and the prospect for a lasting agreement to end the fighting.
Diamond Offshore Drilling has reported its fourth quarter earnings for 2014 which were down $51million from the previous year.
The company has reported a net income of $387million, compared to a net income of $549millon in 2013.
Diamond was also hit with a non-cash impairment charge related to the retirement and scrapping of six mid-water semisubmersible rigs.
Revenues for full year 2014 were $2.815 billion, compared to $2.920 billion in 2013.
Egdon Resources will undertake a longer term production test following positive free-flow results from Wressle-1.
The company said ongoing well test operations in licence PEDL 180 have now been completed in the Ashover Grit, the first of three potentially hydrocarbon bearing zones identified in the well.
An interval of 9.5metres was perforated and following an initial ‘clean-up’ flow, oil production of 80 barrels of oil per day were achieved during a 16 hour main flow period along with 47,000 cubic feet of gas per day.
Exploration firm BG Group shares rose from 3.7p to 938.6p after new boss Helge Lund started his new post a month early.
The rise came a week after the company took a multi-billion pound hit from the plunge in oil prices.
The FTSE 100 Index fell 71.3 points to 6782.1 with all but a handful of commodities stocks turning lower.
Max Petroleum said it could become insolvent without debt restructuring and additional financing.
The company said the fall in oil price has had a “very severe” impact on the company’s forecast liquidity position for the year ahead.
As a result its business had been rendered unviable unless further material investment is made into the company.
Oil held gains after the biggest weekly advance in almost four years as signs of a drilling slowdown in the US bolstered speculation that companies are cutting back crude production amid a global glut.
Futures were little changed in New York after rising 7.2% last week. Drillers reduced the number of rigs in service by 83 to 1,140, the lowest level since December 2011, according to data from Baker Hughes Inc. Oil workers at two BP Plc plants in the Midwest joined the biggest strike at refineries across the nation since 1980 as negotiations on a new labor contract stalled.
Oil slid almost 50% last year as US producers pumped crude at the fastest pace in more than three decades.
The Organization of Petroleum Exporting Countries also resisted calls to cut supply, signaling it would fight to maintain market share. Venezuela wants OPEC to discuss steps to halt price fluctuations, according to Oil Minister Asdrubal Chavez.
Offshore standby vessel operator Atlantic Offshore Rescue (AOR) has appointed a new managing director.
Matthew Gordon joined the Aberdeen company at the start of the year and replaces John Bryce, who gives up the helm after playing a key role in the firm’s recent growth. Mr Bryce will continue to be involved in AOR in a consultancy capacity, the company said.
Crude production dropped 20% since October at a venture that a Chevron Corp. unit operates in the Wafra fields, which Kuwait is developing with Saudi Arabia, according to two people with direct knowledge of the matter.
Daily output dropped to 180,000 barrels from about 200,000 barrels last month and 225,000 barrels in October, said the people, who asked not to be identified because the matter isn’t public.
Two rigs are halted and more may be idled in the coming months because Saudi Arabian Chevron Inc. faces problems operating wells due to a lack of personnel after Kuwait stopped issuing and renewing work permits in October, they said.
A subsea business controlled by a Norwegian venture capital firm has been put into liquidation just months after changing hands in a £17million deal.
Reef Subsea AS, along with its subsidiary Technocean Subsea, has filed for bankruptcy in what is considered to be one of the first major casualties in the North Sea due to new low oil prices.
The firm’s sister company, Reef Subsea UK, is not in administration it has been confirmed. The UK division, which is owned by the same venture capital firm, Hitechvision, is based in Thornaby, Stockton-on-Tees and has an Aberdeen-based operation at Altens.
The average US rig count for last month was down almost 200 from December 2014.
The Baker Hughes rig count shows the figure for January was 1,683 – down 199 – from the 1,822 counted in December.
The average Canadian rig count for January 2015 was 368, down seven from the 375 counted the previous month and down 136 from the 504 counted in January 2014.
Canacol Energy has confirmed it has landed a 15 year contract with Altenesol LNG.
The agreement will see the firm execute a new 15 year take or pay contract for the sale of 35 million standard cubic feet per day of gas to Altenesol LNG next February.
Emergency services have been called to Aberdeen International Airport due to fears for an incoming helicopter.
The Bristow EC225 Super Puma aircraft was due in at around 10.05am and has triggered a response from police, fire and rescue and ambulance teams.
There were 19 passengers on-board the aircraft along with two crew members.
From travelling by hoverboard to colonising Mars – predicting how the future will go is a notoriously difficult affair that is influenced by any number of factors.
For younger people, having to make a decision at a relatively early age on their career path, it may not quite involve looking into a crystal ball but it is still a challenge to decide which journey to embark on without understanding how to get there.
Inside Industry, which supports students all over the country, was set up with this in mind as an online tool providing a total overview of jobs available in the energy industry and, crucially, the different entry routes into these posts.
Subsea UK is focused on promoting the breadth of expertise and experience that sets the British subsea sector apart. The Subsea UK Awards are an opportunity to publicly recognise the talent and innovation demonstrated by both companies and individuals, while showcasing the new developments in technology that highlight why the UK is the world-leader in subsea.
While the oil and gas industry enjoys a year round calendar of awards schemes, Subsea UK believed that there should be a dedicated celebration of the growth, excellence and talent demonstrated purely in the subsea sector and, in 2007, the inaugural awards were presented.
Saipem has been awarded a $1.8billion engineering and construction contract from the Kashgan field project in the Caspian Sea.
The deal, through its subsidiary ERSAI Caspian Contractor LLC, is for the construction of two 95km pipelines which will connect D island in the Caspian Sea to the Karabatan onshore plant in Kazakhstan.
Petrofac has signed two strategic contract agreements with Algerian state-owned Sonatrach.
The first is a five year contract providing a range of multi-discipline engineering design and procurement services in support of the company’s upstream hydrocarbon development programme.
The company said the contract will cover the early definition of new projects, detailed engineering and services in support of project execution.
Solo Oil said the newly constructed gas export pipeline from the Songo Songo processing plant to the KN-1 gas well has been completed.
The KN-1 well, when connected to the export pipeline, is expected to produce at least 20 million cubic feet per day.
The company announced earlier this month that it has signed an asset purchase agreement with Aminex for the first 6.5% interest in the Kiliwani North Development licence.
Oil headed for the biggest weekly advance since February 2011 amid the highest trading volatility in almost six years.
Futures rose for a second day in New York and have gained 7.1% this week. The CBOE Crude Oil Volatility Index, which measures price fluctuations using options of the US Oil Fund, ended at 63.14 on Thursday, the most since April 2009.
The United Steelworkers union, which went on strike at nine US oil plants on February 1, plans to resume bargaining with Royal Dutch Shell Plc next week after rejecting a sixth offer for a new labour contract for 30,000 workers.
Gulf Keystone Petroleum has temporarily suspended export crude deliveries from the Kurdistan Region of Iraq.
The company said it remained in a dialogue with the Kurdistan Regional Government’s Ministry of Natural Resources in order to receive outstanding payments due to the company.
A spokesman said in the interim Gulf Keystone would be recommencing crude oil supply for local Kurdistan use.
Lundin Petroleum has completed the drilling of a wildcat well in the Norwegian Sea.
The well investigated the hydrocarbon potential of the Zulu prospect in PL674BS which is located 100km west of Stavanger on the Norwegian coast and 30 km northeast of the Johan Sverdrup discovery.
The main objective of well 26/10-1 was to test the hydrocarbon potential in the Miocene Utsira Formation sand.
Automation and technology group ABB has won a contract worth more than $50million to supply an electrical system for one of the world’s first floating liquefied natural gas (FLNG) facilities.
The contract was awarded in the fourth quarter of 2014 by Japanese engineering contractor JGC Corporation.
JGC is part of a consortium that is building the facility for Petronas along with the Samsung Heavy Industries of Korea.
Oil and gas explorer InfraStrata plans to fund preliminary work on a £300million gas storage project at Islandmagee, Northern Ireland, via a share offering later this month.
The placement is expected to raise £2million and will go ahead on the London Exchange on February 24 if the company’s shareholders approve the move at a meeting the day before.
The European Union-backed project is being managed by Belfast-registered Islandmagee Storage Limited (IMSL), a joint venture between InfraStrata, which holds 65%, and Moyle Energy Investments, which owns the remaining 35%.
Energy service giant Weatherford International is axeing 9% of its global workforce as the job cull across the oil and gas industry in response to low crude prices continues.
The latest redundancies mean about 5,000 people among Weatherford’s 56,000-stong head-count will soon be out of work.
But the group’s largely Aberdeen-based eastern hemisphere operations, serving markets such as the North Sea, Middle East, East Asia, Australia and west Africa, will be spared the worst.
