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Latest news - International

BP traders lost $100 million in West Africa deals 'debacle'

BP traders lost $100 million in West Africa deals 'debacle'   BP traders lost $100 million in a “debacle” of a deal with a West African commodities firm, according to details from a London employment lawsuit that offers a rare glimpse into the business on the oil giant’s trading floor. BP bought crude oil and sold gasoline in a series of deals with Taleveras...

Equinor spuds well at Norwegian prospect

Equinor spuds well at Norwegian prospect   Norway's Equinor has started drilling a well at the Egyptian Vulture prospect in the Norwegian Sea, its UK project partner Longboat Energy said on September 21. Equinor is using the West Hercules semi-submersible rig to sink the well, which is targeting up to 208mn barrels of oil equivalent in gross resources. The chance of success is estimated at 25%, with the key risks related to reservoir quality and thickness, Longboat said. Thi...

Valaris nets contracts with TAQA, Cairn Energy, Carnarvon Petroleum

Valaris nets contracts with TAQA, Cairn Energy, Carnarvon Petroleum   Valaris announced that it has been awarded a contract with TAQA offshore the Netherlands for VALARIS JU-123, a heavy-duty harsh-environment jackup. The contract is expected to commence in Q4 2021 with an estimated minimum duration of 60 days. The contract is for the preparation of a wellbore for the Porthos CO2 transport and storage project. In conjunction with this contract, VALARIS JU-123 will be upgraded with...

Simulator set to transform North Sea decommissioning and energy transition projects

Simulator set to transform North Sea decommissioning and energy transition projects   An immersive simulation suite that will transform approaches to offshore decommissioning and renewable energy infrastructure projects in the North Sea was officially launched in the north-east of Scotland today (Tuesday, September 21). The simulation suite is located at the National Decommissioning Centre (NDC), a global research and development hub based in Newburgh, Aberdeenshire, which is a par...

Shell agrees $9.5bn sale of Permian business to ConocoPhillips

Shell agrees $9.5bn sale of Permian business to ConocoPhillips   Royal Dutch Shell has agreed to sell its business in the Permian Basin, the biggest oilfield in the US, to rival ConocoPhillips for $9.5bn in cash.   The Anglo-Dutch oil supermajor had pointed to the Permian as one of its core oil and gas-producing regions as recently as this year. But it is under intense pressure to accelerate a shift out of fossil fuels.   In May, a district court in the Netherlan...

Velesto takes $8m profit hit after contract termination for sunken rig

Velesto takes $8m profit hit after contract termination for sunken rig   Malaysian offshore driller Velesto Energy said that a contract with ConocoPhillips for its Naga 7 jackup rig that sank off Malaysia in May has been officially terminated. With the termination of the contract, the earnings of Velesto Energy for the financial period ending December 31, 2021, are expected to be reduced by an estimated amount of $8m. The rig sank off the coast of Sarawak, East Malaysia after on...

ConocoPhillips terminate Valesto rig contract

ConocoPhillips terminate Valesto rig contract   Velesto Drilling’s contract with ConocoPhillips in Malaysia for the NAGA 7 jack-up rig is considered terminated following an incident earlier this year in which the rig tilted and submerged, resulting in a total loss of the asset. ConocoPhillips hired the NAGA 7 in March 2021 for the drilling of up to three wells off Sarawak. While working on its assignment in Sarawak, the rig on 3 May tilted and submerged on location due to rap...

ExxonMobil and Chevron among host of big names determined to make Houston a carbon capture leader

ExxonMobil and Chevron among host of big names determined to make Houston a carbon capture leader   Houston is likely to house one of the world’s largest, most advanced carbon capture and storage (CCS) hubs with a host of multinationals joining forces in Texas. Eleven companies have expressed interest in supporting the large-scale deployment of CCS technology in Houston. Calpine, Chevron, Dow, ExxonMobil, INEOS, Linde, LyondellBasell, Marathon Petroleum, NRG Energy, Phillips...

Chevron CEO Warns of High Energy Prices

Chevron CEO Warns of High Energy Prices   The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp.’s top executive. “There are things that are interfering with market signals right now that we haven’t seen before. Eventually things work out, but eventually can be a long time,” Chief Executive Officer Mike Wirth said Wednesday in an interview at Bloomberg New...

OGV Energy News Weekly 10/09/21

Energy News Update(16/09/21) OGV Energy, keeping you up to date with all the latest energy sector news.    

Maritime decarbonisation to cruise forward in Orkney

Maritime decarbonisation to cruise forward in Orkney   Orkney is to be the setting for an ambitious seven-month project demonstrating technologies to enable maritime decarbonisation. The £2.2 million HIMET (Hydrogen in an Integrated Maritime Energy Transition) project will explore solutions for decarbonising ferries as well as shore-side activities in ports. It is one of 55 projects selected for funding under the Department for Transport’s flagship Clean Maritime Dem...

Norway 2021 licensing round attracts bids from 31 oil firms

Norway 2021 licensing round attracts bids from 31 oil firms   A total of 31 oil companies have submitted bids for exploration acreage offshore Norway in a so-called predefined areas (APA) licensing round, the country's energy ministry said on Wednesday. Companies seeking new exploration acreage include Equinor, Aker BP, ConocoPhillips and Lundin Energy among others, the ministry added. Read the latest issue of the OGV Energy magazine HERE.

McDermott’s Amazon tapped for Deepwater Development in Gulf of Mexico

McDermott’s Amazon tapped for Deepwater Development in Gulf of Mexico   McDermott’s Amazon vessel, following a sophisticated upgrade to its ultra-deepwater capabilities, is coming to the Gulf of Mexico to support a subsea contract for the Whale Development in Alaminos Canyon. “This contract, which will take place in a water depth of more than 9,000 feet, is a massive opportunity to demonstrate how the Amazon, with its industry-leading pipelay capabilities, is rede...

Oil industry braces for more disruption as Nicholas barrels toward Texas

Oil industry braces for more disruption as Nicholas barrels toward Texas   The oil and gas industry, still reeling from Hurricane Ida two weeks ago, is bracing for more disruption as Tropical Storm Nicholas barrels toward the Texas coast. Nicholas, forecast to dump as much as two feet of rain on the Houston area, is expected to make landfall Monday evening as a possible Category 1 hurricane. The storm threatens to bring flash flooding and storm surge to the nation’s largest c...

Senegal: Ambitious Oil & Gas Development Program to Boost Economy

Senegal: Ambitious Oil & Gas Development Program to Boost Economy   Senegal is becoming one of the most exciting oil and gas plays to emerge in recent years in sub-Saharan Africa’s largely underexplored oil and gas sector. The country may be a relatively new player in terms of production coming on stream, but in fact, oil and gas exploration has been taking place in the country as far back as 1961. It was only until major world-class offshore oil and gas discoveries were mad...

UK's EnQuest sees 'great future' for Brent mainstay Magnus as BP link severed

UK's EnQuest sees 'great future' for Brent mainstay Magnus as BP link severed   North Sea operator EnQuest sees a long life ahead for its Magnus oil field, a traditional mainstay of Brent crude supply, despite recent technical troubles and a decision to sever a dependence on gas from BP-operated fields, a senior company official has said. EnQuest, a London-listed specialist in late-life fields previously operated by the majors, took over Magnus from BP in 2017-18 along...

Exxon Mobil discloses another oil discovery offshore Guyana

Exxon Mobil discloses another oil discovery offshore Guyana   U.S. oil major Exxon Mobil Corp said on Thursday it had made a discovery at Pinktail in the Stabroek Block offshore Guyana, as it develops a major new oil and gas find. Exxon operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess Corp and China's CNOOC Ltd. It has made at least 20 discoveries there. The company said the find would add to the previous recoverable resource estimate o...

Equinor awarded drilling permit in production licence 630 offshore Norway

Equinor awarded drilling permit in production licence 630 offshore Norway   The Norwegian Petroleum Directorate (NPD) has granted Equinor Energy AS a drilling permit for wells 35/10-7 S and A. Wells 35/10-7 S and A will be drilled from the West Hercules drilling facility in position 61°01'03.291"N and 03°17'37.367"E. The drilling programme for wells 35/10-7 S and A relates to the drilling of a wildcat well and an appraisal well in production licence 630...

Could we see $200/b oil

Could we see $200/b oil   Global oil prices could soar to $200/b if no new investments are made in the oil and gas sector in the short-term, Oman's energy and minerals minister said Sept. 9, in reply to the International Energy Agency's assessment for reaching net-zero emissions by 2050. The IEA said in a May 18 report that, under an energy scenario needed to put the world on a path to net-zero emissions by 2050, there should be no new oil and gas developments and that glob...

Petrobras plans to sell two Santos Basin fields

Petrobras plans to sell two Santos Basin fields   Brazilian oil major Petrobras has put up for sale its Uruguá and Tambaú fields, located in the Santos Basin, in the state of Rio de Janeiro. Petrobras said the move is in line with the strategy of portfolio optimisation, reducing debt and improving the company’s capital allocation, increasingly concentrating its resources on assets in deep and ultra-deep waters. The fields belong to the BS-500 concession, whic...
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