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Tag: offshore

OMV Petrom found guilty for child’s death

The Ploiesti Court found OMV Petrom, the biggest oil and gas company in Romania, guilty of involuntary manslaughter in the case of a child who died near one of the company’s gas wells. The court decided that the company should pay a criminal fine of about EUR 82,000 and moral damages worth EUR 135,000 to the victim’s family. Moreover, the gas well where the accident took place will be suspended for a period of six months since the decision becomes…

North Sea veteran hails transformational year

North Sea veteran Bruce Dingwall has said the Trinity Exploration and Production firm he leads enjoyed a transformational year in 2017 when it grew profits 75 per cent helped by the increase in the crude price. The Trinidad and Tobago-focused business, which runs its corporate development function from Edinburgh, made $11 million (£8m) operating profit compared to $6.3m in the preceding year. The results reflect the benefit Trinity has enjoyed as a result of the partial recovery in the crude…

Statoil to acquire stake in two Polish offshore wind farms

Norway-based energy company Statoil has signed an agreement with Polish electricity distribution company Polenergia to acquire a 50% stake in two offshore wind projects in Poland. The two projects, Bałtyk Środkowy II (BSII) and Bałtyk Środkowy III (BSIII), reportedly have a potential capacity of 1,200MW, which is enough to power two million homes in Poland. Both are in the early stages of development. Completion of the deal is subject to the consent of the President of the Office of Competition…

Petronas in talks to buy Chevron’s Canadian LNG stake

Chevron is allegedly currently exploring options regarding the potential sale of its minority stake in the Kitimat liquefied natural gas (LNG) project, with three unnamed sources citing Petronas as one of the parties involved in these talks. The Kitimat project is a joint venture held between Chevron and Canada’s Woodside Energy International that consists of the development of natural gas resources found in shale and tight rock formations in the Liard and Horn River Basins, located in northeastern British Columbia…

Nigeria achieves reduction in production cost to $20 per barrel

Nigeria’s state-run Nigerian National Petroleum Corporation (NNPC) says that it has brought down the cost of producing a barrel of crude oil to $20 and that it is targeting a further reduction to $15 per barrel. The Group Managing Director of the NNPC, Dr. Maikanti Baru, said at the ongoing Technology and Innovation Expo 2018 in Abuja on Monday that the corporation achieved the feat due to the impact of science, technology and efficient work processes. He explained that this…

BP to produce up to 700 mcf per day from Egypt’s West Nile Delta fields

BP is set to begin production at two of its Egyptian gas fields as part of its West Nile Delta project before the end of 2018, a petroleum ministry statement said on Wednesday.The fields, Fayoum and Giza, are expected to produce 500-700 million cubic feet of gas per day, the statement added. BP started gas production from two other fields in its West Nile Delta development last year.The Taurus and Libra fields, commissioned eight months ahead of schedule and under…

Mike Wilson gets £40m from sale of Ecosse Subsea Systems

Mike Wilson, the founder of Ecosse Subsea Systems, has reaped nearly £40 million upon the sale of his business to US group Oceaneering International. New York-based Oceaneering International has paid £50m for Ecosse, in which Mr Wilson had a 75 per cent stake, which appears to be valued at £37.5m. Mr Wilson established Aberdeen-based Ecosse in 1996, growing it to a £28m business after expanding beyond Scotland into the US, Baltics and Asia in recent years. A number of directors…

Subsea 7 agrees to buy Siem Offshore Contractors and two vessels

UK-based subsea engineering, construction and services company Subsea 7 has reached an agreement to acquire the entire issued share capital of Germany-based Siem Offshore Contractors (SOC), along with the inter-array cable lay vessel Siem Aimery and the support vessel Siem Moxie. The acquisition is subject to competition clearance in Germany and expected to further expand Subsea 7’s presence in the renewables segment. SOC, a subsidiary of Siem Offshore, is an installer of subsea inter-array cables as well as provides repair…

Libya resumes production from key Sharara oil field

Libya resumed production on Monday from its largest oil field, the 340,000 b/d Sharara field, after a brief shutdown caused by the closure of its Sharara-Zawiya export pipeline. The field was shut on Sunday afternoon, and remained offline for more than 24 hours, with the loss of nearly half a million barrels of oil, state-owned National Oil Corp. said in a statement Monday. The pipeline was reopened earlier on Monday. NOC laid the blame for the closure squarely on Hassan…

Preliminary programme announced for Gastech 2018

Gastech, the global exhibition and conference at the forefront of the international gas, LNG and energy industries, has announced its preliminary programme ahead of the conference taking place in Barcelona this September, 17-20. Gastech was delighted to have received the Presidency of Honour from His Majesty King Felipe VI of Spain that was further complemented by an official endorsement from the Spanish Secretary of State for Energy, Daniel Navia Simon. The conference and exhibition, which will be opened by senior…