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Tag: Production

Ocean Rig Signs New Drilling Contract with Tullow Namibia

Ocean Rig UDW announced that it has signed a new drilling contract with Tullow Namibia, for a one-well drilling program plus options for drilling offshore West Africa. The contract is expected to commence in the third quarter of 2018 and to be performed by the Ocean Rig Poseidon.   Pankaj Khanna, President and Chief Executive Officer of the Company, said: “We are pleased to announce additional work for the Ocean Rig Poseidon. The rig is currently transiting to Walvis Bay,…

Save the Date – Gastech Roadshow 2018

Gastech, the global exhibition and conference at the forefront of the international gas, LNG and energy industries, is delighted to invite you to the free to attend Gastech Barcelona Roadshow. WHAT : Roadshow featuring a line-up of leaders in the energy industry who will be available to interview. WHERE : Fira Gran Via, Av. Joan Carles I, 64 08908 L’Hospitalet de Llobregat, Barcelona. WHEN : Tuesday, 24 April, 2018; 3.30pm – 6pm. The one-day event will feature presentations from energy industry…

Total now the Second-Largest Operator in the North Sea

“We are committed to preserve and further develop Maersk Oil’s heritage by relying on the strong competencies of its teams. Our regional hub for North Sea activities is now headquartered in Copenhagen. Moreover, we welcome a major new shareholder — A.P. Moller-Maersk — which will hold 3.70% of the Group’s capital” Total announces the closing of the Maersk Oil acquisition signed on 21st of August 2017. It brings to Total around 1 billion barrels of oil equivalent of 2P/2C reserves…

Four crew missing after fire on Maersk Line cargo ship

Four crew members are missing after a “serious fire” broke out on a cargo ship, authorities have said. The Maersk Line vessel caught fire in the Arabian Sea on its route from Singapore to the Suez Canal on Tuesday. The Danish firm said in a statement: “The crew sent out a distress signal and a total of 23 crew members were safely evacuated to the nearby vessel ALS Ceres.” A Maersk Line spokesperson told Sky News they could not confirm…

ASCO starts 2018 with £50m of new business

Aberdeen-headquartered ASCO, a global specialist in materials and equipment management, said it has had a positive start to the year in securing work worth more than £50m. It said the projects are a mixture of contract awards and renewals for key North Sea clients. One major North Sea operator has awarded ASCO a five-year extension to its current shorebase logistics, storage and waste management contract, operated out of ASCO’s supply base in Peterhead. Recruitment of construction apprentices grows for seventh…

Norway’s $1 Trillion Wealth Fund Reveals Thinking on Oil Risk

The man running the world’s biggest wealth fund said snapping up oil stocks now could pay off down the line. It’s just not a good idea for Norway. The $1 trillion fund, built from Norway’s own production of petroleum, shocked markets in November when it announced a proposal to dump oil and gas stocks. The rationale was that given Norway’s overall exposure to oil it didn’t make sense to also tie up financial assets in the petroleum sector, rather than…

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…