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Five-Well North Sea Contract Goes to Petrofac

Five-Well North Sea Contract Goes to Petrofac   Independent Oil and Gas plc (IOG) has awarded Petrofac Limited’s Engineering and Production Services (EPS) business a significant North Sea well management contract, Petrofac reported Monday. Petrofac will support IOG’s Core Project development of the Southwark, Blythe and Elgood fields in the U.K. Southern North Sea (SNA),...

Brent oil price nears $40 a barrel on talk of more output cuts

Brent oil price nears $40 a barrel on talk of more output cuts   Oil prices rose on Tuesday on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week. Benchmark Brent crude rose 2.3%, or 88 US cents, to $39.20 a barrel as of 8.40am GMT. US West Texas Intermediate (WTI) crude climbed 2%, or 72c, to $36.16 a barrel. Brent has doubled in the past six weeks, thanks to supply cuts by oil ca...

Collaborative working to deliver new survey on oil and gas digitalisation

Collaborative working to deliver new survey on oil and gas digitalisation   A key piece of research is launched today by OGUK, the leading representative body for the UK offshore oil and gas industry together with the Technology Leadership Board (TLB), the Oil and Gas Technology Centre (OGTC), and Opportunity North East (ONE) to assess the pace and extent of digitalisation across the sector. With support from Deloitte, the joint partners will use the first ever UKCS Data and Digita...

Sonardyne positioning systems chosen for Brazilian geoscience research vessels

Sonardyne positioning systems chosen for Brazilian geoscience research vessels   Brazilian geoscience services company OceanPact Geociências has chosen deep water positioning technology from Sonardyne Brasil Ltda. to support its geophysical, geotechnical and environmental research operations across the region. Ranger 2 Ultra-Short Baseline (USBL) systems have been installed on board OceanPact’s research vessel Seward Johnson and RSV Austral Abrolhos to precisely track t...

Kerrie Murray appointed CEO of Pryme Group

Kerrie Murray appointed CEO of Pryme Group   A leading private-equity backed manufacturing firm has strengthened its senior management team with the promotion of a key figure to equip the business for future growth. Dundee-headquartered Pryme Group, which provides integrated manufacturing solutions to a wide range of industry sectors, has appointed Kerrie Murray to the role of chief executive officer (CEO). Kerrie joined Pryme Group in June 2018 as chief financial officer (CFO),...

Emerson Contributes to The Open Group Open Subsurface Data Universe™ (OSDU) Forum

Emerson Contributes to The Open Group Open Subsurface Data Universe™ (OSDU) Forum   Emerson announced today that it will contribute reservoir domain software and expertise to the development of The Open Group Open Subsurface Data Universe™ (OSDU) Forum.  Emerson’s contribution will improve the efficiency of reservoir modellers and reservoir engineers, and enable multi-disciplinary integrated reservoir workflows, including geomodelling and flow simulation, on top...

Seadrill books $1.2 billion impairment, eyes restructuring

Seadrill books $1.2 billion impairment, eyes restructuring   Seadrill has written down the value of its oil drilling rigs by $1.2 billion and hired bankers and lawyers to evaluate a financial restructuring that could allow the company to reduce its $7.4 billion debt, it said on Tuesday. The company on Monday announced its intention to delist from the New York Stock Exchange later this month, while maintaining its Oslo Bourse listing. Seadrill, controlled by Norwegian-born shippi...

OKEA to cut production from Draugen field due to restrictions

OKEA to cut production from Draugen field due to restrictions   Norwegian oil production firm OKEA has announced that it had to cut production from its Draugen field in the Norwegian Sea, due to restrictions imposed by the Norwegian Government in response to low oil prices as a result of Covid-19 outbreak. Operated by OKEA with a 44.56% working interest, the field lies 250m deep in water. Other partners in the field include Petoro (47.88%) and Neptune Energy (7.56%). Permitted p...

US Rig Count Still in Freefall at 301

US Rig Count Still in Freefall at 301   The U.S. rig count is down 17 rigs from the previous week to 301, with oil rigs down 15 to 222, gas rigs down two at 77, and miscellaneous rigs flat at two, according to current data from Baker Hughes. Year on year, the U.S. rig count is down 683 rigs from last year's 984, with oil rigs down 578, gas rigs down 107, and miscellaneous rigs up two to two. The U.S. Offshore Rig Count is flat at 12 and down 11 year-over-year, according to B...

Data is key to supporting sector through the energy transition

Data is key to supporting sector through the energy transition   The sudden requirement to work from home and therefore access data remotely has thrown many companies headfirst into digitalisation, whether they felt ready for it or not. What was perceived as a mammoth challenge, pre-coronavirus, was achieved by thousands of UK businesses, no matter their scale, policies and system, in a few short weeks. This dramatic shift in working culture and practice, often feared by companies pre...

Independent Oil and Gas awards Petrofac well management contract

Independent Oil and Gas awards Petrofac well management contract   Independent Oil and Gas (IOG) has awarded Petrofac a well management contract for phase 1 of its Core gas project in the UK North Sea. Confirmation of this award follows approval last month of the phase 1 field development plan (FDP) by the UK Oil and Gas Authority (OGA). Phase 1 comprises the development and production of the Southwark, Blythe and Elgood gas fields in the UK Southern North Sea (SNS) through a to...

Innovo fast-tracks innovative motorized drum for Mediterranean project

Innovo fast-tracks innovative motorized drum for Mediterranean project   Engineering and construction firm, Innovo, has designed, built and delivered a fully electric modular motorized drum for a leading global subsea contractor in the Mediterranean Sea. The Innovo Motorized Drum (IMD) for winding/unwinding Flying Leads (FL) was delivered in under 12 weeks complete with a Programmable Logic Controller (PLC) core allowing greater efficiency than standard systems both in terms of per...

BP America taps David Lawler as new chief

BP America taps David Lawler as new chief   David C. Lawler is adding to his titles at BP America. He is currently the CEO of BPX Energy and will become chairman and president of BP America on July 1, succeeding retiring Susan Dio. He will remain as CEO of BPX Energy. “Beyond a track record of delivering strong safety, environmental and commercial results, Dave brings an authentic and inspiring leadership style. His curiosity and willingness to do things differently wil...

Martin Gilbert to chair Oil and Gas Technology Centre amid slump in North Sea

Martin Gilbert to chair Oil and Gas Technology Centre amid slump in North Sea   Fund management heavyweight Martin Gilbert has been appointed chairman of the Oil and Gas Technology Centre, which aims to help the sector respond to the challenges posed by the crude price plunge and climate change. Mr Gilbert is expected to play an important role at the centre at what it described as a pivotal time for the industry after becoming one of Scotland’s most influential financial serv...

OGV Energy week 22 highlights

OGV Energy week 22 highlights   Diversified Gas & Oil PLC closed its two lockdown acquisitions this week, spending over US$200mln to add around 18,000 barrels of oil equivalent per day (boepd) to its production. The moves round off a series of positive developments for the company, which recently stepped up to the main market of the London Stock Exchange and is set to be included into the FTSE 250 based on its market capitalisation. On Thursday, stockbroker Mirabaud Securiti...

WEEKLY ENERGY RECAP: Calm after the storm

WEEKLY ENERGY RECAP: Calm after the storm   Crude oil prices capped a fifth week of gains without the volatility that characterized much of April when prices plummeted. Brent crude rose to $35.33 per barrel as WTI advanced to $35.49. The spread between Brent and WTI has also been narrowing over the last three weeks, closing last week at $1.87 per barrel. But this week closed at nearly parity. This may point to speculators overextending in WTI Nymex futures. While WTI crude...

Scots lockdown exit must deliver new greener future

Scots lockdown exit must deliver new greener future   Scotland must show “ambition and vision” as the country exits coronavirus lockdown to deliver a greener economy, environmental campaigners have warned. There are now demands for the Scottish Government’s economic recovery plan to focus public investment away from fossil fuels, including the scrapping of road-building projects with the cash instead spent on boosting broadband provision to support home working....

Oil faces demand uncertainty after record rebound from the crash

Oil faces demand uncertainty after record rebound from the crash   Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88 per cent in May, with US futures rising on Friday above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still, prices are well below levels at the start of the year, and demand that was crushed by the coronavirus crisis may...

Covid-19 weekly update: 2020’s oil demand recovery seen a bit slower, 2021 demand downgraded

Covid-19 weekly update: 2020’s oil demand recovery seen a bit slower, 2021 demand downgraded   Rystad Energy’s weekly comprehensive Covid-19 report calculates the effect of the novel coronavirus on our lives and offers updated estimates for global fuel markets. As a result of recent developments, with travel restrictions, quarantine obligations and new government policies announced daily around the world, we are making frequent updates to most of our estimates. Below...

Aker BP contracts remotely operated controls system

Aker BP contracts remotely operated controls system   Optime Subsea has announced that Aker BP will be the first user of technology it has developed that removes umbilical controlled tubing hanger operations, increasing safety and reducing operational time, cost, and environmental risk. Optime Subsea, is based in Notodden, Norway, with an office in Houston, Texas, US, and is a controls and intervention provider. The company's relationship with Aker BP started with Optime's...
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