Libya oil boss sees output jump as BP, Eni may re-start soon

Libya oil boss sees output jump as BP, Eni may re-start soon

Libya’s National Oil Corporation (NOC), BP and Eni have signed an agreement that is expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya. Chairman Mustafa Sanalla said over the weekend in a written response to questions. He expects BP and Eni to resume exploratory drilling near the Tunisian border in the first quarter. Political divisions and internal fighting have plagued Libya since 2011, when longtime leader Moammar Qaddafi was overthrown and killed. The parties agreed to work towards Eni acquiring a 42.5 percent interest in the BP...

Earthstone buys Midland basin assets for $950 MM

Earthstone buys Midland basin assets for $950 MM

Earthstone Energy, Inc. will acquire assets in the Midland Basin through two agreements for a cash and stock purchase price of $950 million ($650 million cash plus $300 million stock). Earthstone Energy has entered into an agreement with Sabalo Holdings to buy producing and non-producing oil and gas assets in the northern Midland basin. In one deal, Woodlands, Texas-based Earthstone will acquire producing and non-producing oil and gas assets in the northern Midland Basin from Sabalo Energy. In a separate deal announced Oct. 17, Sabalo agreed to acquire well-bore interests by Shad Permian – part of a drilling joint venture...

Equinor sells its share of Tommeliten field

Equinor sells its share of Tommeliten field

Equinor announced Thursday that it has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf for a total of $220 million. Through the transaction Equinor will divest its 42.38 percent interest in the Tommeliten Unit and 30 percent interest in PL 044. Both are operated by ConocoPhillips. Closing of the sale is subject to approval by PGNiG’s supervisory board and customary conditions, including partner and authority approval. Tommeliten Alpha is a gas and condensate field with documented recoverable resources amounting to 12.8 bcm of natural gas, 5.9 mcm of oil...

Iran, Saudi supply worries offset U.S. supply growth

Iran, Saudi supply worries offset U.S. supply growth

While the U.S. sprung into action to offset oil deficits, prices took an upward spike in a rather cautious trade on Tuesday, fuelled by brewing concerns over impending U.S sanctions on Iran and rising tensions with ally and top oil exporter Saudi Arabia. Tensions have not been unconnected to missing writer Jamal Khashoggi, whose disappearance, U.S. Senator Lindsey Graham believes, was orchestrated by defacto ruler of Saudi Arabia Prince Mohammed bin Salman, in what Graham notes could seriously jeopardize relations between both nations moving forward. President Donal Trump has stated the willingness of the Saudi crown prince to launch a...

Lukoil signs MOU with Uzbekneftegaz

Lukoil signs MOU with Uzbekneftegaz

LUKOIL Overseas and Uzbekneftegaz, the national holding company, have started the supply of gas from the Khauzak area (Bukhara Region of the Republic of Uzbekistan) within the framework of implementation of the PSA for the Kandym-Khauzak-Shady-Kungrad project. The President of Lukoil, Vagit Alekperov and Uzbekneftegaz’s acting chairman of the board, Bahrom Ashrafhanov signed a memorandum of understanding to develop cooperation and share experience in the implementation of geological exploration in the Republic of Uzbekistan’s territory. The start of the gas supply is the most important stage of the implementation of the Khauzak gas field development project. As of today, five...

EMGS mobilizes vessel for potential acquisition contract

EMGS mobilizes vessel for potential acquisition contract

This new acquisition is expected to take place in Q3 2016 and will become part of the EMGS multi-client library. Christiaan Vermeijden, CEO of EMGS, said he was pleased that such a 3D controlled-source electromagnetic (CSEM) survey continues to add value to the exploration efforts for hydrocarbons in the Barents Sea. The survey will take place in South America with an expected duration between 1 to 2 months. EMGS said this might encourage other customers to take advantage of the vessel being active in the area, however, the company did reveal the name of the vessel. Subject to the contract...

Offshore Wind Conference 2018

Offshore Wind Conference 2018

A new dawn is upon us at Offshore Wind. Are you ready for it?  Offshore Wind 2018 (OWC 2018) opens up opportunities for the preparation of new industry standards with several sessions covering the requirements of what lies in front. Update NL The solid acclaimed policy of the Netherlands, which has international backing, which is concern with the development of offshore wind has prompted zero-subsidy bids for projects taking place after 2020. The Climate Agreement is the latest development in the Netherlands, with a plan to build twice as much offshore wind turbine after 2023. Further, in that regard, more...

Crude set for weekly loss as supplies allay Saudi tensions

Crude set for weekly loss as supplies allay Saudi tensions

Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country. The talks could lead to increased cooperation between the U.S. energy giant and state-run Rosneft PJSC, Russian government officials said, asking not to be named discussing confidential information. Several options have been prepared for Exxon, including in natural gas, refining and chemicals, none of which are currently subject to American sanctions, two officials said. Exxon abandoned most of its joint ventures with Rosneft earlier this year amid a previous round of...

Railroad CEO sees boom-time oil loads as pipeline pinch roils Canada

Railroad CEO sees boom-time oil loads as pipeline pinch roils Canada

TransCanada Corp’s decision this week to scrap its $12 billion Energy East pipeline and delays to other export pipeline projects look set to increase producers’ reliance on costly crude-by-rail to bring barrels to market. The run-up to oil-shipment levels last seen four years ago, when Canada’s benchmark crude price reached almost $90/bbl, comes as producers endure record discounts for their crude because of a dramatic lack of pipeline space. Western Canada Select crude is trading in the $20s now, with the discount to the U.S. benchmark widening to $50/bbl last week, the most on record in Bloomberg data stretching back...

Titan Torque invests in the future with state-of-the-art EnerQuip torque machine

Titan Torque invests in the future with state-of-the-art EnerQuip torque machine

The company has taken delivery of a new torque machine, used for the make-up of tools in the drilling sector, made by fellow Aberdeen firm EnerQuip. It is thought to be the largest machine of its kind in Europe. Bruce Jepp, director at Titan Torque , said: “The introduction of the new unit to our operations reflects our optimism about the strength and resilience of the market over the coming years. It significantly broadens our service offering. “We are now able to manage operations that were previously beyond our capabilities. From a business perspective, it positions us to capitalise on...