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Equinor Submits $9B FPSO Plan for BM-C-33 Fields Offshore Brazil

Equinor Submits $9B FPSO Plan for BM-C-33 Fields Offshore Brazil   Equinor said on Sept. 21 it has submitted a $9-billion FPSO-based development plan for two pre-salt fields in its operated BM-C-33 concession offshore Brazil. Equinor and its partners sanctioned the project in May, and some contracts have been let to MODEC for the FPSO and to TechnipFMC for subsea umbilicals, risers and flowlines. On Sept. 20, Equinor submitted to the Agência Nacional de Petróleo, G...

INEOS Enterprises Acquires Eramet Titanium & Iron (ETI) for $245 million

INEOS Enterprises Acquires Eramet Titanium & Iron (ETI) for $245 million   The deal which takes immediate effect, was completed today, following the satisfaction of regulatory approvals. ETI consists of an ilmenite transformation plant in Norway which produces raw materials used in the pigments industry. These are good quality, well located assets, complemented by an experienced operations team with high safety, health and environmental standards. INEOS Enterprises has...

Equinor declares commerciality for fields in the BM-C-33 area, in Campos Basin, Brazil

Equinor declares commerciality for fields in the BM-C-33 area, in Campos Basin, Brazil   Equinor has, on behalf of the BM-C-33 consortium, submitted to Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP), the Declarations of Commerciality and Plans of Development for two fields in the BM-C-33 concession in Brazil’s Campos Basin. Equinor (operator) is partnered with Repsol Sinopec Brasil and Petrobras in the consortium. The concessio...

Petrobras accelerates both wind power, oil drilling

Petrobras accelerates both wind power, oil drilling   Brazilian state-controlled oil company Petrobras has applied for an environmental license to develop wind power in 10 offshore areas as part of its energy transition push while also growing oil output, chief engineering director Carlos Travassos said today. The potential wind power capacity of the areas has not been finalized and the timing of the project depends on a response from environmental watchdog Ibama, he said in an int...

Morgan Stanley ups Brent forecasts on Saudi-Russia cuts, says $100/bbl 'stretched'

Morgan Stanley ups Brent forecasts on Saudi-Russia cuts, says $100/bbl 'stretched'   Morgan Stanley has raised its Brent oil price forecasts, saying the market could remain under-supplied for several quarters especially after Saudi-Russian output cuts, but said prices above $100 a barrel would seem "stretched." The bank increased its fourth-quarter Brent forecast to $95 a barrel from $82.5. It also upped its outlook by $12.5 to $92.5 a barrel for the first quar...

Kuwait inks deal to acquire 40% of offshore Egypt energy exploration project

Kuwait inks deal to acquire 40% of offshore Egypt energy exploration project   Kuwait’s Foreign Petroleum Exploration Company (KUFPEC) signed an agreement with a Shell subsidiary to acquire 40 per cent of Egypt’s Nile Delta offshore block 3, KUNA reported today. The Kuwaiti news agency quoted Mohammad Al-Haimar, KUFPEC’s CEO, saying the move was in line with the approach to expand operations with “our international partners that are active in special explora...

Norway's Equinor resumes gas production at Troll A after modifications: spokesperson

Norway's Equinor resumes gas production at Troll A after modifications: spokesperson   Norway's Equinor has resumed gas production from its Troll A platform and plans to ramp up toward full output in the coming days, a company spokesperson said Sept. 20. All of Troll's 125 million cu m/d of production capacity was taken offline on Aug. 26 for annual maintenance that had originally been expected to end Sept. 7 but which was pushed back numerous times. "We have ca...

BW Offshore closes the transaction for the sale of Abo FPSO

BW Offshore closes the transaction for the sale of Abo FPSO   BW Offshore has closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group for US$20 million. As part of the transaction, BW Offshore has entered into a bareboat charter with STAC to allow for uninterrupted operations for the client during a transition period of maximum two months. Upon expiry of the bareboat charter, STAC will assume responsibility for opera...

Oil to reach US$100 a barrel once again - Chevron boss

Oil to reach US$100 a barrel once again - Chevron boss   A barrel of oil could indeed surpass US$100 for a second year running, according to Chevron Corporation chief executive Mike Wirth. Speaking with Bloomberg, Wirth commented that “it sure looked like” oil prices would soon creep past the US$100 mark for the first time since July last year. “We’re certainly moving in that direction,” he said. “Supply is tightening, inventories are drawi...

Johan Castberg FPSO still on track for first oil next year but cost estimate jumps to $7.4 billion

Johan Castberg FPSO still on track for first oil next year but cost estimate jumps to $7.4 billion   Norwegian state-owned energy giant Equinor has revised the cost estimate for its Johan Castberg project in the Barents Sea due to the rise in cost within the industry. However, the production start-up remains slated for the fourth quarter of 2024. According to Equinor, infection control measures and reduced access to labour in connection with the Covid-19 pandemic affected the Johan...

Archer Extends Horizon56 Partnership Across 12 Platform Rigs

Archer Extends Horizon56 Partnership Across 12 Platform Rigs   Oil and Gas operations workflow digitalisation provider Horizon56, has strengthened its partnership with Archer, with a deal to digitalise a further nine rigs within Archer’s operations. Archer’s implementations of Horizon56’s RigFlow™ solution will now scale from the existing three platform rigs established since 2022, to twelve rigs globally. Planning teams across all 12 rigs will access the...

Shell greenlights development of Trinidad's Manatee offshore gas field

Shell greenlights development of Trinidad's Manatee offshore gas field   Shell PLC has given financial approval for the development of the massive Manatee gas field offshore Trinidad and Tobago, the country's Prime Minister Keith Rowley said on Thursday. Trinidad is Latin America's largest LNG exporter, but its flagship Atlantic LNG project no longer receives enough gas supply to keep its four liquefaction units running. The government in recent years has sought to acce...

Vital Energy signs $1.16bn deal to buy Permian Basin assets

Vital Energy signs $1.16bn deal to buy Permian Basin assets The deal will add around 53,000 net acres and proved reserves of around 248 million barrels of oil equivalent.   Independent energy company Vital Energy has signed three definitive agreements to scale operations in the Permian Basin. The agreements were signed with affiliates of Henry Energy and Henry Resources (Henry), Tall City Property Holdings III (Tall City) and Maple Energy Holdings (Maple). Subject to customar...

TotalEnergies to evaluate $9 bln energy investment in Suriname

TotalEnergies to evaluate $9 bln energy investment in Suriname   TotalEnergies will begin studies for developing a $9 billion oil and gas project at Suriname's most promising offshore area, the French energy firm said on Wednesday during a visit by its CEO to the South American country. Suriname's oil potential is closely watched as some of its fields are adjacent to the Stabroek block in Guyana, where an Exxon Mobil-led consortium has found 11 billion barrels of oil. Total...

Crude Oil price hits $92 per barrel, as Nigeria fails to significantly increase production

Crude Oil price hits $92 per barrel, as Nigeria fails to significantly increase production    A review of global oil prices on Oil Price early on Wednesday, September 13 (5:36 AM, GMT+1), showed that Brent crude is at $92.28 per barrel. Yet, the country has failed to significantly increase its oil production.   In August, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a daily oil production of 1.4 million barrels. However, when we exclude co...

Ukraine seizes control over Black Sea oil & gas drilling platforms from Russia

Ukraine seizes control over Black Sea oil & gas drilling platforms from Russia   Following a military operation, Ukraine has brought back into its fold platforms operated by the Crimea-based oil and gas company Chernomorneftegaz in the Black Sea off the coast of Crimea. According to Ukraine’s military intelligence authorities, the country’s forces have recaptured multiple offshore drilling platforms, known as the Boyko towers, near the coast of Crimea in the Black S...

14001 Certification Received, as Film-Ocean strives to reduce its ecological footprint

14001 Certification Received, as Film-Ocean strives to reduce its ecological footprint   Film-Ocean Ltd (Film-Ocean) has recently achieved the industry recognised ISO 14001 certification for its environmental management system. Achieving this global standard is a testament to the company's commitment to implementing a robust environmental management system (EMS) that continuously monitors, manages, and improves its operations – Headquartered out of Scotland. Film-Ocean ha...

World grapples with higher oil prices

World grapples with higher oil prices   Oil prices surged to over $90 a barrel this week as Saudi Arabia and Russia extended their 1.3 million barrel per day oil cut through to December. The oil price has hit the highest level since November 2022 and up 25% since June, as supply cuts by OPEC+ tighten the market. It could even hit $100/b. This threatens to reignite inflation concerns as much of the world is already grappling with higher energy costs. The Saudi energy minister...

TWMA launches RotoMill 2.0 wellsite processing solution

TWMA launches RotoMill 2.0 wellsite processing solution Technology unveiled at SPE Offshore Europe 2023   Specialist drilling waste management company TWMA has launched the latest evolution of its award-winning RotoMill technology. RotoMill 2.0 is the most energy efficient RotoMill and promises to deliver operators with an environmentally sustainable wellsite processing solution. It features TWMA’s XLink™ remote monitoring software, delivering greater operational in...

North Sea gas project ‘rapidly taking shape’ with start of pipeline survey

North Sea gas project ‘rapidly taking shape’ with start of pipeline survey   A pipeline route survey has begun on the Anning and Somerville field developments located in the Southern North Sea. Furthermore, Hartshead Resources NL (HHR) and Rockrose Energy, joint venture partners standing behind the project, have received bids for the platforms. Hartshead Resources NL reported on 7 September that Gardline’s Ocean Observer had mobilized to the Anning and Somerville...
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