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Tag: oil

13% rise in annual pay for BP boss to £9.5m

BP chief executive Bob Dudley has enjoyed a 13 per cent hike in his annual remuneration to $13.4m (£9.5m) from $11.9m after the oil and gas giant doubled annual profits, writes Mark Williamson. The increase is disclosed in BP’s 2017 annual report, which shows the firm paid accountancy giants around £225,000 to advise it on boardroom remuneration. Mr Dudley’s annual remuneration was cut by 40 per cent in 2016 after a shareholder revolt against its pay policy for 2015. The…

81 European oil and gas projects to start production by 2025

GlobalData expects that 81 new crude and natural gas projects will start operations in Europe over the next eight years. By 2025, the projects will contribute around 1,496 thousand barrels per day (mbd) to global oil production and close to 4.7 billion cubic feet per day (bcfd) to global gas production. The majority of new developments, or 45 projects, fall under an early-stage category, while 36 of the new projects have progressed to well-defined development plans. Differentiating for the primary…

Saudi Aramco Selects Jacobs for Zuluf Field Development Program

Saudi Aramco has awarded Jacobs Engineering Group Inc. a contract to provide engineering and project management services for the Zuluf Field Development Program’s Arab Heavy (AH) Crude Oil Increment 600 MBCD – Onshore Central Processing Facilities (CPF) project, which will provide facilities to process 600,000 barrels of oil per day of Arabian heavy crude oil from the Zuluf offshore field in the Arabian Gulf. This contract is among several oil and gas major project agreements that Saudi Aramco signed in…

Total reports first gas from the Timimoun field

Total announces first gas from Timimoun field in southwestern Algeria. The production complex with a capacity of around 5 MMcmgd at plateau (around 30,000 boed), is jointly operated by Sonatrach (51%), Total (37.75%) and Cepsa (11.25%). “The launch of Timimoun is a new step in the Group’s history in Algeria, where we are a long-term partner.     Achieved within the planned budget, the project will contribute to Total’s production growth in 2018, “said Arnaud Breuillac, president of E&P at…

Decom North Sea Launches Inaugural Decommissioning Awards

Decom North Sea, the membership organisation for the oil and gas decommissioning sector, has today launched the first industry awards to be dedicated to decommissioning excellence. The Decom North Sea Awards will recognise efforts of Decom North Sea members to innovate and collaborate within the sector, as well as an award for specific contribution to Decom North Sea. Entries open today (29 March), with winners announced at an awards ceremony and dinner, to be held in Aberdeen on 22 May…

Siccar Point Energy Announces Sale of Minority Interest in Greater Cambo Area Licences to Shell UK Limited

29 March 2018: Siccar Point Energy (“Siccar Point”) is pleased to announce that on 28 March 2018, a Sale and Purchase Agreement was signed with Shell UK Limited (“Shell”) under which Shell will acquire a 30% non-operated working interest in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working interest in P1830 (including the Blackrock prospect), both located 125 km north-west of the Shetland Islands.   A final appraisal well is planned on the Cambo…

Saudi Aramco signs $10bn worth deals with US companies

Saudi Aramco has signed deals worth more than $10bn in areas like offshore drilling, well testing and others with 14 American companies during the Saudi-US CEO Forum held in New York. The Forum was scheduled to coincide with the official visit to the United States by HRH Crown Prince Mohammed bin Salman. During the Forum a number of cooperation arrangements and prospective commercial collaborations were discussed. Saudi Aramco president & CEO Amin H. Nasser said: “We have enjoyed a long…

Oil prices rise as OPEC seen continuing supply cuts

Brent, off which OPEC prices most its crude exports, has risen by around a quarter since 2017, which has lead to speculation that the restraints on production may be lifted. Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019. U.S. WTI crude futures CLc1 were at $64.62 a barrel at 0354 GMT, up 24 cents, or 0.4 percent, from their…

Chinese Company take 50% of Barryroe field

Oil and gas explorer Providence Resources has sold a 50 per cent stake in its Barryroe prospect off the south coast of Ireland to a Beijing-headquartered company which will finance half of the costs. The 50 per cent sale, known in the industry as a farm-out agreement, has been agreed with APEC, a privately owned Chinese company which has strategic partnerships for the investment and development of offshore oil and gas opportunities worldwide. Under the terms of the agreement APEC…

Premier Oil awarded three blocks in Mexican allocation round

Premier Oil confirmed they have been awarded three exploration blocks in a Mexican allocation round, two for which it held 100% stake and another in which it had 30% ownership. The company was awarded 100% of Blocks 11 and 13 in the ‘highly prospective’ Burgos Basin and 30% of Block 30 in the Sureste Basin, which it would explore with operator and joint venture partner DEA and second partner Sapura Energy. ‘The outcome of this highly competitive licensing round is…